Heat Recruitment releases their financial services salary survey
by Heat Recruitment
As demand for high-calibre financial services talent continues to be a key concern for sector leaders, salary trends are shifting to reflect the immediate needs of competitive organisations. Eager to secure the best and brightest available amidst a persistent skills shortage, hiring managers are recognising the need to sharpen their pencils when it comes to attracting and retaining talent.
In our latest financial services salary survey, we explored the current salary range for different positions within the industry at varying levels of seniority. From this fresh data, we can determine which areas within the sector are seeing wage increases and examine the way in which salaries have changed over the last couple of years.
One of the key trends we identified in the wealth management industry was the rise in average salaries for employed financial advisors. While in 2017, research placed the average earnings of an advisor with an average-wealth client-base in the region of £60,000, today, a senior employed advisor in London can expect to make £67,500 on average, though the highest salaries for this role in the capital sit at £100,000. Meanwhile, their trainee counterparts can still expect to collect a cool £30,000 average, whether employed in London or the rest of England.
In 2019, most competitive FS businesses are recognising the role that paraplanners play in feeding invaluable insight to IFAs, and as they seek to capitalise on that talent, they are realising that the best doesn’t come cheap. This steady increase in demand for paraplanning talent is seeing an extension in the budgets that hiring managers in FS organisations are willing to allocate for people with this skillset.
Individuals with experience under their belt will typically earn an average of £33,750, though this figure rises to £46,000 as we move towards the capital to accommodate for higher living costs. The good news for paraplanners and IFAs is that they can generally start their career anywhere in England and not notice a significant financial disparity with London, though firms in the capital will naturally pay more.
Meanwhile, IFA sales managers continue to earn high salaries to compensate for the high pressure, target driven nature of their role. Expected to contribute and own the sales strategy, develop the sales budget for advisors and closely monitor progress on individual revenue target, it’s no surprise to see the regional salary average for this position sitting at £70,000.
With a fall in the number of people purchasing property and persistent economic uncertainty, the salary-band for professionals in the mortgage finance space is naturally a little more modest. While brokers and advisors will reap an average of £30,000 outside of London, senior mortgage administrators will usually earn around £26,000.
In a sector built on formulas and procedural actions, it’s no surprise to see that the roles that require deeper analytical or interpersonal skills are those that offer more attractive salaries. As technology continues to impact on the world of work by automating a number of tasks and transactions, robot-proof soft-skills are those that make a can make a candidate worth paying for.
The further we move towards the fourth industrial revolution and the more digitised financial services becomes, the more firms will seek talent who can write new business by seeing beyond the numbers to the clients’ needs and priorities.
To download the results from the full salary survey
by Alex Russon – Managing Consultant of Financial Services