Since our market overview was compiled a lot has changed, the outbreak of Covid-19 globally has fundamentally changed how we are working both physically and mentally. It is changing and developing how companies go to market and how employees deliver their work on a daily basis.
While the changes over the last 2 months will undoubtedly have a major impact on all industries and sectors, it is too early to know just what that impact will be on a day to day basis for the financial services sector.
Below is exert from our 2020 Salary Guide & Market Trends Report, and whilst our current working environment has changed we believe the sectors, roles and where the market is going remain true and relevant.
Market Trends –Sales & Business Development in the Financial Services Sector
The Financial Services (FS) Sales & Business Development sector is rapidly changing and is very active from both a candidate and client perspective. With the start of a new year we are seeing a lot of organisations looking to increase their sales teams as they look to the second half of the financial year, likewise those companies with a December year-end are aiming to increase headcount in the first quarter of 2020.
The well-publicised government focus on the Banking and Insurance sector has seen a lot of restructuring of the sector and changes to how organisations reward their sales professionals. The impact of recent restrictions on bonus and commission-based incentives will continue to impact the shape of remuneration packages that established FS organisations are willing to offer. This has led to a lot of movement with candidates seeking out new opportunities with smaller boutique brokers, wealth and ETF providers, FinTech’s and non-banks.
There is strong demand in the FinTech sector, with a number of well-established companies expanding both field and office-based sales teams to focus on the Enterprise and Corporate markets. These organisations are attracting candidates from the Tech and Finance sectors as they look to build on their experience. There is currently a strong appetite from candidates to join smaller B2B organisations who can rapidly negotiate a changing market. Regionally we are seeing a lot of Tier 2 and specialist banks expanding and increasing headcount of frontline sales positions, although salaries in this area have remained stagnant.
Due to the ongoing issues in areas like Hong Kong and the USA, and we have been seeing an increase in expats looking to return to Australia. These candidates are generally experienced in International Sales and Marketing and are adjusting their salary expectations to the current Australian market.
Overall the financial sales sector is in a strong position with a lot of new players in the market. We are seeing a lot of demand for mid-level candidates, therefore increasing their market value.
Most in Demand Roles:-
- Business Development Manager – FinTech
- Private Wealth Advisors
- Business Development Manager - Lending
- Relationship Manager - Banking
- Inside Sales – Banking / Insurance
To download the full 2020 Salary Guide & Market Trends Report, please fill in the form below.