Financial Services Industry

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1 Financial Services Industry Environment Scan 2015

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3 Predicting change Contents 1. Executive summary 2 2. Industry intelligence 6 3. Identified workforce development needs Current impact of training packages Future directions 36 Appendix A - Methodology and bibliography 40 Appendix B - Financial Services Occupations in demand 46 Appendix C - NCVER data 50 Appendix D - Financial Services Skills employment profile 58 The Environment Scan Context, purpose & audience Continuing advances in technology and ongoing pressure on productivity are building the demand for creative and innovation skills with which workforces can use Big Data, engage with complex systems and focus on customers. With these skills Australian industry can better respond to the challenges of operating in a global marketplace. As industries continue to evolve, converge or relocate, and as new job roles emerge and others become obsolete, developed economies are looking to early warning systems to detect the onset of economic and industry trends. The Environment Scans or Escans undertaken annually by Industry Skills Councils report these trends and assist governments and industry to shape responsive vocational training systems. Specifically, Innovation and Business Skills Australia s (IBSA) Escan identifies the factors currently having impact on the skill needs of the workforces of its six industries and considers how well the national training system, its products and services, and industry itself are responding. National, real time industry intelligence is what sets the Escans apart from other reports on the national training system. The Escans capture data and information from IBSA s ongoing visits and conversations with key industry stakeholders, regulators and, critically, the people doing the jobs across the industries and who experience firsthand the impact of change. It also draws on a range of topical sources such as the latest industry, enterprise and government research, and international developments. The Escan methodology can be found at Appendix A. The Escan s formal audience is the Department of Education and Training both to contribute to industry skills needs advice and also as evidence to support endorsement of training package upgrades. The relevance of the Escan however extends far beyond and continues to be used extensively by state and territory governments, industry bodies, enterprises and many other stakeholders involved in skills and workforce development. As a document limited in size, the Escan does not seek to capture every issue within each industry, rather it is a snapshot of a continually developing picture that is intended to alert and inform a wide audience and enhance their capacity to act. The Escans are part of Industry Skills Councils broader role in gathering industry intelligence and undertaking high quality analysis of the skills needs and profile of current and future industry workforces. Escan 2015 has been produced with the assistance of funding provided by the Australian Government through the Department of Education and Training. Financial Services i

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5 CHAPTER 1 Executive summary

6 IBSA Environment Scan 2015 CHAPTER 1 Executive summary The Financial Services Industry covers the full array of money management services including banks, building societies and credit unions, insurers, superannuation providers, fund managers, accountants and bookkeepers, financial planners and advisers, debt collectors, financial markets, personal trustees and credit agencies. For the year to December 2013, the Financial Services Industry was the second biggest contributor to national output, accounting for 8.6 percent of gross value added by industry, only slightly behind mining at the time at 10.7 percent, and ahead of other high valueadding industries, such as construction and manufacturing. The Financial Services Industry is the largest contributor to the services sector, which accounts for around 80 percent of real gross value added. 1 Australia has a sophisticated financial sector that offers access to the world s third largest pool of investment funds ($1.62 trillion) as well as one of the region s largest pools of bank assets. The industry has been through a tumultuous period over the last few years. Pressures of the global financial downturn was quickly followed by a raft of regulatory reforms designed to safeguard consumers many of which are still being rolled out. Efforts to professionalise parts of the industry, along with competition internationally and between different 1 Austrade (2014) Why Australia: Benchmark Report Update June 2014 sectors in the industry, have led to structural change. Technology advances are affecting this industry more than most others and the government led inquiry into the financial system, which reported late in November 2014, made recommendations in five areas heralding further change for financial services businesses: to strengthen the economy by making the financial system more resilient lift the value of the superannuation system and retirement outcomes drive economic growth and productivity through settings that promote innovation enhance confidence and trust by creating an environment in which financial firms treat customers fairly, and enhance regulator independence and accountability, and minimise the need for future regulation. 2 2 Commonwealth of Australia/Murray, D et al, Financial System Inquiry report, November 2014 INDUSTRY TRENDS The shape and health of the Financial Services Industry is being affected by these key trends: Policy and regulation changes a fluctuating regulatory environment as a result of changes in government and new proposals arising from the Financial System Inquiry, as well as increasing regulatory requirements and reform following the global financial downturn and recent investigations into the financial planning sector. Technology transformation technology developments that include the increasing availability of large volumes of customer data, mounting rates of cybercrime and lastly growth in mobile services and payment systems. Changing customer needs and expectations demographic and technology changes bringing demands for new products and services, along with increasing complexity in customer interactions. 2 Chapter 1 Executive summary

