Financial advising has one of the widest salary ranges of any profession — from $45,000 for a first-year advisor at a bank to $1M+ for top producers at wirehouses. Here is what determines where you fall in that range.
Pay at a Glance (BLS Data)
Bureau of Labor Statistics wage estimates for personal financial advisors, across all industries:
| Percentile | Annual Wage | Hourly Equivalent |
|---|---|---|
| 10th (entry level) | $50,190 | $24.13 |
| 25th | $72,440 | $34.83 |
| 50th (median) | $105,070 | $50.51 |
| 75th | $176,790 | $85.00 |
| 90th | $357,020 | $171.64 |
| Average (mean) | $156,670 | $75.32 |
Source: US Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025, for Personal Financial Advisors (all industries). Hourly figures are annual wages divided by 2,080 hours. “Not published” means BLS withheld the estimate, usually because wages are above its top reporting limit.
Financial Advisor Salary Overview
By Experience Level
| Experience | Base Salary | Total Compensation | Typical Role |
|---|---|---|---|
| Entry (0-3 years) | $45,000-$60,000 | $55,000-$80,000 | Associate advisor, bank FA |
| Mid (3-7 years) | $70,000-$100,000 | $90,000-$150,000 | Financial advisor |
| Experienced (7-15 years) | $100,000-$170,000 | $150,000-$300,000 | Senior advisor |
| Top producer (15+ years) | $150,000+ | $300,000-$1M+ | Wealth manager, partner |
By Compensation Model
| Model | How They’re Paid | Average Total Comp |
|---|---|---|
| Fee-only | Flat fee, hourly, or AUM % | $90,000-$200,000 |
| Fee-based | Fees + some commissions | $80,000-$250,000 |
| Commission-only | Product sales commissions | $40,000-$500,000 (varies widely) |
| Salary + bonus (bank) | Base + performance | $55,000-$120,000 |
AUM-Based Income: How It Works
Most independent financial advisors charge 1% of assets under management (AUM) annually:
| Client AUM Managed | Annual Revenue (1% fee) |
|---|---|
| $5,000,000 | $50,000 |
| $15,000,000 | $150,000 |
| $30,000,000 | $300,000 |
| $50,000,000 | $500,000 |
| $100,000,000 | $1,000,000 |
Building $30M in AUM takes most advisors 10-15 years of consistent client acquisition.
Salary by Employer Type
| Employer Type | Typical Compensation | Pros |
|---|---|---|
| Wirehouse (Merrill, Morgan Stanley) | $80,000-$500,000+ | High ceiling, brand support |
| Independent RIA | $70,000-$300,000 | Ownership upside, flexibility |
| Bank/credit union | $55,000-$110,000 | Salary stability, benefits |
| Insurance company | $50,000-$200,000 | Product focus, commission-heavy |
| Robo-advisor firm | $70,000-$120,000 | Tech-focused, stable |
Financial Advisor Salary by State
| Rank | State | Avg Salary | Starting Salary | Median Salary |
|---|---|---|---|---|
| 1 | New York | $210,310 | $76,190 | $166,400 |
| 2 | New Jersey | $191,890 | $78,860 | $158,570 |
| 3 | South Dakota | $175,820 | $77,280 | $128,720 |
| 4 | Massachusetts | $172,430 | $58,510 | $125,670 |
| 5 | California | $170,070 | $67,690 | $130,330 |
| 6 | Wisconsin | $166,810 | $51,760 | $119,430 |
| 7 | Pennsylvania | $165,100 | $59,960 | $105,200 |
| 8 | Virginia | $163,180 | $51,440 | $102,640 |
| 9 | Florida | $162,780 | $48,950 | $100,970 |
| 10 | Washington | $162,590 | $58,650 | $114,050 |
| 11 | Oregon | $161,810 | $54,940 | $122,830 |
| 12 | Connecticut | $160,780 | $59,890 | $129,720 |
| 13 | Illinois | $158,450 | $51,820 | $120,130 |
| 14 | Georgia | $154,620 | $46,180 | $101,450 |
| 15 | Maryland | $153,800 | $47,810 | $99,880 |
| 16 | Tennessee | $153,140 | $44,170 | $84,160 |
| 17 | New Mexico | $151,100 | $56,450 | $94,270 |
| 18 | Kansas | $149,410 | $56,830 | $102,530 |
| 19 | Texas | $146,000 | $46,450 | $99,160 |
| 20 | District of Columbia | $144,800 | $58,790 | $104,990 |
| 21 | North Carolina | $143,740 | $48,790 | $96,880 |
| 22 | Minnesota | $141,760 | $47,520 | $102,660 |
| 23 | Indiana | $137,220 | $44,150 | $87,710 |
| 24 | Delaware | $136,950 | $44,340 | $125,050 |
| 25 | Missouri | $136,640 | $51,470 | $99,930 |
| 26 | Vermont | $136,000 | $58,150 | $110,020 |
| 27 | Idaho | $135,790 | $44,500 | $94,370 |
| 28 | Nevada | $135,470 | $45,050 | $92,720 |
