Practice chiefs face digging deep to fund escalating wages as the heat intensifies in the financial planning job market, according to fresh data from a recruiter.
While vacancies have dropped across the rest of Australia, the New South Wales and Australian Capital Territory job market is running hot, eJobs Recruitment Specialists found.
For the three months to January 31, demand for candidates in increased by 25 per cent in NSW/ACT, compared to the respective quarter last year.
Job vacancies were up 46 per cent in December and 24 per cent in January when compared year-on-year.
“There appears to be no let up in the demand for paraplanners with salary increases continuing to amaze,” eJobs Recruitment Specialists managing director Trevor Punnett said.
“By far the largest demand continues around Sydney, where undoubtedly salaries are highest.”
A vacancy in Armidale, NSW, for a paraplanner with two years’ experience, a Diploma of Financial Services and Xplan competency, offered $45,000 to $55,000 per annum.
However, an inner Sydney employer was prepared to pay $70,000 to $80,000 per annum for a candidate with the same qualifications and a year’s less experience.
In the three months to January 31, $70,000 was the median paraplanner salary on offer, but some vacancies offered $100,000 to $120,000 per annum for three to five years’ experience.
Demand for financial planners is still fierce with salary packages centred between $60,000 to $100,000.
“Perhaps the most generous appeared to be one in Coffs Harbour offering $150,000 [per annum] to $300,000 asking for just 12 months’ experience and PS146,” Punnett said.
As well as the region running hot on job numbers, NSW/ACT has taken a larger slice of the financial planning industry job pie in Australia.
Of all the jobs advertised in Australia, almost half – 46 per cent – are in NSW, compared to 37 per cent six months ago.
