{"id":64631,"date":"2023-02-24T14:25:35","date_gmt":"2023-02-24T03:25:35","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=64631"},"modified":"2025-03-14T12:02:24","modified_gmt":"2025-03-14T01:02:24","slug":"average-salaries-for-advisers-paraplanners-talent-survey","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/02\/24\/average-salaries-for-advisers-paraplanners-talent-survey\/","title":{"rendered":"Average Salaries for Advisers, Paraplanners \u2013 Talent Survey"},"content":{"rendered":"
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While the AFA\/FPA merger result was big news, our article on a new report released by well-known industry services group, Business Health, which outlines average salaries for advisers and paraplanners in Australia gets our nod for the Riskinfo Story of the Week…<\/h3>\n<\/div>\n<\/div>\n

On average, each Australian advice practices employs 2.7 experienced advisers, with the average salary for an experienced adviser now just under $150,000, a compensation survey of advice firms has found.<\/p>\n

A report by Business Health<\/a> entitled Swimming at the Deep End of the Talent Pool: Understanding salary & benefits packages currently offered to employees in Australia’s advice firms<\/em> says advisers with more than five years’ experience represent the most expensive role within the business. Almost 100 firms contributed to the data.<\/p>\n

Business Health says that while the $150,000 varied little across the eastern states ($153,668 in New South Wales, $150,333 in Victoria and $153,774 in Queensland), the salary for experienced advisers working in South Australia, Western Australia or the Northern Territory is significantly lower at $132,327.<\/p>\n

…the salary paid to experienced advisers employed by smaller practices …is well below those working in a larger firm…<\/p><\/blockquote>\n

The report also notes that the salary paid to experienced advisers employed by smaller practices ($127,313) is well below those working in a larger firm ($154,771).<\/p>\n

\u201cSimilarly, those located in a regional\/rural area earn less than their city\/metropolitan based peers \u2013 the average salary for experienced regional advisers is $140,214 versus $153,656 for senior city-based advisers.\u201d<\/p>\n

Business Health says that interestingly, when it comes to incentive\/bonus payments for experienced advisers, \u201c\u2026this city\/rural divide is not apparent. Over the past 12 months, the average city-based experienced adviser received a bonus payment of $11,365 which was slightly lower than the regional average of $11,857.\u201d<\/p>\n

However, the report says, bonus payments do vary widely based on practice size\u00a0 – the large firm average is $12,701 compared to $6,608 for the smaller businesses – and across states.<\/p>\n

\u201cExperienced advisers located in NSW received the highest average incentive payment ($13,836) followed by Queensland ($10,781), Victoria ($10,667) and South Australia\/West Australia\/Northern Territory ($8,489).<\/p>\n

Junior Adviser<\/strong><\/p>\n

…less than half …of the firms actually employ junior\/less experienced advisers…<\/p><\/blockquote>\n

Business Health says the average salary for more junior advisers (those with less than five years\u2019 experience) is $97,872. However, less than half (42%) of the firms actually employ junior\/less experienced advisers.<\/p>\n

\u201cThe salary difference between city and rural based firms identified above is also reflected in junior adviser salaries – the salary for less experienced advisers operating in a metropolitan business is $101,157 compared to $89,250 for those based in a regional area.\u201d<\/p>\n

Similarly, junior adviser salaries also varied widely across states:<\/p>\n