How Much Do Financial Advisors Make on Average (Salary)

How much do financial advisors make? A financial advisor can assist you in developing long-term plans for reducing financial risk and increasing wealth. They can help you create a strategy for achieving your financial objectives.

financial advisor salary

There is no such thing as a one-size-fits-all financial counselor. They get a variety of degrees and certificates. They come from various backgrounds and provide a variety of services. As a result, they can do a lot more than just explain language and guide you through mutual fund selection.

financial advisors, simply put, assist you with all aspects of financial planning. That means they can assist you with everything from retirement planning to inheritance administration.

What is a financial advisor?

financial advisors help their customers build investment portfolios. They consider a variety of factors, including economic developments, regulatory changes, and their client's degree of comfort with hazardous actions.

Making customers feel at ease is an important element of a financial advisor's work. Clients must be able to trust them and they must be able to react to their inquiries and concerns effectively.

What does a financial advisor do?

financial advisors analyze their customers' financial requirements and offer them expert short- and long-term investing advice. Budgets, savings, stocks, bonds, school expenditures, retirement funds, tax guidance, and insurance are just a few of the areas where financial advisors can assist their customers.

Typically, personal financial counselors perform the following:

  • Meet with customers face to face to discuss their financial objectives.
  • Describe the many sorts of financial services they offer.
  • Clients should be educated and their queries regarding investing alternatives and dangers should be answered.
  • Recommend investments to customers or make financial decisions on their behalf Assist clients in planning for certain events, such as college costs or retirement.
  • Monitor customers' accounts to see if any adjustments are required to enhance account performance or to accommodate life events such as marriage or the birth of a child.
  • Investigate investment possibilities.

Although most financial advisors provide guidance on a variety of issues, others specialize in certain areas such as retirement or risk management (evaluating how willing the investor is to take chances, and adjusting investments accordingly).

They, as well as the customer, receive frequent information on the assets once they have invested cash for them. They keep track of their clients' investments and meet with them at least once a year to keep them informed about new opportunities. They can make changes to the financial plan throughout this time owing to changes in the client's circumstances or changes in investment possibilities.

Stocks, bonds, annuities, and insurance

Many financial advisors have the ability to buy and sell financial goods directly, including stocks, bonds, annuities, and insurance. Advisors can have authorization from their clients to make choices regarding buying and selling stocks and bonds, depending on the agreement they have with them.

Private bankers and wealth managers

Private bankers, sometimes known as wealth managers, are personal financial consultants who deal with high-net-worth individuals. These clientele are akin to institutional investors (often corporations or organizations), and they take a different approach to investing than the general public.

Private bankers use the bank's resources, such as teams of financial analysts, accountants, and other experts, to manage a portfolio of investments for these customers.

How much do financial advisors make? (average salary)

The bulk of financial advisor salaries presently vary between $45,000 (25th percentile) and $81,000 (75th percentile), with top earners (90th percentile) earning $100,000 per year in the United States. The typical salary for a financial advisor ranges widely (up to $36,000), implying that there can be several chances for development and higher income dependent on skill level, region, and years of experience.

According to United States Bureau of Labor Statistics (BLS), the states where financial advisors earn the highest average salaries are:

  • New York: $166,790
  • District of Columbia: $150,310
  • Illinois: $142,440
  • Connecticut: $137,440
  • Massachusetts: $137,050

States where financial advisors earn the lowest average salaries are:

  • Hawaii: $82,890
  • Tennessee: $84,420
  • North Dakota: $85,670
  • Iowa: $86,480
  • Oklahoma: $87,130

Average financial advisor salary by state

How much do financial advisors earn based on their geography? Here's how much financial advisors make by state:

  • Alaska: $62,280 per year.
  • Alabama: $79,293 per year.
  • Arkansas: $60,480 per year.
  • Arizona: $70,096 per year.
  • California: $96,490 per year.
  • Colorado: $85,120 per year.
  • Connecticut: $98,000 per year.
  • District of Columbia: $136,660 per year.
  • Delaware: $101,920 per year.
  • Florida: $90,460 per year.
  • Georgia: $96,980 per year.
  • Hawaii: $81,655 per year.
  • Iowa: $103,033 per year.
  • Idaho: $70,670 per year.
  • Illinois: $126,640 per year.
  • Indiana: $108,576 per year.
  • Kansas: $90,606 per year.
  • Kentucky: $84,103 per year.
  • Louisiana: $67,750 per year.
  • Massachusetts: $82,060 per year.
  • Maryland: $81,360 per year.
  • Maine: $101,550 per year.
  • Michigan: $73,050 per year.
  • Minnesota: $79,010 per year.
  • Missouri: $63,000 per year.
  • Mississippi: $72,320 per year.
  • Montana: $73,240 per year.
  • North Carolina: $97,960 per year.
  • North Dakota: $70,500 per year.
  • Nebraska: $68,290 per year.
  • New Hampshire: $65,030 per year.
  • New Jersey: $107,250 per year.
  • New Mexico: $91,050 per year.
  • Nevada: $76,550 per year.
  • New York: $136,830 per year.
  • Ohio: $74,390 per year.
  • Oklahoma: $54,530 per year.
  • Oregon: $78,920 per year.
  • Pennsylvania: $90,928 per year.
  • Puerto Rico: $47,060 per year.
  • Rhode Island: $83,670 per year.
  • South Carolina: $60,070 per year.
  • South Dakota: $68,830 per year.
  • Tennessee: $63,490 per year.
  • Texas: $88,220 per year.
  • Utah: $69,740 per year.
  • Virginia: $83,220 per year.
  • Vermont: $68,340 per year.
  • Washington: $99,960 per year.
  • Wisconsin: $88,590 per year.
  • West Virginia: $61,900 per year.
  • Wyoming: $80,630 per year.