7 Predicting change Social investment and climate change increasing interest in social investment and integrating information on climate risks into various social products. WORKFORCE DEVELOPMENT CHALLENGES Workforce development challenges arising from these and other trends, for which further detail is included in Chapter 3 include: Strong leadership and management Using data and analytics Increased focus on regulation and risk management Cultural competence Versatility combined with commercial acumen, and The emerging autonomous worker. IMPLICATIONS FOR SKILLS DEVELOPMENT Skills that financial services organisations need from employees in the immediate future and that require particular attention from the VET sector (detail is provided in Chapter 4, Outlook for training) are: Compliance and risk management skills Data analysis skills Leadership and management skills Diversity management skills Customer service skills Skills in expanding specialities: disability insurance, retirement products and anti-money laundering and counter-terrorism financing Training package linkages with other industries, and Quality delivery of higher-level VET qualifications. Financial Services 3

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9 CHAPTER 2 Industry intelligence

10 IBSA Environment Scan 2015 CHAPTER 2 Industry intelligence THE FINANCIAL SERVICES INDUSTRY The Financial Services Industry covers the full array of money management services including banks, building societies and credit unions, insurers, superannuation providers, fund managers, accountants and bookkeepers, financial planners and advisers, debt collectors, fund managers, financial markets, personal trustees and credit agencies. The industry has been through a tumultuous period with the pressure of the global financial downturn quickly being followed by a raft of regulatory reforms designed to protect consumers, many of which are still being rolled out. Efforts to professionalise parts of the industry along with competition internationally, and between sectors of the industry, have led to structural change. Technology advances are affecting this industry more than most others and the government led inquiry into the financial system, which reported late in November 2014, made recommendations in five areas heralding further change that will affect financial service businesses: strengthen the economy by making the financial system more resilient lift the value of the superannuation system and retirement outcomes drive economic growth and productivity through settings that promote innovation enhance confidence and trust by creating an environment in which financial firms treat customers fairly, and enhance regulator independence and accountability, and minimise the need for future regulation. Despite the ongoing reshaping, the industry is in good shape. For the year to December 2013, the Financial Services Industry was the second biggest contributor to national output, accounting for 8.6 percent of gross value added by industry, only slightly behind mining at 10.7 percent, and ahead of other high value adding industries, such as construction with eight percent, and manufacturing at seven percent. The Financial Services Industry is the largest contributor to the services sector, which accounts for around 80 percent of real gross value added. Since 1992, the Financial Services Industry has recorded the second highest annual growth of all industries, in terms of gross value added, expanding by an average of five percent per annum compared with 3.6 percent per annum for all industries; 3 see Figure 1. 3 Austrade (2014) Why Australia: Benchmark Report Update June 2014 Australia has a sophisticated financial sector that offers access to the world s third largest pool of investment funds ($1.62 trillion) and one of the region s largest pools of bank assets. According to the 2014 World Competitiveness Ranking, Australia has one of the lowest financial risk factors in the world and has the fourth highest ranked finance and banking regulatory system. In 2012, the World Economic Forum ranked Australia fifth out of 62 financial systems. Australia was also ranked fifth for non-banking financial services and achieved solid scores in overall financial access (sixth), banking services (seventh), financial markets (eighth) and financial stability (ninth). 4 There is significant variation in the size of the sectors within the industry. Figures 2 and 3 show how superannuation funds, banking and insurance dominate the industry s revenue base. However, many of the smaller sectors are still reasonably high earners for the economy, relative to most other industries. While the aftermath of the global financial downturn is still affecting the Financial Services Industry in Australia, the future looks brighter with modest industry growth expected over the next five years. Cautious investor behaviour, the slow recovery in non-mining sectors 4 Austrade (2014) Why Australia: Benchmark Report Update June Chapter 2 Industry intelligence

