In the first quarter of 2016, large financial institutions such as the banks will be looking to increase their share of financial planners in the market, says recruitment firm Hays.
According to firm's January-March 2016 Quarterly Report, Hays said despite the recruitment market becoming "increasingly candidate short", banks are looking to hire more financial planners and finance professionals.
"Banks are stepping up activity levels to increase their share of the independent financial adviser (IFA) market," the report said.
"The financial planning recruitment market remains highly competitive due to a very limited pool of candidates.
"Despite this, employers insist candidates have the appropriate qualifications. Certified financial planners are in very high demand due to growing compliance pressures from the Future of Financial Advice (FOFA) [provisions] and the Australian Securities and Investments Commission."
Hays also pointed out that compliance candidates will be "highly sought" across financial advice, regulatory compliance and wealth products such as superannuation, insurance and managed investment schemes.
"We are also seeing a major shortage of risk advisers and financial planners who specifically want to specialise in risk advice covering both the personal and business space," the report said.
"Paraplanners are also in short supply as many use it as a stepping stone to becoming a financial planner, creating considerable churn.
"Planners are needed due to increased pressure from FOFA and ASIC for highly compliant advisers," the report said.
The recruitment firm noted professionals who are multi-lingual are particularly sought after.
"There is a growing demand for bilingual candidates, particularly those with English language skills and Mandarin, Cantonese or Vietnamese, as banks tap into these lucrative investment channels for overseas businesses," the report said.
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