Highest paying cities for advisers revealed

Hays’ new salary guide, based on a survey of 4,400 professionals across Australia and New Zealand, has revealed that within financial planning, being the head of a planning business is the most profitable role and could earn you an average of $230,000 in Sydney.

But the salary varies greatly among the states, with the head of a financial planning business earning a relatively lower $148,000 in Darwin.

In Melbourne, the boss is paid $225,000, followed by $205,000 in Brisbane, the Gold Coast, and the Sunshine Coast; $160,000 in Adelaide; $185,000 in Perth; and $150,000 in both Canberra and Hobart.

Financial planners, on the other hand, are pocketing an average of $120,000 in Sydney, $110,000 in Melbourne, $105,000 in Brisbane and Hobart, $102,000 in Canberra, $100,000 in Perth, and $95,000 in Darwin.

Senior planners are making slightly more, with Sydney once again leading the pack with $140,000, followed by Melbourne and Perth with $130,000, Brisbane with $125,000, Canberra with $122,000, Hobart with $115,000, and Darwin with $110,000.

For a paraplanner, however, salaries are much lower with one based in Sydney taking home $90,000, while those employed in Melbourne or Perth earn $5,000 less, and those in Brisbane and Canberra as much as $10,000 less.

According to Hays, in the banking sector, the top factors driving turnover include an uncompetitive salary, lack of promotional opportunities, and poor management styles or workplace culture.

Interestingly, while 62 per cent of employees told Hays they would benefit financially from changing jobs, only 49 per cent said they are more confident to ask for a pay rise this year.

As for employers in the sector, 47 per cent believe the great resignation would accelerate this year, while 21 per cent plan to increase their permanent headcount over the next six months.