Adviser Exodus has a silver lining!

Much has been made of the recent exodus of Financial Advisers.

Whilst we hold some concerns regarding where the next generation of Advisers will come from, specifically the ‘new’ barriers to entry, we won’t be covering that here.

In recruitment terms we’ve noticed a significant increase in the QUALITY of candidates directly relative to education and tenure.

This silver lining appears to be a positive outcome from several years of pain, with recent shortlisted Advisers holding a combination of qualifications typically including; Degree + CFP + Post Grad additions + FASEA and often Masters or MBA.

We view this as a fantastic advancement for the industry, with positive outcomes for clients and a great endorsement of the industry as a whole. Hopefully advice may receive some positive PR in the years ahead, although let us not hold our breath!

I recall the days of 1999 when RG146 was enough for an Adviser to be set loose on the unsuspecting public! The great Russell McKimm (formative FPA member) advised me that one day the CFP designation would be equivalent to the CPA.

There were roughly 120 CFP’s in Australia at the time, so we’ve come a long way.

All this also bodes well for us in recruitment also, with an increase in professionalism and a form of industry wide auto self screening.

And, whoever sais there’s a shortage of quality Advisers in the market? Phupp!!  Come and speak with a search consultant at Recruit 2 Advice