Poor organisational management prevents planners meeting salary goals
Financial planners believe their employers' "poor organisational management" is the single biggest stumbling block preventing them from receiving the salary they deserve, the Money Management Salary Survey reveals.
Echoing the result of the 2015 Money Management Salary Survey, data from the annual survey found that almost one in five respondents felt their employers' management skills were restricting the growth of the wage packets (18 per cent), with planners working for aligned groups marginally more likely to hold their bosses' responsible (19 per cent), than their peers in non-aligned practices (17 per cent).
For non-aligned planners, clients undervaluing their services was the biggest issue (20 per cent), while aligned planners were significantly less likely to blame their clients (10 per cent) for their salaries not increasing.
The third biggest barrier preventing planners from achieving the salary they believe they should, was "lack of opportunity", with 15 per cent of respondents saying that was the biggest issue, with aligned planners again more likely (18 per cent) to report it as the problem, than non-aligned planners (11 per cent).
At the other end of the spectrum, just one per cent of respondents said they were a "poor personal fit" within their current organisation, and that was preventing them from obtaining the salary, while a lack of training (two per cent) and gender (three per cent) were also identified as barriers by a minority of planners.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
