Paraplanner Salaries and Opportunities in the Financial Industry
In Australia, the salary of a paraplanner can vary based on several factors, including experience, qualifications, location, and the size of the employer.
Let’s take a closer look at the salary ranges and what it takes to reach the position of a senior paraplanner.
“A senior paraplanner should possess the ability to competently handle any advice area, efficiently construct comprehensive statements of advice, and present complex information in a clear and coherent manner”.
Money, Money, Money
According to the Hays 2022/23 salary guide, the average salary for a paraplanner in Australia falls between $65,000 and $100,000.
However, it’s important to note that these figures serve as a general guideline, and actual salaries can vary significantly based on various factors.
In cities like Sydney and Melbourne, where the financial planning industry is thriving, average salaries tend to be higher, with figures around $90,000 and $85,000, respectively.
Seniority Wins
The salary range for a senior paraplanner is typically higher, reflecting the increased experience and expertise required for the role.
The Hays salary guide suggests that senior paraplanners can expect to earn between $71,000 and $120,000.
Again, these figures are subject to variations based on factors such as location and employer size.
Career in Paraplanning?
Becoming a senior paraplanner is not solely determined by a set timeframe or rigid rules.
Instead, it reflects an individual’s level of skill and experience in the field.
A senior paraplanner should possess the ability to competently handle any advice area, efficiently construct comprehensive statements of advice, and present complex information in a clear and coherent manner.
While there is no strict benchmark, having around five years of full-time paraplanning experience can often be considered sufficient to be recognised as a senior paraplanner.
Additionally, the path to becoming a senior paraplanner can be influenced by other factors such as the work environment.
Those working within larger corporate teams may have distinct advancement opportunities compared to those in smaller financial planning practices.
Moreover, qualifications and experience with different financial planning software packages can also contribute to career progression in the field.
It’s crucial to remember that salary ranges are subject to market conditions and individual negotiation.
As the financial industry continues to evolve, staying up to date with industry trends and continuously expanding one’s knowledge and skill set can help paraplanners unlock new opportunities for career growth and increased earning potential.
At Newcastle Paraplanning we’re always interested in hearing from those looking to make a career in paraplanning; reach out to us on contact@newcastleparaplanning.com.au
