Survey shows highs and lows of non-alignment
A new survey suggests financial planners at non-aligned planning practices earn more than their aligned peers.
A survey by financial press Money Management drew data from over 450 planners and employees.
It dispelled the notion that managing the wealth of others is a highly profitable career.
Over half the respondents reported annual incomes under $110,000.
The survey had a near 50:50 split in the aligned/non-aligned planner respondents, and found that non-aligned planners often earned in excess of $190,000.
Twice as many non-aligned planners reported an income exceeding $500,000 a year than their peers at aligned groups.
While a greater proportion of non-aligned planners at the high end of the income spectrum reported earning more than aligned planners, non-aligned planners also took up a larger percentage of planners earning less than $70,000 a year, at 14 per cent, compared with 12 per cent for aligned planners.
In response to questions about how much planners should be paid, the majority felt they deserved more.
Twenty-one per cent of those working for non-aligned firms said their salary should be more than $190,000 a year, compared to 18 per cent of their non-aligned peers.