BankWest, CBA and AMP ventures tighten talent squeeze.
The superannuation deadline and end of financial year sparked a record-breaking frenzy in the financial planning jobs market, an industry recruitment company said.
According to eJobs Recruitment Specialists, during May, June and July, there was major demand for industry staff with record job vacancies across all Australian states.
In June there was a record 650 job vacancies in New South Wales (NSW) and the Australian Capital Territory, while advertised jobs in the regions are 75 per cent higher than at the same period last year.
In an eJobs salary survey of NSW, the largest number of jobs advertised was for financial advisers with two years' experience and Diploma of Financial Services or Advanced Diploma of Financial Services. The positions offered $70,000 to $80,000 plus superannuation.
Adding to the talent squeeze are the recently announced expansion plans of several banks and financial institutions.
BankWest plans to recruit 160 financial planners to man new branches in eastern states, while AMP and Commonwealth Bank of Australia are establishing centralised paraplanning hubs.
"With deeper pockets, these institutions will continue to provide tough competition for practices after the same talent," eJobs Recruitment Specialists managing director Punnett said.
"Whether practices are looking to expand their senior advisers to bring new clients into the business or to ensure that existing clients are adequately serviced is not clear.
But either way, both senior financial planners and senior technical advisers are in high demand."
The demand for industry staff in Victoria and Tasmania is 17 per cent higher than last year, compared with 35 per cent in Queensland, 117 per cent in South Australia and 48 per cent in Western Australia.
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