Based on data available from Melbourne, Adelaide and Sydney, financial planners working in the latter city earn more than their interstate peers.
The 2017 Robert Walters Salary Survey found that Sydney planners can expect to earn up to $160,000 annually; the highest reported figure in Melbourne was $125,000 and $120,000 in Adelaide. All three saw a base salary expectation of $80,000 with Melbourne rising to this amount from $75,000 last year.
Throughout banking and financial services in 2016, the survey reported a "buoyant" recruitment market in New South Wales, while Victoria saw more mixed results. The report highlighted shortages of fund accountants "due to a lack of candidates with investment management experience," and high demand for accountants specialising in treasury, regulatory and capital management.
The report said those working in the financial services sector can expect a moderate salary increase this year "unless they can offer specialist skills and performance delivery above the norm."
"Economic conditions have led hiring managers to demonstrate moderation when offering remuneration packages," the report added.
The year will also likely see high demand for specialist support roles to act as "revenue generators" for small businesses, mortgage lenders and financial planners. This includes people working in compliance, assurance or operational risk "with experience in change delivery."