I have seen a sharp increase in my support teams’ costs over the past two years.
- Agree (71%)
- Disagree (20%)
- Not sure (9%)
Loading ...Economically it has been a tough couple of years with many industries feeling the pinch, but how are financial advisers faring, has your practice seen a rise in the cost of employing your support team?
Our latest poll question arises from new Australian research which finds financial advice practices there are facing the most competitive talent market in a decade, and reveals sharp increases in remuneration, surging bonus payments, and a structural shift in how firms attract and retain staff (see: Advice Firms Enter New Era of Talent Scarcity).
The Business Health and Advisely For What It’s Worth report shows an industry under pressure from adviser shortages, rising client demand, and changing workplace expectations.
It points to salaries for almost every key role having jumped sharply since 2023:
- Experienced advisers now command an average package of A$198,157 (up 23%)
- Client service managers are up 20% to A$91,878
- Admin/support staff have climbed 17% to A$69,604
- Only senior paraplanner pay has softened, falling 2% as firms reassess paraplanning models amid advancing AI tools
The report’s authors also conclude that bonus payments have risen by up to 98% on average across all roles.
All of which led us to ponder whether the financial remuneration of New Zealand advisers’ support teams has also risen substantially?
Have their remuneration levels increased over the past two years and had a similar lift to that which the research says your Australian counterparts’ teams are experiencing?
We are interested to know how your advice practice is faring and will report back next week…