Financial Consultant Salary

A large fraction of take-home pay for Financial Consultants comes from commissions — approximately one-half on average, in fact. The median overall income in this field is approximately $74K. Cash earnings for Financial Consultants — including $20K in bonuses and $16K in profit sharing proceeds near the top of the pay scale — generally stretch from $41K to $129K depending on individual performance. Earnings for this group are mostly affected by the company, followed by the particular city and years of experience. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Job satisfaction for Financial Consultants is high. More than half of Financial Consultants (64 percent) survey respondents are men. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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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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It's possible that Financial Consultants will see hefty downturns in earnings as they move into roles like Personal Financial Advisor. Personal Financial Advisors bring home $53K on average per year.

Financial Advisor Job Listings

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Popular Employer Salaries for Financial Consultant


Many Financial Consultants can be found at TIAA-CREF, Wells Fargo & Co., Charles Schwab & Co., Inc., EY (Ernst & Young), and The PNC Financial Services Group, Inc., firms that are at the top of the field. Heading up the field in terms of compensation, Fidelity Investments offers the most; Financial Consultants earn $111K on average there.

With a median salary of only $30K (274 percent lower than the top payer), The PNC Financial Services Group, Inc. lags significantly in the earnings department.

Popular Skills for Financial Consultant


Financial Consultants report using a wide range 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 familiar with 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 worker who claims fewer than five years of experience earns around $61K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $81K. On average, Financial Consultants make $93K following one to two decades on the job. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $107K.

Pay Difference by Location

National Average: $73,598

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

For Financial Consultants, busy Boston offers a higher-than-average pay rate, 63 percent above 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). Trailing the national average by 18 percent, Atlanta is the market with the smallest paychecks. Philadelphia and Hartford are a couple other places where companies are known to pay below the median — salaries are 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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