Cadence Recruitment's Financial Planning Salary Guide - South Australia | 2023

Our much anticipated Salary Guide is ready to be shared just before performance reviews begin for year end!

With rising costs of living, we have seen bottom end figures rise for the Financial Year.

To summarise, there has been a massive change to salaries for both Financial Planners and Client Service Officers.

Here is my analysis on the 2023 Financial Year - to go to the salary charts, scroll to the bottom!

Financial Planners

After a few years with fairly stable salaries, we've seen a big leap for Financial Planners. From the roles I worked between 2016-2022, I found $120,000 + super to be around the sweet spot when placing individuals.

This year we've seen a number of Financial Planners move for $150,000 +. I've also seen a number of Financial Planners asking for $200,000 - $220,000 to join a new company. The highest paid salary I've heard about was just over $300,000.

I would say joining a boutique firm that can offer stability, support, time to succeed and clients to service, then $130,000 - $150,000 + super is in the right ball park. This all is dependent on your experience and background.

To market yourself, I'd be thinking about where you can generate new business and what relationships you have in South Australia that a new business would value, when hiring you.

Paraplanners and Associates

I continue to have numerous conversations about individuals wanting to begin the PY immediately. Where have all the Career Paraplanners gone? If you're out there, get in touch as it's becoming uncommon to find someone who wants to exceed as a strategy expert!

For those looking to complete a PY, ask yourself what you can bring to the table for a potential employer and how you can pay this back in revenue and business growth in the future?

Client Services Managers/ Client Services Officers

With the rise in CSO/CSM's with degrees or those who are part way through the studies, the market value for a competent CSO/CSM continues to rise way quicker than any other area in the industry. Between 2016-2020 the top end was $65,000 + super, now the average sits at $70,000 + super with many experienced individuals on $75,000 - $80,000 + super + bonuses. I have seen a few candidates on $90,000 + super.

Again, everything comes down to experience and how you differentiate yourself in the market. You can't be demanding the top end figures if you're cruising in your role but if you're a go getter who takes pride in their work, then you should be able to achieve a higher salary.

Summary

I think the Financial Planning industry has bounced back well after the Royal Commission and the educational changes within the industry. The industry being much more regulated has gained respect and the standard of advice as well as the standard of candidates has really improved over the past few years.

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.

Simon has been one of the leading Financial Planning Consultants in Adelaide since 2016 and works with a wide range of Financial Planning companies in South Australia.