Salary Survey Report for Job: Personal Financial Advisor

• Personal Financial Advisors - Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives to establish investment strategies.

What is the Average Salary of a Financial Advisor?

Financial planning is always a good idea, but with the entire nation feeling the effects of a struggling economy, Americans need to be especially savvy about planning for their futures. With the bewildering array of investment options available, however, most of us don't even know where to start. A financial advisor helps people get the most out of the assets they already have and gives advice on short-term and long-term financial goals. In addition to the immense satisfaction of helping clients achieve their full monetary potential, a financial advisor has the skills to put his or her own money to work as well. This brings us to the question of financial advisor salaries. What is a financial advisor's salary like? PayScale's financial advisor salary data has the answer.

Financial Advisor Salary by Location

As in other professions, financial advisor salaries will vary in different regions. A common question from aspiring financial advisors is, "What is the average salary of a financial advisor in New York or other large cities?" Comparing Financial Advisor Salaries by State to the Average Salary of a Financial Advisor by City, you can see that California and New York both offer high financial advisor salaries, but a financial advisor's salary in each of these states is higher in big cities like Los Angeles and New York City than in the states as a whole. Clearly, large urban areas are the best bet when it comes to the average salary of a financial advisor. Of course, financial advisor salaries will also be affected by the cost of living in different areas. Use PayScale's Cost of Living Calculator to see how the average salary of a financial advisor relates to the cost of living in cities like New York.

Education and Financial Advisor Salaries

Another factor that influences financial advisor salaries is education. When it comes to financial matters, people want to make sure they are dealing with someone who knows what he or she is talking about, and one way to show that is to obtain an advanced degree such as an master's degree. Researching Financial Advisor Salary by Degree shows that the average salary of a financial advisor with an MBA is higher than the average salary of a financial advisor with a bachelor's degree. Of course, some say experience is the best teacher, and the Financial Advisor Salaries by Years Experience chart does show a steady increase in the average salary of a financial advisor over time.

Beyond Financial Advisor Salaries

In his time as a Financial Advisor and Wealth Manager, Russell Bailyn has seen a lot. Take your research on financial advisor salaries to the next level by learning from his experience in "Career as a Financial Advisor" in the Salary Stories blog.