Aligned planners earn bigger slice of the pie
Planners working for aligned groups are more likely to earn more than $110,000 a year, than those employed by non-aligned practices or superannuation funds, the Money Management Salary Survey reveals.
Data collected from the annual survey found that 12 per cent of respondents reported earning less than $70,000, however, 17 per cent of non-aligned planners said they were paid less than that, compared to seven per cent of aligned planners.
A quarter of those working for an aligned group said they collected salaries in excess of $170,000 a year, with one in 10 claiming to take home more than $300,000 per annum, while 21 per cent of non-aligned planners reported wages above $170,000.
Despite having generally lower salaries than their peers in aligned groups, planners working for non-aligned practices were the only ones to report earning more than $500,000 (one per cent of all planners/three per cent of non-aligned planners).
When the data was broken down by sector, planners working for superannuation funds reported the lowest salaries, with 50 per cent earning less than $110,000 a year, and none topping the $170,000 mark.
Planners working in accountancy firms were the only other group not to report earning salaries in excess of $170,000, with 71 per cent earning more than $110,000 a year.
Along with reporting the lowest salaries, super fund planners also recorded the lowest education standards across the industry, with almost 60 per cent of planners working for super funds not having a Bachelor's qualification or higher, while retail bank-employed planners were the most likely to hold a Post Grad or Masters qualification (48 per cent).
The survey also found that super funds had the lowest proportion of female planners across in the industry, with women accounting for just 10 per cent, while women accounted for 47 per cent of retail banks' planning numbers.
Dealer/advisory groups had the second lowest proportion of female planners, with 22 per cent, while 45 per cent of accountancy planner respondents were female.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
