Financial Advisor Salary Guide and Career Prospects

Financial advisors receive their salary on a monthly basis. According to the statistics, the average Financial Advisor salary is $55,827 per year. Also, they usually get an additional commission from clients.

The financial advisor salary varies depending on the industry, location, and most importantly on experience. Below, we will take a look at the main factors influencing financial advisor salaries, working schedule, and career prospects.

How Much Does a Financial Advisor Make per Year by Country?

Financial Advisor Salary US Canada UK Australia New Zealand India South Africa
Hourly Pay $17.00 C$18.00 E7.00 AU$34.47* NZ$31.48* Rs 157.65* R147.00
Annual Pay $57,391 C$47,826 E35,837 AU$66,200 NZ$60,243 Rs 302,696 R145,343

*These figures are estimated based on the other pay information given. This assumes a 40 hour work week.

make a financial advisor salary

Financial Advisor Salary Influencing Factors

Based on the location and industry, your financial advisor salary can vary. Also, the more experience you have, the higher your income will be.

1. Location

Based on location, financial advisors have the highest wages in San Francisco and New York as the average salary ranges around $83,000 and $96,000. Also, if you live in Boston or Chicago, the median financial advisor salary is $78,000 compared to Minneapolis, Seattle, and Los Angeles where the average annual wage is $73,000.

However, the lowest salaries are in Phoenix and San Diego where financial advisors earn between $52,000 and $57,000 per year.

How Much Does a Financial Advisor Make in the US?

The financial advisor salary in the United States ranges between $31,253 to $123,666 per year. In addition, they have the possibility of a bonus between $1,381 to $36,882. Their hourly pay goes between $11.24 to $30.43, and the opportunity of a $3.33 tip. Even more, their overtime pay goes between $16.34 to $39.50.

How Much Does a Financial Advisor Make in Canada?

In Canada, the annual pay ranges between C$35,652 to C$64,308 with a bonus of C$1,286 to C$10,317. However, their hourly rate goes between C$11.92 to C$27.33, with the possibility of overtime of C$30.00.

How Much Does a Financial Advisor Make in the UK?

The financial advisor salary in the United Kingdom can range between E18,259 to E56,229 per year. However, they also get the possibility of a good bonus. That goes between E486.76 to E19,988 per year. Hourly, though, they have the fixed rate of E7.13 with an overtime pay of E10.00.

How Much Does a Financial Advisor Make in Australia?

In Australia, the financial advisor makes between AU$41,622 to AU$90,672 per year. Also, they have the potential for a bonus between AU$1,957 to AU$20,273. With bonuses and overtime pay, though, their full pay can go between AU$44,458 and AU$102,097.

How Much Does a Financial Advisor Make in New Zealand?

The annual salary for a financial advisor in New Zealand ranges between NZ$52,143 to NZ$95,000. In addition, they have bonuses of NZ$18,500. With bonuses and overtime, their total pay goes between NZ$50,893 to NZ$128,624.

How Much Does a Financial Advisor Make in India?

The financial advisor salary in India ranges between Rs 176,125 to Rs 863,449 with a bonus between Rs 4,989 to Rs 197,265. Adding bonuses and potential overtime pay, their full salary goes between Rs 177,154 to Rs 1,015,355.

How Much Does a Financial Advisor Make in South Africa?

Financial advisors in South Africa make between R70,098 to R362,360 per year, with a bonus of R511 to R59,964. Their hourly rate is a stable R147.37 with overtime pay of R53.98.

2. Experience

In terms of experience, the financial advisor starting salary is around $51,000. Plus, if you have 5 to 10 years of experience, your salary can easily go up to $77,000. Furthermore, financial advisors with an experience of 10 to 20 years have an annual pay of over $144,000.

3. Industry

Financial advisors usually work at financial institutions, mostly insurance companies, and banks such as the Bank of the West. Plus, they can also work in an educational institution such as Palm Beach State College.

Regardless of the industry area, the average salary of a financial advisor is generous. Better still, insurance companies offer the highest salaries depending on experience.

  • Waddell & Reed Financial Inc is one of the most notorious companies because it offers financial advisor salaries between $62,000 and $263,000 per year.
  • AXA Advisors LLC and Edward Jones Investments are other important companies that offer wages ranging between $48,000 and $187,000.
  • Merrill Lynch & Co Inc and Wells Fargo Advisors Financial Network are medium-sized companies where financial advisors earn between $46,000 and $128,000 per year.
  • The Northwestern MutualLife Insurance Company offers some of the lowest financial advisor salaries ranging between $30,000 and $92,000.

Financial Advisor Salary by State

Below, we have prepared a table highlighting the average financial advisor salary per year across the United States:

Arizona $65,000
Arkansas $81,000
California $85,000
Colorado $70,000
Connecticut $91,000
Delaware $70,000
District of Columbia $80,000
Florida $74,000
Georgia $91,000
Hawaii $49,000
Idaho $52,000
Illinois $90,000
Indiana $76,000
Iowa $78,000
Kansas $73,000
Kentucky $69,000
Louisiana $71,000
Maine $70,000
Maryland $82,000
Massachusetts $95,000
Michigan $80,000
Minnesota $69,000
Mississippi $83,000
Missouri $78,000
Montana $66,000
Nebraska $58,000
Nevada $60,000
New Hampshire $78,000
New Jersey $86,000
New Mexico $69,000
New York $96,000
North Carolina $76,000
North Dakota $70,000
Ohio $76,000
Oklahoma $73,000
Oregon $77,000
Pennsylvania $77,000
Puerto Rico $77,000
Rhode Island $72,000
South Carolina $78,000
South Dakota $60,000
Tennessee $74,000
Texas $77,000
Utah $62,000
Vermont $70,000
Virginia $80,000
Washington $82,000
West Virginia $75,000
Wisconsin $71,000
Wyoming $66,000
US Average $56,000

Schedule & Working Hours

As a financial advisor, you can work either in an office on a regular schedule or from home. Also, this job has a certain degree of flexibility because sometimes you have to arrange weekend or evening meetings with clients. Furthermore, this position offers other additional options such as career breaks and self-employment. Successful financial advisors usually start their own businesses to increase their incomes and to benefit from a more flexible schedule.

Bonuses & Benefits

The typical benefits for a financial advisor include health and life insurance. In addition, you may receive a 401(k) along with nine paid vacations and sick days. More importantly, they receive educational assistance for those who wish to further their expertise.

Career Outlook

According to the Labor Department statistics, this job is one of the fastest-growing occupations, and it will continue to increase over the next ten years. More precisely, a 30 percent growth rate is expected by 2024. In other words, it means that over the next decade there will be around 73,000 new financial advisor positions added to the 249,000 current jobs.

Financial advisors have many career perspectives as they can promote to other important positions such as Financial Consultant, Senior Financial Analyst, Financial Planner, and even Finance Manager or Director. Plus, you can study for other qualifications such as the Advanced Certificate in Mortgage Advice and Practice to benefit from a wider variety of career options.

Conclusion

Given the above, this job is a secure career choice, and it comes with other important benefits along with experience. Plus, the financial advisor salary is quite generous, so working in this industry is highly rewarding regardless of the location. Like the account manager, the job implies a lot of responsibility regarding people’s finances. Thus, it’s a highly impacting occupation.

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