Financial Consultant Salary
Job Description for Financial Consultant
A financial consultant advises clients of an investment bank or financial services company on the best way to manage their money. They assesses customers' financial needs and work with them to build an investment portfolio that is comfortable for the client and builds wealth. To be successful, a financial consultant must build a client base; they need to identify prospective clients and cultivate relationships with them. Consultants may need to be creative in developing ways to attract new clients, although some larger companies clients may assign clients to consultants.Read More...
A primary role of this position includes educating potential investors about the variety of financial services and products their organization offers. Consultants work with their clients to assess future financial needs regarding major life events such as starting families, sending children to college, moving, and retiring. They help set an expected level of return on investment that corresponds to the amount of risk the client is willing to take. The financial consultant must cultivate continuing relationships with clients, as well as constantly reviewing their investment portfolios and offer advice as needed.
Most financial institutions require financial consultants have a bachelor's degree in a business or a finance-related discipline. Additionally, federal and state certifications must be obtained and kept up to date for this position. Financial consultants usually must have five or more years of experience at a lower-level position in investment advising.
Financial Consultant Tasks
- Guide clients through financial self-analysis, including goal setting and advice to reach goals.
- Assist clients with estate management, tax returns, budgets, or other financial tasks.
- Follow-up with clients on plans, track successes, and inform about modifications.
Common Career Paths for Financial Consultant
Financial Consultants may not see large compensation differences if they transition into an upper-level role such as Financial Controller. Financial Controllers on average make about as much as Financial Consultants do. Many Financial Consultants choose to become Banking Branch Managers and Personal Financial Advisors as their careers advance. However, folks in those positions report median salaries of $19K less and $17K less, respectively.
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Popular Employer Salaries for Financial Consultant
Dominating the field, TIAA-CREF, Charles Schwab & Co., Inc., Humana, Inc., Wells Fargo & Co., and EY (Ernst & Young) are top firms with a reputation for hiring a great number of Financial Consultants. Employees of Fidelity Investments can expect to make the most, with the company offering a median salary of $110K; however, pay is widely dispersed from bottom to top, ranging from $46K to $188K. Soaring salaries can also be found at Wells Fargo & Co., EY (Ernst & Young), and Charles Schwab & Co., Inc., where earnings of $83K, $77K, or $65K are standard for Financial Consultants.
Earnings fall especially short at The PNC Financial Services Group, Inc., where the median salary of $28K is the lowest in the field, 297 percent less than the top paying company. A few other companies with smaller-than-average paychecks include TIAA-CREF ($63K), Humana, Inc. ($65K), and Charles Schwab & Co., Inc. ($65K).
Popular Skills for Financial Consultant
Financial Consultants seem to require a rather large skill set. Lucky workers who know Financial Modeling can expect a significant pay bump, scoring salaries 26 percent above average. Investment Management and Budget Management are also correlated to pay that is above average, with increases between 21 percent and 26 percent. Those listing Sales as a skill should be prepared for drastically lower pay. Investment Planning and Financial Advisor also typically command lower compensation. Those educated in Financial Analysis tend to be well versed in Data Analysis.
Pay by Experience Level for Financial Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Financial Consultants. Survey participants with less than five years' experience pocket $59K on average, but those with five to 10 years of experience enjoy a much bigger median of $86K. Financial Consultants see a median salary of $96K after reaching one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $101K on average.
Pay Difference by Location
For Financial Consultants, busy Houston offers a higher-than-average pay rate, 93 percent above the national average. Financial Consultants can also look forward to large paychecks in cities like Los Angeles (+34 percent), Washington (+30 percent), New York (+22 percent), and Chicago (+22 percent). Those in the field find the lowest salaries in Denver, 19 percent below the national average. Workers in San Francisco and San Diego earn salaries that trail the national average for those in this profession (7 percent less and 6 percent less, respectively).
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Key Stats for Financial Consultant
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