Financial advisor earnings by seniority

Approximate values based on highest and lowest earning segments.

Financial advisor salary by state

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

How much does a Financial Advisor earn?

“In the wake of the recession, people are looking for guidance on how to build financial security after depleting short-term savings, tapping into retirement funds and losing home equity,’’ says Jennifer Grasz of Careerbuilder.com. “We see more demand for financial advisors.”

Salaries for financial advisors vary with experience. The trainee stage for most financial advisers lasts up to three years, as they establish a set of regular clients and start earning commissions. Eventually, brokerage firms tend to stop paying advisers a base salary. An entry-level financial advisor earns 17% below average, a mid-career financial advisor earns 27% above average, and a late-career financial advisor earns 105% above average.

In addition to salaries, financial advisors also receive compensation in the form of bonuses, profit sharing and commissions. According to Payscale.com, the average annual bonus received by a financial advisor ranges from $0 to $29,936. The average annual profit sharing compensation ranges from $1,163 to $15,115. The average annual commission compensation ranges from $3,912 to $186,292.

Financial advisors that have customer relationship management skills earn 2% above average, and those with financial analysis skills earn 3% above average. Financial advisors with sales skills earn 9% above average, those with investment planning skills earn 22% above average, those with investment management skills earn 38% above average, and advisors with portfolio management skills earn 56% above average.

How do financial advisor salaries compare to similar careers?

Financial advisors earn 7% less than similar careers in the United States. On average, they make less than financial managers but more than controllers.

Career Median Salary
Financial manager salary $117K
Fundraising manager salary $115K
Actuary salary $103K
Investment fund manager salary $107K
Management consultant salary $87K
Financial advisor salary $83K
Stock trader salary $64K
Operations research analyst salary $83K
Statistician salary $88K
Controller salary $71K

Source: CareerExplorer (Aggregated)