In 2024, financial advisers in New South Wales saw a substantial increase in their salary range, with figures showing a rise of 37% compared to the previous year. According to a survey conducted by recruitment firm Robert Walters, the salary range for financial advisers in NSW jumped from $120,000–$160,000 to $160,000–$220,000 annually.
While NSW experienced a significant salary surge, other states like Victoria and Queensland reported stagnant salary rates for financial advisers. South Australia, on the other hand, saw a modest increase in the top salary range for financial advisers.
The demand for skilled professionals in the financial advisory sector remains high, posing challenges for firms seeking to recruit experienced staff. This trend reflects the growing value and need for expert financial advice in the market.
Adviser Ratings revealed that over 60% of financial advice practices are enjoying profit margins exceeding 20%. The data also showed a steady increase in revenue for advice practices, with a notable 15% surge in revenue for a significant portion of firms.
The rise in revenue is indicative of the escalating demand for professional financial advice services. This demand has translated into salary increases across various wealth management roles in New South Wales. Among these roles, financial advisers saw the most significant salary growth, followed by client services managers, associate advisers, paraplanners, and practice development managers.
Client services managers in NSW witnessed a salary increase from $75,000–$90,000 to $90,000–$110,000, while paraplanners saw their salaries rise from $90,000–$120,000 to $100,000–$140,000. Practice development managers also experienced a salary boost from $140,000–$180,000 to $140,000–$200,000.
Head of advice roles in NSW commanded the highest top salary at $300,000, remaining stable year-on-year. In other states like Victoria, Queensland, and South Australia, paraplanners and other wealth management roles also saw varying degrees of salary increases.
The research indicates a positive outlook for the financial advisory industry, with salary increments reflecting the growing recognition of the value that financial professionals bring to clients. The evolving landscape of financial services in Australia is driving these changes, with increased demand for skilled professionals in the sector.
As the industry continues to evolve, financial advisers and related roles are likely to see further changes in salary structures and demand for their expertise. This growth underscores the importance of staying abreast of industry trends and developments to remain competitive and meet the evolving needs of clients in the financial services sector.
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