Demand for financial planners and paraplanners is set to increase by 55 per cent within five years, according to the Financial Planning Association of Australia (FPA). A survey conducted by the Future Financial Planners Council, an initiative of the FPA to counter the skills shortage in the financial planning industry, found consumer demand for financial planners will rise by 16 per cent within the next 12 months, 34 per cent within two years and 55 per cent within five years.
Paraplanner demand is trending upwards at an even greater speed. The survey shows demand for paraplanners will rise by 25 per cent within the year, 36 per cent in the next two years and 72 per cent within five years. The results are based on a survey of the FPA’s large principal members. “Australians are experiencing some very volatile economic times and the results clearly show that more and more consumers are acknowledging the value of good, sound advice,” says Jo-Anne Bloch, chief executive officer of the FPA.
“However, that poses a strain on the supply of trained and experienced financial planners.” The biggest obstacle to recruitment stated by members was the ability to find people with minimum qualifications who also have experience. Other barriers mentioned include high salaries, time required to train people and competition from other licensees. The top three minimum qualifications highlighted were: Certified Financial Planner (CFP) and/or Diploma in Financial Services, a tertiary qualification, and the Advanced Diploma in Financial Services
