A skill shortage within the Financial Planning market has provided an opportunity for candidates to command bigger pay packages.

According to specialist recruitment firm Recruit UK, 75% of Financial Planning employers are expecting to pay higher salaries in 2021.

In a special report for the latest issue of Financial Planning Today Magazine, Sam Oakes, co-founder of the recruitment firm Recruit UK, said there was an increasing focus on keeping key employees in place as finding new staff was challenging.

Research by Recruit UK suggested that, despite the pandemic, job prospects for Financial Planning professionals were improving with strong demand for skilled and well qualified people.

According to Recruit UK data, average salaries for Financial Planners are now £70,000 per annum (with a range from £40,000 to £120,000) while salaries for Paraplanners range from £25,000 to £62,000 with an average of £45,000 per annum. A head of Paraplanning can expect an average salary of £75,000 per annum.

Mr Oakes writes, however, that while money is the motivator for many, Financial Planning firms with training opportunities and a framework for career progression were getting the most attention from candidates.

The Coronavirus pandemic has led to a shift in perceptions of what is required to fulfil the role of a Paraplanner or Financial Planner with working remotely now far more acceptable, according to Mr Oakes.

He added that as a result, firms were now looking beyond their doorsteps and candidates from further afield were being considered for roles when most firms would previously have given them less priority.

Special Preview: Read the full article in the latest edition of Financial Planning Today Magazine and watch out for our special subscription offer in the magazine to make sure you get every issue.

• To subscribe to Financial Planning Today magazine simply register for our website and choose the subscription package that suits you. The magazine contains exclusive, professional articles and features for Financial Planners and Paraplanners and subscriptions include free access to our valuable 5 Year Magazine Library.