Investment Consultant Salary
Median pay for Investment Consultants in the United States lies in the neighborhood of $64K per year. Total cash compensation for Investment Consultants runs from $45K to $149K depending on bonuses that can occasionally exceed $35K and profit sharing that can reach almost $14K. The most important factor affecting compensation for this group is experience level, followed by the particular city and the particular employer. The majority of individuals in this role claim moderate levels of job satisfaction. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Men make up the vast majority of Investment Consultants (85 percent) who took the survey.
Job Description for Investment Consultant
The investment consultant holds an advisory position and works with their company's clients or as a contractor for multiple organizations. Brokerage firms and investment advisory companies are typical employers for investment consultants. The investment consultant is responsible for making calls to prospective and current clients, resolving their concerns and issues, and strengthening relationships. They help clients manage their portfolios, make suggestions, figure out the client's goals, and establish plans to achieve those aims. These professionals must track interactions with clients through a customer relationship system software. The consultant must be comfortable speaking with a wide variety of people, and they may also work with other branches and divisions of their company to serve clients as well.Read More...
Companies generally require that candidates hold at least a bachelor's degree in finance, business, or a related field, with a master's of business administration (MBA) often preferred. The investment consultant also needs to have Series 7 and Series 63 licenses, and some companies may also look for completion of a chartered financial analyst (CFA) program. Entry-level investment consultant positions may not require experience or require a low amount of experience (such as one year); senior-level investment consultant positions often require more experience, generally at least three years in the financial services industry. Proficiency with basic computer programs is needed, and companies frequently prefer applicants who are bi- or multilingual.
Investment Consultant Tasks
- Manage client investments by analyzing client’s finances, identifying needs, and developing goals and financial plans.
- Assist with the development and facilitation of seminars and marketing development plans.
- Generate sales opportunities by promoting products and services to existing and potential clients.
- Identify and follow-up on opportunities to expand client assets.
Investment Consultant Job Listings
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Popular Employer Salaries for Investment Consultant
Those at TD Ameritrade, Inc can expect to make the most, with the company offering a median salary of $105K.
Scottrade, Inc. pays significantly less than other places with a median salary of $58K, just about half of the top paying company's median.
Popular Skills for Investment Consultant
Investment Consultants who responded to the survey report just a handful of professional skills. Most notably, facility with Financial Analysis and Investment Management are correlated to pay that is significantly above average, leading to increases of 31 percent and 19 percent, respectively. At the other end of the pay range are skills like Investment Planning, Financial Advisor, and Sales. Those familiar with Financial Analysis also tend to know Sales.
Pay by Experience Level for Investment Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Investment Consultants generally obtain higher compensation for more plentiful past experience. At career start (within the first five years), average income sits near $59K, and the average for folks who have worked for five to 10 years is only slightly higher at $78K. Experienced professionals — those with 10 to 20 years in the field — see salaries in the six-figure territory, securing around $120K on average. Investment Consultants who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $208K.
Pay Difference by Location
For Investment Consultants, San Francisco provides a pay rate that is 110 percent greater than the national average. Investment Consultants will also find cushy salaries in Boston (+105 percent), Los Angeles (+72 percent), Chicago (+38 percent), and Atlanta (+34 percent). Investment Consultants in Pittsburgh report much lower salaries than the rest of the country — 21 percent below the national average — proving that residence is a major factor in overall pay. A couple other locations with smaller-than-average paychecks include New York (16 percent lower) and Denver (1 percent lower).