Salary

petorbpetorb Member

Hello,

I am currently at a small firm (2 advisers) and have been paraplanning since July 2021 (nearly a year). Prior to this I worked in adviser support for 1.5 years.

I have DipPFS with other modules (care, equity release and 1/2 of paraplanning). I also have AF8 chartered module.

I am not yet fully independent I'd say, but pretty close.

The issue is my pay. I was on £26k, now £28.5k with £35k promise in 5 months.

However, my head has been turned because I have been offered £45k by another firm.

I don't really want to leave as it's close to my house and staff are nice but my salary has annoyed me and things like pension and flexi time are rubbish too.

Been promised adviser training in 18months but I think I can also get that at other places.

Any thoughts? Should I be annoyed with my salary? Not desperate for money (luckily) as I have a small mortgage.

Thanks

Comments

  • SA96SA96 Member
    edited May 15

    Accept the offer, it's a huge pay increase.

    I'll be honest, a level 4 qualified Paraplanner should be on at least £40,000 IMO! £45,000 is a great offer. £28,500 is a really low salary for a qualified Paraplanner.

    Don't feel guilty for leaving, companies wouldn't think twice about cutting your job if the need arose. In your career, you need to look out for yourself.

    A lot of companies think they can pay advisers fortunes and Paraplanners very little.

  • I would agree that £28k for a qualified Paraplanner is low. However, that being said, I would imagine their argument would be "exams are only one part of it and time in that role - ie. paraplanning - counts for something too". This, technically is a true statement, but I would agree with the above - never have guilt about making a decision you think is right for yourself.

  • There is no doubt that you are underpaid, even with the increase to £35K.

    The only thing i'd say is that you may want to consider if the opportunity to develop into an adviser role is a genuine one. If it is, it might be worth taking a short term 'hit', in order to progress your career further down the line.

    Having said that, you deserve a fair remuneration regardless.

  • Clare_WeightClare_Weight Member
    edited May 16

    I'm in Dorset and I don't think £35k is low for under 5 years' experience but it's been a while since I looked around and it varies so much around the country, you can search for previous threads on this subject.

    If you ultimately want to be an adviser, compare the offerings on that basis. A big paying firm may crack the whip for you to hit targets. If it takes you a while as an adviser to justify your pay, this may matter less in a firm where you have built up some credit with them. Moving firms as an adviser is a right faff so better to suss out your long term home as a paraplanner IMO. As someone who has moved firms and regretted it (mismatch of values) and eventually settled into a firm that initially paid on the low side, I would put more emphasis on your 10 year plan thinking about your work life balance, shared values with your employer etc.

    But I didn't have immediate financial pressures like family so possibly a different perspective. I also like to have quite a lot of say and fit less well into an order taking culture. Be sure to consider what you are used to / expect and really try to understand what the firm is like on the inside. Of course, others are more motivated by the money so hard to say what is right for you. Think about whether you are more motivated by intrinsic or extrinsic rewards.

    You can certainly try to renegotiate where you are, if they moan about money they should certainly be able to offer flexi time or additional holiday to compensate.

  • petorbpetorb Member

    Thanks guys - really appreciated.

  • benjaminfabibenjaminfabi Moderator

    I don't think you're underpaid.

    You've got a good qualification, but less than a year of paraplanning experience. And because paraplanning is such a broad description, no one in this thread knows what value you are adding to the business or how good you are, so the entire discussion is very difficult to start. You've been told that in five months you'll receive a significant increase to a salary that's a good benchmark for a Dip + qualified paraplanner.

    As someone who has set salary policy for paraplanners, my take is that you're still proving yourself. It sounds like you enjoy the company, they are investing in your future career (and did they also fund your exams?), location and colleagues are good. All those things have value. And you'll find out how much if you move somewhere that doesn't have them.

    Plus, as Clare says, it sounds like you don't even want to be a paraplanner long-term? In which case, why worry about paraplanning salaries for the brief period that you'll be earning them?

    Benjamin Fabi 
  • petorbpetorb Member

    benjaminfabi you are a sage!

    I will (most probably) take your advice.

    Thanks very much

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