The average salary for a financial advisor in Michigan is around $73,050 per year.
Avg Salary
This is 58% above the national average. Updated in 2018.
Financial advisors earn an average yearly salary of $73,050. Wages typically start from $33,440.
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 about the same as related careers in Michigan. On average, they make less than financial managers but more than operations research analysts.
| Career | Median Salary |
|---|---|
| Financial manager salary | $116K |
| Treasurer salary | $116K |
| Fundraising manager salary | $109K |
| Financial advisor salary | $73K |
| Investment fund manager salary | $95K |
| Actuary salary | $80K |
| Business analyst salary | $79K |
| Operations research analyst salary | $88K |
Source: CareerExplorer (Aggregated)