The financial advisor salary varies widely depending on the area you live in. Some financial advisors earn a high starting salary, while others are paid below average. As the financial industry grows, your income will adjust and move towards commissions. Regardless of where you live, the salary you receive is likely to be related to your level of performance and profitability.
As a financial advisor, you are required to put your clients’ needs first. The average financial advisor has 100 to 150 clients. This means that you will work for about 1400 hours per year, or around 29 hours a week. You will also have operational and administrative responsibilities and may need to train employees.
The median financial advisor salary is $89,000 per year, but you can earn much more than that. The highest paid financial advisors can earn over $200,000. While not everyone needs a financial advisor, the job is very rewarding and lucrative. The median annual salary for a personal financial advisor was $87,850 in May 2019, while the median salary for a financial advisor employed by an insurance carrier or securities company was $71,280 in May 2019.
The salary for a financial advisor can vary significantly by location. Financial advisors work in all types of institutions, including wealth management firms, retirement planning organizations, and law firms. However, salaries are usually higher at Fortune 500 firms than in smaller boutique firms.