Advice: Wealth Management market and salary update

Advice: Wealth Management market and salary update

Industry Landscape 

  • More than a quarter of super fund members are looking for help on how to grow their super balances, providing an opportunity for funds to offer financial advice, according to a new Investment Trends report. Over the past 12 – 18 months several Industry Funds have decided to grow or develop in-house financial advice teams and this seems to be an on-going trend.
  • Impending education standards for existing financial planners :- Confirmation of additional study requirements will only be confirmed once the new education body is established (1 July 2017), and it has set the new outline. The FPA suggest that this will be mid to late 2018.
    Some businesses have decided to ease up on education requirements until the new outline is in place.
    The new body is required to consider all study you have completed at a tertiary level, including diplomas, degrees and designations. Therefore, no existing financial planner will need to complete a full degree, but you may be required to complete some bridging courses, depending on what you have already completed.
  • On the flip-side to the above, Financial services education enrolments are increasing, education provider Kaplan Professional has announced, as “more people are embracing financial advice as a career”. There was almost a 30 per cent increase in financial services enrolments compared to this time last year and a 20 per cent increase on previous months, a Kaplan statement suggested. The data also suggests higher education is being embraced with over 1,000 students enrolled in the Master of Financial Planning, a 42 per cent increase compared to 2015.
  • NAB FP recently announced it will slash its entry level financial planner (wealth advisers) nationwide from 90 to 35. However, 30 new roles will be created within the business and the number of senior financial planners will continue to grow.
  • AMP, Australia’s largest financial advice network, has seen its ranks reduce across all its major dealer groups, in what AMP says was a “deliberate” decision.  A media statement accompanying the results claimed the reduction was the result of corporate strategy and retirement, rather than exodus from its advice channels to others.

 

Changes to senior leadership

  • Fortnum Financial Group appointed former ANZ executive Neil Younger as its managing director.
  • Madison Financial Group appointed Annick Donat, previously with BT, as the new CEO.
  • NAB Financial Planning announced it appointed two former AMP executives to its leadership team. Andrew Gregory was named NAB FP’s general manager for Victoria and Tasmania while Gary Wood appointed head of client experience and advice development.
  • Michael Howson was appointed the NSW Financial Planning State Manager for ANZ

 

Hot spots – type of product or level/seniority or specific skill set

  • Advisers with a prerequisite for language skills.
  • Female Financial Advisers and Female Advice Managers.
  • Phone based Advisers providing scaled advice on Insurance, Investments and Super.
  • Advice Review/Audit/Investigations. Businesses/Banks continue to grow numbers gradually and still seems to be a common trend for the foreseeable future.
  • Xplan – platform developers, configurators, helpdesk and trainers. A lot of businesses taking on candidates with the scope to upskill due to the candidate shortage.
  • Paraplanners, more businesses continue to outsource due to the Paraplanning candidate shortage with most large organisations currently having numerous vacancies.

 

Remuneration: What’s happening with salaries?

  • Regional Manager – Industry fund/Banks – 5+yrs experience, salary range $170k – $200k base + super + bonus
  • Regional Manager – Industry Fund/Banks – 3-5yrs experience, salary range $140k – $190k base + super + bonus
  • Regional Manager – Industry Fund/Banks – 1-3yrs experience, salary range $120k – $150k base + super + bonus

 

  • Financial Planning/Practice Manager – 5+yrs experience, salary range $160k – $220k base + super + bonus
  • Financial Planning/Practice Manager – 1-5yrs experience, salary range $120k – $180k base + super + bonus

 

  • Practice Development Manager – 5+yrs experience, salary range $180k – $200k base + super + bonus
  • Practice Development Manager – 3-5yrs experience, salary range $140k – $180k base + super + bonus
  • Practice Development Manager –  1-3yrs experience, salary range $110k – $140k base + super + bonus

 

  • Senior Financial Planner with CFP – 5-7+yrs experience, salary range $120k -$180k base + super + bonus
  • Financial Planner – 3-5yrs experience, salary range $100k – $140k base + super + bonus
  • Financial Planner – 2-4yrs experience, salary range $70k – $120k base + super + bonus
  • Junior Financial Planner – 1–2yrs experience, salary range $60k – $85k base + super + bonus

 

  • Senior Paraplanner – 3–5+yrs experience, salary range $80k – $110k base + super
  • Paraplanner – 1-3yrs experience, salary range $60k – $85k base + super

 

  • Senior Compliance Manager – 5+yrs experience, salary range $160k – $200k base + super
  • Compliance Manager/Specialist – 3-5yrs experience, salary range $140k – $160k base + super
  • Compliance Manager/Specialist – 1-3yrs experience, salary range $100k – 140k + super

 

  • Review/Compliance/Case Manager – 5+yrs experience, salary range $160k – $180k base + super + bonus
  • Review/Compliance/Case Manager – 3-5yrs experience, salary range $130k – $150k base + super + bonus
  • Review/Compliance/Case Manager – 2-3yrs experience, salary range $90k – $120k base + super + bonus
  • Review/Compliance/Case Manager graduates, salary range $60k – $80k base + super + bonus

 

  • Client Service Manager – 3–5+yrs experience, salary range $60k – $80k base + super
  • Client Service Manager – 1–2yrs experience, salary range $55k – $65k base + super

 

Are you or your team on top of your CPD points?

 

  • Find out about our FPD accredited Productivity for Financial Planning Professionals Program.  With six modules, you have the choice of face-to-face or web based delivery options.  Run by Pac Executive, our very own executive coaching arm, the course has been developed alongside financial planning professionals and draws on our 12 year experience in the industry.  Register today or find out more about the program here or review our cost effective 4 week intensive program https://www.pacexecutivecoaching.com/collections/all
  • To express an interest in our next webinar program email us at coaching@pacexecutive.com

 

If you would like to be mentioned in our next article please let me know. And for any recruitment needs please contact me directly Chris Gordon (02) 9240 6366 or 0451 129 269.

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