I have seen a sharp increase in my support teams’ costs over the past two years.
- Agree (71%)
- Disagree (20%)
- Not sure (9%)
Loading ...New Zealand advisers’ support team costs, our latest poll indicates, have risen over the past two years.
As we go to press nearly six in 10 advisers (59%) agree they have seen a ‘sharp increase’ in their support teams’ costs while just over a quarter (27%) disagree those costs have risen, with 14% not sure.
Our latest poll question arose following new Australian research which found financial advice practices there are facing the most competitive talent market in a decade, and revealing 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).
So following what has been a tough few years economically in New Zealand, with many industries feeling the pinch, we were interested to learn how financial advisers here are faring and whether your practice has seen a rise in the cost of employing your support team.
And our current poll result certainly indicates a good many practices are seeing higher employee costs.
…The report points to salaries for almost every key role having jumped sharply since 2023…
The Australian report also 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
Our poll remains open for another week and we are keen to know your views…