Australian banking institutions will begin targeting younger generations to fill financial planning roles, in order to widen the age profile of the industry.
eFinancialCareers head of Asia Pacific George McFerran told InvestorDaily the country’s banking channels expressed a clear interest to boost their wealth management and financial planning divisions despite a struggle to fill positions at a human resources roundtable in Sydney last week.
Banks will cast their nets wider amid worries they won’t have a good depth of talent once everyone gets older, McFerran, who attended to roundtable, said.
“One of their concerns was that the age profile of financial planners tends to be more senior so they’re trying to reduce that age profile and attract a younger group of people to become financial planners,” he said.
“They’re looking for people in the younger generations who have perhaps been working in the industry or who already have some life experience but are interested in a new, challenging career opportunity.”
McFerran said the success of banks recruiting younger planners is hard to call at this stage. It will depend on the type of people institutions are looking for; the type of people applying for the roles; and the career progression being offered.
The challenge to find talent has advice businesses taking a more creative approach to the pools of talent they tap into during the recruitment process, McFerran said.
“Employers are now looking at different pots of talent. Those struggling to find financial planners are actually looking to other industries outside of financial services to try and attract people to work for them,” he said.
“They’re also reaching out to outplacements companies whereby businesses that make large redundancies pass those staff onto the outplacing service to help them find a new job.”
Australia’s financial services sector experienced a 25 per cent drop in job numbers between fourth quarter 2010 and fourth quarter 2011,eFinancialCareers data found.
While numbers haven’t completely recovered, there’s enough activity occurring in particular pockets that refute headlines of doom and gloom, McFerran said.
“What we’re hearing from our clients is that there are five key areas where people want to make placements or boost their teams: financial modelling, financial planning, money laundering compliance, business development and credit reporting,” he said.
