Financial Consultant Salary

A big portion of take-home pay for Financial Consultants — slightly less than a third, in fact — arrives through commissions. This profession's median overall income is approximately $69K. Cash earnings for Financial Consultants — including $20K in bonuses and $19K in profit sharing proceeds near the top of the pay scale — generally stretch from $37K to $119K depending on individual performance. The most influential factor affecting pay for this group is location, though the company and years of experience have a (lesser) impact as well. The majority of Financial Consultants claim high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. There are more male Financial Consultants than female among those who completed the questionnaire, making up 63 percent. This report is based on answers to PayScale's salary questionnaire.
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$40,953 - $105,316
$41K
$66K
$110K
MEDIAN: $65,665
10%
50%
90%

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$12.08 - $61.28
$12
$22
$61
MEDIAN: $22.12
10%
50%
90%

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$0$120K
Salary $40,953 - $105,316
Bonus $1,540 - $21,198
Profit Sharing $980 - $19,333
Commission $2,936 - $76,340
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).
)
$39,569 - $120,576
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 476
Hourly Data $0$83
Hourly Rate $12.08 - $61.28
Overtime $27.00 - $83.63
Annual Data $0$120K
Bonus $1,540 - $21,198
Commission $2,936 - $76,340
Profit Sharing $980 - $19,333
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).
)
$39,569 - $120,576
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 66

Find Out Exactly What You Should Be Paid

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

  • 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.

Common Career Paths for Financial Consultant


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Although some Financial Consultants become Financial Controller, this progression is not the norm. However, the latter position does pay a little more at $77K. Financial Consultants most often move into positions as Banking Branch Managers or Personal Financial Advisors. Banking Branch Managers actually earn $17K less on average, however, and Personal Financial Advisors earn $15K less per year than Financial Consultants do.

Financial Consultant Job Listings

Popular Employer Salaries for Financial Consultant


Financial Consultants flock to Humana, Inc., TIAA-CREF, Fidelity Investments, Charles Schwab & Co., Inc., and UnitedHealth Group, highly regarded companies that employ a generous number of people in this profession. Although Fidelity Investments leads the field in pay with a median salary of $108K, employees there receive a wide spread of salaries, from $46K on the low end all the way up to $183K at the top. Other leaders in compensation levels are Wells Fargo & Co. at $85K, Wells Fargo Advisors Financial Network, LLC at $82K, and EY (Ernst & Young), where Financial Consultants annually earn $79K.

Other low-paying employers include Humana, Inc. at $63K and Charles Schwab & Co., Inc. at $68K, though some Financial Consultants there earn up to $196K.

Popular Skills for Financial Consultant


Financial Consultants seem to require a rather large skill set. Most notably, facility with Investment Management, Financial Modeling, and Project Management are correlated to pay that is significantly above average, leading to increases of 29 percent, 23 percent, and 22 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Sales, Investment Planning, and Forecasting. Most people who know Financial Analysis also know Data Analysis.

Pay by Experience Level for Financial Consultant

Pay by Experience for a Financial Consultant has a positive trend. An entry-level Financial Consultant with less than 5 years of experience can expect to earn an average total compensation of $59,000 based on 312 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Financial Consultant with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $86,000 based on 178 salaries. An experienced Financial Consultant which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $100,000 based on 99 salaries. A Financial Consultant with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $102,000 based on 43 salaries.

Pay Difference by Location

National Average: $69,621

Larger city markers indicate a job is popular in that location.

For Financial Consultants, busy Houston offers a higher-than-average pay rate, 99 percent above the national average. Financial Consultants will also find cushy salaries in Washington (+47 percent), Los Angeles (+40 percent), Oakland (+39 percent), and New York (+27 percent). Financial Consultants in St. Louis earn salaries far below the national average by 25 percent, proving that geography overwhelmingly affects the pay scale for those in this field. Employers also pay below the national average in Denver (24 percent lower) and San Antonio (16 percent lower).

Related Job Salaries

Key Stats for Financial Consultant

Gender

Female
36 %
Male
64 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 96 votes.
Less than 1 year
8%
1-4 years
43%
5-9 years
26%
10-19 years
15%
20 years or more
9%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Financial Consultant Salaries

▲47%

▲43%

▲24%

National Average
$70,000

▼15%

Skills That Affect Financial Consultant Salaries

Investment Management
▲27%


Project Management
▲21%




Budget Management
▲4%


National Average
$70,000


Forecasting
▼12%

Investment Planning
▼13%

▼18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 96 votes.

Gender

Female
36 %
Male
64 %

Years of Experience

Less than 1 year
8%
1-4 years
43%
5-9 years
26%
10-19 years
15%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 75%
vision benefits
Vision: 67%
no benefits
None: 16%
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