The skill shortage in financial planning is nothing new but employers are becoming more innovative in their efforts to solve it, according to the recent eFinancialCareers roundtable in Melbourne, which was attended by HR professionals from several international and Australian firms.

“We’re all in the market for them and there aren’t too many of them around,” said one of the panelists, all of whom asked not to be named in this report.

So what to do? Well, one firm is recruiting business-to-business salespeople from outside the financial sector, putting them through fin planning qualifications and providing training.

“They have the fundamental skills and importantly they are used to working on long-term deals, unlike those from retail sales who have a shorter-term mentality. We need salespeople who we think will stick with the business and fit into our culture,” said the firm’s representative.

Another attendee added: “Hiring people from different work backgrounds is just another form of diversity.”

Fin planning isn’t the only industry in which firms are slowly extending their potential talent pool.

An insurance-sector delegate remarked: “A person we hired from a telecoms company gave a new perspective to the business and exposed our tunnel vision.”

She said financial services employers should also consider public sector candidates, especially those from The Treasury and the Department of Finance and Deregulation. Many of them “are dying to get out” and have a great understanding of risk and compliance issues.

“But it’s always a hard sell to the business. Some line managers are open minded and some aren’t. It can be difficult for HR to change entrenched attitudes,” she added.

Are firms really getting more flexible? Let us know in the comments box below. You can also email your story to apac.editor@efinancialcareers.com.