RECRUIT UK 2020 SURVEY “Am I paid enough?” is undoubtedly one of the most-asked questions by employees across the globe.

It’s a fair question - the average person spends 13 years of their lives at work, so it’s really important to feel that our employers rate us and that we are being rewarded for the time, dedication and value we bring. But what exactly defines enough? 46% of UK professionals believe that companies don’t offer competitive enough , and thanks to bonuses and complicated fee structures, it can be especially tricky to determine a benchmark figure in the financial advice . And that’s exactly why we’ve put together this guide.

WHAT THE GUIDE IS FOR

Our Recruit UK Salary Survey is designed so you can review where you stand in the financial planning market. Think of it as our New Year gift to you, so you can start 2020 with a bang and understand the current average salaries within the market - as well as where you fit in. Are you getting paid enough? How confident are you that you are being remunerated fairly? With the help of this guide, you can benchmark and wealth management salary trends and pay rates so you can understand exactly where you sit.

RECRUIT UK 2020 SALARY SURVEY 2 THE MARKET TODAY

The demand for talent is higher than ever before. 41% of UK leaders are concerned with their ability to attract and retain talent, whilst 71% of employers say they struggle to find professionals with the skills they are looking for. In addition to attracting top talent, retention is also a key concern for 35% of business leaders who are using counteroffers, new technologies, training and flexible working to reduce turnover. The rise of technology and the war on talent has resulted in a candidate-led market - which, along with an ongoing change in the financial services industry thanks to Brexit, shifting preferences, regulatory demands and technological advancement, has had a significant impact on recruitment.

INDUSTRY TRENDS

On the whole, earnings for employed financial advisers are on the up, with research showing average total earnings of £93,100. In fact, since 2011, employed advisers have seen an average pay increase of 40%. More than 23% of advisers are earning over £100,000, and there continues to be a premium of about 14% for chartered advisers compared to those who are level 4 qualified.

For self-employed financial advisers, the figure was also up nearly 4% year on year, whilst paraplanner earnings were also up by £2,500. Unsurprisingly, advisers based in London are the highest earners, while areas such as the East Midlands and North East come in lower. And while there was no significant difference in pay between independent and restricted advisers, network advisers appear worse off than their directly authorised counterparts who earn 23% more than appointed representatives.

RECRUIT UK 2020 SALARY SURVEY 3 WHY?

The development of a professionalised adviser community has led to a reduced supply of advisers at a time when freedoms, coupled with a general reduction in government and employer support, has placed the onus on the individual. As a result, there’s a low supply and high demand for financial advisers, which is reflected in the rates and volume of remuneration.

People are charging more post-RDR, and advisers are also dealing with more volume. Not only that, but they are also developing more holistic financial planning propositions with higher service levels - which means greater fees. In addition, the cost of regulation is continuing to rise, which is reflected in the cost of financial advice.

RECRUIT UK 2020 SALARY SURVEY 4 OTHER KEY TRENDS

It’s not all about the money, though. Although bonuses and higher starting salaries will always be popular in the world of remuneration, non-monetary benefits are growing in favour, too. Flexible working and a better work-life balance are becoming increasingly important, with 39% of UK employers launching employee wellbeing programmes, whilst 45% of employees consider training and development to be another attractive benefit. So, with all this in mind, where do you sit in the financial planning salary guide? Read on to find out…

RECRUIT UK 2020 SALARY SURVEY 5 PARAPLANNING

SALARY BANDS

Trainee Paraplanner: £25,000 - £35,000 Level 4 Qualified Senior Paraplanner: £35,000 - £50,000 Chartered Paraplanner: £50,000 - £55,000 Paraplanning Manager: £55,000 - £65,000 Head of Paraplanning: £65,000 - £85,000

OUR 2020 PREDICTIONS

As financial advisers find themselves under increasing time pressure, the demand for paraplanners will only continue to grow this year - and as industry standards continue to increase, paraplanning will become even more technical. As a result, paraplanning salaries will continue to rise, reflecting the growing importance of paraplanning and the increasing dependence placed on paraplanners by financial advisers. We predict that the gap between the two roles will start to narrow, and as paraplanning continues to become more technical, demanding and client- facing, salaries will continue to soar.

RECRUIT UK 2020 SALARY SURVEY 6 FINANCIAL ADVICE

SALARY BANDS

Graduate Level : £25,000 - £35,000 Level 4 Qualified Financial Adviser: £35,000 - £45,000 Financial Adviser (two years+ experience): £45,000 - £70,000 (Wealth Management): £60,000 - £100,000+ Self-Employed Average Turnover: £150,000 Average Total Earnings (Employed or Self-Employed): £96,400

OUR 2020 PREDICTIONS

The financial advice industry is on the brink of change. As advisers age out of the industry, the next generation isn’t entering the field fast enough to fill the gap - which means the war on talent is hotting up. Firms desperately need to attract younger advisers to fill the gap, but despite more than 83% of naming talent acquisition as the number one priority in their organisation last year, 91% of organisations in the UK have had difficulties hiring employees over the past 12 months.

