Hiring conditions in wealth management in 2023

You’ll likely be familiar with the term ‘candidate shortage’; as Australia has been fighting a lack of available talent for the past two years. With the unemployment rate the lowest it has been in decades, what does this mean for wealth management employers?

Australia’s ageing population will drive strong demand for health insurance, superannuation, and financial advice over the next 5-10 years, according to ASIC. The proportion of superannuation assets held in the retirement phase will increase. Employers will need to hire financial advisors who understand the needs of clients in retirement, assist clients through the potential emotional and psychological stress of retirement and know how to communicate associated risks.

Strong demand for property is driving demand for mortgage brokers and general insurers, in addition to financial advisers.

Regulatory changes and changes in professional standards in the industry have forced businesses to focus on ethical service and risk management. Employers demand employees with compliance and risk management skills and a strong understanding of regulations and ethical standards, and those who have up-to-date knowledge regarding changes in the industry will be highly sought after.

Flexibility and resilience skills will continue to be extremely important for graduates and workers adapting to technological change. Employees with human skills such as emotional intelligence and interpersonal communication skills, adaptability, strong computing skills, and analytical skills will be highly valued and ready to tackle new demands as automation and technology take over the industry.

The need for non-routine, interpersonal and cognitive tasks such as providing advice and interpreting information for others will be valuable as they are more difficult to automate. Interestingly, demand for Finance Managers, bank tellers or other customer-facing roles in the industry is predicted to grow by more than 10%. This is because the importance of interpersonal tasks, such as customer orientation and conflict resolution, and cognitive tasks, such as interpreting information for others, will grow in a more technology-driven environment.

Financial services employers will need to recruit from other talent pools where candidates will possess transferable skills. There will be some skills training required, although this will be necessary amidst 2023’s candidate short market and job boom.

If you’re searching for a recruitment partner that genuinely cares about your business, we can help . Fuse has specialised in the wealth management space for over 10 years and has built a well-engaged network in that time. We are here to support your business through any hiring challenges you encounter.

If you’re looking for hiring advice in 2023, check out our ultimate guide below.