Simon Winston has been one of the leading Financial Planning consultants in Adelaide since 2016. In 2023 Simon was voted 'Sourcr's' best recruiter for Banking and Financial Services in South Australia. Simon works with the best Financial Planning companies in Adelaide and is well placed to support your business with future growth.
If you're a professional within the industry, and you'd like to discuss the data in further detail, please get in contact with Simon Winston on 0452 520 776 for a confidential discussion.
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Another year, another eagerly anticipated salary guide with more and more people reaching out earlier within the year to see where they currently stand against the market.
In 2022 and 2023, a few global and national firms really ramped up their recruitment and it pushed figures up, but this year things have definitely settled down. Stabilising salaries may feel underwhelming for employees, but at all levels excluding Financial Planners, salaries are still up by $15,000-$20,000 compared to 2020 and earlier.
The first graduate I ever placed was on $45,000 inclusive of super. Most of the graduates we place now are on $65,000 inclusive of super.
Hopefully the following information will be helpful to you and if you want to discuss recruitment needs, whether as a candidate or a business owner, please reach out to me on 0452 520 776 or email simon@cadencerecruitment.com
Client Services
The main thing worth noting in the CSO/CSM space is that the gap is closing between experienced and non experienced. As mentioned above, grads used to be paid $40,000 + super but these salaries don't exist any more. There have been a few candidates I've worked with who were on $50,000 - $52,00 and we've placed them at $60,000 - $65,000, so if you're on a low salary, reach out to me, we will get you paid a fair rate!
For the most part, whether a candidate has 2 or 20 years experience as a CSO, the range is somewhere between $70,000 - $80,000 + super with most candidates on $70,000 - 75,000 + super.
Associates
Associate advisers are in that unique space. You're doing CSO work, most likely also doing Paraplanning work, and for most you're on the pathway to being an adviser. Salaries have remained stable in this area for a few years now as there's more than just a salary on offer for your progression pathway.
If you want the higher salary and you want a professional year, you need to start thinking like a business owner. What can I bring to the table? If you know you can bring relationships, and you want to embed yourself within a business for the long term, not just for a PY, you will have plenty of opportunities available to you.
Paraplanners
With so many contract paraplanning services out there now, and a lot of people opting for more work/life balance, we just don't see too many career paraplanners working in-house any more. From my network I know a number of candidaes still being paid the top numbers in the chart, but Paraplanning within a company has become more of a stepping stone on the journey towards Associate and Professional Year. Most Paraplanners we work with are being paid somewhere between $70,000-$90,000 + super.
Financial Planners
Things have definitely re-stabilised with advisers. There were some aggressive salaries on offer to compete with the large/international firms over the past 2 years. Those salaries still exist in those real entrepreneurial or cut throat environments, but across the board salaries have levelled off. We've placed a few advisers this year at $120,000-$130,000 + super.
With the education standards now in place, experienced advisers looking to move have to be thinking about what they can bring to the table. Associates are cheaper and often have contacts, if you're an adviser looking for $120k + super, you need to be bringing relationships or you'll be priced out by the younger, greener candidates.
Summary
Although it's been a stable year for salaries across the board, the salaries on average are so much higher than they were even 4 years ago.
The key take away is if you want to be a Financial Planner or you're a Financial Planner who is looking at new opportunities, the servicing adviser role isn't commonly advertised anymore. Likelihood is that this role is being created for an Associate who's already earned respect at a business. If you want to make a move in your career, you need to be thinking about what relationships and networks you have, and how that will add value to a business. If you do this, it's easy enough to open doors for you, but without this, you could be waiting a long time to make a change.
Most importantly, here is the information you're looking for.....
For a confidential discussion about any of the information, please reach out to Simon Winston on 0452 520 776 or email simon@cadencerecruitment.com
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