Finance talent wars

With the markets in recovery mode post GFC, recruitment is again on the rise in the financial sector. One area that’s getting some attention is in the financial adviser arena, where the government's Future of Financial Advice (FOFA) reforms are set to shake things up a bit.

One thing that is becoming clear as companies look at their financial advice business, there are fewer qualified and experienced candidates available. There is also a likelihood of increased consolidation in the industry and companies will be looking to merge with, and hang on to, the best talent. All of this points to a battle to find and keep top recruits.

Another issue is an aging financial adviser population. With an average age of near 60, there is a significant need to inject new, younger talent into the industry. And in an industry that is under reform, this could prove a challenge as younger recruits may opt to stay away from a career path that contains too much uncertainty.

Companies are therefore, bolstering their in-house training and support programs to help new advisers grow their business, including mentoring programs to pass knowledge from the older generation to the younger. It's these support programs that are being used to attract new talent, rather than the traditional reliance on financial incentives.

As the war for talent escalates, the need for a comprehensive recruitment strategy and program becomes paramount. Whether in-house or external resources are used, recruitment planning for both the near and long term will be critical to ensuring long-term business sustainability.

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