The high financial advisor salary is one of the reasons why candidates are so drawn to this position. While the median annual wage for all occupations in the United States economy is $36,200, the mean financial advisor salary is $89,160 ($42.86 per hour), according to the BLS. In fact, it’s one of the highest-paying professions in finance, as the industry average is $67,740.
For a complete overview of the topic, we have included relevant data about the financial advisor pay in various other countries worldwide. For instance, a financial advisor working in Canada makes C$47,041 ($35,269) per year, with an hourly pay of C$17.00 ($12.75), while the same professional working in Australia has a salary of AU$67,494 ($49,327) per annum and an hourly rate of AU$32,44 ($23.71). Lastly, the yearly financial advisor salary is £35,849 ($44,047) in the UK, CHF 130,000 ($127,814) for Switzerland and NOK465,750 ($54,431) in Norway.
Financial Advisor Salary Influencers
1. Industry
The salary of a financial advisor strongly depends on the company they work with. Glassdoor offers clarity with the following statistics:
- Waddell and Reed financial advisor salary: $24,937 (base), $60,047 (total compensation)
- Morgan Stanley financial advisor salary: $55,974 (base), $151,121 (total compensation)
- Wells Fargo financial advisor salary: $53,202 (base), $111,390 (total compensation)
- Transamerica financial advisors salary: $52,380 (base), $137,042 (total compensation)
- Northwestern Mutual financial advisor salary: $44,462 (base), $155,431 (total compensation)
- AXA financial advisor salary: $28,135 (base), $58,888 (total compensation)
- Ameriprise financial advisor salary: $37,453 (base), $63,520 (total compensation)
- Chase financial advisor salary: $38,537 (base), $60,454 (total compensation)
- Raymond James financial advisor salary: $54,219 (base), $91,152 (total compensation)
- Financial advisor Merrill Lynch salary: $63,038 (base), $82,977 (total compensation)
- UBS financial advisor salary: $66,913 (base), $138,459 (total compensation)
2. Geographic Area
Below you can see a complete overview of the yearly and hourly pay of financial advisors working in the US, Canada, UK, Australia, Switzerland, and also Norway.
| Financial Advisor Salary | US | Canada | UK | Australia | Switzerland | Norway |
| Hourly Wage | $42.86 | C$17.00 | £7.13 | AU$32,44 | CHF62,5 | NOK223 |
| Annual Wage | $89,160 | C$47,041 | £35,849 | AU$67,494 | CHF130,000 | NOK465,750 |
Financial Advisor Salary in the US
If you want to follow this career path, you should know that the New York life financial advisor salary is the largest in the field. Not only is the financial advisor salary NYC employees great ($148,450), but the employment rate is 26,680. In addition to the Big Apple, New Mexico also pays well, with the financial advisor average salary of $134,270 (even though it has a low employment rate – 430). Additionally, the third best mean salary of financial advisor can be found in Maine – $131,260. Here are some other states with high financial advisor salaries:
- Connecticut – $130,780
- California – $130,510
- Pennsylvania – $126,970
- Georgia – $116,700
- North Carolina – $115,030
- Illinois – $108,380
The states with the lowest financial advisor starting salary estimates are:
- North Dakota – $83,480
- Arizona – $81,760
- South Dakota – $80,330
- Iowa – $78,270
- West Virginia – $72,690
- Vermont – $71,760
Financial Advisor Salary by State
| State | Employment | Annual mean wage ($) |
| Alabama | 1810 | 122,580 |
| Alaska | 110 | 106,400 |
| Arizona | 4130 | 81,760 |
| Arkansas | 860 | 95,040 |
| California | 22620 | 130,510 |
| Colorado | 3680 | 113,070 |
| Connecticut | 4490 | 130,780 |
| Delaware | 700 | 112,600 |
| District of Columbia | (8)- | 120,850 |
| Florida | 11470 | 119,350 |
| Georgia | 5570 | 116,700 |
| Hawaii | 340 | 97,280 |
| Idaho | 720 | 97,080 |
| Illinois | 12460 | 108,380 |
| Indiana | 3870 | 100,510 |
| Iowa | 1550 | 78,270 |
| Kansas | 1770 | 127,280 |
| Kentucky | 1450 | 84,840 |
| Louisiana | 1340 | 96,120 |
| Maine | 340 | 131,260 |
| Maryland | 4750 | 102,140 |
| Massachusetts | 5320 | 130,200 |
| Michigan | 4920 | 99,730 |
| Minnesota | 3790 | 110,630 |
| Mississippi | 560 | 84,930 |
| Missouri | 3820 | 108,660 |
| Montana | 350 | 127,210 |
| Nebraska | 870 | 121,700 |
| Nevada | 780 | 106,340 |
| New Hampshire | 830 | 123,200 |
| New Jersey | 6360 | 122,290 |
| New Mexico | 430 | 134,270 |
| New York | 26680 | 148,450 |
| North Carolina | 5800 | 115,030 |
| North Dakota | 510 | 83,480 |
| Ohio | 6320 | 104830 |
| Oklahoma | 1120 | 85,200 |
