Financial Planner Salary: Which Pay Floor Applies in Australia?

Financial Planner Salary: Understanding the Pay Floor

When researching a financial planner salary in Australia, the first question is which pay floor applies. The answer depends on whether the financial planner is covered by a modern award or is award-free. The Fair Work Ombudsman explains that award coverage for financial planners and financial advisers depends on the industry of their employer and the specific duties and qualifications of the employee.

Award Coverage for Financial Planners

The Banking, Finance and Insurance Award 2020 (MA000019) covers employers in the banking, finance and insurance industry. If a financial planner works for a bank, credit union, building society, or similar institution, they are likely covered by this award. The award sets minimum rates for classifications from Level 1 to Level 6. For example, a financial planner with relevant qualifications and duties may be classified at Level 5 or Level 6, with minimum hourly rates of $33.99 and $38.07 respectively as of 1 July 2026. These rates are the legal minimum for ordinary hours, and superannuation guarantee of 12% is paid on top.

If the employer is not in the banking, finance or insurance industry, the financial planner may not be covered by that award. For instance, a financial planner working for a standalone financial planning business may not be covered by any industry award. The Fair Work Ombudsman notes that such employees may be covered by the Clerks Award if their role is mainly clerical, or by the Miscellaneous Award if not a professional employee. However, degree-qualified financial planners are typically not covered by the Miscellaneous Award because they are professional employees. Therefore, they may be award-free.

Award-Free Financial Planners

For award-free financial planners, the legal minimum is the national minimum wage set by the Fair Work Commission. The current national minimum from 1 July 2026 is $26.44 per hour, $1,004.90 per week for full-time employees. Casual employees receive a 25% loading, making $33.05 per hour. This is the absolute floor for award-free employees. However, many financial planners will be paid above this rate if they are covered by an award or enterprise agreement that sets a higher rate.

Comparing the Financial Planner Salary

While the award rates provide a floor, actual financial planner salaries can be higher. The Australian Bureau of Statistics reports that full-time adult ordinary-time earnings average $2,083.70 per week as of May 2026, but this is across all occupations. A financial planner's salary may be negotiated based on experience, qualifications, and employer. The award rates are the minimum; a financial planner may earn significantly more.

Superannuation

When discussing a financial planner salary, remember that superannuation is an employer payment on top. The super guarantee is 12% of ordinary time earnings. For example, if a financial planner earns the award Level 5 rate of $33.99 per hour, the employer must also contribute $4.08 per hour to super. This is not part of the salary but is an additional benefit.

Key Takeaways

• The pay floor for a financial planner depends on award coverage.
• If covered by the Banking, Finance and Insurance Award, minimum rates range from $26.97 to $38.07 per hour.
• If award-free, the national minimum wage of $26.44 per hour applies.
• Superannuation is paid on top of these rates.
• Actual salaries may be higher than the minimum.

For more details, see Which minimum wage applies, or explore Rate tables for award rates.

Frequently Asked Questions

What is the minimum wage for a financial planner?

The minimum wage depends on award coverage. If covered by the Banking, Finance and Insurance Award, the minimum hourly rate is between $26.97 and $38.07 depending on classification. If award-free, the national minimum wage of $26.44 per hour applies.

Are financial planners covered by the Banking, Finance and Insurance Award?

Financial planners are covered if their employer operates in the banking, finance or insurance industry. For example, a financial planner employed by a bank is covered. A financial planner working for a standalone financial planning business may not be covered.

How does superannuation affect the financial planner salary?

Superannuation is an employer contribution of 12% on top of ordinary time earnings. It is not part of the salary but is an additional payment that must be made by the employer. For example, on a $33.99 per hour award rate, the employer pays an extra $4.08 per hour into super.

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