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Salary Information for Financial Advisors

Career News November 15, 2013

Financial advisors are the working professionals who specialize in providing expert-level financial advice. They typically work with investment planning, tax preparation and correspondence, and insurance contracts. Financial advisers earn their salary by their intensive legwork; meeting with clients in person, having long conversations about financial products, explaining various investment opportunities, and breaking down potential life changing events, such as marriage or children.

Much of the work is in personal advisement. Wealth managers and private bankers are on the personal end, whereas institutional investors work for companies.

Modern Salary Quotes for the Profession

The average advisor made a median wage of over $64,000 in May 2010. The lowest end of workers made less than $32,000 while the highest earners made over $166,000. This is a job that handles wealth and spreads it, when the advisor exercises good judgment.

One factor that might influence salary is whether you are self-employed, employed by one individual or one company. Self-employed workers who offer consulting services are not considered in the median average, and may earn well beyond or less than the typical financial advisor. Correspondingly, they get paid based on a percentage of the assets they handle, meaning great success brings great benefits. However, many get paid by the hour or flat rate, especially if they have a reputation.

Other Influencing Factors

This is a tough job, one that sees full time hours and some weekend and night work. About 24 percent of the total advisor population works over 50 hours per week, since it is such a client-comes-first industry. The most successful career points include major cities like Bridgeport, Fayetteville, New York City and Charlottesville. Large cities attract wealthier people, not to mention big business.

As a whole, the industry is growing and is set to increase 32 percent over the next seven years. Much of the industry is dominated by an aging demographic; baby boomers who are retiring and requiring advice about income and assets. Remember that decreased funding from corporations is a major issue and affects pension plans, directly impacting this profession.

Specializing in a niche is a shrewd move. For example, there are advisors who become financial reporting managers, reporting directors, financial executives and financial reporting accountants. Yes, it is a competitive profession and one in which higher education is practically a prerequisite. Do not underestimate work experience, analytical skills, leadership, and people skills when building a resume.

Start Your Career with a Solid Education

Don’t try to achieve the minimum when aiming for a high-ranking job. Work hard and study intensively, starting with a bachelor’s degree in finance, business management or a related field. An MBA degree is impressive to employers who avoid hiring “qualified” applicants, in favor of applicants who bring more skill sets to the table.

Now is the time to apply yourself. You can pursue a degree from the University of Maryland College Park, UCLA, University of Miami, Ohio State University, or any college of your choice, and start building a successful resume for a future career in financial advisement.

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5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
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  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Founded in 1949 as a private, accredited, nondenominational Christian university located in Phoenix, Arizona.
  • Its student-faculty ratio is 16:1 and 33.9% of its classes have fewer than 20 students.
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  • Provides Student Success Webinars where tutors provide tips and tricks to help make college a little easier.
  • Offers programs in business, psychology, theology, engineering, communications, and more.
  • Online Courses
5 Program(s) Found
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  • Take Your Professional Career To The Next Level With An Online Graduate Degree
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  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
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  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
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