11 Predicting change Figure 1: Australia s real gross value added growth by industries achieving above average growth ($b) Construction Financial and insurance services Professional, scientific and technical services Information media and telecommunications Health care and social assistance Mining Wholesale trade Transport, postal and warehousing Retail trade Administrative and support services Arts and recreation services Source: Australian Bureau of Statistics, Cat. No Australian National Accounts: National Income, Expenditure and Product, December 2013, Table 6. Gross Value Added by Industry, Chain Volume Measures (released 5 March 2014); Austrade. Figure 2: Financial Services Industry revenue, : Large sectors ($b) Superannuation Banking Insurance Figure 3: Financial Services Industry revenue, : Small and medium sectors ($b) Financial markets Accounting Financial planning Credit management Mortgage broking Trustee services Source (Figures 2 and 3): IBISWorld Industry Reports 2014: K6221A National and Regional Commercial Banks in Australia; K6221B Foreign Banks in Australia; K6222 Building Societies in Australia; K6223 Credit Unions in Australia; K6310 Life Insurance in Australia; K6321 Health Insurance in Australia; K6322 General Insurance in Australia; K6240 Insurance Brokers in Australia; K6330 Superannuation Funds in Australia; K6411A Investment Banking and Securities Brokerage; K6411B Mortgage Brokers in Australia; K6229A Money Market Dealers in Australia; K6419A Funds Management Services in Australia; K6419B Financial Planning and Investment Advice in Australia; K6419C Custody, Trustee and Stock Exchange Services in Australia; K6419D Superannuation Funds Management Services; K6420 Insurance Brokerage in Australia; M6932 Accounting Services in Australia. Financial Services 7

12 IBSA Environment Scan 2015 of the economy and a potentially overheating residential property market will be some of the main issues facing the industry beyond Virtually all households and businesses consume financial services, so the location of businesses tends to correspond to population hubs. For services such as banking there is a slight bias towards the less populated states and territories because more branches per capita are required to service a more dispersed population. However, services such as insurers and funds managers do not have extensive branch networks and tend to have their major offices located in the financial hubs of Sydney and Melbourne. Consequently, NSW and Victoria have a larger share of these types of businesses. The Financial Services Industry is highly regulated and in recent years has been subject to intensified regulatory requirements. Regulatory changes can have a pronounced impact on demand for services and industry dynamics. Future of Financial Advice (FOFA) reforms, first introduced in 2012, have been undergoing amendments, with the final shape of the legislation still unclear, as the balance between minimising regulatory burden for the sector and improving trust in the sector, and protection of consumers, is debated within the community. Other new regulations will come into effect over the next five years, that are aiming to address depositors security concerns, and that may affect bank profitability. Businesses in this industry are strongly affected by technology change. Deloitte Access Economics estimates that 65 percent of Australia s industries are going to experience significant disruption from digital technology in the next five years, with the Financial Services Industry near the top of the list. Financial services need to be effectively integrating key digital processes, including the Cloud, mobile payment systems, social networks, data and analytics and cybercrime 6 while, at the same time, preparing for the impact of a range of emerging technologies such as wearable devices and new currencies. 7 More detail on the products, services and outlook for each of the financial services sectors is outlined below; the data is drawn from the latest IBISWorld industry reports, unless otherwise referenced. Superannuation The superannuation sector has two components the superannuation funds that provide retirement benefits to members and the superannuation funds managers who provide investment management, administration and advisory services to the superannuation funds. There are currently 324 super funds in Australia that have more than five members, and close to half a million self managed funds. There are 710 superannuation funds management businesses. The products and services segmentation for funds is illustrated in Figure 4. 5 IBISWorld (2014) Finance in Australia industry report K Hillard, R. (2013) Banking technology trends Jacobs (2014) Five emerging technologies that will transform financial services Figure 4: Superannuation funds products and services segmentation, % 3% 16% 20% 31% Small funds Retail funds Industry funds Public sector funds Corporate funds 26% Other Source: IBISWorld (2104) K6330 Superannuation funds in Australia Industry Report 8 Chapter 2 Industry intelligence