Many of the states with the highest financial advisor salaries have big cities in them or are near to them.

Per week

The national average weekly wages are $1,355.

Per month

The national average monthly earnings is $5,873.

Per hour

The national average hourly income is $34.

By seniority

Top-level financial advisor earnings begin at:

$79.60 per hour, $165,568 per year.

Senior-level financial advisor earnings begin at:

$56.72 per hour, $117,968 per year.

Mid-level financial advisor earnings begin at:

$38.92 per hour, $80,947 per year.

Junior-level financial advisor earnings begin at:

$26.70 per hour, $55,544 per year.

Entry-level financial advisor earnings begin at:

$19.03 per hour, $39,575 per year.

Job outlook for financial advisors

According to the Bureau of Labor Statistics, the financial advisor profession is expected to increase at a pace of 15% from 2016 to 2024, which is substantially greater than the average job outlook (7%).

financial advisor employment is expected to rise 15% over the next ten years, from 2016 to 2026. Personal financial advisors employment will rise to 312,300 by 2026, up from 271,900 in 2016.

Advantages of being a financial advisor:

Benefits of becoming a financial advisor:

Meaningful financial advice

While providing meaningful advice is not always the reason financial advisors pursue a career in the field, it is frequently the most gratifying element of the work. Consumers are frequently overwhelmed and perplexed about whether investments or insurance products are best for them. The most important job of a financial advisor is to educate customers so that appropriate decisions can be made. A client's financial success frequently correlates to the client's financial advisor's success.

Unlimited income potential

The income potential of most financial advisors is limitless. Fee-based, commission-based, or a combination of both financial advisors exist. This means that your earnings are determined by the quantity of new business or recurring revenue you generate each year. While compensation arrangements vary, advisers can make as much or as little as they like.


When starting a new profession, finding a balance between work and personal life can be difficult, and financial advisors are no exception. However, after an adviser has built up a customer base, the job allows for more flexibility in working hours. Experienced advisers have the benefit of organizing client appointments around their personal schedules, allowing them to work less than a full 40-hour week over time.


financial advisors have the freedom to be inventive when it comes to attracting new clients. Some cater primarily to Millennials, while others focus on the Baby Boomer group. Another generation to serve is Generation X. Advisors can also choose to focus on a certain sort of client, such as physicians, attorneys, or business owners.

They can also offer a wide range of goods and services to clients, such as financial planning, investment management, life and disability insurance, and retirement plans, while maintaining complete control over their businesses.

Workplace of a financial advisor

financial advisors are usually employed in offices, either as part of a bank or as part of an investment company. Self-employed financial advisors account for around a quarter of all financial advisors. The majority of advisers work full-time, with some overtime required on occasion.

financial advisors devote a significant amount of work to promoting their services. They meet new clients by providing seminars or networking with other businesses and individuals.

financial advisor salary

Common questions

Questions from financial advisor job seekers:

How long does it take to become a financial advisor?

Although there is no one-size-fits-all path to become a financial advisor, most professionals hold a bachelor's degree in finance, economics, accounting, business, or mathematics. financial advisors who do not want to pursue certification can begin looking for job as soon as they finish their bachelor's degree.

To become a Certified Financial Planner, you'll need at least seven years of education (including four years for a bachelor's degree). Major corporations or high-end clientele can demand that their financial advisors complete a master's degree program (another two years).

What is a CFP or Certified Financial Planner?

Certified Financial Planners, or CFPs, are a type of financial planner. The Certified Financial Planner Board of Standards (CFP) requires CFPs to complete courses and subsequently take the CFP test. Tax, retirement, and education planning are among the subjects covered in the program, which needs a bachelor's degree.

What products do financial advisors work with?

Commodities, securities, and other financial investment activities employ a large number of financial advisors. Many financial advisors work in the sectors of credit counseling and insurance. Some financial counselors work for themselves.

Do financial advisors earn commission?

Yes. However, it is uncommon for a financial advisor's salary to be based only on commissions. A salary is paid to certain financial counselors. An advisor who works for a bank or another financial institution is more likely to do so.

How do financial advisors get paid?

  • Fee-based: Many financial advisors generate money by charging their customers a fee, which might be a percentage of their assets under management, an hourly cost, or a fixed fee. A typical adviser charge ranges from 1% to 2% of the client's assets under management. In other words, if a financial advisor manages $100,000 for a customer for a 1% charge, the yearly cost for that client is $1,000.
  • Commission-based: A financial advisor who is paid on a commission basis makes money by suggesting items to his or her customers. Rather of profiting from their clients, these advisors profit from the companies whose goods they promote.
  • Hybrid: A combination of fees and commissions is another frequent approach for financial advisors to generate money. This sort of adviser charges a fee, which can be based on a proportion of assets under management, but they can also be compensated for goods they propose.
  • Salary: Some financial advisors can be paid a salary by their employers, depending on their position. Some advisers are compensated fully in salary, while others have a base wage and rely on commissions to supplement their income. Edward Jones, for example, gives its advisers a salary for the first four years, then gradually reduces it as they anticipate to make more in commission each year.

How do financial advisor salaries compare to other careers?

Here's how financial advisor salaries stack up against other careers:

  • Bank branch manager: $139,000 per year.
  • Financial manager: $139,000 per year.
  • Personal financial advisor: $51,240 per year.

financial advisor salary

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