WA planners buck flat salary trend
Financialplanners and paraplanners based in Western Australia have emerged victors in the national salary growth stakes.
According to this year’sHays PersonnelRecruitment and Salary Survey, Western Australian planners are the only planners in the country to have experienced an increase in salaries over the past 12 months.
In fact, Perth’s planning market has boomed over the last year, with a stand out increase being junior paraplanners receiving a $13,000 pay increase to $38,000.
Senior paraplanners based in Perth experienced a $5,000 increase, moving their annual income to $48,000. Fully qualified financial planners received an increase of $7,000 shooting their income upwards to $70,000, while the salary of Perth-based financial advisers still studying their DFP dropped by $2,000 to $48,000.
By comparison, the salary of fully qualified financial planners in Sydney and Melbourne remained flat in the past 12 months at $75,000 and $70,000 respectively. The salaries of fully qualified planners in Brisbane ($70,000), Adelaide ($60,000) and Canberra ($60,000) also did not rise over the year.
The survey has also found the pay levels for those working in the funds management side of the industry also did not rise in the last 12 months.
According to the survey, a typical portfolio manager working in Sydney earns $85,000 a year, while managers working in Melbourne, Brisbane and Adelaide earn $70,000 a year and those in Perth earn $65,000 per annum. All figures were unchanged from the previous year.
The survey also found a general manager within a funds management group earns $130,000 if they are based in Sydney, $120,000 if they are in Melbourne or Brisbane and $110,000 if they are in Adelaide or Perth.
AUTHOR
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
