Financial planning businesses have been putting hiring decisions on hold and salaries have continued to stagnate due to regulatory uncertainty and market volatility.
According to the 2013 Financial Recruitment Group Salary Survey, published in this month’s ifa magazine, many businesses spent the first six months of this year focusing on preparing for Future of Financial Advice (FOFA) changes rather than addressing recruitment issues.
There was a view many businesses would be struggling to cope financially post the 1 July FOFA implantation, according to FRG national manager research and consulting Lena Coates, with many businesses unready for FOFA when the survey was conducted earlier this year.
“The past 18 months have seen a lot of practices move into the institutions because there is fear of the new world and [the belief] that they would get better support in a larger organisation,” Ms Coates told ifa.
National median salaries for both bank and non-bank salaried planners were virtually unchanged from the previous year’s survey, FRG found.
“This is partly due to the performance of the market and the revenues generated. Companies just do not have it in their budgets to increase salaries,” Ms Coates said.
Bank branch salaried planners can expect a total salary package between $65,000 and $90,000, which has been steady for three years across all capital cities.
Non-bank salaried planners can expect median salaries ranging from $80,000 to $120,000 in Sydney, Melbourne and Brisbane, with salaries more in line with bank planners outside of those areas.
Senior planners earned median salaries between $80,000 and $140,000 in all capital cities and up to $155,000 in Sydney and Melbourne. Non-bank salaried senior planners earned $110,000 to $150,000 in Sydney and Melbourne and generally between $90,000 and $120,000 in other capital.
None of the median ranges had shifted compared to the 2012 and 2011 studies.
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