| Oregon | 1450 | 93,880 |
| Pennsylvania | 9050 | 126,970 |
| Puerto Rico | 200 | 42,180 |
| Rhode Island | 480 | 118,420 |
| South Carolina | 2070 | 94,490 |
| South Dakota | 280 | 80,330 |
| Tennessee | 2200 | 108,480 |
| Texas | 13460 | 107,260 |
| Utah | 1700 | 96,960 |
| Vermont | 300 | 71,760 |
| Virginia | 4650 | 120,330 |
| Washington | 4030 | 121,320 |
| West Virginia | 500 | 72,690 |
| Wisconsin | 4080 | 91,060 |
| Wyoming | 230 | 108,620 |
Financial Advisor Salary in Canada
According to PayScale the salary of Canadian financial advisors can range between C$35,179 and C$63,389. However, with the bonus that can reach C$10,489, the total pay averages around C$50,000.
Financial Advisor Salary in the UK
The financial advisor salary in the United Kingdom is between £18,049 – £55,354 per annum. However, with the benefits and profit sharing, the total pay can be as high as £67,818.
Financial Advisor Salary in Australia
The entry level salary of financial advisors working in Australia is AU$64,000, but with experience, the pay can grow exponentially (AU$78,000 for 5 to 10 years of experience; AU$87,000 for 10 to 20 years of experience in the field).
Financial Advisor Salary in Switzerland
The mean salary for professionals working in Switzerland is CHF130,000 per annum, with an hourly pay of CHF62,5.
Financial Advisor Salary in Norway
Financial advisors in Norway earn an hourly pay of NOK223, while the mean salary per year is NOK465,750.
3. Experience
The entry level financial advisor salary is $48,181, as Payscale reports. Even though there aren’t clear statistics from trustworthy sources about the senior financial solutions advisor salary average, professionals can expect to receive even more than $187,200 like the highest 10% in the industry. Nevertheless, this only comes after at least 5 works of intense experience and additional certifications.
In order to receive the mean financial advisor salary for seniors, you need to have at least a bachelor’s degree in finance, business or economics. You can also look into masters and doctoral programes to increase your chances of getting a large salary for financial advisor. You need to serve as an intern and then, after three years of work, you can get certifications like:
- Chartered Financial Consultant
- Personal Financial Specialist
- Certified Financial Planner
Working Hours and Environment
Financial advisors generally work within regular office hours, 40 hours per week. However, reports on personal financial advisors show that 3 in 10 of these professionals worked more than 40 hours per week in 2014. BLS reports that the cause of this schedule difference is that the latter category usually meets with clients on the evenings and even weekends.
Bonuses and Benefit Packages
The main aspect to remember about the pay financial advisor professionals receive is that most of the final wage comes from bonuses. Moreover, a financial advisor will frequently meet with potential and existing clients outside of the office and typically charge a percentage of the assets they manage. The working hours of a financial advisor usually add up to full time, but they can also be extended, depending on meetings. When not catching up with clients, financial advisors work in offices at firms or are self-employed.
Generally, the greatest perk about the salary for a financial advisor is the bonus estimate. In fact, as you can notice from the list of investment firms we mentioned, there is quite a difference between base salaries and total salaries.
Job Outlook
The excellent news for candidates is that the job outlook for financial advisors is projected to increase 30% by the end of 2024. That is a lot more than the national job outlook average of 7%. Even though the preparation process for aspiring financial advisors is laborious, the high employment rate and salary financial advisors get are worth the investment in education. On the other hand, financial occupations in general are expected to grow just 10%, so you can imagine how desirable a position like a financial advisor will be in the job market.
Conclusion
To conclude our financial advisor salary article, this is an exceptional career opportunity for those who want to be part of the workforce in the near future. The salary of a financial advisor is respectable, while the chances of getting hired are ever on the rise. You should consider investing in your studies so you can upgrade as a financial advisor, get a greater salary and more recognition in the industry, or even a promotion as a financial analyst.
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