Are financial advisors covered by an award?

It depends on the employer’s industry and the advisor’s duties. The Fair Work Ombudsman explains that a financial planner or advisor employed by a bank is usually covered by the Banking, Finance and Insurance Award. Those working for a dedicated financial planning business may not be covered by an industry award and could be award-free or covered by the Miscellaneous Award if they are not managerial or professional employees. Degree-qualified advisors are often considered professionals and may be award-free.

Do financial advisors get casual loading?

Yes, if they are casual employees and covered by the Banking, Finance and Insurance Award, the casual loading is already included in the casual hourly rates shown in the award pay guide. For award-free casual advisors, the national minimum wage casual rate of $33.05 per hour (from 1 July 2026) applies, which includes a 25% loading on the adult minimum.

Can a financial advisor earn more than the award rate?

Absolutely. Modern awards set minimum rates only. Many financial advisors negotiate higher salaries, especially if they hold advanced qualifications or work under an enterprise agreement. The ABS reported full-time adult ordinary-time earnings of $2,083.70 per week in May 2026, which is well above award levels. Always check your employment contract and any applicable agreement.

Financial advisor salary: award rates, minimum wage and what to expect

The minimum pay for a financial advisor depends on award coverage; if covered by the Banking, Finance and Insurance Award, rates start at $26.97 per hour (Level 1) as of 1 July 2026, while award-free advisors are entitled to the national minimum wage of $26.44 per hour.

Understanding the financial advisor salary floor

When researching a financial advisor salary, it is important to separate the legal minimum from what employers typically pay. The pay floor depends on whether you are covered by a modern award, an enterprise agreement, or are award-free. This guide explains the minimum rates that apply from 1 July 2026 and how they compare with broader market figures.

Legal minimum for financial advisors

For financial advisors who are award-free (not covered by any modern award or enterprise agreement), the national minimum wage applies. From the first full pay period on or after 1 July 2026, the adult national minimum wage is $26.44 per hour or $1,004.90 per week for a 38-hour week. Casual employees receive a 25% loading, bringing the casual rate to $33.05 per hour. These rates are set by the Fair Work Commission and enforced by the Fair Work Ombudsman.

Award-free advisors are also entitled to the National Employment Standards, which include maximum weekly hours, leave, and notice of termination. Junior employees (under 21) who are award-free are paid a percentage of the adult rate, ranging from 36.8% for under-16s to 97.7% for 20-year-olds.

Award coverage and rates

Many financial advisors are covered by the Banking, Finance and Insurance Award if their employer operates in banking, finance, insurance, or provides services to that industry. For example, a financial planner employed directly by a bank is likely covered by this award. The award has six classification levels based on duties and qualifications. Minimum weekly and hourly rates from 1 July 2026 are:

Level 1: $1,024.70 per week / $26.97 per hour
Level 2: $1,119.10 / $29.45
Level 3: $1,182.10 / $31.11
Level 4: $1,241.40 / $32.67
Level 5: $1,291.80 / $33.99
Level 6: $1,446.80 / $38.07

Casual rates include a 25% loading. For example, a Level 4 casual receives $40.84 per hour. Penalty rates for evening, night, Saturday, Sunday, and public holiday work also apply. The Fair Work Commission’s Modern Awards Pay Database contains the full schedule.

Advisors not covered by an industry award may fall under the Clerks Award (if their role is mainly clerical) or the Miscellaneous Award. However, the Miscellaneous Award excludes managerial employees and professionals such as degree-qualified finance specialists. In practice, many financial advisors are award-free.

Survey averages and negotiated salaries

Award rates are minimums only. According to the Australian Bureau of Statistics (ABS), in May 2026 full-time adult ordinary-time earnings averaged $2,083.70 per week across all industries. Financial advisors with experience, professional certifications, or who generate revenue for their firm often earn well above award levels. Enterprise agreements may also set higher rates. Your actual salary will depend on your employer, qualifications, and negotiation.

Superannuation on top

All minimum rates discussed are before tax and do not include superannuation. Employers must pay the super guarantee of 12% on top of ordinary time earnings. For example, an award-free advisor earning the national minimum wage of $1,004.90 per week would receive an additional $120.59 in super. This is a legal entitlement, not a bonus.

How to check your pay floor

To determine your correct minimum wage, first identify whether a modern award covers your role. The Fair Work Ombudsman’s Which minimum wage applies tool can help. If you are award-free, the national minimum wage is your floor. If covered by an award, use the Rate tables to find your classification and applicable rates. Remember that enterprise agreements can override award rates, but they cannot provide less than the award minimum overall.

Always check your pay slip and consult the Fair Work Ombudsman if you believe you are being underpaid. This site provides general guidance only and is not a substitute for professional advice.

For the published floors, see the rate tables and how the figures work.