Table 1:
Summary data for new entrants
| Question | Response | Frequency | % |
|---|---|---|---|
| Do you currently, or would you like to recruit new entrants (e.g. graduates or career changers) to the industry? | Yes | 103 | 54.8% |
| No | 85 | 45.2% | |
| Do you have a standard career progression pathway for new entrants? | Yes | 70 | 64.8% |
| No | 38 | 35.2% | |
| Are new entrants provided with: | |||
| A formal induction? | Yes | 75 | 78.1% |
| No | 21 | 31.8% | |
| Formal training in their first two years? | Yes | 53 | 61.6% |
| No | 33 | 38.4% | |
| Informal training in their first two years? | Yes | 92 | 94.9% |
| No | 5 | 5.2% | |
| Incentives Packages | Yes | 56 | 62.2% |
| No | 34 | 37.8% | |
| Career Planning | Yes | 61 | 67.0% |
| No | 30 | 33.0% | |
| Other | 3 | - | |
| Would you like to see a structured graduate recruitment and development process put in place at the industry level similar to that in other professions such as accounting and law e.g. long-term internships? | Yes | 153 | 81.8% |
| No | 34 | 18.2% | |
| Are you planning to grow staff numbers in the next 5 years? | Yes | 160 | 85.1% |
| No | 28 | 14.9% | |
| For firms with gross revenue of <$500,000 | Yes | 40 | 78.4% |
| No | 11 | 21.6% | |
| For firms with gross revenue of $500,000-$1,000,000 | Yes | 50 | 89.3% |
| No | 6 | 10.7% | |
| For firms with gross revenue of $1,000,001-$2,000,000 | Yes | 37 | 80.4% |
| No | 9 | 19.6% | |
| For firms with gross revenue of $2,000,001-$5,000,000 | Yes | 22 | 100% |
| No | 0 | 0 | |
| For firms with gross revenue of >$5,000,000 | Yes | 11 | 84.6% |
| No | 2 | 15.4% | |
| SME firms combined ($0-$5,000,000) | Yes | 149 | 85.1% |
| No | 26 | 14.9% | |
| Are you planning to use graduates for staff growth in the financial planning roles in your firm? | Yes | 100 | 64.5% |
| No | 55 | 35.5% | |
| For firms with gross revenue of <$500,000 | Yes | 22 | 55.0% |
| No | 18 | 45.0% | |
| For firms with gross revenue of $500,000-$1,000,000 | Yes | 31 | 66.0% |
| No | 16 | 34.0% | |
| For firms with gross revenue of $1,000,001-$2,000,000 | Yes | 22 | 59.5% |
| No | 15 | 40.5% | |
| For firms with gross revenue of $2,000,001-$5,000,000 | Yes | 14 | 70.0% |
| No | 6 | 30.0% | |
| For firms with gross revenue of >$5,000,000 | Yes | 11 | 100.0% |
| No | 0 | 0.0% | |
| SME firms combined ($0-$5,000,000) | Yes | 89 | 61.8% |
| No | 55 | 38.2% | |
| Please indicate the following methods that you would most likely use to recruit for new entrants into the financial planning pathway (multiple responses allowed) | |||
| Direct from a university program | 76 | 17.3% | |
| Recruitment agency | 74 | 16.9% | |
| Online, large job site eg seek, | 77 | 17.5% | |
| Online specialty job sites eg financial planning sites | 27 | 6.2% | |
| Online networking site (eg LinkedIn) | 46 | 10.5% | |
| Personal networks | 129 | 29.4% | |
| Print ads | 6 | 1.4% | |
| Other (please specify) | 4 | 0.9% | |
Table 2:
Expected new entrant qualifications
| Are there minimum qualifications you would require new entrants to have? | Receptionist | Personal / Executive Assistant | Client Service Officer (CSO) | Paraplanner | Financial Planner (early entrant) | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| # | % | # | % | # | % | # | % | # | % | |
| RG146 | 26 | 17.8% | 40 | 26.7% | 73 | 36.5% | 51 | 21.7% | 41 | 14.5% |
| Diploma of Financial Planning (or equivalent) | 3 | 2.1% | 15 | 10.0% | 51 | 25.5% | 74 | 31.5% | 63 | 22.3% |
| Advanced Diploma | 0 | 0 | 2 | 1.3% | 10 | 5.0% | 55 | 23.4% | 48 | 17.0% |
| Bachelors (Related) | 1 | 0.7% | 5 | 3.3% | 9 | 4.5% | 20 | 8.5% | 46 | 16.3% |
| Bachelors (Financial Planning) | 0 | 0 | 1 | 0.7% | 6 | 3.0% | 28 | 11.9% | 64 | 22.7% |
| Postgraduate (Financial Planning) | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0.9% | 18 | 6.4% |
| Certified Financial Planner (CFP) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| None | 116 | 79.5% | 87 | 58.0% | 51 | 25.5% | 5 | 2.1% | 2 | 0.7% |