Paraplanners feel valued but lack opportunities
Many paraplanners believe they deserve bigger pay-packets for their work, the Money Management Salary Survey reveals.
Despite a significant proportion of paraplanners who took part in the survey reporting they were underpaid, almost three quarters said they felt valued by their employers.
The survey — which had an almost 50:50 split between male and female paraplanners — found that 50 per cent of female paraplanners earned less than $70,000, while 40 per cent of their male colleagues were in the same salary bracket.
While a greater proportion of female paraplanners were at the bottom end of the pay spectrum, data from the survey showed no male paraplanner reported an income in excess of $110,000, while six per cent of female respondents said their salary topped $130,000 a year.
However, many paraplanners felt they deserved almost 75 per cent felt a salary of between $70,000 and $110,000 per annum would be a fair return for their work.
While aspiring to a greater salary, paraplanners identified a lack of opportunity (31 per cent) and poor organisational management (17 per cent) as the biggest barriers to reaching the salary they wanted.
Among female paraplanners, five per cent believed their gender was preventing them from earning what they believed they deserve.
Despite feeling underpaid the majority of paraplanners reported feeling valued by their employer, although there was a significant gap in the proportion of men (79 per cent) and women (66 per cent) claiming to be valued.
The divide in the number of male and female paraplanners reporting to feeling valued by their team was reflected by the proportion of women reporting to be actively seeking a new job (18 per cent) compared to just six per cent of men.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
