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Banks boost adviser job ads

An increase in advertised financial planning jobs is being put down to more recruitment from the banks.

Monday, June 20th 2016, 6:00AM

by Susan Edmunds

Data from job website Seek shows that the number of financial planning jobs listed throughout New Zealand is up 12%, year-on-year.

What those advisers were being paid was more of a mixed bah – nationwide the average advertised salary was $89,059, virtually the same as the year before.

But in Auckland and Wellington, salaries dropped slightly. Canterbury’s advertised roles were being paid more this year than last.

IFA chief executive Fred Dodds said it was likely virtually all the roles were being advertised by banks and the biggest providers.

“I don’t think there’s any financial planning firm saying come over here and we’ll give you $80,000,” he said.

He said there had been predictions from some in the industry that banks would become the new recruiting ground for advisers – some of whom would then go on to become independent practitioners.

The latest data seemed to show that was happening, he said.

Dodds said some big sharebroking firms were also recruiting existing advisers who could bring across their books of clients.

But he said there was a lack of interest among young people in a financial planning career.

“This is an amazing opportunity for people to be part in, being able to be part of the process of advice and to build a business.”

He said the industry needed to take some responsibility for that and start doing more at universities and secondary schools to make young people aware of the possibilities.

“It’s one of the things that we need to do as a community.”

Tags: recruitment

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