Financial services roles shift with RC
2019 saw major changes in renumeration for financial services due to findings from the Royal Commission, and state and federal elections, according to the Morgan McKinley 2020 Salary Guide, which covered the latest renumeration insights from the last 12 months.
Analysis from Morgan McKinley said the Royal Commission not only tipped the finance sector on its head, but changes were felt throughout the wider Australian economy.
“It wasn’t all bad news, however, the demand for regulatory, risk, remediation and compliance professionals peaked significantly across both permanent and contract roles, as organisations rearranged their budgets and shifted their focus,” it said.
“The state and federal elections also caused the economy to push the “pause” and “rearrange” buttons, but only for a short time.”
A financial planning and analyst would earn on average $95,000, a head of financial planning and analyst would on average $220,000, while a head of finance business partnering/decision support would earn on average $220,000.
A standard financial accountant’s average salary was $100,000, while head of product control would earn double that.
The average salary for a chief financial officer for a small-medium enterprise was $300,000, while a divisional one would earn an average of $500,000.
An average compliance analyst in investment banking would be $100,000, while a head of compliance earns an average of $320,000.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.