Financial planners in the winter of their careers are generally happy with their salary as they scale back towards retirement.
Data from the Money Management Salary Survey found that one in four planners over the age of 65 reported an income of less than $70,000, with none claiming a salary in excess of $220,000 a year.
However, few felt the need for a significant salary bump, with several reporting that they were “not looking to generate or earn any additional salary”, or were “comfortable with current arrangements”, as they scaled back to retirement.
Although that was not the case for all planners over 65, with one reporting that “age is a barrier” to earning the salary he deserved, while another said “greed and a lack of respect” was the main factor restricting his earning potential.
The survey also found that one in five planers aged 56 to 65 years reported an income of more than $250,000 per annum — with three per cent claiming to earn more than $500,000 — while just six per cent of those aged 46 to 55 years said they took home more than $250,000 a year.
At the other end of the pay spectrum, 20 per cent of those under 25 years of age reported earning less than $70,000, while 26 per cent of those aged 26 to 30 years reported taking home less than $70,000.
While a significant proportion of those in their mid-50s to mid-60s reported being among the highest earners in the planning sector, 32 per cent reported earning less than $110,000 a years — with one in 10 taking home less than $70,000.
