A Financial Planning Association (FPA) survey has found the demand for financial advice is set to rise over the next five years, as Australians seek out professionals to deal with the economic downturn.
Conducted by the Future Financial Planners Council (FFPC), an initiative of the FPA, the survey revealed the need for financial planners will increase 16 per cent within the next 12 months and escalate to 55 per cent within the next five years.
The need for para planners will be even greater, with demand projected to increase 25 per cent within the next 12 months and up to 72 per cent within the next 5 years.
"Australians are experiencing some very volatile economic times and the results clearly show that more and more consumers are acknowledging the value of good, sound advice," FPA chief executive officer Jo-Anne Bloch said.
According to Bloch one way of addressing the increased demand is to step up recruitment.
Currently the biggest obstacles to recruitment are finding people with the minimum qualifications who also have experience, and the time required to train people.
"By consulting with industry and education providers, we are making sure consumers have access to professional advice, from financial planners who have been through a rigorous accreditation process that they can trust," Bloch said.
