States with the Highest Wages
If you pursue a career as a personal financial advisor you will find yourself in one of the fastest growing occupations in the country. If you want to reach even higher, consider working in New York State because, at $134,390, the mean annual wage for personal financial advisors is the highest of all the states. Massachusetts is second at $119,220, followed by Connecticut at $113,220, Alabama at $105,460, and Colorado at $104,360.
The figures noted above do not include the earnings of the nearly 30 percent of personal financial advisors who are self-employed. The majority of self-employed personal financial advisors operate small investment and financial advisory businesses.
Whether they are self-employed or work for a company, financial advisors may receive compensation or commissions based on the products they sell, or they may receive fee-only compensation. Fee-only compensation means that the advisor has no financial stake in the products or actions he or she recommends.
While job growth will be excellent in the next decade, competition will be fierce for well-paid jobs with advancement potential. A college degree, certification, and sales experience will make you more attractive to employers. Issued by the Certified Financial Planner Board of Standards, the Certified Financial Planner (CFP) designation requires three years of relevant experience, a bachelor’s degree, and a passing grade on a comprehensive test. To pass the exam an individual needs a working knowledge of investment and estate planning, insurance and risk management, employee benefits, taxation, the financial planning process, and debt management.
States with the Highest Employment Levels
If you are trying to decide where to apply for jobs in financial advising, you need to consider two figures: wages and employment levels. New York State, for example, has the highest concentration of personal financial advisors of all the states and pays the highest mean annual wage ($134,390). Now, that’s a good place to work in your profession!
Massachusetts also has great opportunities for personal financial advisors. It has the fifth highest concentration of workers in this field and pays the second highest mean annual wage ($119,220). Connecticut ranks third in both concentration of personal financial advisors and their wages ($112,220). While Delaware (with a mean annual wage of $86,290) is not one of the five top paying states, it does have a high concentration of financial advisors, making it a good place to start your career. Like Delaware, Florida doesn’t have a top wage ($66,140), but it does have a high concentration of personal financial advisors.
You can see from these figures that wages don’t tell the whole story. You need to look at the amount of jobs in your field when you consider your employment and location options. In time you may be able to branch out on your own and work anywhere, but before you get to that point in your career you will need to gain experience by working with and around other financial planners.
