Financial Advisers/Planners

Financial Advisers / Planners

Headline stats

79% male, 21% female
69% Independent, 31% restricted
96% full time, 4% part-time
92% employed and 8% self-employed
85% directly authorised and 10% members of a Network (with 5% other or N/A)
36% qualified to Level 4
55% Chartered and 8% expecting to be Chartered this year

Organisation size

Respondents came from a very broad range of organisations as the chart below shows with 32% in firms with headcounts up to 20 and 23% in firms with more than 500 employees.

Organisation Size	Financial Adviser/Planner
1 - 4	8%
5 - 10	12%
11 - 20	12%
21 - 50	18%
51 - 100	10%
101 - 250	8%
251 - 500	9%
501 - 1000	9%
More than 1000	14%

Total earnings for self-employed advisers

Despite a fall of 4.5% over the previous year these figures are particularly high. Comparisons with employed advisers need to take account of the value of benefits and the risks involved in operating without a base salary – nevertheless these results show the rewards from self-employment.

Self-Employed Earnings	Financial Adviser/Planner
2023 Average	£157,969
2022 Average	£165,435
% Increase	-4.5%

Headline salary, bonus & earnings for advisers

Over the past year, salaries for advisers have experienced a healthy increase of 9.38%, partly driven by inflation during this period. We present the overall averages for employed advisers, followed by a distribution to offer a more comprehensive view of the earnings patterns among advisers.

Average Salary	Financial Adviser/Planner
Current Salary	£78,769
Previous Salary	£72,017
% Increase	9.4%

Salary Distribution	Financial Adviser/Planner
£10,000 - £20,000	2%
£20,000 - £40,000	4%
£40,000 - £60,000	24%
£60,000 - £80,000	28%
£80,000 - £100,000	15%
£100,000+	27%

Bonus for advisers

After last year’s major increase in bonus levels this year show a more modest increase of 5.5%.

Average Bonus	Financial Adviser/Planner
Recent Bonus	£23,848
Previous Bonus	£22,606
% Increase	5.5%

Bonus distribution for advisers

Bonus	Financial Adviser/Planner
<£10,000	37%
£10,000 - £20,000	21%
£20,000 - £40,000	30%
£40,000 - £60,000	6%
£60,000 - £80,000	2%
£80,000 - £100,000	1%
£100,000+	3%

Total earnings for advisers

For the first time breaching the £100,000 level.

Employed Earnings	Financial Adviser/Planner
Current	£102,617
Previous	£94,623
% Increase	8.4%

Earnings distribution for advisers

Employed Earnings	Financial Adviser/Planner
<£20,000	1%
£20,000 - £40,000	3%
£40,000 - £60,000	14%
£60,000 - £80,000	23%
£80,000 - £100,000	19%
£100,000 - £120,000	15%
£120,000+	25%

What factors determine adviser earnings?

In this section we looked at a number of factors:-

Type of authorisation / network membership

Type of firm: restricted or independent

Impact of qualifications on earnings

We can see below that Chartered status has a material impact on earnings with a premium of 32%.

Earnings - Quals	Financial Adviser/Planner
QCF Level 4	£86,757
Chartered (or equivalent)	£114,174

Impact of gender on earnings

The Census reveals a significant shift: the adviser gender pay gap has closed, with female advisers now slightly out-earning males, despite women comprising only 21% of the sector. This progress is encouraging for female participation in the profession. Detailed analysis shows males receiving 8% higher salaries, but females achieving 29% higher bonuses, reflecting their substantial revenue generation. However, addressing salary disparities remains crucial.

Financial Adviser/Planner	Salary	Bonus	Earnings
Male	£80,152	£22,455	£102,607
Female	£74,131	£29,082	£103,213

Adviser Age Range

The average age of an adviser is 44, and for several years now this figure has been fairly constant. Greater consolidation in the sector has been balanced by higher recruitment from the larger firms often associated with academy schemes. It would be good to see greater numbers in the under 30 category.

Age	Financial Adviser/Planner
20 - 30	10%
30 - 40	25%
40 - 50	35%
50 - 60	23%
60 - 70	7%

Impact of age on earnings

The data reveals peak earnings for advisers aged between 40 and 60, with a noticeable decline for those in the 60 to 70 age group. Interestingly, earnings within the youngest age band (20 to 30) are approximately double the national average across all occupations. This significant disparity underscores the potential benefits of attracting more young professionals into the field.

Earnings - Age	Financial Adviser/Planner
20 - 30	£66,641
30 - 40	£85,124
40 - 50	£113,551
50 - 60	£123,505
60 - 70	£108,724

Impact of location on earnings

The North West tops the table with the North East and Northern Ireland at the lower end. We should also note a strong showing from Wales.

Earnings - Location	Financial Adviser/Planner
North East	£74,850
North West	£129,763
Yorkshire & The Humber	£101,688
Midlands	£84,675
East of England	£95,942
London	£105,540
South East	£103,906
South West	£97,044
Wales*	£107,464
Scotland	£97,789
Northern Ireland*	£64,853

*small sample size

Impact of organisation size on earnings

The chart below shows a clear advantage for adviser earnings in firms with over 500 employees but below that there is no consistently clear sliding scale.

Earnings - Organisation Size	Financial Adviser/Planner
1 - 4	£75,262
5 - 10	£73,095
11 - 20	£93,447
21 - 50	£112,721
51 - 100	£82,344
101 - 250	£96,959
251 - 500	£96,256
501 - 1000	£116,782
More than 1000	£131,738

Impact of authorisation route

Advisers who are directly authorised earn over 43% more than advisers who operate within a network which represents a material advantage even taking account of extra costs associated with DA status. That’s not to imply that a network member who switches to DA could expect a major increase in earnings – or vice versa.

Earnings - Member of a Network	Financial Adviser/Planner
Network	£73,539
Directly Authorised	£104,869

Do independent advisers earn more than restricted advisers?

In fact, restricted advisers have a 39% advantage over independents. We have seen similar figures before in previous Census results. Clearly this does not indicate that clients react better to a restricted proposition. To investigate further we looked at size of organisation.

Earnings - Independent / Restricted + Chartered	Financial Adviser/Planner
Restricted	£136,561
Independent	£97,916

Independent v Restricted by size of organisation

The chart illustrates a clear trend: larger advisory firms are predominantly restricted. Advisers within these larger entities typically report higher earnings compared to those in smaller, independent firms. This suggests that being part of a restricted firm, contrary to potential assumptions, does not impede an adviser’s earning potential. Instead, the additional support and resources provided by larger firms appear to bolster earnings. This observation is consistent with our analysis from last year, reaffirming the same conclusions.