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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
