Financial Advisor Assistant Salary – Maybe you’re just starting out in the wealth management industry and want to set some salary goals for yourself. Or maybe you’re an experienced financial planner who wants to compare your salary to the industry. Or maybe somewhere in between… The topic of how much financial advisors get paid is often confusing and the topic doesn’t have much accurate information.
For those of you who are new to my blog/podcast, my name is Sara. I am a shareholder in CFA® and a financial advisor marketing consultant. I have a weekly newsletter where I talk about financial advisor lead generation and practice management topics.
Financial Advisor Assistant Salary
One of the reasons this question is so vague to answer is the lack of clear information, even from major reporting services.
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The Bureau of Labor Statistics has some ‘interesting’ numbers. I had to do some digging to actually answer the question about financial advisor salaries. According to the BLS, the median annual salary for a personal financial advisor was $87,850 in May 2019.
By the way, if you want to build your practice, LinkedIn prospecting is something you should consider. Check out this LinkedIn announcement for financial advisors. I also publish weekly tips in my newsletter on these and other financial advisor marketing topics.
Let’s dive into this a little more. Below I will show you some data from the Bureau of Labor Statistics. Here’s what the BLS had to say about a “personal financial advisor” in May 2019:
I doubt this number is correct – I’ll explain why in a moment – but first I’ll say I’m not sure exactly how they defined this term. As you can see, it’s pretty vague – like “credit brokerage”?
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I doubt that this financial advisor salary data is accurate, as this is not a term that financial advisors use to define themselves. And it is not clear what this term “credit intermediation” means. Most financial advisors want nothing to do with helping people get out of credit card debt. Is that what they mean? Or they talk about loans, about providing lines of credit almost like investment bankers do.
Can we really be sure that the BLS is tracking the wages of financial advisors that we define (the person who helps you with your IRA rollover) with these numbers? Don’t think so.
“Securities, Commodity Contracts and Other Financial Investments and Related Activities.” This sounds more like a portfolio manager, investment manager, hedge fund manager or trader. This doesn’t sound like a typical job description for financial advisors, people who help people retire and send their kids to college.
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The median annual salary for personal financial advisors was $87,850 in May 2019…The lowest 10 percent earned less than $42,950 and the highest 10 percent earned more than $208,000. Source: Ibid
First of all, if it’s less than $42k, they’re probably some kind of junior advisor. It is good for BLS to use
Rather than pointless as it may have helped reduce some of the left tail tilt. At least they got that part right.
But let’s be real for a moment. When we ask how much wealth managers make, we’re not really interested in how much
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Whether the salary is low because of innovation in the industry or other factors such as the size of the company is not my point. I’m trying to convey that I feel the BLS in their analysis should separate junior financial advisor salaries from this reading.
I also doubt the accuracy of the statement that “the top 10 percent earn more than $208,000.” The BLS said it did not include bonuses when it surveyed financial advisors who work for businesses as opposed to the self-employed. It will definitely lower the measurement.
But wait – can they find a financial advisor who works for a salary? How do they do it?
Offer their financial advisor salary? I had heard about Buckingham Strategic Wealth and Edward Jones paying salaries and that was it
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Financial advisors are salespeople, and we all know that salespeople get very lazy and complacent when you pay them. It will be interesting to see how many financial advisors were asked about their compensation being paid salary as opposed to being paid the “old fashioned way” – eat what you kill (like most industries!)
I have found that it is not uncommon for a financial advisor to make more than $250,000. And by the way, I doubt this statement that only 10% of advisors make over $200,000 is true. Because if that’s true, then there won’t be many people who really want to be financial advisors. There are hundreds of thousands of financial advisors in the United States. If this data is correct, there could be 20.
Many financial advisors plan to retire on their books of business. Which leads me to ask – what is the book value of your business? If your salary is less important to you than the equity in the business and its sale price, consider figuring out how to value your financial advisory practice and/or contacting a consultant to do so…preferably before it’s time to sell it and retire.
By the way, if you enjoy my playful and irreverent style on this blog, please sign up for my weekly newsletter.
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If the average financial advisor salary is less than $90,000 per year, that’s a pittance compared to the amount of responsibility you take on and how hard you have to work and pursue your certification. So, as I’ve already mentioned, I’ll take a moment and speak my mind. This is based on what I have seen in the industry through my more than ten years of experience.
I will talk about from two angles what financial advisors with experience and established books tend to get. The second is what financial advisors earn when they get started.
All of this begs the question, is financial consulting a good career? Is it worth becoming a financial advisor given the risks you are taking?
Some of these clients have neck pain. In a bad market, imagine the pressure of every client calling you ready to fire you, and you have to coax them away from the brink, figuratively, of course. And then in an easy market they’ll interrupt your performance and say how they could have done better in the index and follow Cramer or CNBC and what you get paid for. Then they want you to act like their personal butler to make it up to them or something. This is not an easy task.
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I will now discuss these two topics. But first I have a question for you. Enjoying this blog so far? If so, I encourage you to follow my podcast as well. On the podcast I focus on creating and marketing financial advisors and I do it in a very entertaining way just like the way I entertain you with this blog. Please register here.
For example, there is a podcast I did about how most of you are destroying the profitability of your own financial advisor. Please listen! In this podcast you can learn about:
Remember, it’s not about how much you earn, but how much you take home. So let’s take a look at what financial advisors do in terms of how profitable their practice is.
It is not selfish to care about how much you take home and how profitable the practice is. I had a salesman for my own company, so he went bankrupt. He was someone I trusted a lot and apparently he couldn’t keep his business going and he went bankrupt, it cost me and my company a lot. It created a bit of confusion. Fortunately, I was able to make use of other resources, but it’s really not a good feeling.
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You have people who depend on you and the more profitable your business is, the more stability there will be and you can compensate your employees and the more value I think you can give back to your customers. So you’re not selfish in wanting to maximize your profits, and because of that, it doesn’t mean you have to do this in a self-serving way.
The question then becomes; How do I maximize my compensation as a financial advisor? But how do I do this while keeping the customer’s best interest in mind? And that’s what I drew, and here I am
Come on
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