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Financial Consultant Salary

Median pay for Financial Consultants in the United States is around $62K annually. In the world of Financial Consultants, overall income ranges from $36K near the bottom to $128K at the top; this can include more than $20K from bonuses and more than $15K from profit sharing in exceptional cases. Compensation for this group is mainly affected by experience level, but geography and the individual firm are influential factors as well. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Most Financial Consultants like their work and job satisfaction is high. The majority of Financial Consultants (62 percent) survey respondents are male. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$34,868 - $101,509
(Median)
$35K
$62K
$100K
MEDIAN: $62,178
10%
50%
90%

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$12.07 - $101.65
(Median)
$12
$35
$100
MEDIAN: $35.00
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
$34,868 - $101,509  
   
Bonus
$15.10 - $19,933  
Profit Sharing
$685 - $14,795  
Commission
$2,367 - $86,162  
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).
)
$35,933 - $128,051  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 595
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
$12.07 - $101.65  
   
Overtime
$18.24 - $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$100K$200K$300K
Bonus
$15.10 - $19,933  
   
Commission
$2,367 - $86,162  
Profit Sharing
$685 - $14,795  
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).
)
$35,933 - $128,051  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 89
United States (change)

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


Charles Schwab & Co., Inc. offers the largest salaries in town ($88K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $41K to $233K.

Offering a median salary of only $69K, TIAA-CREF pays the least. Not only that, but the earnings range of $43K to $90K is pretty narrow, too.

Popular Skills for Financial Consultant


Financial Consultants report using a diverse set of skills on the job. Lucky workers who know Financial Modeling can expect a significant pay bump, scoring salaries 25 percent above average. Financial Analysis and Financial Reporting are also correlated to pay that is above average, with increases between 7 percent and 25 percent. At the other end of the pay range are skills like Sales and Financial Advisor. The majority of those 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.


Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. 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 $74K. People with 10 to 20 years of experience make an average of about $89K in this role. Professionals boasting more than two decades of experience also boast a six-figure median salary of $115K.

Pay Difference by Location


Oakland offers some of the highest pay in the country for Financial Consultants, 44 percent above the national average. Financial Consultants can also look forward to large paychecks in cities like Minneapolis (+27 percent), San Francisco (+26 percent), Seattle (+18 percent), and Washington (+15 percent). San Antonio is home to the smallest salaries in the field, lagging the national average by 17 percent. A couple other locations with smaller-than-average paychecks include Louisville (15 percent lower) and Philadelphia (14 percent lower).

Related Job Salaries

Experience Affects Financial Consultant Salaries




National Average
$69,000


Skills That Affect Financial Consultant Salaries

Financial Modeling
up arrow 25%





National Average
$69,000

Financial Advisor
up arrow 7%

up arrow 11%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 170 votes.

Gender

Female
38 %
Male
62 %

Years of Experience

Less than 1 year
4%
1-4 years
37%
5-9 years
26%
10-19 years
21%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 75%
vision benefits Vision: 62% employee benefits None: 14%