Financial Planner Salary
Job Description for Financial Planner
A financial planner is an individual who works for a bank or investment company that advises individuals on how to make most of their money by suggesting; in some situations, the planner makes investments and financial decisions for customers. This position requires strong analytical skills and an outgoing personality, as a financial institution expects its financial planners to effectively help and retain clients over a long period of time. The financial planner may also set up investment seminars to help build new business and educate clients.Read More...
Financial planners listen to their clients and help the customer to assess their needs. They help the customer develop a realistic framework for their financial investment goals and then suggest implementation strategies. To give customers the best information possible, a planner must continually educate themselves on the newest developments in the investment field, including potential and risks. A planner must also be able to map out a coherent investment framework for his customers and provide them with choices based on risk and return on investment.
Financial planners typically work during regular business hours in an office setting. However, because of the numerous investment services available and because new products are introduced constantly, a financial planner usually works longer hours conducting analysis, research, and continuing education.
Financial planners typically need a bachelor's degree in business or a related field. Some companies require post-graduate education as well. Planners normally undergo a training program with the hiring financial institution, depending on the new employee’s prior experience. In many situations, prior experience as an associate or assistant financial planner is required.
Financial Planner Tasks
- Guide clients through financial self-analysis, including goal setting and advice to reach goals.
- Assist clients with estate management, tax returns, budgets, or other financial tasks.
- Follow-up with clients on plans, track successes, and inform about modifications.
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Popular Employer Salaries for Financial Planner
Financial Planners seeking a sizable paycheck can earn the most at Self-Employed, where the average salary comes to $152K.
Popular Skills for Financial Planner
Survey results show that Financial Planners use a fair number of skills. Most notably, facility with Tax Consulting, Insurance, and financial planning are correlated to pay that is significantly above average, leading to increases of 28 percent, 15 percent, and 14 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel, Tax Preparation, and Investment Management. Those familiar with Financial Advisor also tend to know Financial Analysis.
Pay by Experience Level for Financial Planner
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Survey participants with less than five years' experience pocket $53K on average, but those with five to 10 years of experience enjoy a much bigger median of $74K. For Financial Planners, 10 to 20 years of experience on the job amounts to an average salary of $100K. Folks who have racked up more than 20 years in the field report incomes that aren't higher than less experienced individuals' earnings.
Pay Difference by Location
Home to some of the best pay for Financial Planners, San Francisco offers exceptional salaries, 71 percent above the national average. Financial Planners can also look forward to large paychecks in cities like Kansas City (+55 percent), Philadelphia (+30 percent), Boston (+13 percent), and Phoenix (+9 percent). Place of residence plays a huge part in a Financial Planner's salary, with San Diego Financial Planners earning salaries that are 26 percent less than the national average. Two other places where employers salaries are below the median are Dallas and Atlanta (14 percent lower).
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Key Stats for Financial Planner
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