Everyone knows these have been tough times, and financial planners have had their share of misery. The good news, according to two industry compensation and staffing studies, is that although earnings were down in 2008, and may well be down in 2009, advisory firms still plan to hire—and soon.

According to the Financial Planning Association, which surveyed more than 1,500 planners this past spring for its first salary survey, financial planners drew average compensation of $109,771 in 2008. Solo practitioners, who represent a significant portion of the industry, garnered average annual compensation of $115,266. Senior financial planners earned an average of $114,206 in salary, bonuses and incentive pay at firms with less than $200,000 in annual revenues; $171,292 (at $200-$499k firms); $219,199 ($500-$999k); $186,041 ($1m to $2.9m); and $153,992 ($3m or more). The FPA did not have comparative data from the previous year.

But cuts are ongoing, according to the 2009 Moss Adams/Investment News Adviser Compensation and Staffing Study, also conducted last spring. In 2008, 41% of firms cut principals' earnings and 16% cut employee salaries, the study notes. Lead advisors who drew 50% or more of their compensation from base pay earned a median of $150,000 in 2008, while those who drew more than 50% of their compensation from incentives made $257,500. In 2009, study participants reported that they expected to cut lead advisor base salaries by an average of $20,000.

The trend of pay cuts might be slowing. While 16% of firms cut compensation in 2008, 13% planned to do so this year; 25% cut bonuses in 2008, and 21% planned cuts in 2009. And while 41% of firms cut owners' salaries last year, just 25% planned to make such reductions in 2009, according to the Moss Adams study.

Yet another way planning firms are bucking national trends: They intend to keep hiring, the FPA study reveals. Nearly a third of financial planning firms (29.3%) said they planned to hire additional staff in the next 12 months. Only one in 20 (5.6%) firms planned to eliminate positions in the next 12 months.