Demand in Australia for advisers and paraplanners is set to rise in 2019, due to the introduction of educational requirements and cultural changes from the Royal Commission, according to global recruitment firm Hays.
According to a recent Hays Jobs Report, advice businesses in Australia held back from recruiting in the second half of 2018 as industry bodies finalised updated qualification requirements, which have now been released.
Hays said: “Demand will naturally be focused on suitably qualified advisers who meet the new requirements. As the pool of such talent shrinks, salary pressure will become evident.”
The firm also said additional compliance and remediation roles in the paraplanner sector have been created as a result of the Royal Commission, which investigated failings across the financial services industry.
“Add an increase in financial planning roles, which naturally increases the need for paraplanners to offer technical support, and supply will fail to meet demand,” Hays said.
It also admitted firms were now looking for candidates with a history of performing in their clients’ best interests, as advice has become a highly-scrutinised industry.
Decline
The recruiter did warn that the decline of rapid career progression within wealth management is becoming a trend, with the typical career path slowing due to lower client demand.
“The conduct of large organisations has led to fewer people using advisers. Consequently, there is no longer a quick career path to follow,” it said. “Given this, employers are no longer interested in candidates who seek rapid career progression.
“Those with a long-term history in administration or technical roles are instead sought so that advisers can focus on compliance and servicing their current client base.”
