Pay up: planners get marginal raise
Salaried financial planners have received an average pay rise of only 3 to 5 per cent over the past year, according to the latest Money Management research.
This is despite record returns in the Australian stock market in 2004.
According to the survey, conducted by Financial Recruitment Group (FRG) on behalf of Money Management, the average salary for a financial planner employed by a banking institution is $75,000, compared to $72,000 last year. Incentive payments have add between $20,000 to $50,000 to the remuneration package. Non-bank planners fare better, with an average salary of $93,000, and bonuses as high as $80,000.
In terms of where the jobs are, FRG’s executive director Peter Dawson said national practice managers are increasingly in demand.
A senior professional in this role can now command a package of between $190,00 to $220,000 plus bonuses.
Dawson added: “They would also be able to transition into the general manager role in the short to medium-term.”
The funds management sector continues to offer the fattest pay slips in financial services, with portfolio managers earning upwards of $200,000 in salary and bonuses.
While there is a marked difference in the remuneration packages of institutional and boutique fund managers, Dawson said boutiques were able to attract skilled professionals by granting lucrative bonuses and equity packages.
Compliance roles start at a minimum of $120,000, with more senior employees earning as much as $260,000.
Head of Profusion Executive Management, Simone Meers, said: “We went through a marked increased in the need for compliance people about three years ago, and it has kind of settled since then.” However, she added: “I would say there is always a demand for people with good compliance skills.”
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