13 Predicting change Figure 5: National and regional commercial banks products and services segmentation, % 2% Home loans 36% 57% Business loans Personal lending Bank accounts and transactions Source: IBISWorld K6221A National and regional Commercial Banks in Australia Industry Report Improved economic conditions and revenue growth from a stronger economy and increases in the Superannuation Guarantee from 9.5 percent in 2014 to 12 percent in 2019, will add to the value of superannuation with benefits flowing on to funds managers. As of 31 March 2014, the superannuation sector held $1.8 trillion in assets. Industry revenue was forecast to grow by 46.6 percent in and Industry Super Australia projects that superannuation assets will exceed those of the banking sector by the early 2030s. This will make it a critical sector in terms of funding Australia s economic activity. 9 Regulatory changes, particularly the introduction of Stronger Super Reforms in 2013, have caused the number of major funds to fall, with other funds having merged to realise cost efficiencies and lower fee structures. Meanwhile, self managed super funds continue to flourish as more people decide to take control of their retirement savings. This trend is a challenge for the super funds management subsector, which will now need to market their 8 ; K6330 (2014) 9Superannuation Funds in Australia 9 Murray (2014) Financial Services Inquiry Interim Report services to Self Managed Super Funds (SMSF) trustees and administrators. Superannuation company CEOs have said that the top three strategic priorities for are: member engagement operational efficiency, due to concerns that new regulations will lead to increased operating costs, and post retirement products. 10 Increasing member engagement will require a workforce with strong communication skills that can operate effectively in the online world. Keeping costs down will require an efficient workforce that makes best use of data and other technology. The aging population means funds and funds managers will need to design and understand a range of post retirement products and have the financial analysis skills to determine what is the most appropriate product to maximise individuals outcomes. Banking The banking sector includes domestic banks, foreign banks, credit unions 10 PWC (2013) What s on the mind of CEOs in superannuation and building societies. Home loans, business loans and personal loans are the major activities of this sector. Revenue is raised from interest on loans, fees and commissions. The sector also offers deposit and transaction products and many of the larger banks offer wealth management services, including superannuation and investment advice. The products and services segmentation for the largest banking subsectors is provided in Figure 5. Technology is having an enormous impact on the banking sector, with the development of new internet and mobile banking features and the automation of many functions. The rise of online banking has seen the branch networks shrink for the first time in eleven years, however employment of bank workers is expected to continue to grow, albeit at a slower rate. Continued focus on customer satisfaction and loyalty is expected to be a key to success in growing markets, particularly in the wake of government reforms to promote competition in the sector. In the longer term, banks will have to look for strategies to adjust to the changing structure of the Australian financial system. In particular, growth of superannuation as a source of long term funding could result in the big four losing their share of the mortgage lending market. Financial Services 9

