The three states expecting adviser pay rises in 2024
A recruitment report has uncovered the expected salaries in 2024 for various financial advice positions, such as practice directors, advisers and paraplanners, across each state.
The Robert Walters 2024 Salary Survey canvassed more than 1,500 respondents across Australia and New Zealand to present annual salary ranges for a variety of occupations, including wealth management.
Earnings were compared across NSW, Victoria, Queensland, South Australia and the ACT – Western Australia lacked data on the sector.
Financial planners in Victoria currently see the highest salary range in 2023 at $120,000 to $180,000, while advisers in NSW earn $120,000 to $160,000.
However, NSW advisers are expected to see this increase from $160,000 to $220,000 in 2024, whereas Victorian ones will see salaries unchanged.
In comparison, a Hays report released in January showed lower average salaries for financial planners at $120,000 in Sydney and $110,000 in Melbourne.
Robert Walters reported that wealth advisers in Queensland have a salary range between $130,000 and $150,000 which will stay the same next year.
For both South Australia and the ACT, financial planners will have earnings of $95,000 to $130,000 this year, and that will rise from $95,000 to $150,000 in 2024.
Data on heads of advice and directors was only available for NSW firms but showed they will earn between $200,000 and $300,000 in 2023, with this figure expected to stay the same in 2024.
The research also found the expected earnings of paraplanners in each state (excluding Western Australia).
Paraplanners in NSW are earning $90,000 to $120,000 this year, with an expected rise of $100,000 to $140,000 next year. Victoria will receive earnings between $100,000 and $140,000, which will remain into 2024.
Salaries for paraplanners in Queensland will slightly grow from $85,000 to $110,000, with $90,000 as the minimum.
In both South Australia and the ACT, these earnings are lower at $70,000 to $90,000 for paraplanners, which will stay the same next year.
Examining the banking and financial services sectors more broadly, the research found that 56 per cent of businesses in these fields are giving pay rises in 2024, and 63 per cent of financial services professionals expect a pay rise next year.
AUTHOR
Jasmine Siljic
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
