An annual salary report by recruitment agency Hays has revealed that financial planners and junior advice positions in Australia are not expected to see significant salary changes in the upcoming financial year of 2024–25. The report, based on a survey of over 15,000 professionals across Australia and New Zealand, showed that the average pay for key financial advice roles is likely to remain stagnant compared to the previous year.
Financial planners across the eight states and territories are forecasted to experience no change in their remuneration, with average salaries holding steady. Similarly, senior financial planners in most regions are expected to see little to no salary adjustments, except for NSW where a slight decline and Tasmania where a modest increase are noted.
Hays commented that the lack of significant pay rises extends beyond the financial services sector, reflecting a broader trend in the Australian job market. While a majority of organizations intend to offer pay increases in the coming year, the percentage planning to provide raises exceeding 3% has decreased. Factors influencing pay decisions now include individual performance, role benchmarking, expertise, organizational performance, and pay structures.
On the other hand, junior roles such as associate advisers and paraplanners are anticipated to see modest salary growth in certain states. Associate advisers in Western Australia, Victoria, and Queensland are likely to experience slight pay increases, while paraplanners in NSW and Victoria are expected to receive higher earnings.
Associate advisers often serve as a bridge between entry-level roles and full-fledged advisers, engaging in client meetings and assisting in advice documentation. The transition from an associate to a provisional adviser marks a significant career progression for many in the industry.
Overall, the salary landscape for financial advisers in Australia appears to be stable, with minimal fluctuations expected in the upcoming financial year. The industry’s focus on individual performance, market benchmarks, and organizational structures continues to shape salary decisions across various roles within the financial planning sector.
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