Commissions form a big slice (just below three-fifths) of total compensation for Financial Consultants. The median income in this area hovers around $69K. Total cash earnings of Financial Consultants range from $37K on the low end to $121K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $20K and $16K, respectively. The most influential factor affecting pay for this group is residence, though the company and tenure have a (lesser) impact as well. More than half of Financial Consultants (61 percent) survey respondents are men. The majority of Financial Consultants claim high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$40,079 - $106,992
$40K
$65K
$110K
MEDIAN: $64,905
10%
50%
90%

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$12.37 - $60.40
$12
$21
$60
MEDIAN: $21.48
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
$40,079 - $106,992  
   
Bonus
$1,016 - $19,866  
Profit Sharing
$705 - $16,341  
Commission
$2,909 - $62,188  
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).
)
$36,916 - $121,252  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 476
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$26$52$78
Hourly Rate
$12.37 - $60.40  
   
Overtime
$26.32 - $77.67  
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$60K$120K$180K
Bonus
$1,016 - $19,866  
   
Commission
$2,909 - $62,188  
Profit Sharing
$705 - $16,341  
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).
)
$36,916 - $121,252  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 62

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • 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


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It is somewhat unusual to come across Financial Consultants who move on to become Financial Controllers, but it does happen from time to time, and the median salary for that position sits slightly higher at $77K. Financial Consultants most frequently become Banking Branch Managers and Personal Financial Advisors even though median compensation is $18K lower and $16K lower, respectively.

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Popular Employer Salaries for Financial Consultant


TIAA-CREF, Humana, Inc., Fidelity Investments, UnitedHealth Group, and Charles Schwab & Co., Inc. are some prominent firms with considerable interest in employing a large team of Financial Consultants. Fidelity Investments offers the largest salaries in town ($110K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $46K to $185K. Those in search of high salaries should also consider Wells Fargo & Co., Wells Fargo Advisors Financial Network, LLC, and UnitedHealth Group, top-paying firms where Financial Consultants rake in a respectable $85K, $80K, or $78K, respectively.

The PNC Financial Services Group, Inc. employees cannot expect much in terms of compensation — the median salary amounts to only $29K, 283 percent lower than the top payer. Other low-paying employers include Humana, Inc. at $64K and Charles Schwab & Co., Inc. at $68K, though some Financial Consultants there earn up to $199K.

Popular Skills for Financial Consultant


Financial Consultants report using a deep pool of skills on the job. Most notably, facility with Investment Management, Financial Modeling, and Forecasting are correlated to pay that is significantly above average, leading to increases of 28 percent, 23 percent, and 19 percent, respectively. Those listing Sales as a skill should be prepared for drastically lower pay. Investment Planning and Financial Advisor also typically command lower compensation. 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.


For many Financial Consultants, more experience generally translates to higher pay. The average beginner in this position makes around $59K, but folks who have been around for five to 10 years see a markedly higher median salary of $85K. Financial Consultants see a median salary of $97K after reaching one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $102K, but it's not much more than what less experienced people make.

Pay Difference by Location

National Average: $69,470

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

Home to some of the best pay for Financial Consultants, Houston offers exceptional salaries, 96 percent above the national average. Financial Consultants will also find cushy salaries in Washington (+38 percent), Los Angeles (+36 percent), New York (+22 percent), and Chicago (+22 percent). Financial Consultants in Denver take home the lowest salaries, earning a whopping 22 percent less than the national average. Employers in St. Louis and Louisville also lean toward paying below-median salaries (14 percent lower and 6 percent lower, respectively).

Related Job Salaries

Key Stats for Financial Consultant

Gender

Female
39 %
Male
61 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 75 votes.
043
Less than 1 year
7%
1-4 years
44%
5-9 years
25%
10-19 years
16%
20 years or more
8%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Financial Consultant Salaries




National Average
$69,000


Skills That Affect Financial Consultant Salaries

Investment Management
up arrow 28%


Forecasting
up arrow 19%

Project Management
up arrow 18%




Budget Management
up arrow 6%

Microsoft Excel
0%

National Average
$69,000


Investment Planning
up arrow 13%

up arrow 21%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 75 votes.

Gender

Female
39 %
Male
61 %

Years of Experience

Less than 1 year
7%
1-4 years
44%
5-9 years
25%
10-19 years
16%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 77%
vision benefits
Vision: 66%
dental benefits
None: 13%
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