Most provider firms have three to five levels of advisors, with partner advisors earning three times what junior advisors make.
There are at least three levels of financial advisors in most of the larger financial provider firms. Let’s call them the junior, service and partner advisors, although firms may call them by different titles.
In 2013, the website InvestmentNews compiled data on financial provider firms from the top 150 metropolitan areas in the country, averaged salaries among those cities, and came up with an interactive map that details just how much advisors make depending on where they operate.
InvestmentNews is currently compiling information for a 2105 update. Firms that participate in the study are given access to the results of the research through the online tool that is similar to the one linked to in this story from the 2013 study.
The range of salary from junior to partner differ, with partners often getting three times as much as the junior, or service advisor. For instance, in Minneapolis, a service advisor makes an average of $89,000, while the partner makes $262,000.
The size of the city matters. In nearby Sioux Falls, S.D., the service advisor makes $78,000 while the partner advisor makes $230,000.
The East Coast is represented by dozens of cities in the survey. Starting at New York, where the compensation runs from $99,000 to $290,000, you can move northwest to Rochester, where the range is from $87,000 to $255,000, or down to Richmond, Va., where the compensation range is from $82,000 to $240,000.
On the other coast, Silicon Valley can cost you in more ways than one. In San Jose, the compensation range for financial advisors starts at $105,000 and runs to $258,000. You can run up to Boise, where the long run advisor makes $78,000 and the partner averages $229,000.
The information in the study comes from InvestmentNews/Moss Adams study as well as from the U.S. Department of Labor’s Bureau of Labor Statistics.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.