An Australian survey has shed light on the average salaries for various roles within advice practices, providing insights into the compensation landscape for advisers. According to the report by Business Health, the average salary for an experienced adviser in Australia hovers around AU$150,000, with advisers boasting over five years of experience commanding the highest compensation within the industry.
The survey, which drew data from nearly 100 firms, highlighted that the salary for experienced advisers differs across states, with those in South Australia, Western Australia, and the Northern Territory earning notably less compared to their counterparts in New South Wales, Victoria, and Queensland. Additionally, the report revealed a salary gap between advisers working in smaller practices versus larger firms, as well as regional advisers versus city-based peers.
Interestingly, the survey also delved into bonus payments for experienced advisers, noting that while the city/rural divide is less pronounced in this aspect, incentive payments varied significantly based on practice size and geographic location. Bonus payments were found to be higher for advisers in larger firms and certain states.
When it comes to junior advisers with less than five years of experience, the survey disclosed that the average salary for these roles is around $97,872. However, it was revealed that less than half of the firms surveyed actually employ junior advisers, with disparities in salaries based on whether the firm is located in a metropolitan or regional area.
Furthermore, the report shed light on the salaries of General Managers/Practice Managers, Professional Support roles, and Client Service Managers/Officers within advice practices. It highlighted the differences in compensation based on location, practice size, and the critical nature of these positions in delivering the firm’s value proposition.
Of particular interest was the revelation that more than half of all practices employ senior paraplanners, whose average salary now surpasses that of junior advisers. The survey also emphasized the disparities in compensation for senior paraplanners between regional and city-based firms, indicating that regional firms tend to pay these professionals more.
Conversely, while over half of the surveyed firms have senior paraplanners, only a third employ junior paraplanners. The average salary for junior paraplanners was reported to be lower compared to other roles, with variations across states but relatively steady regardless of geographic location.
Lastly, the survey touched on the prevalence of Client Service Managers/Officers in advice practices, revealing that 80% of firms have at least one individual in this role. It emphasized the importance of this position in maintaining consistent client service delivery and highlighted the average salary and bonus payments for professionals in this capacity.
In conclusion, the survey provided valuable insights into the salary structures and compensation packages for various roles within Australian advice practices, showcasing the nuances and disparities that exist based on experience, location, and firm size.
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