On average, it's probably on par with most other professionals, between $50 to $80k a year.
The range is very wide depending on the company you work for and the channel of your work. Here are some data based on actual information (2010-2012 data).
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Value for your skills: "Medium" if you have a stellar character PLUS stellar sales skills. Otherwise, retail financial services is a low value career in terms of making money. However, I think financial services in general can be a great value if you consider it as a learning tool (as a skill or knowledge set). Investment services since the financial crisis of 2008 isn't the same as it was in the 80's, 90's, and prior to 2008. If you have a great personality plus amazing sales skills, there are plenty of other sales venues that are much more rewarding than retail financial services.
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Insurance-Based Financial Services Companies
MetLife Financial Services Representative (insurance-based): Average compensation nationally is less than $25,000 a year--regardless of what you've been told. They often use the phrase, "unlimited income" to attract new agents. The fact is anyone can make unlimited income doing anything--like finding a lost treasure chest full of gold coins under the deep blue sea--or selling dirt if there are enough people lined up who want to buy your dirt. In most cases, the only person that has a real job is the sales manager in the office (aside from tenured experienced agents and those with a decent book of business). 15-20 years ago, companies like MetLife used to pay a decent salary to agents--about $35,000 a year (which is probably equivalent to about $50k to $60k in today's dollars). This shows how our labor market has changed especially in the insurance financial services sector. Not very good.
Experience Requirement: Low
Compensation Range: Highly volatile (lower the compensation range/volatility, the more uniform the compensation for all experience levels--i.e. medical doctors or engineers). Lower compensation range with higher average compensation is generally what you want unless you are the one-in-a-million superstar sales person.
Barriers to Entry: Low
Wirehouse/Brokerage/Investment Bank Financial Advisor (top 3-4 firms)
Based on numbers for Merrill Lynch in the Denver complex (2011): the top 50% of 80 advisors (40 of them) make an average of $300,000 to $500,000 a year. The top 25% make more than $600,000 a year. The bottom 1/2 (mostly newbies and those with less than 10 years in the industry) make an average of $40,000 to $70,000 per year. Aside from the ones who are "successful", the average compensation for financial advisors for wirehouses is about $60k a year.
Experience Requirement: Medium to High
Compensation Range: Highly volatile (higher the compensation range, you can see one person making $45k a year and another advisor in the same office making $700k a year).
Barriers to entry: Medium to High. You generally need at least 2-3 years of successful financial services experience under your belt plus series 7 & 66 registrations (or for Merrill, pass a difficult math test before getting the sponsorship for the exams).
Barriers to success: It is very difficult to make it past 2-3 years in the investment advisory services firms. The attrition rates for newbies (without existing book of business) is probably higher than 90% for two years. 90%+ of new advisors don't make it past 2 years.
Bank Channel Financial Advisor (top 3 banks): Average compensation nationwide is about $60k.
Experience Requirement: Medium to High - Compensation Range: Medium
Expect your first and second year compensation to average around $40k to $55k.
Barriers to entry: High. Banks have the luxury to pick from a large pool of advisors wanting a more stable environment with a potential for existing book of business (bank customers). This aspect also makes less productive advisors want to work for retail banks. Retail banks also tend to operate with less actual talent and more with "who you know" type of culture. It may be best to start as a personal banker or something similar within the ranks.
Barriers to entry: High compared to what you get.
Independent Channel (i.e. LPL)
I won't list compensation for this channel, because many established advisors from other channels transfer their books to independent channels, and newbies generally do not start here. The compensation range for newbies would be too volatile compared to established advisors.
Experience Requirement: In order to survive, you'd probably need at least a medium (3-5 years) experience level here.
National Discount Brokerage (Fidelity, TD Ameritrade)
For average comp in this channel check with glassdoor.com. Higher income range are in bigger cities with people making good income.
Experience Requirement: mostly call center environment
Compensation Range: Medium
Barrier to Entry: medium
If you are looking for a career in investments/financial services, an ideal route is to start with low experience required company like MetLife, Prudential, Northwestern Mutual etc. Building a client base is extremely difficult with other more desirable channels.
It depends on how big of a financial advisor you work for and whether or not you are Series 7 licensed. I work for an advisor who makes 7 figures before taxes and I am not Series 7 licensed but I make about 40k salary.
I prefer to have a fee only financial advisor. The problem you can get into with a comission based advisor is that they may "churn" your account more than necessary to make money.
Very knowledgeable, financially, as in a Financial Advisor has much.
The German word for financial advisor is Finanzberater
form_title=Long Term Financial Planning form_header=Make a plan for long term financial success with the help of a professional financial advisor. Have you ever consulted a financial advisor?*= () Yes () No Where is your money currently invested?*= _Please Explain How much do you currently have saved?*= _Enter Amount Are you currently in debt?*= () Yes () No
Well, a personal financial advisor is who help you in so many financial terms and manage all your financial issues perfectly. If you are running a business then you should hire or consult with a financial advisor because he/she will reduce your chances of financial crises or loss.
In Canada, you can be a financial advisor if you have a life insurance license. In the US, a financial advisor must pass an exam and register with the state before they can work as an advisor. A financial advisor can have a CFA, CLU, CFP license, to name a few.
what is the starting salary for a financial advisor? i need the answer by tomorrow during class.....for my report!!!...
You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.You should make an appointment with your tax accountant or a financial advisor who can review your economic status and then apply expert advice.
He is a financial advisor
The FSA or Financial Services Authority will have details of financial services. Alternatively, an independent financial advisor or the financial advisor of your current bank may be able to advise.
You should get some good advice from a financial advisor. It may be better for you to make extra payments against the principal depending on how long you plan to keep the premises.You should get some good advice from a financial advisor. It may be better for you to make extra payments against the principal depending on how long you plan to keep the premises.You should get some good advice from a financial advisor. It may be better for you to make extra payments against the principal depending on how long you plan to keep the premises.You should get some good advice from a financial advisor. It may be better for you to make extra payments against the principal depending on how long you plan to keep the premises.
There are many beginning salaries for a Financial Advisor in the United States of America. Typically, the beginning salary for a Financial Advisor in the United States of America is around eighty one thousand dollars a year.
An advantage of being a financial advisor is that it is generally good pay. A disadvantage is that it can be a high stress job.
Financial Advisor fees usually occur per transaction or a flat fee to handle so much business. Typical fees are 10 percent of each transaction or flat fees of a couple thousand dollars.
Independent financial advisor
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You may be interested in being a financial advisor if you like to work with numbers. You may also like this job if you want to help others.
Becoming a financial advisor via the internet can be an incredibly long process. You can start this process by going to the website education-portal.com/financial_advisor_training.html.
Fianacial advisors can charge hourly or flat fee's but needs a certification to do so, meaning you wont always be charged depending on the financial advisor