Financial planners from superannuation funds are overall paid higher than their retail bank colleagues but are not receiving salaries in the highest bracket, according to the results of a salary survey by Super Review's sister publication Money Management.
The survey found seven per cent of retail bank planners said they were earning $220,000 to $249,000, whereas no super fund planners had salaries in that bracket.
However, 34 per cent of super fund planners earned less than $110,000, while 74 per cent of their peers in retail banks reported salaries below that mark.
Superannuation funds were found on top at the higher end of the pay scale with 28 per cent earning over $150,000, compared with 15 per cent of retail bank planners.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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