14 IBSA Environment Scan 2015 Figure 6: Insurance sector products and services segmentation, ($b) 11.8% 19.7% 67.8% Life Insurance General insurance 57% Health insurance Insurance brokers Source: IBISWorld Industry Reports (2014) K6321 Health Insurance in Australia; K6322 General Insurance in Australia; K6310 Life Insurance in Australia; K6420 Insurance Brokerage in Australia. Insurance The insurance sector is made of four main segments: General insurance covers loss from events such as car accidents, floods, break ins or malpractice; the sector includes workers compensation and personal injury insurance Health insurance covers hospital, medical, dental, pharmaceutical and funeral expenses Life insurance provides money in the event of an individual s death, disablement or serious illness, and Insurance brokers act as impartial agents in selling insurance policies and also often provide risk management and other related services. As illustrated in Figure 6, the largest sector, in terms of revenue, is life insurance followed by general insurance. In the next five years, better conditions are predicted for most sectors. Health insurance and insurance brokerage are looking brightest owing to a better investment environment, greater demand for insurance, higher premiums and, in the case of brokers, expansion into risk consulting, advisory and support services. General insurance will continue to grow, but more modestly. Life insurance revenue is expected to decline due to a strong run prior to An analysis of insurance industry trends to , highlighted the issues likely to impact the sector in coming years: Online environment internet, mobility and social networking have created a new generation of customers who demand simplicity, speed and convenience. Customers may be more willing to buy direct using their online and offline trust network. Data historically, the insurance sector has primarily used internal data in a structured format to make tactical and operational decisions. However, in the next decade the industry will increasingly use large amounts of real time sensor data, unstructured data from social networks, and multimedia data such as text, voice and video. The trend towards individualised risk based pricing is growing as firms develop more sophisticated analytical techniques. Insurers who fail to use better information to differentiate risk will be more likely to acquire higher risks, while more sophisticated competitors will attract 11 PWC (2012) Insurance 2020 lower risks at lower prices. 12 Natural events the severity and frequency of catastrophic events is increasing. Over the next decade the insurance sector could be overwhelmed with catastrophic events reducing capacity and raising prices. Or, alternatively, new sensing and monitoring technology, together with risk transfer mechanisms, could cushion insurers against abnormal losses. Emerging economies as consumption increases in emerging economies, the insurance market is expected to grow, resulting in big opportunities for Australian insurers. A recent review of life insurance by ASIC found that the industry needs to work on delivering consistently better outcomes for consumers. A range of recommendations have been made aimed at improving the professionalism of the industry to ensure client interests are met, including balancing the issue of affordability versus cover. 13 Financial markets The financial markets are a mix of subsectors primarily engaged with 12 Murray (2014) Financial Services Inquiry Interim Report 13 ASIC (2014) Higher standards needed for life insurance industry 10 Chapter 2 Industry intelligence

15 Predicting change Figure 7: Financial markets revenue, ($b) Investment banking and securities brokerage Fund managers Money market dealers Source: IBISWorld Industry Reports 2014: K6411A Investment Banking and Securities Brokerage; K6229A Money Market Dealers in Australia; K6419A Funds Management Services in Australia. investing, advising and trading within financial markets; including money market dealers, investment bankers and securities brokerage services, and funds managers. Money market dealers buy and sell short term debt, such as bank bills, and generate interest revenue. The majority of money market corporations are owned by foreign banks or securities firms. Brokerage services include trading stocks, shares or other financial assets on a commission or transaction fee basis. Investment banking activities include corporate finance and advisory services, underwriting and principal trading. Funds managers provide portfolio investment services and investment consultant services on a commission and fee basis. Financial market dealers were severely affected by the global financial downturn. During the next five years, however, the sector is expected to fare better as the economic situation improves. The number of trades in the sharemarket will increase as stability and liquidity return. However, demand for money market services is not expected to pick up quickly, with less dependence by corporations and banks on short term securities. The success of financial market operators is highly reliant on the skills of its personnel. Companies need attractive remuneration packages to retain talent - employees with strong qualifications, indepth experience, good product knowledge, access to a strong research base and excellent marketing skills. Figure 8: Accounting and bookkeeping products and services segmentation, % 5% 4% Audit services Business tax services 35% Advisory services 15% Personal tax services Insolvency, reconstruction and bankruptcies 31% Bookkeeping Source: IBISWorld (2014) M6932 Accounting in Australia Financial Services 11

