Financial planners’ salaries in Australia have largely remained stagnant, according to Hays’ latest salary guide. The survey of over 8,800 professionals in Australia and New Zealand revealed that salaries across various financial planning roles have seen little to no increase.
Head of financial planning positions continue to be the highest paid roles, with professionals earning an average of $230,000 in Sydney and $225,000 in Melbourne. Brisbane follows closely behind at $205,000. Conversely, Darwin-based financial planners earn the lowest salaries at $148,000, with other major cities ranging from $150,000 to $190,000.
Similarly, financial planners’ salaries have also shown minimal growth, with averages of $120,000 in Sydney and $110,000 in Melbourne and Perth. Canberra, Brisbane, and Hobart see average salaries of $105,000, while Darwin and Adelaide remain at the lower end with $95,000.
Senior financial planners in Sydney continue to earn the highest salaries, although there has been a $10,000 decrease from the previous year, aligning with Perth at $150,000. Salaries for senior planners in other cities have largely remained unchanged, with Melbourne leading at $130,000.
Paraplanners, however, have seen some salary growth, particularly in Sydney and Melbourne, where typical salaries increased by $5,000 compared to the previous year. Perth-based paraplanners maintained their salary at $95,000, while those in Canberra, Brisbane, and Darwin received lower salaries.
Senior paraplanners witnessed more significant salary increases, with Darwin and Hobart experiencing jumps of $13,000 to reach $90,000. Sydney senior paraplanners now earn $110,000, a $10,000 increase, while Adelaide’s and Hobart’s senior paraplanners also saw a $10,000 rise.
Despite the overall salary stagnation, Hays reports that 86% of organizations plan to offer pay rises in the upcoming year, albeit lower than the previous year’s rate. Employers are recognizing the importance of additional benefits such as flexibility, professional development, and performance bonuses in retaining valuable employees.
The hybrid work model has gained widespread acceptance, with 97% of organizations offering a hybrid working arrangement. Employee satisfaction with current working conditions, including remote work options, remains high at 70%.
In conclusion, while financial planning salaries have largely plateaued, the industry is adapting to changing work dynamics and employee preferences, emphasizing the importance of competitive salaries and additional benefits to attract and retain top talent.
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