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Financial Consultant Salary

A large fraction of take-home pay for Financial Consultants comes from commissions — slightly less than a third on average, in fact. The median overall income in this field is approximately $71K. Final cash compensation to Financial Consultants varies from around $38K to approximately $129K; choice pay grades include potential for bonuses and profit sharing as high as $20K and $12K, respectively. While experience level and geographic location impact pay for this group, the particular firm is the most influential factor. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The majority of Financial Consultants (64 percent) who took the survey are men. Most Financial Consultants like their work and job satisfaction is high. This overview is based on answers to PayScale's salary questionnaire.
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$35,781 - $105,704
(Median)
$36K
$64K
$110K
MEDIAN: $64,133
10%
50%
90%

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$14.39 - $102.48
(Median)
$14
$35
$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
$35,781 - $105,704  
   
Bonus
$4.70 - $19,526  
Profit Sharing
$679 - $12,164  
Commission
$2,400 - $97,591  
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).
)
$37,832 - $129,141  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 605
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
$14.39 - $102.48  
   
Overtime
$18.37 - $83.02  
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
$4.70 - $19,526  
   
Commission
$2,400 - $97,591  
Profit Sharing
$679 - $12,164  
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).
)
$37,832 - $129,141  
Country: United States | Currency: USD | Updated: 16 May 2015 | 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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Financial Consultants who transition into an upper level Senior Financial Analyst position will not necessarily make much more than they do in their current role. The average Senior Financial Analyst makes $75K a year.

Financial Advisor Job Listings

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Popular Employer Salaries for Financial Consultant


Financial Consultants flock to The PNC Financial Services Group, Inc., TIAA-CREF, Wells Fargo & Co., Charles Schwab & Co., Inc., and EY (Ernst & Young), highly regarded companies that employ a generous number of people in this profession. 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, 171 percent less than the top paying company.

Popular Skills for Financial Consultant


Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with Financial Modeling, Investment Management, and Financial Reporting are correlated to pay that is significantly above average, leading to increases of 42 percent, 26 percent, and 7 percent, respectively. Skills that are correlated to lower pay, on the other hand, 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.


In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Relatively untried employees who have less than five years' experience make $60K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $76K. Financial Consultants claiming one to two decades of experience make an estimated median of $88K. Professionals with deep experience (more than 20 years) report prosperous salaries in six-figure territory; the median for this crowd is approximately $105K.

Pay Difference by Location


Boston is home to an above-average pay rate for Financial Consultants, 46 percent higher than the national average. Financial Consultants can also look forward to large paychecks in cities like San Francisco (+24 percent), Minneapolis (+23 percent), Indianapolis (+18 percent), and Washington (+12 percent). The smallest paychecks in the market, 17 percent south of the national average, can be found in Louisville. Employers also pay below the national average in Philadelphia (15 percent lower) and Atlanta (13 percent lower).

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Experience Affects Financial Consultant Salaries




National Average
$71,000


Skills That Affect Financial Consultant Salaries

Financial Modeling
up arrow 42%

Investment Management
up arrow 26%



Financial Advisor
up arrow 7%

Data Analysis
up arrow 4%

Microsoft Excel
up arrow 2%

National Average
$71,000

up arrow 13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 145 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
4%
1-4 years
36%
5-9 years
27%
10-19 years
21%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 75%
vision benefits Vision: 64% employee benefits None: 14%
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