The wealth management industry in Australia is set to see its labour force grow in the second half of the year with 47% of employers in the industry indicating they are looking to hire more staff.
According to 2019/20 Salary Guide, a report by Hays into Australia's job market, boutique wealth firms and super funds were still active industry employers and were "adding headcount".
Australia's financial sector still hasn't recovered from the scandals revealed by the Haynes Commission which revealed that banks were billing customers for no service, charging the dead, opening fraudulent Dollarmite accounts in children's names while giving executives bonuses of 300%.
This has caused the big four banks to move ditch their wealth arms, leading to "mass redundancies", the report said.
Advisers axed as a result the big four's attempts to exit wealth would re-enter the market in the second half of the year, though noted boutique advice firms would look closely at the cultural fit of advisers arriving from a big bank given the differences between working environments, clients and culture.
Employers are also less likely to increase salaries in their upcoming reviews with employees, Hays added.