Clients halting planners’ salary growth
Clients undervaluing services and poor organisational management are the main impediments to financial planners getting the salary they deserve, the Money Management Salary Survey reveals.
Almost one in five planners reported that clients not feeling the need for advice, or undervaluing their service offering were among the biggest barriers to boosting their pay-cheque.
While 20 per cent pointed the finger of blame in the direction of their managers, reporting poor organisational management was thwarting their goals of obtaining a higher salary.
Not being a good fit within their current organisation was the main issue for four per cent of respondents, while two per cent reported that their gender was holding them back.
Within aligned planning groups, almost a quarter of respondents saw poor organisational management as the key stumbling block preventing them from earning more, while 17 per cent claimed said there was a "lack of opportunity" to boost their earning potential, with 20 per cent reporting client apathy as the main problem.
Among respondents working for non-aligned planning groups, the issues of poor organisational management (18 per cent), clients undervaluing services (16 per cent) and lack of opportunity (11 per cent) were again the top three impediments to earning more.
However, 46 per cent of non-aligned planners said other factors were at play, with respondents identifying numerous issues ranging from their practice having "too many management (non-revenue) overheads which prevent it from paying staff (revenue earners) market rates" to one planner saying working for his father was the barrier to a pay-hike.
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