Financial Advisor Career Salary

Financial Advisor Career Salary – Maybe you’re just starting out in the wealth management industry and want to set some compensation goals for yourself. Or maybe you’re an experienced financial planner looking to compare your compensation to the industry. Or maybe somewhere in between… The topic of how much financial advisors are paid is often confusing and lacks much accurate information.

For those who don’t know my blog/podcast, my name is Sara. I am a CFA® Charterholder and Financial Advisor Marketing Consultant. I have a weekly newsletter where I talk about financial advisor lead generation and practice management topics.

Financial Advisor Career Salary

One of the reasons this question is difficult to answer is the lack of clear information, even from the major reporting services.

Working As A Financial Planner

The Bureau of Labor Statistics has some “interesting” numbers. I had to do some research to really answer the question of financial advisor salaries. As of May 2019, the median annual salary for a personal financial advisor was $87, or $850, according to the US Bureau of Labor Statistics.

By the way, if you want to build your own practice, LinkedIn prospecting is something you should consider. Check out these LinkedIn posts for financial advisors. I also post weekly tips on this and other financial advisor marketing topics in my newsletter.

Let’s dig a little deeper. Next I will show you some data from the Bureau of Labor Statistics. As of May 2019, here’s what the BLS says about “personal financial advisors”:

I doubt the number is exact, I’ll explain why in a minute, but first I want to say that I’m not sure how they define the term. As you can see, very vague – like “credit intermediary”?

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I doubt that the salary data for this financial advisor is accurate, as these are not terms that financial advisors use to define themselves. It is not clear what exactly the term “credit intermediary” refers to. Most financial advisors don’t want to help people get out of credit card debt. Is that what they mean? Or they’re talking about borrowing, like an investment banker offering a line of credit.

Can we really be sure that the BLS is tracking the salaries of financial advisors because we define them by these numbers (the people who help you with your IRA rollover)? not seem

“Securities, commodity contracts and other financial investments and related activities.” This sounds more like a portfolio manager, investment manager, hedge fund manager, or trader. That doesn’t sound like the typical job description of a financial advisor, someone who helps people retire and send their kids to college.

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As of May 2019, the median annual salary for a Personal Financial Advisor was $87,850…the bottom 10% earned less than $42,950 and the top 10% earned more than $208,000. Source: Same as above

First, if it’s less than $42,000, it’s probably some kind of junior advisor. BLS is using which is fine

Rather than an average, as this can help reduce some bias towards the left tail. At least they got that part right.

But let’s be realistic for a moment. When we ask wealth managers how much money we don’t really care about

A Day In The Life Of A Financial Advisor

However, it is not my opinion whether the low salary is due to the newness of the industry or other factors such as the size of the company. I am trying to express my feeling that in its analysis, the BLS should separate junior financial adviser compensation from this reading.

I also doubt the accuracy of the statement “top 10% earn more than $208,000.” The BLS said that when they surveyed financial advisors who work at companies rather than self-employed people, they didn’t include bonuses. This definitely lowers the measure a bit.

But wait, can you find financial advisors who work for a salary? how do they do that

Pay your financial advisors? I heard Buckingham Strategic Wealth and Edward Jones pay salaries and that’s

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Financial advisors are salespeople and we all know that they get lazy and complacent when you pay them. It is interesting to see how many financial advisors surveyed about their compensation are paid a salary instead of being paid “old fashioned”: eat what you kill (like most industries!)

I find that it is not uncommon for financial advisors to earn over $250,000. By the way, I doubt it’s true that only 10% of advisors earn more than $200,000. Because if that were true, there wouldn’t be many people who wanted to be financial advisors. There are thousands of financial advisors in the United States. If this fact is true, there may be 20.

Many financial advisors plan to retire on their business books. Which makes me wonder: how much is your business book worth? If your salary is less important to you than the value of the company and its sale price, consider learning how to value your financial advisor business and/or contact an advisor to do so…preferably before you sell and retire.

By the way, if you like my fun and irreverent style on this blog, don’t hesitate to subscribe to my weekly newsletter.

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If the average financial advisor salary is less than $90,000 per year, it comes down to how much responsibility you have and how hard you have to work to keep up with your certification. So, as I mentioned before, I’m going to take a moment to give my opinion. This is based on what I have seen in the industry over a decade of experience.

I’ll talk about what an experienced financial advisor and a well-rounded book tend to gain from two perspectives. Another is the income of financial advisors when they are just starting out.

All of this begs the question, is financial advisor a good career? Is it worth being a financial advisor given the risk you run?

Some of these clients have such neck pain. In a bad market, imagine the pressure of every customer calling you ready to say goodbye, and of course you have to visually convince them from the ledge. Then in a light market they want to tease you with performance and say how they can do better on the index and follow Cramer or CNBC and why you’re getting paid. Then they want you to act as their personal butler to make it up to them or something. This is not an easy job.

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I will discuss these two topics below. But first, I have a question for you. Have you enjoyed this blog so far? If so, I encourage you to follow my podcast as well. In the podcast, I focus on lead generation and marketing for financial advisors, and I do it in a very fun way, like I’m using this blog to entertain you. Sign up here.

For example, I did a podcast on how most of you got your financial advisor’s profitability out of breadcrumbs. Please listen! In this podcast, you can learn about:

Remember, it’s not about how much you make, it’s about how much you take home. So let’s take a look at the earnings of financial advisors versus the profitability of their practices.

It’s not selfish to worry about how much you can take home and how profitable the practice is. I had a supplier for my own company and it went out of business. He was someone I depended on so much and he couldn’t seem to keep his business going and he went out of business, which was really bad for me and my company. This caused some confusion. Luckily I was able to use other resources, but it’s really not a good feeling.

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You have people who depend on you, the more profitable your company is, the more stable it is, you can compensate your people and I think you can return more value to your customers. So you’re not trying to maximize your profitability selfishly, that being said, that doesn’t mean you have to do it selfishly.

So the question is: as a financial advisor, how do I maximize my compensation? But how can I do this with the best interests of the client in mind? This is what I drew, this is me

Let us

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