What is the salary for a financial advisor?

Answer 1

Income for a Financial Adviser Answer

Financial consultants solicit business from clients and are essentially paid to tell someone or someplace how to handle their money in the most efficient and profitable way. The big variant is probably client size. There are financial consultants for every situation, ranging from individuals with huge debts to massive multi-national companies with billions of dollars in assets.

If you go to Salary.com, it will tell you at the entry-level, it median income is around $47,000 per year. However, I know for a fact that this field can be far more lucrative. A very close friend has worked in financial consulting her whole life, and she is currently a senior partner at a major firm that works with fortune 500 clients. Her income is between $350,000 and $450,000 per year, as the performance of the business on a yearly basis affects her salary.

I imagine the median can be much less if you are starting your own business and working with individual people, assisting them with their household finances.

My family member is a financial adviser and he is the boss of 13 offices, and he gets 1-3 million a year.

Financial advisers earning depends on the amount of assets they manage and the % fee they charge. Often a FA will gross close to 1% of assets under management. Net pay depends on the 'pay-out' rate they get from their broker dealer - 40% on the low side, 95% on the high. FA's often have expenses such as rent, and payroll that can easily take 33% of the gross payout - often 50%.

Answer 2

Salary does not really come into play. A financial advisor is not really a salaried position but mostly a 100% commission job. But big houses like Merrill, Prudential and Goldman give you a training salary for like a year or two while your building your book of clients of about anywhere from $35k to $50k depending on how much professional experience you have. That said the potential to make money in this profession is unlimited. The problem is getting clients. In this day and age it is harder to get because of online discount brokers, online free brokers, and electronic ecn's. No longer do you have the days when people had no other option but to call equity orders through the phone to a broker who in turn sent it to the floor of the stock exchange. All orders can now be matched by computers. The good news is that not all people in the world with money have the time to research, understand and follow the equities market. There are people out there who are willing to pay for a full service broker to handle their financial decisions. The hard part is to get it among an oversaturated market full of financial advisors, stockbrokers and financial planners. good luck!