Pay increase for planning roles

The full spectrum of wealth management roles have benefited from above average salary increases, according to the 2006 Hays Banking Salary Survey.

Qualified financial planners saw increases of almost 10 per cent, while associate financial advisers benefited from a rise of 14.8 per cent.

Paraplanners benefited from average pay rises of 4.4 per cent, while bank-employed planners received an increase of 4.4 per cent, with bonus payments additional.

The survey also found that employers are increasingly searching for candidates with formal qualifications.

Hays Banking senior regional director Nick Deligiannis said: “Increased regulatory and legislative tightness in the financial services sector has augmented the importance of relevant qualifications as a prerequisite for obtaining a role within the industry.”

Unlike previous years, the research also discovered that there is no longer a huge divide in salaries between east and west, with financial planners in Perth just as likely to be offered the same remuneration package range as their peers in Sydney and Melbourne.

For paraplanners, higher average salaries are now offered in Perth in comparison to the east coast metropolitan areas.

According to Deligiannis, apart from financial rewards, employers offering career prospects, cultural alignment, investment in training and development and work/life balance policies are most successful in attracting new recruits.

He said: “The last 12 months was characterised by one of the most sustained periods of low unemployment and jobs growth in modern times, the well publicised joining of Generation Y candidates to the workforce, and the fierce global resources boom.

“So it is no surprise that it was a year with an unprecedented focus on the candidate.”