Entry-Level Financial Advisor Salary
Commissions form a big slice (just under one in three) of total compensation for Entry-Level Financial Advisors. The median income in this area hovers around $52K. In the world of Entry-Level Financial Advisors, overall income ranges from $31K near the bottom to $87K at the top; this can include more than $20K from bonuses and more than $18K from profit sharing in exceptional cases. The company is the biggest factor affecting pay for this group, followed by geography. Making up 73 percent of those who took the survey, male Entry-Level Financial Advisors greatly outnumber their female counterparts. For the most part, Entry-Level Financial Advisors enjoy their work and report high levels of job satisfaction. A strong majority report receiving medical coverage from their employers and a majority collect dental insurance. This overview is based on answers to PayScale's salary questionnaire.
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Popular Employer Salaries for Financial Advisor
Many Entry-Level Financial Advisors can be found at J.P. Morgan Chase & Co. (JPMCC), Merrill Lynch & Co Inc, Edward Jones, AXA Advisors LLC, and Morgan Stanley, firms that are at the top of the field. J.P. Morgan Chase & Co. (JPMCC) offers the largest salaries in town ($72K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $29K to $126K. Wells Fargo Advisors Financial Network, LLC, Morgan Stanley, and Ameriprise Financial, Inc. also offer top salaries for Entry-Level Financial Advisors. Workers at these firms can expect to earn about $63K, $61K, and $59K, respectively.
Less than half of the top paying company's rate, AXA Advisors LLC offers a median salary of just $36K, consistently last on the pay scale ladder by far. Others at the bottom of the scale for this job include Bbva Compass at $40K, and The Northwestern Mutual Life Insurance Company where $45K is the norm, but it is worth noting that some Entry-Level Financial Advisors there earn up to $152K.
Pay Difference by Location
For Entry-Level Financial Advisors, working in the bustling city of New York has its advantages, including an above-average pay rate. Entry-Level Financial Advisors can also look forward to large paychecks in cities like San Francisco (+44 percent), Dallas (+26 percent), Chicago (+19 percent), and Los Angeles (+19 percent). San Diego is home to the smallest salaries in the field, lagging the national average by 5 percent. Workers in Jacksonville and Houston earn salaries that trail the national average for those in this profession (4 percent less and 3 percent less, respectively).