The Financial Planning Industry: A Look at Salaries in FY24-25

As we approach the new financial year, many financial planners and junior advice positions are wondering what the future holds for their salaries. According to a recent report by recruitment agency Hays, the answer is not much. The average pay for key financial advice roles in the 2024-25 financial year is expected to remain largely unchanged.

The financial planning industry is facing a period of stagnation when it comes to salaries.

Financial Planners: No Change in Sight

The report, which surveyed over 15,000 professionals across Australia and New Zealand, revealed that financial planners across all eight states and territories can expect no change in their remuneration compared to the previous financial year. This is a concerning trend, especially for those who are just starting out in the industry.

A financial planner at work.

Senior Financial Planners: A Mixed Bag

Senior financial planners in the majority of states and territories also see no change in their salary. However, two states are the exception, with NSW reporting a $10,000 salary decline and Tasmania enjoying a $5,000 salary rise. This highlights the importance of location when it comes to salary expectations.

A senior financial planner in a meeting.

Junior Roles: A Glimmer of Hope

The report also assessed the average salaries of associate advisers and paraplanners, which did exhibit some minor salary increases. Associate advisers in Western Australia, Victoria, and Queensland can expect modest salary growth in the upcoming financial year. This is a positive trend, especially for those who are just starting out in the industry.

An associate adviser at work.

Paraplanners, on the other hand, see an earnings rise of $5,000 each in NSW and Victoria. This is a welcome change, especially for those who are looking to advance their careers.

A paraplanner working on a document.

Conclusion

The report’s findings are a mixed bag, with some roles experiencing minor salary increases while others remain stagnant. As the financial planning industry continues to evolve, it’s essential for professionals to stay adaptable and focused on their career goals. Whether you’re a seasoned financial planner or just starting out, it’s crucial to stay informed about the latest trends and developments in the industry.

The financial planning industry is constantly evolving.