Skills in demand
Phone-based Advisors – Phone-based advice is definitely a growth space within wealth management, with most of the big four experiencing growth within their phone-based teams. This we believe will continue to grow with people becoming more and more time poor, phone based financial advice is the answer.
Financial Planners – This is a continuing trend within the market with candidates in demand from both banking organisations and private wealth management firms.
Retail Lending Managers – Sales and service professionals based within local branches are in high demand.
Financial Planners (within major banks) – Financial Planners with strong business development skills are in high demand as the banks become more aggressive in maintaining and building business. They also have a requirement for Planners that hold a minimum ADFP qualification.
Senior Para Planners – Salaries being offered for these candidates are at the top of the range as the need for highly technical and complex Para Planners becomes a necessity with the changes to FOFA. High demand has been seen for highly experienced technical Paraplanners with boutiques struggling to find candidates with the right technical ability, in particular experience with high net wealth clients and advanced strategies in superannuation, SMSFs, insurance, centrelink, tax, family trusts, and other legal structures. Also candidates with XPlan experience are highly sought and able to ask for increased rates/salaries. This will only increase this year as a large number of clients are changing to Xplan and seeing experienced paraplanners with Xplan.
Credit Assessors – Contract roles have increased within Mortgage Processing centres as the volume has continued to increase even after the usual Christmas rush.
Credit Analysts - These candidates are in demand in the current market but only if they have held DLAs (around the $1 million level), as well as experience with third-party originators. Candidates with this experience are able to ask for increased rates/salaries.
Client Service Officers – An increase in the requirement for highly technical Para Planners has led to an increase in the need for these candidates. They are also required to be highly skilled in SoAs with financial planning qualifications to provide high-level support to the advising team.
Senior Relationship Managers – There is a requirement for these candidates to possess strong business development skills with established networks to drive profitability whilst mentoring the wider team. Relationship Managers in particular demand are those in niche areas such as trade finance.
Mortgage Lending – There seems to be an increase in home lending due to competitive interest rates and stamp duty changes. Thus we have had an influx of roles in the mortgages industry and expect this trend to continue this year.