16 IBSA Environment Scan 2015 Financial markets employees are working within a tightening compliance environment and an expanding regional reach. They are expected to not only understand their new regulatory obligations, but also learn to instinctively apply the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence in their work. The sector could become more competitive in exports to Asia by improving the Asiancompetence of its workforce, including an understanding of different cultures, languages and market nuances. Accounting and bookkeeping The accounting and bookkeeping sector provides accounting, auditing and bookkeeping services relating to all areas of taxation, financial reporting and auditing. Many firms also offer business advice and assistance. There are about 32,500 businesses in the sector but four big companies dominate the industry, accounting for about 19 percent of market share. It is also important to note that the vast majority of bookkeepers in Australia are contracting businesses without employees. In 2013 the accounting and bookkeeping sector contributed $16.4 billion to GDP. The outlook for the sector is improving, with better economic conditions, and growing consumer spending and business confidence. The industry is projected to increase by a compound annual rate of four percent over the five years through to to earn $19.9 billion. Technology will continue to have a huge influence on the accounting workforce. Data analysis is expected to be at the forefront of business plans. A recent survey by the Institute of Certified Bookkeepers shows 70 percent of respondents said they were excited about the impact of emerging technology and changing work practices to undertake more work remotely. 14 Transparency and accountability have been a focus for accountants and bookkeepers since the global financial downturn with the International Financial Reporting Standards becoming more stringent over the next five years to improve consistency and comparability. The Australian Taxation Office is making changes to its lodgement systems to ensure that Standard Business Reporting (standard online record-keeping) will be an integral part of the business-to-ato information exchange in the future. 14 Institute of Certified Bookkeepers (2013) Bookkeeper comparison survey Larger players within the accounting sector are expected to benefit from continued success in the AsiaPacific and to capitalise on growth in developing nations in the region. Leadership is a key issue in this sector; Certified Practising Accountants (CPA) Australia believes the capabilities and experience of Australian managers trail that of other countries and that Australian managers need to improve their knowledge of international markets. Financial planning Financial planners or advisers prepare financial plans covering various aspects of personal and business finance which include cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning. Superannuation and retirement advice and self-managed super fund advice accounts for over half the share of sector revenue. With the introduction of the Future of Financial Advice (FOFA) legislation from 2012, the industry has been through a turbulent period with restructuring set to continue into Issues around how professional competence can be Figure 9: Financial planning products and services segmentation, % 10% Superannuation and retirement advice 35% Loan and investment advice 21% Self-managed super fund advice Other 26% Tax advice Source: IBISWorld Industry Report 2014: K6419B Financial Planning and Investment Advice in Australia 12 Chapter 2 Industry intelligence

