Sneak Peak of Results: Business Health Salary/Compensation Survey undertaken November/December 2022 into Australian advice practices

There’s lots of interesting data coming out of our recent compensation survey. A big shout out to those advice firm owners who took the time to participate – you’ll be receiving our complete findings soon! But in the meantime, a couple of interesting take-outs for you to ponder as we get into our new year:

  •  68% of respondents advised that they’ll be looking to add new team members in 2023. So the competition for capable people is set to continue, and business owners will need to have a good response to the question – why should I work for you?
  • The most in demand roles identified were client services manager (50% of practices will be looking) and regionally based ‘junior’ advisers (defined by us as <5 years’ experience) – 67% of practices. As to their average salary (ex bonus/incentive), across all states/regions:
    • Client service manager: $75,036
    • Less than 5 years’ as adviser: $97,872
  • A huge 90% of city (capital) based practices offer ‘work from home’ for their people, while this % increases to 95 for regional businesses. While no doubt reflective of the latest trends, the complementary findings that just half currently hold in-person team events, bringing all their people together (for professional and personal development for example) raises a red flag in our view – building and maintaining an attractive, sustainable work environment and culture has just got a little more challenging!
  • As to where they’ll go to hire their new people; 58% will look to online job websites, while 52% will utilise specialist recruitment firms. Interestingly, 44% will be asking for referrals from their BDM/PDM/licensee.

While there’s a lot more to come, we hope the above not only provides insight, but also a few tips as to how best to meet the challenges of finding and keeping your good people.