Financial Consultant Salary

The median total income of Financial Consultants is around $71K, and for the average worker in this area, a good chunk of that (slightly less than a third, in fact) comes from commissions. Total incomes of Financial Consultants incorporate potential for, in a few cases, more than $20K from bonuses and close to $16K from profit sharing; these performance components cause packages to range between $39K and $130K. The company is the biggest factor affecting pay for this group, followed by career length and geography. Job satisfaction is reported as high by the vast majority of workers. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. Male Financial Consultants who responded to the survey are more common than women; more than half (64 percent) are men. This overview is based on answers to PayScale's salary questionnaire.
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$36,823 - $109,350
(Median)
$37K
$65K
$110K
MEDIAN: $64,555
10%
50%
90%

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$14.37 - $102.72
(Median)
$14
$34
$100
MEDIAN: $34.00
10%
50%
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
$36,823 - $109,350  
   
Bonus
$0.00 - $19,889  
Profit Sharing
$685 - $15,893  
Commission
$2,349 - $98,389  
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).
)
$39,300 - $130,304  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 601
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$50$100$150
Hourly Rate
$14.37 - $102.72  
   
Overtime
$20.00 - $82.50  
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$100K$200K$300K
Bonus
$0.00 - $19,889  
   
Commission
$2,349 - $98,389  
Profit Sharing
$685 - $15,893  
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).
)
$39,300 - $130,304  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 87
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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. On average, lower-level Financial Consultants earn similar salaries to those in higher-end positions like Senior Financial Analyst.

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Popular Employer Salaries for Financial Consultant


The PNC Financial Services Group, Inc., TIAA-CREF, Wells Fargo & Co., Charles Schwab & Co., Inc., and EY (Ernst & Young) are all popular places to work. For Financial Consultants, comfortable salaries can be found at Charles Schwab & Co., Inc.; in fact, average earnings are around $88K, the highest in the area, though the difference in the company's lowest and highest employee paychecks ($50K versus $233K) is great.

The PNC Financial Services Group, Inc. employees cannot expect much in terms of compensation — the median salary amounts to only $33K, 168 percent less than the top paying company.

Popular Skills for Financial Consultant


Financial Consultants seem to require a number of specific skills. Most notably, facility with Financial Modeling, Investment Management, and Financial Reporting are correlated to pay that is significantly above average, leading to increases of 40 percent, 24 percent, and 7 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Sales. Those familiar with Financial Analysis also tend to know Data Analysis.

Pay by Experience Level for Financial Consultant

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


Experience seems to be a major factor in determining the incomes of Financial Consultants. Salaries for the relatively untried average out to around $59K, but survey participants with five to 10 years of experience earn a significantly higher median of $77K. Financial Consultants see a median salary of $90K after reaching one to two decades on the job. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $113K.

Pay Difference by Location


For Financial Consultants, working in the bustling city of Boston has its advantages, including an above-average pay rate. Financial Consultants can also look forward to large paychecks in cities like Minneapolis (+21 percent), San Francisco (+21 percent), Indianapolis (+14 percent), and Chicago (+14 percent). The smallest paychecks in the market, 19 percent south of the national average, can be found in Dallas. Workers in Louisville and Philadelphia earn salaries that trail the national average for those in this profession (18 percent less and 15 percent less, respectively).

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Experience Affects Financial Consultant Salaries




National Average
$71,000


Skills That Affect Financial Consultant Salaries

Financial Modeling
up arrow 40%

Investment Management
up arrow 24%



Financial Advisor
up arrow 4%

Data Analysis
up arrow 2%

Microsoft Excel
0%

National Average
$71,000

up arrow 15%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 136 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
4%
1-4 years
36%
5-9 years
26%
10-19 years
22%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 75%
vision benefits Vision: 65% employee benefits None: 13%
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