17 Predicting change identified and assessed are still being worked through and amendments to the legislation continue. There has been an ongoing tension between providing financial advice for the benefit of consumers and the product distribution role played by advisers. Long term effects of the FOFA legislation are as yet unclear but it is expected that demographic trends, superannuation legislation, a rebounding economy and the complexity of the financial environment will support growing demand for financial advice. Furthermore, the FOFA changes will bring greater transparency and professionalism, which will create confidence in the industry and ultimately, it is expected, increase demand. There has been an increase in the number of people seeking financial advice around superannuation, with the ageing population and increase in super fund assets. The growth in popularity of self managed super funds presents new opportunities to this sector. Almost a million Australians are now members of a SMSF, up 30 percent from about 700,000 in As technology expands, investors have more tools to analyse and address their own personal finances. Planners must remain technically up to date to meet client expectations and also find ways to value add. Social media provides opportunities for planners to stay in touch with clients and build credibility. Firms have been focussing on client retention by strengthening relationships and using existing client relationships to build business; firms are looking to hold on to their experienced staff. Recruitment trends show financial planners with proven track records and strong interpersonal skills are highly sought after and financial planners in regional and rural areas are in demand. Credit management This sector includes credit agencies and mercantile agents or debt collectors. Credit agents provide independent opinions on the creditworthiness of companies, individuals or securities. Mercantile agents retrieve debt payments from individuals and businesses that have fallen short of the terms and conditions outlined by their loan agreements. Credit management firms often perform both these roles. The credit agency part of the sector is expected to grow well over the next five years with stronger economic conditions meaning credit will become more readily available and create more work. Growth will ease on the mercantile agents side as the economy improves but it is still expected to do well as households and businesses deleverage to reduce risks. Data analytics is the backbone of this industry and as more financial data becomes available, operators will be looking for a workforce skilled in mathematics, finance and software for analytics to be successful. In the credit agency subsector, wages are increasing as businesses look to hire employees with undergraduate and postgraduate tertiary qualifications. Mercantile agents are also hiring highly qualified staff with 42 percent now holding a Bachelor degree. The mercantile agents subsector has high staff turnover. Successful companies are using strategies to retain the more experienced and productive staff. Some have resorted to establishing offshore collection centres to capitalise on cheaper labour costs. Managing both internal and external human resources will be an increasing challenge for these businesses. Mortgage broking Mortgage brokers help borrowers in sourcing and applying for mortgage finance, for both residential and investment real estate purposes, and in refinancing existing mortgages. Because brokers represent a panel of lenders, they are able to offer their customers a range of products and tailor the mortgage to their needs. Employment in the mortgage broking sector is forecast to grow steadily over the next five years as the demand for housing finance recovers, post global financial downturn. By the end of mortgage brokers are expected to be the source of between 50 to 55 percent of mortgages nationally. 15 Customer service and communication and negotiation skills continue to be important. The sector relies on experienced and knowledgeable staff to effectively communicate different loan products to clients and to negotiate the best deal with lenders. Businesses will need to embrace technology; brokers will use tools that help customers navigate information across technologies. Mortgage managers are a growing occupation in the broking sector. Unlike a broker, the mortgage manager is responsible for the mortgage from the time it is provided by the funding institution until the borrower s payment of the final instalment of the loan. Mortgage managers use funds from sources such as unit trusts, superannuation funds and securitised funds as well as banks. 16 SMSF borrowing to purchase real estate is likely to be a huge growth area for brokers over the next few years. Personal trustees Trusts are owned by an individual or organisation (the trustee) but held for the benefit of other individuals or organisations (the beneficiaries). Personal trustees administer the trust according to its terms; communicate regularly with beneficiaries; and prepare required records, statements, and tax returns. This sector also includes executor services which involves managing estate assets, completing required financial returns and records and distributing the residue to the beneficiaries specified in a deceased s will. Trustee services are expanding their services with the ageing population expected to provide new opportunities for the sector, as generational wealth transfers. 15 MFAA (2014) Industry news, insights, stats and trends 16 Middleton (2014) The rise of mortgage managers Financial Services 13

18 IBSA Environment Scan 2015 The top four trustees and executors in Australia account for over 70 percent of revenue within the sector, with more consolidation expected to occur between establishments. Already there is greater vertical integration occurring between financial advice, trustee services and funds management. Vertically integrated companies need to ensure a shared workforce vision, culture and processes with strong links between different elements of the supply chain. WORKFORCE CHARACTERISTICS AND EMPLOYMENT TRENDS Despite its value to the economy, the Financial Services Industry only employs around 420,100 or four percent of the total workforce. Most people in the industry are employed by banks, building societies and credit unions or accountancy firms; see Figure 10. Employment numbers have been fairly stable across the industry in recent years with growth strongest in the accounting sector and in health and general insurance. Auxiliary finance and investment services (stocks and shares trading, investment management and advisory services) dropped staff numbers in the last two years after a spike in employment in these services and banks, in 2012; see Figure 11. The industry is growing at a moderate rate, with 20,500 new workers expected in the industry by 2018, or a projected employment growth of 4.9 percent. 17 The financial services workforce is relatively young with only 33 percent of employees over 45 years of age; this compares with 39 percent in all industries Department of Employment (2014) Australian Jobs ibid Employment in the Financial Services Industry is skewed towards NSW and Victoria with both states employing more financial services workers than their population share. Only 18 percent of financial services employees work outside capital cities, compared with 37 percent for all industries. 19 Overall, there are more females than males working in the Financial Services Industry, however, this varies between the sectors. Banking is a feminised sector with women being 55 percent. The auxiliary finance and investment services sector including brokers, financial planners and fund managers is male dominated with only 41 percent being women. 20 There is a strong gender bias in a number of occupations in this industry; 19 DEEWR (2014) Australian Jobs ABS (2014) Labour Force, Australia, Detailed, Quarterly, May 2014 Figure 10: Persons employed in Financial Services Industry by sector, % 14% 3% 2% 1% 5% 31% Banking Accounting services Custody, Trustee and Stock exchange Insurance Financial markets Superannuation 15% 22% Financial planning Mortgage brokers Credit management Source: IBISWorld Industry Reports 2014: K6221A National and Regional Commercial Banks in Australia; K6221B Foreign Banks in Australia; K6222 Building Societies in Australia; K6223 Credit Unions in Australia; K6310 Life Insurance in Australia; K6321 Health Insurance in Australia; K6322 General Insurance in Australia; K6240 Insurance Brokers in Australia; K6330 Superannuation Funds in Australia; K6411A Investment Banking and Securities Brokerage; K6411B Mortgage Brokers in Australia; K6229A Money Market Dealers in Australia; K6419A Funds Management Services in Australia; K6419B Financial Planning and Investment Advice in Australia; K6419C Custody, Trustee and Stock Exchange Services in Australia; K6419D Superannuation Funds Management Services; K6420 Insurance Brokerage in Australia; M6932 Accounting Services in Australia 14 Chapter 2 Industry intelligence

