Growing competition in the financial planning industry is fuelling a surge in demand for trainee advisers, according to the latest recruitment forecast by Hays Banking.
Nick Deligiannis, senior regional director of Hays Banking, said: “As competition in the financial advice/planning area continues to grow, there has been an increase in the need for trainee financial planners who are DFP 1-4 qualified.”
The average salary for financial planners in practice now ranges from $60,00 to $90,000 in Perth, to between $65,000 and $105,000 in Sydney.
Advisers employed by banking institutions can expect to receive more favourable packages, with Sydney planners earning between $85,000 and $125,000.
The research also found that paraplanners with two to three years experience, and advisers with established networks, are highly sought after.
A DFP-qualified paraplanner based in Adelaide or Canberra can expect a remuneration package of between $45,000 and $55,000, while those working in Sydney or Melbourne can earn up to $85,000.
The introduction of super choice has also prompted additional recruitment in the superannuation sector.
Deligiannis said: “An increasing need for superannuation administrators, especially people with defined benefits experience, now exists.”
Salary levels in the investment markets have remained relatively stable, although the research shows continued demand in the areas of corporate actions, equity and derivative settlements, and fund administration.
Deligiannis added that candidates continue to remain in short supply in the banking sector, and as a result employers have become more flexible in their expectations of skills and experience.
“They will now focus on selling the benefits of working for their organisation, and the perks they can offer. We are already beginning to see this occur,” he added.
