The state seeing 37% financial adviser pay rises

salary recruitment financial advice Robert Walters remuneration

11 April 2024
| By Laura Dew |
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Financial advisers in NSW are among the lucky few who have experienced a salary rise of more than a third in 2024, according to recruitment firm Robert Walters.

The firm’s salary survey found the salary range for a financial adviser in 2023 was $120,000–$160,000 per annum, but in 2024 this has risen by 37 per cent to $160,000–$220,000 in NSW. 

In contrast, salaries for financial advisers in Victoria and Queensland are unchanged year-on-year, and South Australia has seen a small rise in top salary from $95,000–$130,000 to $95,000–$150,000.

The firm said demand for talent is “very high” in the space, making it difficult to hire experienced staff in the role.

State 2023 (,000) 2024 (,000) 
NSW $120–$160   $160–$220 
South Australia $95–$130 $95–$150
Victoria $120–$180 $120–$180
Queensland $130–$150 $130–$150

Source: Robert Walters
 

Data was unavailable for the remaining states and territories.

In February, Adviser Ratings found over 60 per cent of financial advice practices are enjoying profit margins above 20 per cent – a figure which includes owners’ salaries. Moreover, average rises in advice practice revenue is surpassing 5 per cent, while more than one-third (35 per cent) of firms are experiencing a “remarkable” 15 per cent surge in revenue.

“This uptick in revenue isn’t occurring in a vacuum; it’s a reflection of the increased value and demand for professional financial advice,” the research firm remarked.

Out of the surveyed wealth management roles in NSW, five out of seven had experienced salary increases, with the largest being financial advisers, followed by client services managers who saw a salary increase of around 20 per cent. Associate advisers and paraplanners saw salary increases of 16 per cent, while practice development managers (PDMs) grew by 11 per cent.

Client services managers saw salary increases from $75,000–$90,000 in 2023 to $90,000–$110,000, while paraplanners increased their salaries from $90,000–$120,000 last year to $100,000–$140,000. For practice development managers, salaries rose from $140,000–$180,000 to $140–$200,000. 

Heads of advice in NSW had the highest top salary at $300,000, but this was unchanged year-on-year.

Paraplanners in Victoria were unchanged at $100,000–$140,000, Queensland ones rose from $85,000–$110,000 to $90–$110,000, and South Australia rose slightly from $70,000-$90,000 to $75,000–$90,000.

Paraplanners, financial advisers and client services roles all rose in South Australia, while four wealth management roles saw pay rises in Queensland and none did in Victoria.
 

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