As the year comes to an end, the team at RIVA Recruitment reflects on 2022 and the positive year we have had!
As the COVID pandemic slowed, networking, conferences, and career development events returned. With the increased number of in-person events, we began to further expand our RIVA Recruitment network. Throughout 2022, key employment trends emerged, along with trends in the financial services industry.
2022 Employment Market insights
- Record number of professionals changed jobs across all industries
- Australian unemployment rate dropped to a long-term low of 3.4% in October, with the workforce participation rate increasing to 66.8%
- Candidates are seeking greater workplace flexibility, with majority of businesses implementing permanent work-from-home options to accommodate employee expectations
- Real wage growth continues to be negative despite record low unemployment.
2022 Financial Services Market Insights
- National financial adviser numbers fall below 16,000
- FPA and AFA announce a merger which will go to a member vote in early 2023
- Demand for financial advice support staff continues to grow, with supply of talent not meeting the demand for talent
- Financial adviser and support staff salaries increase
- The number of investment products on the market continue to increase, namely listed products and managed accounts
- Financial advice firms move to managed accounts to increase efficiency and reduce risk
- Super funds move towards consolidation and internalisation of investment capability
- Crypto and digital asset companies hire rapidly in the first quarter of 2022, then make several redundancies at the backend of 2022
- The demand for funds management business development professionals continues to grow, with salaries increasing across Australia.
2022 business, and team member achievements
- Early in 2022, RIVA Welcomed Two New Members to the Team, further enhancing both our recruitment and marketing strategies. As a team we reinforced our business strategy and created actions behind our values
- Another great achievement in mid-2022, was when our Director, Fabian Ruggieri, was awarded the Sourcr 2022 Best Recruiter of the Year Award for Accounting and Finance. This award is credit to the hard work and passion Fabian dedicates to the financial services industry
- As part of our business strategy, our focus is to provide additional value to our clients beyond recruitment. We decided to engage, Headstart Business Coaching to host an Exclusive Roundtable Breakfast for our top clients. The discussion was aimed to guide business leaders to achieve superior team outcomes using Whole Brain Thinking
- Our director, Fabian Ruggieri, joined the AFA Melbourne Chapter Committee with a personal mandate to engage and develop the next generation of financial advisers through industry leading learning events. Our most popular event was in late November, with industry-leading financial advisers presenting on ‘What Female Clients’ are Seeking in a Financial Adviser’. Keep an eye out on the AFA website on future industry learning events.
Predictions for 2023
With unemployment still at historical lows, we expect recruitment to remain strong for the first 6 months of 2023. As global interest rates continue to rise, this could negatively affect business profits, leading to a recruitment slowdown across the broader financial services market in the second half of 2023.
Within financial advice, we anticipate easing of compliance requirements in early 2023, as detailed in the Quality of Advice Review’, which should lead to increased business profitability. As a result, we expect recruitment to be buoyant within financial advice over the next 12 months.
Thank you!
Thanks to all our clients and candidates for your support in 2022. We look forward to your continued support in 2023, as we continue our mission to become ‘The Most Trusted Financial Services Recruitment Firm in Australia’. Have a great break and we look forward to catching up in the new year.
