Beat the Brexit Blues
Exchange Street’s Technical Support recruitment specialist, Leanne Fairhust, has a very positive message for candidates seeking a new role.
“The pound has slumped, £100bn has been wiped off the FTSE100, the UK has lost its AAA rating and it’s Prime Minister. Brexit has divided the country and caused bitterness, rancour and a level of political back stabbing that would seem far-fetched in a HBO production. With the newspapers full of such economic and political turmoil it would be easy to assume that this will have a catastrophic effect on the job market. Not necessarily so.
The demand for paraplanners, administrators and compliance professionals has remained as strong as ever. Whilst certain roles have been less prevalent pre and post-referendum there has been no noticeable drop in the need for well qualified, technical support staff at financial planning practices across the UK. Whilst economic difficulties will undoubtedly place pressures on the financial planning sector, with clients understandably seeking refuge in cash and businesses unnerved by expected job cuts within the banking world, the most significant issue facing the technical support job market is the lack of supply.
The paraplanning market is particularly buoyant with demand at an all-time high. With this a relatively new position within the industry it has always felt that companies are playing catch-up, and the proposal of a national apprenticeship scheme to help plug the gap is indicative of the challenges that businesses face. We were though seeing a concerted rise in the confidence of candidates, who, after years of focusing on keeping their job rather than looking for a new one, were starting to return to the market. Rather than placing individuals who were out of work, deeply unhappy or recently redundant, placements were starting to come from individuals who were moving more for pull factors than push ones. The chance to join a Chartered practice; improved earnings potential; the opportunity to work with higher value clients. This was helping firms fill their positions, provide internal opportunities and cut the disparity in supply and demand.
Economic uncertainty has the potential though to undo this, with candidates understandably assuming that the job market will suffer and that it is riskier to join a new company than stay where they are. It is clear though that opportunities for experienced professionals continue to be numerous and whilst the future is less certain than it was, the Retail Distribution Review has enabled most financial planning practices to become increasingly profitable and have sustainable business models. In short, in this sector, very little has changed.
If you are a paraplanner, administrator or compliance professional we would therefore implore you to retain your confidence as the future is still as bright as it was.”
Should you have any questions or need to speak to an experienced recruitment professional please contact Leanne Fairhurst at Exchange Street on 0161 6670427 or firstname.lastname@example.org.