Economic green shoots - a recruiters view

Everyone working in financial services whether they are a financial adviser, an IFA, a mortgage adviser or whatever, they all have their own opinion as to whether we are really seeing a sustained uplift in not just the UK but the worlds economy. So are we? Have we gone through the worst of it now or is this just the small respite in the tornado of economic catastrophe?

I always say this, but working as a recruitment specialist within the financial services market gives us a unique insight and an all round perspective into how the market is faring overall.  Because we are reliant on the provision of a service to financial services organisations for our income and that service is adversely affected by the lessened need for recruitment, we, as companies suffer, due to the cuts in staffing and redundancies.  Who is going to take staff on in the middle of an economic crisis? Certainly not the industry hardest hit!   Perhaps as much as any financial adviser or IFA, financial services recruiters have been affected by the turbulent economic situation to the detriment of many good recruitment organisations, so much so that I wouldn't be surprised to find out if a large number had gone to the wall. However, working close to the coal face but not actually at it, affords us a very good view of the economic picture.

Financial advisers and IFA's we speak to have recently begun to notice a change, a surge in the market, a confidence returning to the consumer, particularly in the investment market. This can only be a good thing. We as recruiters working with the financial services industry have also noticed an uplift in the number of mortgage advisory roles on offer, comparitively to six months previous. Six months ago, we would have been lucky to have three mortgage adviser roles on our books, down the line we have noticed a huge lift in the numbers of banks and other operators requiring mortgage advisers.  A simplistic view I know, but is it because money is being moved, consumers are borrowing again?  I can see no other reason although I am sure someone will correct me.

The upshot is however, the requirement for more mortgage advisers is one of the key indicators that the market is really, finally picking up.  So lets nurture these green shoots and watch them grow back into economic saplings - but maybe with thicker roots this time and not grown in quicksand eh?