Certified Financial Planner (CFP) Salary

Commissions comprise a big part of overall income for Certified Financial Planners. The median take-home amount in this area is around $71K, and on average, half of that final number comes from commissions. Total incomes of Certified Financial Planners incorporate potential for, in a few cases, more than $28K from bonuses and close to $30K from profit sharing; these performance components cause packages to range between $43K and $151K. Career length and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction is reported as high by the vast majority of workers. There are more male Certified Financial Planners than female among those who completed the questionnaire, making up 65 percent. Although a fair number have medical coverage and approximately one-half have dental coverage, approximately one-fourth claim no health benefits at all. This overview is based on answers to PayScale's salary questionnaire.
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$41,102 - $119,624
(Median)
$41K
$64K
$120K
MEDIAN: $63,951
10%
50%
90%

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$14.46 - $207.81
(Median)
$14
$25
$210
MEDIAN: $25.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$140K$280K$420K
Salary
$41,102 - $119,624  
   
Bonus
$100.22 - $27,933  
Profit Sharing
$1,048 - $29,900  
Commission
$0.00 - $393,555  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$43,478 - $151,460  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 767
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$70$140$210
Hourly Rate
$14.46 - $207.81  
   
Overtime
$14.30 - $90.00  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$140K$280K$420K
Bonus
$100.22 - $27,933  
   
Commission
$0.00 - $393,555  
Profit Sharing
$1,048 - $29,900  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$43,478 - $151,460  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 45
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Job Description for Certified Financial Planner (CFP)

A Certified Financial Planner is expected to create and develop client relationships through telephone conversations, email, and person-to-person meetings. A financial planner's responsibility is to assess the financial needs and goals of each client, and to develop and implement a financial plan that fulfills those needs and goals. Responsibilities include plan development, selecting and selling of appropriate financial services, and monitoring and adapting plans as needs and financial conditions change. Cross-selling of financial services with other financial experts may be required. A designation of certified financial planner is required, as well as strong listening, communication, organizational, and interpersonal skills. Planners must be able to communicate effectively both in person and over the phone. Excellent knowledge of financial markets, products, and services is a must. Expect to attend workshops and seminars to stay on top of the most recent products and policies. The ability to multitask and work well in groups is also a necessity. It is also required that planners have the ability to understand and work with computer applications such as Microsoft Office and other financial programs. Financial planners should have a background in banking and understand law and accounting practices. Honesty and integrity are a must, as well as a motivated personality, and the ability to adapt your time to your clients' needs. Planners should expect some travel to both client locations and product knowledge seminars, as well as being able to work with other professionals in the industry that can help you satisfy your clients needs. A planner must have the ability to put the client needs above all else.


Certified Financial Planner (CFP) Tasks

  • Document and revise financial plans for clients.
  • Create agendas, spreadsheets, and meeting materials to discuss investments, savings, and asset allocation.
  • Interview individuals or businesses to identify financial goals, concerns, and opportunities.

Certified Financial Planner (CFP) Job Listings

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Popular Skills for Certified Financial Planner (CFP)


Survey results suggest that Certified Financial Planners use a fairly large toolkit of professional skills. Most notably, skills in Insurance, Investment Planning, Investment Management, and Financial Advisor are correlated to pay that is above average, with boosts between 8 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel. It is often found that people who know Financial Advisor are also skilled in Investment Management and Financial Analysis. People who know Investment Planning usually also know Financial Analysis and Investment Management.

Pay by Experience Level for Certified Financial Planner (CFP)

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience seems to be a major factor in determining the incomes of Certified Financial Planners. During the first five years of their careers, Certified Financial Planners see a median income of $58K. Survey respondents with five to 10 years of experience report an only modestly higher median of $72K. After working for 10 to 20 years, Certified Financial Planners make a median salary of $93K. Professionals who boast more than 20 years of experience reap the fruits of their labor to the six-figure tune of $150K — the plum median salary in this group.

Pay Difference by Location


With a pay rate for Certified Financial Planners that is 64 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Certified Financial Planners will also find cushy salaries in Boston (+60 percent), San Francisco (+37 percent), Denver (+20 percent), and New York (+17 percent). Those in the field find the lowest salaries in Atlanta, 20 percent below the national average. Workers in Los Angeles and Omaha earn salaries that trail the national average for those in this profession (13 percent less and 7 percent less, respectively).

Certified Financial Planner (CFP) Reviews

What is it like working as a Certified Financial Planner (CFP)?

Certified Financial Planner (CFP) in Dallas:
"Great career."
Pros: Helping individuals grasp where they are financial and what can be done to improve their situation.
Cons: Hours worked.

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Experience Affects Certified Financial Planner (CFP) Salaries




National Average
$71,000


Skills That Affect Certified Financial Planner (CFP) Salaries

up arrow 18%




Financial Analysis
0%

National Average
$71,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 136 votes.

Gender

Female
35 %
Male
65 %

Years of Experience

Less than 1 year
3%
1-4 years
29%
5-9 years
31%
10-19 years
26%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 73% dental benefits Dental: 50%
vision benefits Vision: 34% employee benefits None: 27%
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