State of pay – Go West
Financial planners working in Western Australia are twice as likely to take home more than $220,000 a year, than planners from anywhere else in the country.
Data from the Money Management Salary Survey found that one in five planners from Western Australia reported earning more than $220,000 per annum, with 10 per cent of NSW planners claiming they had incomes over the $220,000 mark, as did nine per cent of respondents from Victoria, and three per cent from Queensland.
While no respondent from the ACT, South Australia or Tasmania reported taking home more than $220,000 a year.
Although a proportion of planners from Victoria and Queensland reported being among the highest earners, the two states had the highest proportion of planners earning less than $70,000 a year, with almost one in five planners in each state claiming they were in the bottom pay bracket.
While just four per cent of Western Australian planners and nine per cent of NSW planners reported earning less than $70,000 a year.
When it came to identifying the biggest barrier to obtaining the salary they deserved, planners from the west were the most likely to suggest that clients undervaluing their services (40 per cent) were the main stumbling block, with around 20 per cent of planners in the ACT, NSW and Queensland reporting similar views.
Poor organisational management was seen as the main problem for a quarter of planners from Victoria and South Australia, with one in five respondents from the ACT, NSW and Queensland claiming their management was holding back their salary prospects.
While the lack of opportunity to grow their earning potential was the key stumbling block to a bigger salary for Tasmanian planners.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
