Financial Advisers Job Market Update June 2020
Despite almost 700 advisors leaving financial planning in the first quarter of 2020 (Adviser Ratings, 2020), many advice firms are recruiting during the current economic volatility. Advisers who can bring clients with them or demonstrate a strong track record of new business generation are top of the list.
The implementation of restructures and exits announced in 2019 by a number of large players including AMP, ANZ, BT, CBA and MLC have left many advisers and support staff looking for work.
With the rise in candidate availability, businesses have an attractive talent pool available to meet the current spike in consumer demand for financial advice.
Consumers are seeking financial guidance around changes to job circumstances, early access of superannuation, falling investments, investment property issues including increased tenant vacancies and softening of the market. On the bright side, there have been generous redundancy payouts and some individuals and businesses have never been more profitable.
The good news for hopeful candidates is that financial advisers are busier than ever and fortunately this is will translate into new job openings.
From an employer perspective, an increase in applicants means a greater degree of time and effort is needed to distinguish between good candidates and exceptional candidates. It is also important as always, to secure top talent by meeting candidate expectations, which have adjusted somewhat during the COVID-19 crisis.
Financial advice candidates share several key criteria they seek from employers. The COVID-19 crisis has brought job flexibility and long term job security up the list.
What is currently important to financial advice candidates?
Clearly defined career pathways
Candidates want to see the benefits from their study and want a clear career development pathway.
Attractive base remuneration and bonus structures
A competitive base salary must include clearly defined expectations for how advisers can outperform targets and what the potential benefits are.
Potential for equity in the business and profit share
Clearly defined points of entry to equity and profit share offers advisers a means to realise long-term personal financial goals and is a motivating benefit for many.
Work-life balance, including the ability to work from home
With the rise of working from home due to the lockdown, many candidates are keen to maintain this flexibility as it can offer time and money savings. Candidates have discovered greater working productivity plus the benefits of spending more time with family and friends.
Long term job security
Given the current economic environment, long term job security is high on the priority list.
A great compliance track record
Potential candidates see this as a sign of a healthy business and good client base.
Well maintained databases and systems
This includes well developed referral networks for advisers. Candidates do not want to be encumbered by the systems they use daily.
Conclusion
The financial advice sector is currently a melting pot of advisers either looking for work, leaving the sector altogether or with serious ambitions to advance their career. In summary, job seekers need to make a strong case for themselves and employers must have the capability to sort the wheat from the chaff, plus as always, ensure they are offering candidates attractive career opportunities.
If you are considering a career move or looking to recruit in financial advice, please feel welcome to get in touch through simon@kaizenrecruitment.com.au or +61 0431 543 291.
Regards
Simon Gvalda – Recruitment Consultant
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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