The market will continue to see significant activity in dealer recruitment in the first half of 2013, according to ANZ head of aligned licensees Neil Younger.
“[This is] mainly as planners prepare for Future of Financial Advice (FOFA) and as the market is rife with short-term pricing deals to secure planners,” Mr Younger told InvestorDaily.
He explained that as 2013 is the year that FOFA takes effect, those who are not adequately prepared face significant challenges.
“Markets are likely to remain challenging, so we expect the confidence of the investing public will remain measured yet cautious,” he said.
“Companies such as ours that have been focused on helping advisers build sustainable future revenue will fare better.”
In early February, ANZ said it plans to focus on adviser growth and strategy execution following FOFA reform implementation later this year.
“We are expecting a positive year for all of our businesses. We are set for growth in adviser numbers and greater productivity across all of our brands. Investment has been directed toward the licensee businesses and we are looking to take advantage of the changing environment,” Mr Younger said at the time.
The news also follows reports in the market forecasting an uptick in financial jobs and recruitment over the next 12 months.
In late January, The Robert Half Financial Employment Report suggested that stability is returning to the employment market for accounting professionals.
The report showed that 37 per cent of executives across the entire finance sector plan to increase their headcount in the first few months of the year, while a further 44 per cent intend to maintain current staff levels. Only five per cent expected to reduce staff numbers.
In December, eFinancialCareers’ managing director for the Asia Pacific, George McFerran, also said that financial services businesses should revisit their recruitment and retention strategies to ensure they are fair and equitable for older professionals.
The suggestion followed the company’s diversity survey, which showed the industry was troubled by age discrimination.
“Making the effort to support and retain experienced workers during this time of slowdown is an essential strategy for [the] long-term success of firms,” Mr McFerran said at the time.
“Right now, there is a strong argument for financial services companies to put in place deliberate strategies for engaging and retaining older workers to ease skills shortages and shore up their future for the long term.”
