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
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
