30th October 2023

Paul Harper Search - 2023 Financial Planning: Fascinating Facts & Figures

Our annual Fascinating Facts and Figures report offers invaluable insights to Financial Planning Business Owners and Directors about critical industry updates from the FCA and more, assisting Financial Planners in benchmarking their performance.

Our report is based on FCA data and insights from communicating with clients and candidates on a daily basis. 

The guide contains: 

• Salary Information, including average basic and total salary data
• Gender Diversity trends
• Mergers & Acquisition market information
• Financial Advice Market figures 
• Recruitment Insights 

Here is a concise overview of our findings: 

• Since RDR, 11 years ago, Financial Planner salaries have consistently trended upwards. 2023 sees a rise in basic salary to £79,591 from £74,577 in 2022, a 7% increase.
• In 2023, a significant 52% of Financial Planners received total earnings over £100,000, in contrast to 30% in 2022.
• 2023 marks a historic shift with female Financial Planners, with total earnings more than their male counterparts, averaging £109,569 in contrast to men's £102,421.
• The gender salary gap is narrowing, with females now earning an average basic of £75,750 compared to males at £79,946.
• As of 31 Dec 2022, 28,227 Financial Advisers operate within 5,062 Advice firms, marking a 1.4% rise from December 2021 figures. The dominant 1% of Adviser firms employ 49% of the market's Advisers.
• 2022 witnessed a 5% increase in revenue by intermediary firms, reaching £5.51bn. Smaller Advice firms primarily drove this surge. However, larger firms held steady revenue figures.

Profitability trends varied, with small firms recording a 6% growth in pre-tax profits, while larger counterparts experienced a steep 148% decline

To download the full salary report, please click here

Business Development