Jobs in the financial planning industry dropped 4.5 per cent across the nation last month and a substantial 62 per cent over the last year, an eJobs Recruitment Specialists (eJobs) report has revealed.
“We can now say that industry jobs have not only fallen into the doldrums, they have actually dug a big hole at the bottom in the hope of waiting out the economic and financial storm overhead,” eJobs managing director and financial planning recruitment specialist Trevor Punnett said.
Some banks, institutions and boutiques are apparently still looking for staff but eJobs is also interviewing more and more candidates who have been retrenched, Punnett said.
“For new positions or replacements clients can now afford to be much more selective in their choice of staff, with many more applicants per role advertised,” he said.
eJobs reported that salaries had also decreased, especially on the administration and paraplanning side, with adviser salaries also feeling the pinch.
Salaries for paraplanner roles have come down by $5000 to $10,000, with entry level staff salaries down at least $5000 as well.
The most popular salary band for financial planner roles was $80,000 to $100,000.
Some roles also require anything from between two to five years experience, advanced diploma in financial services to certified financial planner certifications, Asian language skills, aged care experience and risk experience.
Punnett expects adviser salaries to become more commission-based as the need to manage fixed costs and motivate staff to bring in new business increases.
While there are obvious staffing issues within the financial planning industry, with more people reaching retirement age there is still a growing need for financial planning advice, he said.