| 29 | Alabama | $132,860 | $42,150 | $77,990 |
| 30 | South Carolina | $132,810 | $45,420 | $96,330 |
| 31 | Iowa | $132,560 | $51,310 | $92,310 |
| 32 | Nebraska | $129,590 | $52,370 | $93,280 |
| 33 | Wyoming | $129,060 | $50,390 | $77,490 |
| 34 | New Hampshire | $129,040 | $57,700 | $96,780 |
| 35 | Montana | $126,570 | $55,010 | $97,450 |
| 36 | Arizona | $125,750 | $45,330 | $96,950 |
| 37 | West Virginia | $124,400 | $45,020 | $80,010 |
| 38 | Kentucky | $124,320 | $43,880 | $67,150 |
| 39 | Ohio | $123,380 | $49,400 | $90,990 |
| 40 | Colorado | $123,110 | $57,020 | $89,280 |
| 41 | Michigan | $121,890 | $44,780 | $77,930 |
| 42 | Mississippi | $117,880 | $43,880 | $63,300 |
| 43 | Alaska | $117,610 | $50,790 | $78,690 |
| 44 | Hawaii | $117,560 | $48,060 | $76,070 |
| 45 | Utah | $117,140 | $47,840 | $77,390 |
| 46 | Arkansas | $113,140 | $36,710 | $79,420 |
| 47 | Rhode Island | $105,650 | $46,670 | $80,200 |
| 48 | Oklahoma | $94,010 | $36,920 | $68,670 |
| 49 | North Dakota | $90,390 | $59,470 | $76,870 |
| — | National | $156,670 | $50,190 | $105,070 |
Source: US Bureau of Labor Statistics OEWS, 2025 estimates, fetched 2026-09-29. Figures cover Personal Financial Advisors (cross-industry). Some states are omitted where BLS did not publish a reliable estimate.
Key Certifications
| Certification | Focus | Salary Impact |
|---|---|---|
| CFP (Certified Financial Planner) | Comprehensive planning | +$20,000-$50,000 |
| CFA (Chartered Financial Analyst) | Investment management | +$25,000-$60,000 |
| ChFC | Advanced financial planning | +$15,000-$30,000 |
| CPWA | Ultra-high net worth | +$30,000-$70,000 |
| CLU | Life insurance/estate | +$10,000-$25,000 |
Career Path
| Years | Title | Income Range |
|---|---|---|
| 0-3 | Associate / trainee | $55,000-$80,000 |
| 3-7 | Financial advisor | $90,000-$150,000 |
| 7-15 | Senior advisor | $150,000-$350,000 |
| 15+ | Principal / partner | $300,000-$1M+ |
Job Outlook
The BLS projects 1.4% growth in personal financial advisor jobs from 2025 to 2035 — slower than the average for all occupations, per the BLS Occupational Outlook Handbook (updated with 2025 data). Despite the modest growth rate, the BLS still projects about 17,100 job openings annually over the decade, mostly from workers retiring or changing careers. The aging population and complex retirement planning needs continue to drive demand for advisors even as overall headcount growth slows.
Related: Accountant Salary | Actuary Salary | Consultant Salary
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Is It a Good Career?
Advantages
- Recurring revenue — AUM fees feel like passive income once established.
- Meaningful work — Helping families achieve goals, retire comfortably.
- Schedule flexibility — Established advisors control their calendars.
- Relationships — Long-term client relationships, some become friends.
Disadvantages
- Sales-driven initially — You’re a salesperson first, advisor second, early on.
- Income instability early — Paid on what you bring in, which is little at first.
- Market stress — Bear markets mean lower AUM fees AND angry clients.
- Compliance burden — Heavy documentation, regulations, errors & omissions risk.
- Eat what you kill — If you stop prospecting, pipeline dries up.
- Client dependency — Large client leaving can devastate income.
Good fit for
- You have a network or can build one — Referrals are the lifeblood of the business.
- You’re genuinely interested in personal finance — Passion sustains you through hard times.
- You’re self-motivated and disciplined — Nobody will force you to prospect.
- You can handle market stress — Clients panic when markets drop.
Poor fit for
- You need stable income immediately — Early years are financially brutal.
- You lack a network — Starting from zero is extremely difficult.
- You can’t handle rejection — Most prospects say no.
- You’re uncomfortable discussing money — Money conversations are the entire job.
- You want quick path to wealth — Building a book takes years, not months.
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