Planners can command competitive salaries...for now

Acute skill shortages in the wealth management sector have given planners the leverage they need to demand higher salaries, a survey has revealed.  

While the salary landscape is fairly flat across the board, gaps in the wealth management and mortgage broking spaces have placed prospective job hunters in a unique position, according to the Hays Salary Guide. 

“Financial Planners with strong self management super funds experience are in particular demand and therefore able to command a premium on salary,” Hays Banking director, Jane McNeill, said.   

But those looking to move have been advised to act fast.  

“Candidates contemplating a move this year should act sooner rather than later as the higher salaries will only be offered during the period when regulations are changing and organisations need to hit certain regulatory deadlines to embed the associated framework,” she said.  

Although the financial services sector remains among the most rewarded, in terms of salary, the increases remain fairly small, the survey showed.  

More than half (54 per cent) of the surveyed financial services employers signalled their intent to reward their staff this year with increases of less than three per cent.  

Meanwhile, 51 per cent had already given their employees a pay rise of less than three per cent in the last year.  

“Employers are attempting to do more with less,” McNeil said.  

“They are still under pressure to manage costs and the ceiling for salary increases has lowered in many organisations across Australia.”