Salaries for experienced advisers are expected to rise by more than 20 per cent this year, with those remaining in the industry confident in their prospects as more practitioners head for the exit, according to new research.
The latest salary survey from recruitment firm Robert Walters revealed that salaries for financial planners with between one and five years industry experience were predicted to rise by 23 per cent in 2021.
This put financial advice as one of the most in demand professions included in the survey, with salaries expected to be flat across most industries this year.
Existing advisers were also confident about their job prospects according to the survey data, with 65 per cent of those in the advice sector saying they felt confident about their job prospects this year, and 33 per cent expecting a pay rise.
In line with this data, many advisers said they were interested in taking their skills elsewhere in 2021, with 65 per cent of those surveyed saying they were open to moving jobs.
Prospects for business profitability and growth in the sector also looked relatively strong, with one in four advice businesses saying they would give staff a pay rise this year.
This again compared favourably with the general business environment, where 32 per cent of all businesses said they would freeze headcounts in 2021, while 25 per cent said they would make further staff redundancies.
Unsurprisingly, the survey revealed risk and compliance staff were also in hot demand across financial services more broadly in 2021, while investment analysts and specialists were also highly sought after.
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