How much money do financial advisers make?

There are some who say it’s impolite to talk about pay. At Spark Careers, we disagree. Salary expectations are one of the most important factors to consider when choosing a career path. They can make or break a prospective job. So if you’re considering a career in financial planning, here’s what you can expect at every stage of your journey.

Associate

$40-50,000 p.a.

As you enter the financial advisory industry, you’ll generally start as an associate. In this role, you’ll be tasked with research and support in the development of financial advice strategies for clients. You can generally expect $40-50,000 annually as a base salary for this entry-level position.

Paraplanner

$60-80,000 p.a.

In a financial advisory office, a paraplanner prepares financial planning documents such as Statements of Advice and conducts financial modelling, according to Paraplanner Australia. In this role, you can expect a median base salary of $52,810 according to Payscale. With bonuses and other payments, however, you can generally expect a total salary of $60-80,000 per year.

Associate Adviser

$60-80,000 p.a.

In an Associate Adviser role, you will be more hands-on with advice, and may regularly communicate and liaise with clients and third parties. You can expect a salary similar to a paraplanner, with a base salary of $55,530 according to Payscale, and total pay of $60-80,000 per year from our experience.

Adviser & Senior Adviser

$80-110,000+ p.a.

When you gain the necessary experience and qualifications to become a financial adviser, you can generally expect a salary of $80-110,000 per year. As you move up the proverbial ladder and become a senior adviser, this figure can increase even more. More than pay alone, advisers benefit from a flexible work environment and control over their schedule. Want to find out more about the other benefits of being a financial adviser? Visit the Spark Careers guide to Financial Planning.

Now that you know what to expect, find out more about the Spark Careers training and job placement program, the best way to start a career in financial planning. If you’re ready to jump in, apply now.

Rising job growth brings better opportunities for finance workers

We’ve written previously about the recent growth in employee demand in the finance sector. We now have even more evidence that it’s the perfect time to enter the financial planning industry.

Employment in the finance sector grew 9.9% over the year to May, according to data from the Australian Bankers Association. As reported by Money Management, the association’s highlighted finance and insurance sectors as one of the strongest growing in the country.

The report also found that share of workers in the finance industry receiving paid entitlements was the highest in Australia, and that 85% of banks offered flexible working arrangements.

With unemployment at half the rate of the rest of the nation, a job the finance industry is becoming more attractive to those who have just graduated university or are looking for a career change.

So how do you get a job in finance? Start with Spark. Learn about our training, view our latest jobs, and apply today.

It’s the perfect time to start a career in financial planning. Here’s why.

Is now really the best time to start a career in financial planning?

That’s a question we get asked a lot at Spark Careers, by uni grads and experienced candidates alike. It’s a question that speaks to our concerns in an uncertain economic climate. And it’s a question that has a happy answer.

While businesses in the financial services sector are increasing their demand for skilled workers, the market currently lacks candidates with the suitable experience and training for the job, according to the Hays Quarterly Report for July to September 2016.

This demand is driven by an increased interest in financial planning in Australia, and it’s a trend that has room to grow. According to an MLC Wealth Sentiment Survey, half of all Australians have neither a financial adviser nor a financial plan.

The skills shortage has led to businesses increasing their focus on developing junior employees, such as paraplanners and client services staff, into skilled financial planners. This in turn means demand is high for junior candidates to fill the resulting gap.

That’s where you come in. Take advantage of this unique opportunity and kickstart your career in financial planning. So where do you start?

Whether you’re a uni grad, have prior experience, or want to change careers, Spark Careers is your gateway to the financial planning industry. We match talented people with the best jobs in financial planning, and our best-in-class training program covers everything you need to succeed.

There has never been a better time to work in financial planning. Get started today.

Tips for succeeding in finance

NETWORKING TIP #1 - Expand your network from all directions! Don’t underestimate the value of meeting new people as it only takes ONE person to connect you to your dream job. Whether it be at a career fair, students event or even a dinner party with friends, there are opportunities waiting for you to take them!

