Recruitment Market Snapshot
May 2024 recruitment market snapshot, supply / demand and current salary levels.
Recruitment Demand
- High for Client Service Managers (Administrators wit Xplan experience highly valued)
- High for Associate Advisers (in the main to free up Senior Advisers capacity for growth / support new business)
- PY Year applicants are also being sought
- Low for Senior Financial Advisers
Recruitment Supply
- Low for experienced CSM / locations vary
- Medium for Associate Advisers (many set condition precedent on PY year)
- High - Senior Financial Advisers
Salary Bands
- Senior Financial Planer $150-180k
- Associate Adviser (PY candidates) $90-$100k
- Client Service Managers (Capital Cities $90-100k plus, Regional $80-90k)
Note: All bands quoted in TEC
Key takeaways:
- Supply issues for trained CSM support staff remain high in capital cities, driving up salaries.
- Outsourced Paraplanning and Remediation programs have drained the talent pool for Associate Advisers, plus removed a pivotal role in the strategy/technical development phase of career progression.
The Financial Planning industry competes against other finance professions and the market as a whole for ‘talent’. Wage price growth across the economy and inflation is now starting to permeate in the industry with experienced CSM’s now in high demand, and pushing up salary levels to an average (Aus wide) of a TEC of *$85-90, 000.
