Financial Consultant Salary

A substantial slice of final earnings for Financial Consultants (approximately half) arrives through commissions. Median overall income in this area is approximately $74K. In the world of Financial Consultants, overall cash allowance can occasionally include more than $20K from bonuses and, in some exceptional cases, $16K from profit sharing, causing incomes to vary widely between $41K and $129K. This group's pay is mainly influenced by the specific employer, followed by the particular city and experience level. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. Job satisfaction is reported as high by the vast majority of workers. Male Financial Consultants are more prevalent than women among those who took the survey — 64 percent of professionals. Respondents to the PayScale salary survey provided the data for this report.
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$39,533 - $109,141
(Median)
$40K
$67K
$110K
MEDIAN: $66,529
10%
50%
90%

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$14.39 - $118.00
(Median)
$14
$30
$120
MEDIAN: $30
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$39,533 - $109,141  
   
Bonus
$10.00 - $20,000  
Profit Sharing
$408.51 - $15,670  
Commission
$5,106 - $81,567  
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).
)
$41,287 - $129,384  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 639
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50$100$150
Hourly Rate
$14.39 - $118.00  
   
Overtime
$23.00 - $82.50  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$100K$200K$300K
Bonus
$10.00 - $20,000  
   
Commission
$5,106 - $81,567  
Profit Sharing
$408.51 - $15,670  
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).
)
$41,287 - $129,384  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 94
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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.

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Financial Consultant Tasks

  • Follow-up with clients on plans, track successes, and inform about modifications.
  • Assist clients with estate management, tax returns, budgets, or other financial tasks.
  • Guide clients through financial self-analysis, including goal setting and advice to reach goals.

Common Career Paths for Financial Consultant


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Financial Consultants who advance into positions like Personal Financial Advisor may end up with significantly less money. Reported pay for Personal Financial Advisors is $53K on average.

Financial Advisor Job Listings

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Popular Employer Salaries for Financial Consultant


TIAA-CREF, Wells Fargo & Co., Charles Schwab & Co., Inc., EY (Ernst & Young), and The PNC Financial Services Group, Inc. are some prominent firms with considerable interest in employing a large team of Financial Consultants. For Financial Consultants, comfortable salaries can be found at Fidelity Investments; in fact, median earnings sit around $111K, the highest in the area.

The lowest pay by far can be found at The PNC Financial Services Group, Inc. — this employer offers a median salary of $30K, 274 percent lower than the top payer.

Popular Skills for Financial Consultant


Survey results suggest that Financial Consultants use a fairly large toolkit of professional skills. Most notably, facility with Financial Modeling, Investment Management, and Forecasting are correlated to pay that is significantly above average, leading to increases of 26 percent, 21 percent, and 20 percent, respectively. Skills that seem to negatively impact pay include Sales. Most people experienced in Financial Analysis also know Data Analysis.

Pay by Experience Level for Financial Consultant

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


Financial Consultants with a rich background of experience are typically rewarded with larger paychecks. Salaries of relatively inexperienced workers fall in the neighborhood of $61K, but folks who have racked up five to 10 years see a notably higher median of $81K. Financial Consultants who work for 10 to 20 years in their occupation tend to earn about $93K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $107K.

Pay Difference by Location

National Average: $73,598

Larger city markers indicate a job is popular in that location.

For Financial Consultants, Boston provides a pay rate that is 63 percent greater than the national average. Financial Consultants will also find cushy salaries in Washington (+19 percent), Chicago (+19 percent), San Francisco (+18 percent), and Minneapolis (+18 percent). In Atlanta, salaries are 18 percent below the national average and represent the lowest-paying market. Below-median salaries also turn up in Philadelphia and Hartford (17 percent lower and 16 percent lower, respectively).

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Experience Affects Financial Consultant Salaries




National Average
$74,000


Skills That Affect Financial Consultant Salaries


Investment Management
up arrow 21%

Forecasting
up arrow 20%


Financial Analysis
up arrow 4%

Financial Reporting
up arrow 4%

Data Analysis
up arrow 2%

National Average
$74,000

Microsoft Excel
up arrow 1%

up arrow 18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 116 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
5%
1-4 years
37%
5-9 years
27%
10-19 years
22%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 86%
dental benefits
Dental: 77%
medical benefits
Vision: 66%
dental benefits
None: 13%
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