No shortage of jobs for advisers
By Larissa Tuohy
THE demand for qualified financial planners has increased dramatically in the past 12 months, according to the latest Australasian Banking Salary Survey by Hays.
Due to increased compliance responsibilities under financial services reform (FSR), experienced paraplanners are also highly sought after.
The Hays survey covers 120 roles across the banking sector, including funds management, financial advice and commercial lending.
Nick Deligiannis, senior regional director of Hays Banking, said: “The scarcity of labour has yet to have a significant impact on salaries. Certainly employers are, for the most part, becoming more realistic about the skills shortages, however their focus up to this point has been on benefits or career progression to attract and retain the right person, rather than dramatic salary increases.”
However, the survey results showed exceptions to this rule, with paraplanners’ incomes benefiting from significant increases.
The average salary package for a DFP-qualified planner ranges from $55,000 for advisers in Canberra, to $105,000 for Sydney-based planners.
A senior paraplanner with DFP qualifications can now expect to earn a minimum of $45,000, rising to $85,000 if based in Sydney.
According to Hays, the investment banking sector continues to struggle to find experienced candidates.
“Demand for analysts in all areas of the industry has been strong, particularly in the area of risk,” Deligiannis said.
Sydney advisers continued to receive the highest pay packages, followed by Melbourne and Brisbane. Canberra and Perth planners have the lowest remuneration levels.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
