Wealth Management Market Update – Nov 2017

Wealth Management Market Update – Nov 2017

Industry Landscape

  • ANZ recently confirmed they have agreed to sell its aligned dealer group businesses Millennium 3, RI Advice, Elders Financial Planning and Financial Service Partners to IOOF for a fee believed to be around $975 million. It will see IOOF’s funds under management grow by over 40% and adding over 700 Advisers, it will bring the total number of Advisers to around 1700. ANZ will retain over 250 Bank Advisers.
  • CBA announced the sale of their Life Business ‘CommInsure’ to AIA. The sale does not include General Insurance and CBA will keep the CommInsure brand.
  • According to the IFA, a recent survey has seen over 95% of Financial Advisers believe that the government should make financial advice tax deductable. Currently, around 20% of Australians get financial advice, and the hope is to incentivise ordinary Australians to seek financial assistance. An MLC survey stated that over the last 5 years 73% of Australians have not pursued or had any financial advice.
  • Kaplan has seen its highest ever Female Adviser enrolments. Signalling an important shift within the Advice sector, Females enrolled in the Master of Financial Planning now make up 40% of the enrolments.
  • There is a trend that Banks/Businesses are now gradually outsourcing further Advice Review projects, and this looks likely to continue to increase for the foreseeable future.


Changes to Senior Leadership

  • NAB FP has appointed Sandhya Maini from ANZ as General Manager for NSW and ACT. NAB has also recruited former AMP New Zealand Head of Distribution Rich Brown as General Manager in Queensland
  • Centerpoint Alliance has appointed Cameron Cogle as a Management Consultant, who until recently was General Manager of Bridgeport Financial Services.
  • Local Government Super appointed former Zurich Financial Services boss David Smith as its new Chief Executive
  • Corrin Collocott has been confirmed as BT Financial Group’s permanent Chief Investment Officer.


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

  • CFP and degree qualified Advisers.
  • Female Financial Advisers and Female Advice Managers.
  • Phone based Advisers providing scaled advice on Insurance, Investments and Super.
  • Paraplanners, more businesses continue to outsource due to the Paraplanning candidate shortage with most large organisations currently having numerous vacancies.


Remuneration: whats happening with salaries?

  • Regional Manager – Industry fund/Banks – 5+yrs experience, salary range $170k – $220k 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 – 5-10+yrs experience, salary range $120k -$180k base + super + bonus
  • Financial Planner – 4-5yrs experience, salary range $105k – $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 planning to recruit?

Getting on the front-foot early and liaising with a recruitment expert has never been more important due to the competitiveness of the current candidate short market. If you are looking, or planning to recruit in the near future, or are just looking for some industry advice please feel free to call me directly anytime on – Chris Gordon (02) 9240 6366 or 0451 129 269

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