Salary
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
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.
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.
Thanks guys - really appreciated.
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?
benjaminfabi you are a sage!
I will (most probably) take your advice.
Thanks very much
I wholeheartedly agree with Benjamin and he has put it perfectly. You are qualified to Dip Level but that doesn't make you a 'Qualified Paraplanner' as others have put it. £28.5K for a trainee paraplanner seems reasonable to me and this is already a £2.5K payrise within the first 12 months, with another decent increase all within less than 2 years. If you do remain within paraplanning, you could always negotiate again when you feel you are fully up to speed within the firm and put a case forward.
£35K for a Dip Level trainee paraplanner with less than 2 years experience in my opinion is certainly not underpaid (bar perhaps London central).
As Benjamin mentions as well, you can't put a price on some of the other aspects, like no commute/good working environment etc.
Just be open in your discussions/present evidence etc when negotiating.
Sometimes the grass isn't always greener....good luck!
We’ve had training paraplanners leave us because of dangling carrots and a few months later ask to come back because the place they went to was not a great environment and promises of exam support or just any support didn’t materialise.
It’s far better to discuss openly with your current employer you concerns over salary. But I think your salary is absolutely right for your time in the business.
A good Paraplanner has years of experience under the belt - not loads of exams. I’ve had very qualified paraplanners in the past with no idea how to put a good SR together.
Id employ time doing the job over being chartered any day.
Michelle x
Thanks for this, everyone
Forgive me for being indulgent but this is quite cathartic so I'll keep it going.
Just a couple of points.
I'm thinking about taking this job because of:
a) the salary
b) it has a 10% non contributory pension too (after 6 months probation)
c) I know when you start they let you buy a nice posture chair from a local shop
Just comparing to my place:
a) salary may be acceptable but I know we have a record turnover atm - surely my pay should reflect this is a time of record inflation?
b) we had to fight to get a 1% pension increase to 4%
c) I have dodgy hips from too much football and they didn't even offer to buy me a standing desk - I used paper boxes to make my own!
I do like my company and their lack of pension and chair might be a reflection of their size (they are very small - 2 advisers) but does the nice pension/chair offer should that my new workplace is actually quite supportive?!
If I'm paraplanning for a while, might as well get paid as much as I can...
Also, just to add, I was a primary school teacher for 7 years so I do have a fair amount of experience that I feel adds to my role in any organisation - I've been around the block a bit! (modesty alert)
Such a bind.
Thanks again
Sounds like your firm might not be as open or flexible as you would like, even with the benefits of a closer commute etc. New firm sounds like a nice place to work too. Agree the pension is a little low in today's climate...our firm offers 8% non contributory, plus other benefits etc.
My comments still stand regarding pay scale for your experience as a paraplanner but if someone is willing to pay you a lot more, with better benefits and if you feel the firm is also a nice place to work then it sounds like you have already made your mind up (which I certainly wouldn't blame you). I assume they new firm is aware of the experience you have...£45K is very generous given the amount of time you have been a paraplanner.
If you do make your mind up to leave, you could even say to them that you are considering accepting a new role for xyz reasons....if they really value you they will surely do everything to keep you.
In relation to c)....as Shakira said, your hips don't lie
Let us know what you decide though and how it goes. Good luck in whatever decision you make.