Financial advisers and life risk underwriters will be in high demand in 2012, according to analysis by a leading financial services recruiter.
eFinancialCareers has released a report into the hottest financial job sectors in 2012, which contends that a skills-shortage will drive up the number of planner and underwriter jobs advertised in the coming year.
According to the report, the ‘big four’ banks have increased their numbers of experienced financial advisers and paraplanners over the past six-months, and this trend is likely to continue. Similarly, accounting firms and dealer groups are also trying to attract talent, often outlining career progression opportunities and flexible-working packages to lure experienced professionals.
Jane McNeill, Director of Banking at recruiter Hays, said: “We have seen planners leave the industry for business development or banking relationship manager roles. This of course impacts the availability of candidates for the rest of the industry.”
…many organisations are offering books of business to lure experienced planners to their team
“In addition, many organisations are offering books of business to lure experienced planners to their team. We have also seen an increase in the use of contract staff to help bridge the skills gap, particularly at the CSO and paraplanning level, so that financial planners can focus on servicing clients,” Ms McNeill added.
A skills-shortage is also being blamed for the lack of life insurance underwriters in the Australian market, with the report finding steady growth in demand for insurance services, coupled with a lack of candidates, will ensure the job market for underwriters remains tight in 2012.
“The main reason for this is that unfortunately people don’t leave university saying ‘I’m going to be a life underwriter’,” commented Shane Watson, Manager Life/Risk Division at Porterallen. “It’s one of those traditional areas that people fall into rather than take a planned path. It also takes a long time to get to the top. In underwriting, experience is just as important as technical skills, so there are probably better sectors if you want to get rich quickly.”
Mr Watson said firms were increasingly targeting foreign talent to help fill the gaps, as markets like the UK, South Africa and the US all have similar risk products allowing staff to make a “near seamless transition”.
