Financial services job market picks up

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The financial services industry has experienced great upheaval during the past year and it might be that you are also looking for change. Finance and banking services specialist Joanna Taylor, of recruitment company Randstad, talks to Wealth Professional about her tips for the Australian job market.

Changes the wealth management sector experienced over the last 6 to 12 months meant the need for temporary resources and contractors increased, as businesses prepared for FoFA.

But the year in general has been fairly quiet for new opportunities, especially before July for financial planners who sat tight awaiting the FoFA reality, says Taylor.

Despite a slow year so far for financial planning recruitment, the future looks up.

“In 2013 there has been some caution amongst advisers to explore the market, but since the federal election there appears to be more confidence and willingness to explore new opportunities,” Taylor says.

But Taylor says the biggest problem in the financial advice recruitment space now is finding quality financial advisers to fill vacant positions.

“As always, regardless of whether the demand for talent is high or low…the challenge of remains the same. Increased recruitment by the banks and other corporates is creating challenges in recruitment for the IFA sector, as money is more readily available in this environment.”

Female advisers are a “hot topic” and in high demand across all employer types, however the majors are winning the war for talent by targeting women in planning programmes, Taylor explains.

The Big Four have also been expanding their business and commercial financial planning teams.

Professionals with a focus and required experience on SMSF, direct investments and complex risk insurance are particularly hard to find, Taylor says.

Tips for advisers looking to move or hire:

  • Research your options and fully evaluate your motivations for seeking a new opportunity and what you want to get out of the process
  • Know your business, your performance and your expertise – you will be asked to articulate and validate this
  • Don't embellish – be transparent and honest
  • Control your personal information and be conscious of where your details are going. The wealth management industry is a very well-connected group of professionals
  • When working with a specialist recruitment agency such as Randstad, your consultant will be working in partnership with you and so open communication is essential.
  • James Smith on 12/11/2013 9:44:57 AM

    Recruitment firms could learn from adviser remuneration models. Rather than charging up front fees as high as 20% of first years salary and no success based fee it would be more in line with the adviser business needs to have a more modest initial fee and an ongoing retainer fee to assist the candidate fit into the advice business.

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