Today’s market is extremely candidate-driven and candidates are becoming more demanding than ever before, which means that in the coming years, salaries will continue to increase as the demand for the next generation of financial advisers grows. Added to that the rise of technology and the trend towards offering more holistic advice which is seeing advisers charging more for bespoke services, and it’s easy to see why salaries are being driven up.

RECRUIT UK 2020 SALARY SURVEY 7 FINANCIAL ADMINISTRATION AND PA

SALARY BANDS

Administrator: £20,000 - £30,000 Senior Administrator: £30,000 - £35,000 Administration Manager: £40,000 - £45,000

OUR 2020 PREDICTIONS

We’ve seen a huge increase in financial administration roles in recent years, a trend we expect to continue well into 2020 as companies continue to increase in size and as a result have a greater need for experienced administrators to help manage workloads. In fact, out of all our financial placements last year, 60% were back-office functions, showing the continued importance of the back office.

There are a number of reasons for this: firstly, financial advice is changing, which means advisers are spending more time face-to-face with clients as the need for a more personalised, holistic service continues to grow. But it’s not just experienced administrators who are in demand. We are also seeing more people taking on back-office roles as a starting point for entering the industry. With so many training programmes and opportunities for on-the-job learning out there, more and more people are starting off their financial planning careers in administrative roles so they can work their way up the ladder.

RECRUIT UK 2020 SALARY SURVEY 8 MORTGAGES AND PROTECTION

SALARY BANDS

Mortgage Administrator: £16,000 - £27,000 Senior Mortgage Administrator: £25,000 - £34,000 Mortgage Adviser: £25,000 - £49,000

OUR 2020 PREDICTIONS

As the mortgage market continues to get more complicated with increasing regulatory and technological change, there is a growing need for highly skilled mortgage administrators and mortgage advisers. Mortgage advisers are officially in demand - and their growing salary commands reflect this. We predict that mortgage adviser salaries will continue to rise over the coming years as the mortgage market becomes increasingly complex; making this a fantastic time to consider a career in mortgages.

RECRUIT UK 2020 SALARY SURVEY 9 COMPLIANCE

SALARY BANDS

Policy and Advice Officer: £27,000 - £35,000 Policy and Advice Manager: £35,000 - £45,000 Compliance Monitoring Manager: £35,000 - £45,000 Compliance Manager: £40,000 - £50,000 Head of Compliance: £60,000 - £85,000

OUR 2020 PREDICTIONS

Thanks to increased regulatory pressures and the question of Brexit, there is currently widespread demand for risk, compliance and legal talent. This high demand for compliance and risk professionals is only set to continue in 2020, especially across risk, audit, compliance and legal as the UK navigates its exit from the EU.

Huge growth in demand for compliance professionals in banking and financial services in the last few years has led to an acute candidate shortage, whilst continuing regulatory reform means that the demand for people conversant with the regulations and practicalities of finance is extremely high. As a result, compliance professionals today are often right at the centre of an organisation and will continue to be well remunerated into the new decade, with management-level salaries exceeding £100,000.

RECRUIT UK 2020 SALARY SURVEY 10 HOW RECRUIT UK CAN HELP YOU MAXIMISE YOUR POTENTIAL

If you are a financial planning professional looking for a new challenge, you’ve come to the right place. Whether you’re looking for more leads, want to climb the career ladder or are searching for a better work/life balance, our expert team can help. From large companies to small independent firms, whether you’re looking for an employed or self-employed role, we work with some of the UK’s leading wealth management firms and are proud to offer some of the best financial advice jobs on the market.

We are niche financial adviser recruitment specialists with years of experience in placing financial services professionals into the right roles. Because we really get to know you as well as your strengths, motivations and ambitions, you can count on us to take the stress out of job hunting and make sure your next move is the right one. We’ll get to know your wants, needs and goals so that we provide honest feedback on where you fit in the market before using our extensive network to find the right role for you.

LOOKING TO HIRE? LET US HELP YOU SOURCE THE BEST FINANCIAL TALENT

With the war on talent hotting up in 2020, skilled financial planning professionals will continue to be a prized commodity - and in today’s competitive climate, the need for a loyal, high-performing team is even greater. But with so many other things to focus on, how do you find the time to source the best people for your firm? That’s where we come in. At Recruit UK, we are financial planning industry experts. In fact, many of our staff are ex-financial services professionals, so we’ve been in your shoes.

RECRUIT UK 2020 SALARY SURVEY 11 We offer a combination of digital and traditional recruitment methods to make sure no stone is left unturned in your search for the finest talent. We specialise in connecting the best financial planning talent to the UK’s leading firms and are proud to offer a holistic, end-to-end approach to recruitment - so you can count on us to take the stress out of your recruitment. So whether you’re looking for financial advisers, paraplanners, mortgage advisers or administrative support, we can help you find the right person for the job, every time.

ABOUT RECRUIT UK

·· Bespoke financial services recruitment agency offering a holistic approach to recruitment ·· Specialising in financial advice, paraplanning, compliance, , administration and PA, management, mortgages and protection and ·· Regional specialists with expert knowledge across the UK ·· Using a proven combination of digital and traditional recruitment

CONTACT US

Whatever your needs, our expert team will be more than happy to help. Contact us today on 0117 945 0450 to find out more about our services.