 

NETWORKING TIP #2 – Get personal. If you’re only talking business with a networking contact, it makes it hard to develop a long lasting connection. Suss out their interests and passion projects to get them talking about the things they love. Reveal your own goals and passions. It only takes ONE spark in a conversation for a potential employer to see you as more than a networking junkie and hire you. Let your true colours shine and the work will follow.

 

 

Females in Finance: Become Empowered by Numbers

Who run the world? GIRLS. And it’s not just Beyoncé who knows it. Once upon a time finance may have been a man’s world, but these days women are also making their mark as successful financial advisors and brokers.

With International Women’s Day just last week, I felt it was the perfect time to celebrate all the fantastic women in finance right now. One person whose journey has inspired me is Lina Wong, manager in analysis and advice at AP Financial Solutions. Graduating in 2013 with double majors in Finance and Marketing, her career has only continued to skyrocket towards success. I decided to find out the secrets behind her achievements.

How to make money while you are at university

How to make money while you are at university

Starting small

 

Marcus began share trading under parental guidance when he was only in high school. When the GFC hit the market in 2007, one of his close relatives saw an opportunity for him to enter the stock market. This “hobby” began with small gains, but he was hooked. Within four months, he gained 10% profit.

 

By the time Marcus was in grade 12, he had made capital worth a few thousand dollars. When he turned 18, he opened his own trading account with a bank and started constructing his own portfolio worth a total of $10,000.

 

Learning on the job

 

How did he do it? Marcus learnt through self-guided research using books and the Internet. But he says the most valuable learning tool was experience. During his early days in trading, Marcus made financial losses but learnt ways to minimise them. His experience significantly shaped his investment mindset and fundamentals.

 

Applying university skills

 

Marcus’ trading skills didn’t stop evolving after high school. During his financial degree, he learnt a more in-depth theoretical and foundational method of analysis, which helped him make better-informed business decisions. He learnt how to read company financial statements, using ratios and data to analyse their financial positions. Marcus was able to integrate his financial knowledge from university into his trading business to maximise profit.

 

How to Win Over Clients – A Young Financial Advisor’s Guide

How to Win Over Clients – A Young Financial Advisor’s Guide

You’ve learnt everything there is to know about financial services – you’ve crunched the numbers, read the documents, analysed the data, and constructed the portfolios. But few university programs teach you the fine art of client servicing – the special skills that open the door to new clients, rewarding partnerships and overall workforce success.

Many Gen Y finance graduates are entering the workforce only to face trouble interacting with clients in a professional and perceptive manner. They struggle to harness the charisma and emotional intelligence necessary to make a client feel comfortable yet confident in their advisor’s abilities.

They might know WHAT they are talking about, but not HOW to talk about it.

10 Things Financial Advisors Love About Their Jobs

10 Things Financial Advisors Love About Their Jobs

1.     Rewarding partnerships. You will have the opportunity to build strong relationships with your clients and make a positive impact on their lives.

2.    Work flexibility. After establishing a client base you can enjoy regular work hours of less than 40 hours a week, allowing you to maintain a healthy work/life balance.

3.    Career choices. You have the option of working for an existing advice practice or starting your own business.

4.     Limitless earning potential. With the majority of advisors employed on a commission basis, advisors are able to earn as much as they take on.

5.    Teamwork mentality. Whether working with colleagues in a firm or independently, financial advisors work closely together with other professionals such as lawyers and accountants to ensure that clients accomplish their goals.

6.    Continued learning. Financial advisors learn to cultivate innovation to keep up with the constantly changing rules, regulations and planning techniques in the field.

7.    Specialist opportunities. For those who are passionate about investments, you can become a specialist investment adviser.

8.    Selective cliental base. You may decide to serve a type of client that you are more familiar with or have sales skills which are more relevant to you.

9.     Social value. Financial advisors have skills and knowledge which are vital in making life decisions – something which is not taught at school. These skills can be used to help the financially disadvantaged, and teach others to become money smart.

10.  Constant change. Every case is different - this keeps you on your toes and means the job never becomes monotonous.  In the words of wealth advisor Amy Merrill,Variety is the spice of life! 

So you think you’re ready for the long journey ahead? Find out if you have the makings of a successful advisor.