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
Self-Employed offers the highest compensation with a median salary of $152K.
Popular Skills for Financial Planner
Financial Planners seem to exploit a large range of skills on the job. Most notably, skills in Insurance, financial planning, Financial Advisor, and Strategic Planning are correlated to pay that is above average, with boosts between 3 percent and 16 percent. Those listing Microsoft Excel as a skill should be prepared for drastically lower pay. Financial Modeling and Tax Preparation also typically command lower compensation. Most people skilled in Financial Advisor are similarly competent in Financial Analysis.
Pay by Experience Level for Financial Planner
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Financial Planners. Salaries of relatively inexperienced workers fall in the neighborhood of $54K, but folks who have racked up five to 10 years see a notably higher median of $74K. Financial Planners claiming one to two decades of experience make an estimated median of $99K. 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 $111K.
Pay Difference by Location
For Financial Planners, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Financial Planners will also find cushy salaries in Kansas City (+41 percent), Philadelphia (+26 percent), Boston (+21 percent), and Denver (+15 percent). The lowest-paying market is Dallas, which sits 16 percent below the national average. Employers in Atlanta and Richmond also lean toward paying below-median salaries (15 percent lower and 9 percent lower, respectively).
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Key Stats for Financial Planner
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