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Adviser exodus sparks significant pay rise

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5 September 2022 by Maja Garaca Djurdjevic, Independent Financial Adviser

Article link: https://www.ifa.com.au/news/31723-adviser-exodus-sparks-significant-pay-rise

Significant salary increases across all levels of financial advice have been witnesses as a direct result of diminishing adviser numbers, increased client referrals and business exits, according to new research by Kaizen Recruitment. According to the recruitment company’s findings, wealth management firms are going to great lengths to keep advisers, including upping their salaries by between $20 and $30,000 or in more extreme cases by $50,000.

Specifically, Kaizen found that female senior financial advisers are in high demand, particularly as they only make up about 10 to 20 per cent of the industry and many larger wealth management firms have diversity quotas to meet.

“Overall, we have found the financial advice pool of candidates to be predominately male (~80 per cent), hence, many businesses are looking to balance out the diversity of their teams. This has meant that female advisers have more choice when it comes to their employer as it is not possible currently for every business to be able to meet a gender diversity target of 50/50,” Mr Corston said.

According to Adviser Ratings, as of January 2022, females only made up about 22 per cent of the industry.

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