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<\/p>\nAdvisers working in private banks top the earnings table as they have access to higher value clients.<\/p>\n
According to the most recent BWD census, private bank advisers earned \u00a3128,152 per year on average, 38 per cent more than the average adviser in a financial planning firm.<\/p>\n
This was likely down to a combination of fewer roles available and access to higher-value clients, which supports stronger revenue generation per adviser, said BWD.<\/p>\n
It also pointed to differences between the earnings of employed and self-employed advisers, as well as how quickly those earnings had grown. <\/p>\n
Employed financial advisers and planners currently earn an average of \u00a398,644, up from \u00a385,947 last year – an increase of 14.77 per cent.<\/p>\n
Self-employed adviser also saw their earnings grow, but less quickly at 4.93 per cent. <\/p>\n
However these advisers were earning 6 per cent more than their employed counterparts, at \u00a3104,515. <\/p>\n
BWD said given the additional risk of a zero-salary model and lack of benefits, the financial upside appeared relatively modest.<\/p>\n
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\u00a9 BWD Census<\/p>\n
The census found that over the past year, while salaries for advisers increased by 8.37 per cent to reach \u00a377,251, there was a bigger change in bonuses.<\/p>\n
The average bonus has increased by more than 45 per cent to \u00a321,424.<\/p>\n
When employed advisers were asked if they expected their bonus to change basis in 2026, 84 per cent said no.<\/p>\n
When respondents were asked how they expected their earnings to move over the next year, 69 per cent expect an increase, with very few expecting a drop.<\/p>\n
However, BWD pointed out most respondents completed their census forms before the current conflict in the Middle East.<\/p>\n
James Wood, director, wealth management at BWD Census, said: \u201cThis year\u2019s census reflects a robust profession in a good place. <\/p>\n
\u201cAside from a significant increase in adviser earnings, positive improvements are observed regarding the gender imbalance, and a reduction in average adviser age shows efforts to bring new talent into the industry are starting to pay dividends.\u201d<\/p>\n
Gender balance and age<\/p>\n
For employed advisers, BWD found a negative gender gap, with female advisers earning 3.4 per cent more than male advisers. <\/p>\n
BWD said 19 per cent of advisers in the census were female and that they saw scope for this percentage to increase further. <\/p>\n
But while salaries for females were outstripping those of male advisers, for bonuses male advisers did marginally better.\u00a0<\/p>\n
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\u00a9 BWD Census<\/p>\n
Elsewhere, advisers aged 50-60 had the highest level of earnings at more than \u00a3121,000.<\/p>\n
They were followed by the 40-50 bracket which earned \u00a3110,041.<\/p>\n
Younger advisers aged between 20-30 earned \u00a366,483 on average, according to the census.<\/p>\n
Advisers who are directly authorised earned more than 36 per cent more than advisers who operate within a network (\u00a374,184 vs \u00a3100,903), although being directly authorised comes with higher compliance costs.<\/p>\n
The census found one of advisers\u2019 biggest challenges was around business development, but others also pointed to artificial intelligence.<\/p>\n