Average earnings are higher for adviser managers employed by private-equity-backed consolidators than they are for those employed by other advice firms, new research by recruitment firm Paul Harper Search has revealed.
The study found that, for individuals employed as first- or second-line adviser managers for a private equity-backed financial advice consolidator, the average basic salaries are £96,250 and £139,833, respectively.
The average total earnings are £120,833 and £213,333, while the average bonus payouts are £22,500 and £73,500.
The data, derived from headhunted professionals, covered a range of businesses including banks, large advice firms, small to medium advice firms, and private-equity-backed ‘buy and build’ consolidators.
For professionals working in financial advice firms with more than 30 advisers, the average basic salaries are £85,065.69 and £150,000 for first- and second-line roles, respectively.
The average total earnings are £106,071 and £190,000, while the average bonus payouts are £17,705 and £30,000.
In firms with fewer than 30 advisers, the average basic salaries stand at £76,600 and £133,125 for first- and second-line roles, respectively.
The average total earnings are £97,896 and £183,125, while the average bonus payouts are £20,000 and £50,000.
For those holding first- or second-line adviser management roles within banks or bancassurance companies with a wealth management or financial advice proposition, the average basic salaries are £77,571 and £140,000, respectively.
The average total earnings stand at £95,083 and £190,000 for the respective roles, while the average bonus payouts are £21,000 and £50,000.
For the purposes of the research, a first-line manager was defined as a front-line supervisor who directly manages a team of employees and oversees day-to-day operations.
A second-line manager was defined as a middle manager who oversees multiple first line managers and is responsible for coordinating and aligning their teams to achieve departmental goals and objectives.
