Banking ‘repair jobs’ largest wage increase
The financial services sector ranks third for wage growth nationally for 2020, following the Royal Commission placing an unprecedented focus on risk, remediation and compliance projects, according to a survey.
The Robert Walters Salary Survey for 2020 predicted that NSW as a state would see the greatest salary increases with property, infrastructure, and the energy sectors dominating the wage growth leader board.
The survey labelled the financial services roles as ‘repair jobs at the banks’.
Commenting on the financial services sector, Robert Walters, managing director ANZ, James Nicholson said: “The Royal Commission has placed an unprecedented focus on risk, remediation and compliance projects across the banking, financial services and insurance sectors.
“Experienced professionals who can deliver on the reforms and programs are relatively scarce and so demand, and salaries, are likely to remain high.”
The survey found that the fifth largest wage increase of 24% nationally was a permanent role in NSW in the retail, commercial and corporate banking sector as a managing director – project finance.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
