Financial planner salaries to be similar in 2022
Despite Australia experiencing talent shortage issues and data showing salaries are growing, financial planner salaries will likely be similar in 2022, according to data.
Robert Walters’ latest salary survey found financial planners in New South Wales with one to five years experience had a salary range in 2021 of $120,000 to $150,000, and the expected range for 2022 was between $120,000 to $160,000.
In Victoria this dropped to $100,000 to $150,000 in 2021 and $110,000 to $160,000 in 2022.
Similarly, senior financial planners with over five years of experience had a salary range in 2021 of $140,000 to $175,000. It was expected that range to be $140,000 to $180,000 in 2022.
Paraplanners in 2021 had a salary range of $85,000 to $110,000 and had an expected salary range of $90,000 to $120,000 in 2022.
For the banking and financial services sector, the survey found 55% of businesses were giving pay rises in 2022, 81% of professionals were looking for a new job in 2022, 71% of professionals were confident about job opportunities, and 61% of professionals were expecting a pay rise in 2022.
Robert Walters said as a sector banking and financial services had rebounded with strength and strong performance in 2021. Competition in the big four banks had created a war for talent that had resulted in increased candidate confidence when negotiating higher salaries and being bolder pushing for additional benefits such as flexibility.
Robert Walters managing director for Australia and New Zealand, James Nicholson, said Australia had done a disservice over the past decade from an employment perspective with its complex skilled migration visa process.
“We do not anticipate a definitive inflection point but rather a slowdown of the recruitment process as firms that have stretched to land a hire in 2021 look at their decisions in a new light, taking more time and involving more people in the due diligence process, particularly for senior hires,” Nicholson said.
“Having the happiest staff but the lowest profits will provide little comfort for business leaders as economic supports are removed, inflation returns, and artificial buoyancy prompted by restrictions on movement recedes.”
The survey noted that 70% of organisations it surveyed said they were likely to hand out pay rises and almost one-in-three employees were expecting a bump in remuneration.
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.
