We spoke to Alison MacMillan, Head of Wealth Scotland, about the Wealth Management market. Alison shares her thoughts below on current market trends, factors affecting hiring, in-demand roles and skills, and what businesses and professionals need to be prepared for, for the rest of this year. For advice on the Financial Services market, support with your hiring strategy or guidance on finding a new role, contact Alison.
What specific trends have you seen in your market?
The market continues to be very busy with new roles and many people are still looking for something better with a higher salary. The employers who are successfully filling roles are the ones who are acting quickly and don’t have lengthy recruitment processes. Attractive benefits, such as good holiday allowances, private healthcare and pension contributions, seem to be at the top of the priority list for professionals who are looking for a new role.
What factors have affected talent attraction and retention in the past 12 months?
With COVID we missed two years of entry level candidates which is still affecting the amount of current talent available. There are less IFA administrators and less people have become paraplanners. Firms who are insisting on more days in the office are also missing out, as the workforce continues to request hybrid or fully remote working.
Whilst the market has remained fairly flat, many firms have not been expanding but in some instances the ‘great resignation’ is still a factor since people are looking for higher salaries elsewhere, as the cost-of-living crisis continues.
Which roles are in-demand and why?
IFA administrators and paraplanners are in high-demand, as there are so many employers looking for these professionals in a restricted talent pool. There is currently a shortage of trainee IFA roles which is going to be a problem in a few years’ time as the average age of an adviser in the UK is 59 and there is not enough financial advisers.
What skills are in-demand for professionals wanting to work in this market?
IFA experience continues to be extremely important, especially for those people who hold a level 4 diploma in regulated Financial Services.
What do clients and professionals need to be prepared for, for the rest of the year?
Clients and professionals need to be aware of counter offers, salary inflation, the importance of hybrid and remote working, these will all continue to be factors people prioritise in their working lives.
There seems to be green shoots of growth for companies looking to expand further, so the need for new talent will continue to be essential.
Consolidation of IFA practices is huge just now but it doesn’t seem to have slowed the job market down. If anything, it has increased movement, as many people seek alternative employment when the company they work for has been bought by someone else.
About Alison
Alison has worked in Financial Services recruitment in Scotland since 2002 and is a fellow of the Recruitment and Employment Confederation. Her experience ranges from senior appointments within the IFA markets to running projects for pension consultancies and compliance firms. Alison looks after technical financial services roles and is passionate at providing a high level of service to her clients and candidates.
