Financial Consultant Salary

On average, commissions constitute a fair portion (just under one in three) of final income for Financial Consultants. That final number averages out to $71K across the industry. Total cash compensation for Financial Consultants runs from $39K to $129K depending on bonuses that can occasionally exceed $20K and profit sharing that can reach almost $16K. Earnings for this group are mostly affected by residence, followed by the specific employer and experience level. More than half of Financial Consultants (63 percent) survey respondents are men. Medical benefits are awarded to most, and a strong majority earn dental coverage. Work is enjoyable for Financial Consultants, who typically claim high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
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$36,809 - $109,125

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$14.16 - $102.48

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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
$36,809 - $109,125  
   
Bonus
$0.00 - $19,645  
Profit Sharing
$408.51 - $15,659  
Commission
$2,073 - $96,354  
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).
)
$38,601 - $128,848  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 600
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
$14.16 - $102.48  
   
Overtime
$19.73 - $83.48  
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
$0.00 - $19,645  
   
Commission
$2,073 - $96,354  
Profit Sharing
$408.51 - $15,659  
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).
)
$38,601 - $128,848  
Country: United States | Currency: USD | Updated: 18 Jul 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 move into a Banking Branch Manager role may often bring in a much lower salary. On average, Banking Branch Managers earn $51K.

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Popular Employer Salaries for Financial Consultant


Many Financial Consultants can be found at The PNC Financial Services Group, Inc., TIAA-CREF, Wells Fargo & Co., Charles Schwab & Co., Inc., and EY (Ernst & Young), firms that are at the top of the field. The biggest paychecks can be found at Charles Schwab & Co., Inc. — the median salary there is $90K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $54K and highest ones in the neighborhood of $234K.

Earnings fall especially short at The PNC Financial Services Group, Inc., where the median salary of $33K is the lowest in the field, 176 percent less than the top paying company.

Popular Skills for Financial Consultant


Survey results show that Financial Consultants use a fair number of 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 39 percent, 25 percent, and 8 percent, respectively. Skills that seem to negatively impact pay include Sales and Financial Advisor. It is often found that people who know Financial Analysis are also skilled in 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. Those in the early stages of their career can expect to make around $60K; however, individuals with five to 10 years of experience bring in $77K on average — a distinctly larger sum. On average, Financial Consultants make $90K following one to two decades on the job. Seasoned veterans with 20 years under their belts enjoy a median income of $109K.

Pay Difference by Location


Surpassing the national average by 63 percent, Financial Consultants in Boston receive some of the highest pay in the country. Financial Consultants can also look forward to large paychecks in cities like San Francisco (+22 percent), Minneapolis (+20 percent), Chicago (+17 percent), and New York (+11 percent). Trailing the national average by 19 percent, Dallas is the market with the smallest paychecks. Not at the bottom but still paying below the median are employers in Louisville and Philadelphia (17 percent lower and 15 percent lower, respectively).

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Experience Affects Financial Consultant Salaries




National Average
$71,000


Skills That Affect Financial Consultant Salaries


Investment Management
up arrow 25%



Data Analysis
up arrow 3%

Microsoft Excel
up arrow 1%

National Average
$71,000


up arrow 15%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 130 votes.

Gender

Female
37 %
Male
63 %

Years of Experience

Less than 1 year
4%
1-4 years
37%
5-9 years
26%
10-19 years
21%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 76%
vision benefits Vision: 65% employee benefits None: 13%
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