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Planner salaries skyrocket

By Victoria Young
2 minute read

Financial services talent is cashing in on skills squeeze in Queensland and WA.

Wealth management and financial planning salaries have skyrocketed in Australia's north and western states, new research has found.

According to the 2007 Hays Banking Salary Survey, strong demand for skills is forcing employers to pay a premium, with Brisbane/Gold Coast areas climbing 10.5 per cent and Perth growing 22.9 per cent.
Typical salaries for a senior paraplanner in the Brisbane/Gold Coast area soared from $65,000 to $80,000 and for a practice development manager from $90,000 to $110,000.

In Perth, the median salary increased from $85,000 to $115,000 for a financial planner and from $65,000 to $80,000 for a senior paraplanner.

"The majority of employers reported increases in salaries of between 3 and 6 per cent," Hays Banking senior regional director Nick Deligiannis said.
"Unsurprisingly, the exception was certain skills in high demand."

Western Australia and Queensland experienced the biggest salary increases in Australia thanks to the continued boom in the resources and mining sector.

In Perth and across regional growth areas in Queensland such as Mackay, Townsville, Rockhampton and Cairns there have been significant spikes in salaries.

Candidates in the commercial banking, business development, property finance and corporate banking areas were also major salary beneficiaries.

"Sixty-four per cent of our survey respondents will now consider sponsoring candidates from overseas, which is a significant increase from 44 per cent last year," Deligiannis said.

Despite severe candidate shortages in many areas, salaries in general rose moderately across NSW, Victoria and South Australia in the past 12 months, the research found.

The survey covered more than 100 jobs across Australia and New Zealand.