Non-aligned planners have more fun - money
Financial planners employed by non-aligned planning practices earn more than their peers in aligned groups, the Money Management Salary Survey reveals.
However, data from the survey of almost 450 employee planners dispelled notions that advancing the wealth of others is a highly profitable career, with more than half of respondents reporting annual incomes of less than $110,000.
With an almost 50:50 split in terms of aligned/non-aligned planner respondents, the survey found that non-aligned planners were more likely to earn in excess of $190,000, with twice as many reporting their income exceeded $500,000 a year, compared to their peers working for aligned groups.
While at the top end of the pay spectrum, a greater proportion of non-aligned planners reported earning more than aligned planners, non-aligned planners also accounted for a larger percentage of planners earning less than $70,000 a year (14 per cent) compared with aligned planners (12 per cent).
When it came to planners' perceptions of what they should be paid, the majority felt they deserved more, and again greater proportion of those working for non-aligned firms believed their salary should be more than $190,000 a year (21 per cent), than their aligned peers (18 per cent).
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