Financial planners from superannuation funds are overall paid higher than their retail bank colleagues but are not receiving salaries in the highest bracket, according to the results of a salary survey by Super Review's sister publication Money Management.
The survey found seven per cent of retail bank planners said they were earning $220,000 to $249,000, whereas no super fund planners had salaries in that bracket.
However, 34 per cent of super fund planners earned less than $110,000, while 74 per cent of their peers in retail banks reported salaries below that mark.
Superannuation funds were found on top at the higher end of the pay scale with 28 per cent earning over $150,000, compared with 15 per cent of retail bank planners.
The Financial Services Minister says the amendments to the SIS Act within the first QAR bill will “clarify the law to affirm the status quo”.
Superannuation funds have thrown their support behind the QAR reforms but want a “clear statement” that they will not be required to check all member SOAs.
In its latest report, the corporate regulator says the deduction of advice fees has led to instances of “inappropriate erosion of members’ balances”.
Financial advice is having a significant impact on how Australians are engaging with the more complex aspects of their superannuation, new findings have shown.
Add new comment