How much do advisers earn?

Banks are likely to beef up their hiring activity of customer relations people, relationship managers and wealth and investment advisers, says recruitment firm Hays.

Tuesday, August 13th 2013, 7:22AM

by Susan Edmunds

It has just released its latest Salary Guide, a report on employers’ intentions, salary movements and business confidence.

The report noted that permanent hiring activity among the banks had been static but the property market would soon start to put pressure on that, prompting a search for skilled advisers, investment analysts and wealth specialists.

Almost three-quarters of financial services employers expect business activity to increase over the next year. Financial services roles were seen as some of the hardest to fill, especially in the junior to mid-management portion of the workforce.

“The use of temporary staff will also continue and even increase as a way to manage headcount on a project-by-project basis,” the report said.

It said banks were also keen on adviser staff who had foreign language skills and were good at sales. “Sales professionals are in demand but mostly for ‘hunter’ roles that will increase the revenue of the organisation…Those with experience in new business development are particularly in demand.”

Banks were supplementing adviser forces in regional areas with phone services.

It said an entry level financial adviser in Auckland was being paid, on average, $50,000 a year, a qualified financial adviser $95,000 and a practice manager $140,000. Banks’ private banking staff are paying paid between $60,000 and $120,000 for managers.

An Auckland mobile lending manager would be paid about $70,000 per year.

Of all the employers surveyed, 8% had no plans to increase salaries in the next year and 11% had not given any increase in the previous 12 months. Just over 50% of those employed in financial services has received a pay rise of less than 3% in the past year. A third had received a pay rise of 3% to 6%.

« Code changes impact RFAs

IFA working on pro-bono offering »

Special Offers