Industry superannuation funds have stepped up demand for financial planners, according to a recruitment executive, while an industry fund executive has said he expects the fund’s planner numbers to grow in the next three years.
“I’ve really noticed the industry funds have, in more recent times, picked up in terms of their demand for financial planners,” Profusion Group director Alison Loader said.
“We’re seeing quite a lot of opportunity within the industry funds at the moment. I have a feeling that’s going to continue.”
AustralianSuper head of member advice Frank Ceravolo said financial planning had plenty of scope for growth within industry super funds.
“I think most industry funds will admit we’ve been a bit slow in terms of taking up the advice piece for our members, so there are a lot of opportunities for growth there,” Ceravolo said.
“If recruiters are saying that demand for planners among industry funds is quite high, I would have to agree with that.”
He said AustralianSuper outsourced its advice requirements, which currently stood at 13 phone-based advisers and seven face-to-face advisers.
However, as more members learn the planning service exists and is available to them, the fund will need more planners.
“As a result, yes, we are expecting planner numbers will increase over the next two to three years as the message gets out that industry super funds do have financial advice solutions,” Ceravolo said.
He said AustralianSuper had no firm targets, but if demand expanded as expected, planner numbers could grow by 25 per cent to 50 per cent in the next three years.
ASIC’s changes to intra-fund advice regulations, implemented about two years ago, have helped accelerate planner demand by broadening the scope of advice industry funds can give.
“So they should now be hiring more planners, I would expect,” Ceravolo said.
Loader said she began to notice stepped-up demand from industry super funds about six months ago.
