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MBIE rates financial advice as a career

Financial advice may be a career with good job prospects for young people because many in the industry are due to retire over the next decade, the Ministry for Business, Innovation and Employment says.

Wednesday, February 10th 2016, 6:00AM 1 Comment

by Susan Edmunds

It has released its latest Occupational Outlook report, which is designed to help job seekers and students make career decisions.

It rates the cost of study in various fields, the potential income available and the job prospects.

The report says financial advisers have good income-earning potential, moderate study fees and good job prospects.

“Job prospects for financial advisers are generally good as many workers in these occupations are likely to retire over the next decade. However, prospects are limited for school leavers as people in these jobs are expected to have established lists of clients, which often take years to build up. These jobs now require registration with the Financial Markets Authority, making entry more difficult, but providing more opportunities for those who are registered," the report said.

It said the average income for financial advisers was estimated at $90,000 a year in 2014.

MBIE said financial adviser employment was expected to grow by about 0.7% a year from 2014 to 2019 and remain flat from 2019 to 2024.

“Demand for new financial advisers may rise more strongly if a number of people leave the profession due to non-compliance with the requirements of the Financial Advisers Act 2008. In addition, many financial advisers are expected to retire in the next 10 to 15 years,” MBIE said.

The number of online job vacancies for financial advisers increased by 48.9% from September 2014 to September 2015. This compares with an overall increase of 1.9% for all vacancies over the same period.

Institute of Financial Advisers chief executive Fred Dodds said the New Zealand industry did not have the same impediments as the Australian advice sector. "The IFA average age of members is around 55 - and age 60 and 65 is not seen as a get out age - more looking to 70 so whilst there are some in that later age group I don't see a big exit coming up. And we have Massey and CPIT eager to grow student numbers."

MBIE said a common way into a financial advice career was to start in a junior position in a bank.

Tags: financial advisers MoBIE

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Comments from our readers

On 12 February 2016 at 10:23 am AFA Muggins said:
I have been wondering when our role as advisers is going to be referred to as a profession. I see in this article MBIE appear to use that term. Interesting, and appropriate. Professional bodies still seems to use the term industry.
Industry is about manufacturing - Usually a product. So product creators, where their focus is distribution, are industry players. That is still the main driver in 'advice'.
As an AFA, I consider my self a professional. My focus, in my business, being fee based advice, and not fees related to a product or funds under management.
It is a bit lonely sometimes.

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