The average financial planner salary is more than double the national average. As the BLS informs, the financial planner average salary is $89,160 a year, the equivalent of $42.86 an hour. This makes the financial planners salary almost $53,000 more than the median wage of all occupations in the United States – $36,200. However, the average salary of a financial planner isn’t the only appealing aspect of this occupation. Generally speaking, a financial planner career is considered to be the 4th best out of all business jobs in the United States, according to the U.S. News & World Report. Learn more about certified financial planner salaries and everything else you need to know before pursuing this career path below.
Financial Planner Salary Influencers
1. Industry
When researching the best opportunities for getting a good financial planner starting salary, the industry you work in is highly significant. To help you get a better idea about how big the differences are, be aware that the personal financial planner salary in credit intermediation is only $73,250, while the average salary of financial planner in the securities and commodity contracts intermediation and brokerage industry can sky-rocket to $99,280. A few other industries and their certified financial planner salary range differences are:
- Professional, scientific and technical services average salary for financial planner – $76,810
- Average salary financial planner for management of companies and enterprises – $85,210
- Other financial investment activities salary certified financial planner – $95,500
2. Geographic Area
While industries play a pretty big role in determining the average salary for a financial planner, the location is just as influential. Some states are booming with top associate financial planner salary averages, while others barely pass $71k. If you want to rake in impressive financial planner income, you should consider New York as your first option. In this city, the financial planner pay is $148,450 a year. A couple of other states with admirable certified financial planner CFP average salary estimates are:
- Average finance planner salary in New Mexico – $134,270
- Maine personal financial advisor salary – $131,260
- Salary for financial advisor in Connecticut – $130,780
- California financial advisor average salary – $130,510
As far as employment rates for financial planner jobs are concerned, New York still takes first place with 26,680.
However, if you want a decent financial planning salary, you might want to avoid the following states. They have the lowest financial planner salary averages in the country:
- Certified financial advisor salary in Vermont – $71,760
- West Virginia CFP salary – $72,690
- Financial planner salary in Iowa – $78,270
- South Dakota salaries for financial advisors – $80,330
- CFP salary range in Arizona – $81,760
You should also know that the smallest employment rate for financial advisors is in Alaska, at merely 100.
3. Experience
While we don’t have access to specific data regarding the starting financial planner salary or the senior financial planner salary, we do have a pay range provided by Pay Scale. According to this source, the salary of a financial planner can begin at $40,646. Seniors can end up making more than $124,235 a year or even more. It’s quite obvious that it takes multiple years of experience before you can enjoy the financial planner salary of a senior professional, but it can be obtained with patience and constant activity.
Working Hours and Environment
The financial planner job description and working environment vary from employer to employer. Numerous individuals with this occupation prefer to be self-employed, so their working environment might be their home office or at meetings, conferences or other events. Even though there isn’t that much stressed involved for financial planners, as opposed to other occupations in this industry, they might work late hours or on weekends for meetings with clients. On the whole, financial planners work in offices.
Financial Planner Salary by State
| State | Annual mean wage ($) |
|---|---|
| Alabama | 122,580 |
| Alaska | 106,400 |
| Arizona | 81,760 |
| Arkansas | 95,040 |
| California | 130,510 |
| Colorado | 113,070 |
| Connecticut | 130,780 |
| Delaware | 112,600 |
| District of Columbia | 120,850 |
| Florida | 119,350 |
| Georgia | 116,700 |
| Hawaii | 97,280 |
| Idaho | 97,080 |
| Illinois | 108,380 |
| Indiana | 100,510 |
| Iowa | 78,270 |
| Kansas | 127,280 |
| Kentucky | 84,840 |
| Louisiana | 96,120 |
| Maine | 131,260 |
| Maryland | 102,140 |
| Massachusetts | 130,200 |
| Michigan | 99,730 |
| Minnesota | 110,630 |
| Mississippi | 84,930 |
| Missouri | 108,660 |
| Montana | 127,210 |
| Nebraska | 121,700 |
| Nevada | 106,340 |
| New Hampshire | 123,200 |
| New Jersey | 122,290 |
| New Mexico | 134,270 |
| New York | 148,450 |
| North Carolina | 115,030 |
| North Dakota | 83,480 |
| Ohio | 104830 |
| Oklahoma | 85,200 |
| Oregon | 93,880 |
| Pennsylvania | 126,970 |
| Puerto Rico | 42,180 |
| Rhode Island | 118,420 |
| South Carolina | 94,490 |
| South Dakota | 80,330 |
| Tennessee | 108,480 |
| Texas | 107,260 |
| Utah | 96,960 |
| Vermont | 71,760 |
| Virginia | 120,330 |
| Washington | 121,320 |
| West Virginia | 72,690 |
| Wisconsin | 91,060 |
| Wyoming | 108,620 |
Bonuses and Benefit Packages
Although there isn’t clear data on the precise benefit packages of financial planners, there are several perks related to this job that you should look out for. First of all, the financial planner salary is extremely appealing and will continue to grow as you expand your client portfolio. Secondly, it helps you build a network of contacts and interesting acquaintances.
Last but not least, a financial planner is a flexible occupation. You don’t necessarily have to work for an employer; you can be self-employed and work on your own schedule.
Job Outlook
The average financial planner salary isn’t the only part of this job that candidates should be excited about. The great news is that the job market is booming for future financial planners, with an employment rate that’s expected to grow 30% in the next eight years. Considering the fact that the U.S. average for all occupations is only 7%, you can imagine how impressive the numbers are for the financial planner job outlook.
In addition to this, preparing to become a financial planner isn’t nearly as difficult as it is for other occupations. Most cases require just a bachelor’s degree, and not necessarily in a particular field. However, it does help if your major is in business, economics or finance to increase your employment chances.
Conclusion
All in all, the career of a financial planner is a great opportunity for many years to come. These professionals will be more and more in demand, and the job requirements aren’t impossible to reach. If you find the financial planner salary appealing and you have a flare for business, we recommend you give this career path a shot.
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