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Financial Consultant Salary (United States)

Financial Consultants in the United States can expect to earn an average of $62K annually. Including potential for bonuses and profit sharing — peaking near $20K and $15K, respectively — total cash payment to Financial Consultants can bottom out near $36K or peak near $129K depending on individual performance. The most influential factor affecting pay for this group is career duration, though geography and the particular employer have a (lesser) impact as well. Medical benefits are awarded to a solid majority, and most earn dental coverage. The majority of Financial Consultants (62 percent) are men. The majority of Financial Consultants claim high levels of job satisfaction. This overview is derived from replies to PayScale's salary survey.
Financial Consultant Salary (?
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.
)
$34,190 - $104,246
(Median)
34K
45K
62K
78K
100K
MEDIAN: $61,525
10%
25%
50%
75%
90%
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Financial Consultant Salary (?
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.
)
$12.05 - $98.63
(Median)
12
35
51
99
MEDIAN: $35.00
10%
50%
75%
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$50K$100K$150K
Salary
$34,190 - $104,246  
   
Bonus
$302.01 - $19,887  
Profit Sharing
$705 - $14,899  
Commission
$2,061 - $97,444  
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).
)
$35,591 - $128,872  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 608
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$33$66$99
Hourly Rate
$12.05 - $98.63  
   
Overtime
$18.77 - $87.80  
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$70K$140K$210K
Bonus
$302.01 - $19,887  
   
Commission
$2,061 - $97,444  
Profit Sharing
$705 - $14,899  
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).
)
$35,591 - $128,872  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 88
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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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For Financial Consultants, career advancements do not tend to correlate with a rise in salary. Typically, lower-level Financial Consultants earn similar salaries to those in higher-end positions like Senior Financial Analyst.

Financial Advisor Job Listings

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Popular Employer Salaries for Financial Consultant

Although Charles Schwab & Co., Inc. leads the field in pay with a median salary of $105K, employees there receive a wide spread of salaries, from $40K on the low end all the way up to $237K at the top.
For Financial Consultants, below-average salaries can be found at TIAA-CREF; in fact, typical earnings are around $69K, the lowest in the area, though the difference in the company's lowest and highest employee paychecks ($43K versus $91K) is great. Wells Fargo & Co. also scrapes the bottom of the pay scale.

Popular Skills for Financial Consultant

Financial Consultants report using a pretty varied skill set on the job. Most notably, facility with Financial Modeling, Financial Analysis, and Financial Reporting are correlated to pay that is significantly above average, leading to increases of 26 percent, 9 percent, and 7 percent, respectively. Those listing Financial Advisor and Sales as skills, on the other hand, should be prepared for drastically lower pay. Most people who know 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 who reported more years of relevant experience also reported higher earnings. People who have worked for fewer than five years bring home $59K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $73K. The average pay reported by folks with 10 to 20 years of experience is around $92K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $116K. Most employees in this workforce have between one and nine years of experience; a majority of those surveyed fall within this distribution. Experienced employees who have 10-20 years of experience make up nearly one in five of the workforce; inexperienced individuals who have been working for less than one year comprise less than five percent, and senior people with more than 20 years under their belt fill out the remaining approximately one in ten.

Pay Difference By Location

Oakland
up arrow 50%
San Francisco
up arrow 31%
Minneapolis
up arrow 23%
Washington
up arrow 16%
Chicago
up arrow 14%
up arrow 12%
Charlotte
up arrow 8%
National Average
$68,000
Hartford
up arrow 1%
Denver
up arrow 2%
Los Angeles
up arrow 3%
Dallas
up arrow 7%
Louisville
up arrow 15%
San Antonio
up arrow 20%
Larger circles over a city indicate a job is popular in that location.
For Financial Consultants, working in the bustling city of Oakland has its advantages, including an above-average pay rate. San Francisco, Minneapolis, Washington, and Chicago are a few other cities that offer generous salaries, with Financial Consultants earning around 31 percent, 23 percent, 16 percent, and 14 percent more than average. The lowest-paying market is San Antonio, which sits 20 percent below the national average. Below-median salaries also turn up in Louisville and Dallas (15 percent lower and 7 percent lower, respectively).

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Experience Affects Financial Consultant Salaries

National Average
$68,000

Skills That Affect Financial Consultant Salaries

Financial Modeling
up arrow 26%
National Average
$68,000
up arrow 11%
Financial Advisor
up arrow 25%

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 187 votes.

Gender

Female
38%
female alumni
 
Male
62%
male alumni

Years of Experience

Less than 1 year
4%
1-4 years
38%
5-9 years
25%
10-19 years
21%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 74%
vision benefits Vision: 61% employee benefits None: 15%