Among the key findings of the survey was that 98 per cent of companies were optimistic about the year ahead. Recruitment levels were predicted to be steady, based on a firm replacing someone who leaves and small growth, the survey found. Companies were looking for more experienced candidates with high skill levels when hiring and felt their company brand would be attractive.
The results also showed an increase, albeit moderate, for salaries across the board. Salaries for those in the licensee sector remained quite static, particularly for general and state managers. Salaries for regional practice development managers increased slightly, with high-end pay topping $220,000.
Practice development managers experienced the highest increase, moving from $95,000 to $160,000 in 2009 to $120,000 to $170,000 this year. The funds management sector also experienced an increase, with national key account managers, key account managers, state managers and business development associates the top earners.
The survey also found in the past where money or status have been the key incentive for a planner to move jobs, the key trend is now looking at the growth, brand and scope of an organisation before considering jumping ship. “Where companies made the decision not to retrench and instead reduced their bonuses to ensure they did not have to reduce financial planning numbers during the downturn, they have retained their financial planning numbers and now have the experienced planners on the ground to take advantage of the positive conditions,” the survey found.
It also found business development managers (BDM) felt the impending regulatory change was forcing them to change their day-to-day roles.
“Various managers commented that with all the pending changes around many parts of the industry they were splitting their time between the sales management piece, as well as trying to stay one step ahead of what dealer group decision makers were going to do or need and what they would do over the next one to four years,” Financial Recruitment Group NSW state manager Conor Donoghue said.
“Another senior manager commented that he feels some BDMs still tend to over analyse what they need to do. He feels that over the years the level of activity has actually reduced and BDMs were now more reliant on existing business writers as opposed to getting in front of new planners and having a conversation with them about their business.”
The survey found the comment was backed up by another senior BDM.
“He has now added some extra interstate non-metro regions to his panel and the planners have welcomed him with open arms saying that on-one ever bothered to visit before,” Donoghue said.
“But, in reality, most BDMs would say they still need to make a realistic call on how many planners they can visit on a set week and focus on where they will get the support.”
Two senior managers who were surveyed spoke about the fact they have used the past year to work on “efficiencies” within the business – and this has started to pay dividends around response times, marketing, administration and overall team work.
The survey found the majority of BDMs, senior management, and subsequent distribution people all felt things were slowly picking up and all the hard work of the past two years should hold them in good stead.
