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Unclear career pathways driving employee discontent

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29 May 2026 by Shy-Ann Arkinstall, Money Management

Article link: https://www.moneymanagement.com.au/unclear-career-pathways-driving-employee-discontent/

Financial services sector employees are feeling “secure but not satisfied”, according to Hays’ salary guide, as a lack of career profession drives some to seek employment elsewhere.

Financial services sector employees are feeling “secure but not satisfied”, according to Hays’ salary guide, as a lack of career profession drives some to seek employment elsewhere. 

The survey of more than 7,000 professionals across Australia and New Zealand assessed employee salaries and explored their expectations and satisfaction with their current employment. 

Based on this, Hays identified two key factors that cause professionals to seek other employment – career progression and pay. 

Both these factors are particularly topical for the financial advice sector as the profession tries to tackle the talent pipeline challenges, namely those associated with the professional year (PY). 

This is due to the fear from smaller advice firms – which make up the bulk of the profession – that PYs will leave as soon as they complete their training for a firm that can offer them a higher salary. 

Adviser Ratings’ 2025 Advice Landscape Report gave weight to this concern after it found that a quarter of advisers who commenced on the financial adviser (FAR) within the last two years had already switched licensees or practices. 

Looking deeper into why this happens, Simon Gvalda, a financial planning recruiter at Kaizen Recruitment, previously told Money Management: “If another business comes along and says, ‘We’ll pay you more, we’ll give you opportunities to grow,’ there’s potentially a client book, it seems it would be pretty enticing.  

“I imagine if they’re not getting that solid career development pathway from the current firm, of course they’re going to be considering other opportunities.” 

Alongside clear growth pathways, Hays suggested that salary is still an important factor to consider as the report showed those in banking and financial services has a somewhat pessimistic outlook on their average expected pay increase over the coming 12 months at 0.3 per cent.  

At the same time, the average salary increases sits at around 4 per cent, in line with inflation, and is failing to keep pace with employee expectations.  

Meanwhile, Hays found that the most common drivers of salary increases were cost-of-living pressures (32 per cent) and company-wide adjustments (25 per cent), whereas promotions only accounted for 18 per cent of instances and new jobs sat at 11 per cent. 

Hays APAC chief executive Matthew Dickason said: “A workforce that feels secure but not satisfied – that’s the picture this year.” 

“Where pay can’t do all the work, progression has to. Yet many organisations still treat career pathways as an internal HR mechanism, rather than something clearly defined and visible to their people. It remains one of the most underutilised levers,” he continued. 

 “Employers should start by making progression tangible. Clarify what advancement looks like and equip managers to have regular career conversations, while strengthening the benefits, support and workplace relationships that keep employees engaged.” 

Comparing salaries 

Looking at the average salaries across financial advice, support staff were among the lower paid, particularly for junior staff, though this is to be expected. The interesting thing is in the variance between state capitals and their average pay rates. 

Sydney-based workers were the highest average paid across the board, closely followed by Melbourne, while Darwin was generally had the lowest paid staff. 

Typical salaries for financial advice support staff 

  Sydney   Melbourne   Darwin 
Client services  $90K  $75K  $65K 
Paraplanner  $95K  $90K  $71K 
Senior paraplanner  $115K  $105K  $90K 

Source: Hays, May 2026 

The same trend can be seen for financial advisers and management roles, though it is important to note that, in many cases, Hobart and Adeliade are also offering similarly low salaries in line with Darwin. 

Typical salaries for advisers 

  Sydney   Melbourne   Darwin 
Associate adviser  $100K  $85K  $85K 
Financial planner  $120K  $110K  $95K 
Senior financial planner  $150K  $130K  $110K 

Source: Hays, May 2026 

Typical salaries for management 

  Sydney   Melbourne   Darwin 
Financial planning manager  $170K  $145K  $129 
Practice development manager  $170K  $145K  $135 
Head of financial planning  $220K  $225K  $150 

Source: Hays, May 2026 

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