There is currently a big push towards improving educational standards in the banking sector. The large banks will not consider entry-level financial planning candidates unless they have a relevant tertiary degree and RG146 compliance, which is the minimum training required for individuals selling financial products.
We are also seeing a strong demand for bilingual candidates with Mandarin language skills in Sydney. There has been an increase in the number of entry-level roles at banks that require these skills.
In boutique firms client servicing roles that provide employees with potential to learn and grow are becoming more common. However, employers want candidates with experience but are unable to attract them because few are willing to move laterally. Instead they want to progress their careers.
Larger organisations are looking to hire on a temporary basis. This is in contrast to smaller organisations that want to hire permanent staff who will progress within the company. There has also been a focus on increasing the number of female Financial Planners.
In terms of skills in demand for the July to September 2015 quarter, Wealth Advisers are sought as many employees who initially took entry-level roles are being promoted internally. With the increase in education and language requirements, banks are now finding it challenging to fill these roles.
As banks continue to develop their wealth management teams, demand for Paraplanners remains buoyant. Demand is so high that often experienced candidates receive more than one offer, but few are willing to move on to a new role.
Customer Relationship Managers with experience in using the Xplan CRM system are in demand to provide support to key stakeholders.
The push for increased bank lending across the branch and broker networks requires Verification Officers (Lending) within the back office. These officers ensure the loans are processed and approved. Exposure to lending and local networks is becoming increasingly necessary for these roles.
With the banks pushing for a higher home lending conversion rate, they are increasing their number of Credit Assessors to process mortgage applications quicker for customers. However, as the financial institutions continue to be in the spotlight in regards to compliance, exemplary credit analysis skills are required.
In terms of candidate trends, we are seeing an increasing number of people with the Diploma of Financial Planning. With this qualification candidates can stand out from the competition and gain access to new opportunities. Candidates now want to enter the market with the right qualifications and apply for entry level client servicing roles that can serve as a stepping stone to more senior roles.
Candidates are now doing more in-depth research on potential employers and have a clearer idea of a company’s objectives when applying for roles.
As the market in Western Australia is relatively small compared to the eastern states, companies are interested in hiring individuals looking to relocate or return.
A number of employers are increasingly utilising psychometric testing and behavioural-based questions to assess candidates’ potential for sales roles and their cultural fit with the organisation.
With a small candidate pool, attracting passive candidates remains at the forefront of a successful recruitment campaign.