Staff shortages push financial planners' pay higher

A recent salary survey by Hays Banking unearthed salary increases across most wealth management roles, reports MoneyManagement.com.au. It says qualified financial planners saw their pay packets grow almost 10% in the past year, while associate financial advisers saw a rise of 14.8 per cent.

Paraplanners, who monitor portfolios, organise the allocation of assets, and assist financial planners, saw their pay rise 4.4%.

Employers are increasingly searching for planning candidates with formal qualifications.

Hays Banking senior regional director Nick Deligiannis, told MoneyManagement regulation has contributed to the need for qualified staff. "Increased regulatory and legislative tightness in the financial services sector has augmented the importance of relevant qualifications as a prerequisite for obtaining a role within the industry," he said.