Non-aligned female planners earning less
Non-aligned female financial planners are being paid less than their aligned counterparts, a survey has found.
Money Management's latest salary survey found 45 per cent of female non-aligned respondents had an annual income of less than $69,999, whereas only 19 per cent of their aligned counterparts said the same.
No respondents, both non-aligned and aligned, believed their salary should be less than $70,000.
On the other end of the scale, 33 per cent for both aligned and non-aligned respondents said they earned between $110,000 and $129,999.
However, another 18 per cent of aligned planners said they earned between $190,000 and $499,999, seven per cent of which said they earned $300,000 to $499,999.
While no non-aligned female planners said they earned more than $189,999, zero respondents also said they believed their current salary should be above $189,999.
However, 22 per cent believed their salary should be $130,000 to $169,999 despite no respondents earning in that bracket.
For aligned female planners, 21 per cent said they should be earning between $220,000 and $499,999 compared to 11 per cent who currently earn that amount.
Almost 40 per cent of non-aligned female planners said a salary increase would be an incentive to retain them, compared to 32 per cent of aligned planners.
However, more than double (11 per cent) the amount of non-aligned female respondents said "nothing" was an incentive to keep them compared to their aligned counterparts (five per cent).
Training opportunities came second to help keep non-aligned planners (28 per cent), followed by nothing and other (both 11 per cent), and additional staff (six per cent).
For aligned planners, more staff would help retain them (20 per cent), followed by training opportunities (14 per cent), and a promotion and employee share scheme (both at 12 per cent).
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