Advisers choose remediation over advice

A recruiter has revealed advertisements for jobs in financial advice are only attracting between two and eight applications, while advice remediation jobs can see up to 300 applicants.

Christopher Gordon is director at Profusion Group, a recruiter that specialises in the banking and financial services sector.

Gordon recruits for some of the big four financial institutions, industry superannuation funds and dealer groups.

He recently took to LinkedIn to call for financial advisers looking for a role in advice to get in touch with him, even giving out his phone number.

Gordon was prompted to go public with the issue of how few advisers are applying for advice jobs after facing few applications for what should be sought-after financial advice roles with an industry fund.

Conversely, advisers seem to be jumping at the chance to get into remediation roles.

"If we put an ad up on Seek or LinkedIn for remediation roles we can get over 200 applications, but for advice roles the response is minimal," he told Financial Standard.

"A big factor behind that is education. There are a number of advisers behind on their FASEA requirements at the moment and they might be looking for alternative options.

"Some advisers also feel uncertainty in the industry, especially if they've been made redundant. They might see remediation as an opportunity to take a break from financial advice."

Gordon said some of the large institutions have been open about the fact that their remediation programs are likely to continue for two or three years - and some are even creating permanent remediation roles.

"I think remediation will be around for a very long time. The larger institutions will have lending remediation to go through as well," he said.

That said, Gordon said the market's not as bad as it seems for financial advice roles.

"There might not be the same volume of roles as there was two or three years ago but the opportunities are still there for people if that's what they want to do," he said.

Since putting his post up, Gordon has had a number of resumes from advisers looking for those opportunities.

He acknowledges that most organisations employing advisers do want the FASEA exam already completed, which is a significant hurdle.

Gordon urged advisers who have been made redundant or are facing redundancy to get in touch, saying he'd like to help.

"It's a hard time for advisers' mental health," he said.

Read more: AdvisersFASEAChristopher GordonFinancial StandardProfusion Group
Link to something LaWxAgTF