A jobs bonanza for financial planners and mortgage brokers as lucrative jobs go begging

It takes as little as four weeks to start getting qualified for these jobs but employers still are having trouble filling vacancies.

Australia’s worst recession since World War II is creating a jobs bonanza for financial planners and mortgage brokers.

Demand for financial services has soared since the start of the coronavirus pandemic and experts say it will not ease, even with a return to pre-COVID economic conditions.

Financial Planning Association chief executive Dante De Gori says in good times, people are looking for investment advice, and in times like now, they want to ensure they can look after their families.

“If you’re looking to study financial planning, now is definitely the time to do so,’’ he says.

“I don’t think the momentum (created by COVID-19 to seek financial advice) will go away – it will only increase.’’

Demand for financial planners has been further exacerbated by reforms to the sector, which require all new workers to hold a relevant university degree and complete a year-long internship, as well as pass an entrance exam, before they can practise.

Aussie franchisee Deepa Mathew is excited to own her own business.

Existing financial planners must also pass an exam and complete training equivalent to an approved degree by 2026.

De Gori says forcing existing workers to upskill is causing a mass exodus of financial planners from what was previously a 20,000-strong workforce.

“It’s going to take us four to five years to get back to the current position (numbers), let alone meet demand,’’ he says, citing an optimum workforce of 30,000 financial planners.

Future growth in the occupation may also lead to increased demand for support workers, such as paraplanners and researchers, although Acquira Wealth Partners principal adviser Reine Clemow expects these roles may be filled by new graduates as part of their internship.

Amid the pandemic, mortgage brokers have also experienced increased demand – recording their highest market share result in over a year during the April-June 2020 quarter when they facilitated almost 60 per cent of all new residential homes.

Financial Planning Association chief executive Dante De Gori.

In response, home lender Aussie recruited 160 new mortgage brokers last year and is set to continue its expanded recruitment program, aiming to take its number of retail stores to 300 by 2023.

Aussie distribution general manager Brad Cramb says new mortgage brokers need only complete a four-week induction program to start in the sector but must commit to completing a Diploma in Mortgage Broking over a 12-month period.

“The key ingredient we are looking for (when recruiting) is people skills,” Cramb says.

“If you’re good with people then this is an industry you can be very successful in.”

New Aussie franchisee Deepa Mathew has a mortgage broking background through her 12-year career with the Commonwealth Bank and says she is excited by the opportunity to own her own business.

“It’s very satisfying to help people to own their own home or build up their property portfolio,’’ she says.