Financial advisor earnings by seniority

Approximate values based on highest and lowest earning segments.

Financial advisor salary by state

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

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 about the same as related careers in Massachusetts. On average, they make less than bank branch managers but more than actuaries.

Career Median Salary
Bank branch manager salary $130K
Financial manager salary $130K
Fundraising manager salary $114K
Investment fund manager salary $120K
Financial advisor salary $82K
Business analyst salary $110K
Securities and commodities broker salary $73K
Stock trader salary $73K
Actuary salary $101K

Source: CareerExplorer (Aggregated)