19 Predicting change Figure 11: Financial Services Industry employment growth, ( 000) Banks Accounting services Insurance Auxilary finance and investment Finance nfd Superannuation fund Source: ABS, Labour Force, Australia, Detailed, Quarterly, May 2014, SuperTABLE E06 Employed persons by Industry (ANZSIC group) Accounting Services is estimated based on ABS Census of Population and Housing Industry 2011 data. Figure 12: Financial Services occupational profile percent of industry total Other Managers 6% 15% Clerical and administrative workers 45% Professionals 34% Source: ABS, Labour Force, Australia, Detailed, Quarterly, May 2014, Financial Services 15

20 IBSA Environment Scan 2015 bookkeepers are 91 percent female 21, accounting clerks are 82 percent female and bank workers are 72 percent female. The more professional and highly paid roles, are generally male dominated - financial advisers and planners are 69 percent male, financial brokers 64 percent male, financial dealers 77 percent male, and accountants 51 percent males. Two broad occupational groups, Clerical and Administrative Workers and Professionals, dominate the Financial 21 Note that recent research by the Institute of Certified Bookkeepers shows only 80% of bookkeepers are female and there has been a slight increase in the proportion of male bookkeepers in the past three years. Services workforce, accounting for around four in every five workers. This is markedly higher than their share of total national employment, at 37 percent or slightly more than one in three workers; see Figure Financial Services is one of the most highly educated industries in Australia with 59.5 percent of workers holding an Advanced Diploma or higher qualification, compared with 39 percent for all industries; see Figure Department of Employment (2014) Australian Jobs Austrade (2013) Why Australia: Benchmark Report Update June 2013 The higher education sector plays an important role in the provision of skills in this industry, with almost half of workers holding a Bachelor degree or higher, compared with 26 percent for all industries. These industries have above average use of higher qualifications Advanced Diploma and above. Accountants, accounting clerks and bookkeepers are the most common financial occupations. Together, these three occupations employ 425,000 people across the economy. The Financial Services Industry itself employs 7,663 accounts clerks and bookkeepers; see Table 1. Figure 13: Percentage employed persons with Advanced Diploma or higher qualification, 2013 Education and training Professional, Scientific and Technical Services Financial and Insurance Services Health Care and Social Assistance Public Administration and Safety Information Media and Telecommunications Source: Australian Bureau of Statistics, Cat. No DO , Education and Work, Australia, May 2013, Table 11 (released 29 November 2013); Austrade Financial Services is one of the most highly educated industries in Australia with 59.5 percent of workers holding an Advanced Diploma or higher qualification, compared with 39 percent for all industries. 16 Chapter 2 Industry intelligence

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