Are paraplanners the forgotten people?
More than 40 per cent of paraplanners have been working in the sector for over a decade, yet many in the industry's engine room believe they deserve more for their efforts.
Salaries
The Money Management Salary Survey found that close to 50 per cent of paraplanners take home pay-cheques of less than $70,000, while a select few have secured salaries of up to $150,000.
Data from the survey revealed 10 per cent of respondents had been working in paraplanning for more than two decades, while a further 11 per cent had been in the industry for over 15 years.
Despite their experience, 84 per cent of paraplanners reported that their annual income was less than $90,000.
WHAT IS THE BIGGEST IMPEDIMENT TO YOU OBTAINING THE SALARY YOU WANT?
Expectations
While many paraplanners said they should be paid more for their role, those at the top end of the pay spectrum reported that their current salary was fair.
The majority (72 per cent) reported that a salary between $70,000 and $110,000 per annum reflected a just reward for their efforts.
However, just 14 per cent felt that a salary below $70,000 was reasonable for the work they perform.
DO YOU FEEL VALUED BY YOUR EMPLOYER?
Barriers
Unlike their financial planning colleagues, those in paraplanning roles claimed the biggest impediment to them gaining a better salary was a lack of opportunity (31 per cent), while just three per cent identified clients undervaluing their skills as the biggest barrier.
While paraplanners may have had a different view on the significance client perceptions may have on their earning potential to their planner colleagues, almost one in five said poor organisational management — which was the single biggest barrier for planners — was preventing them from getting paid what they felt they deserved.
A further six per cent suggested that a lack of training was holding them back, four per cent felt they were a "poor personal fit" within their organisation, and three per cent said their gender was the biggest impediment to obtaining the salary they wanted.
WHAT IS YOUR CURRENT ANNUAL INCOME?
Feeling the love
Although many reported feeling underpaid, almost three quarters of respondents said they felt valued by their employer, with less than 20 per cent saying they did not feel valued.
The high proportion of paraplanners who felt valued in their current roles was reflected in the relatively low number who said they were actively looking for an alternative job.
Almost 80 per cent of paraplanners reported that they were not looking for a new role, although half of that group said they were open to offers.
HOW LONG HAVE YOU BEEN IN THE INDUSTRY?
Education
The survey found that although modestly remunerated, the paraplanning workforce is highly educated, with 25 per cent holding either a Post Grad or Masters.
A further 41 per cent said they had a BA, with just over a third holding a Diploma of Financial Planning (DFP) or Advanced DFP.
Paraplanners' drive for further education was highlighted by the proportion of respondents who said they were either studying (30 per cent) or planning to start studying (24 per cent) for a professional qualification soon.
AUTHOR
Staff Writer
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