What Is The Financial Planner Starting Salary?

In these tough economic times that most people are going through, many are looking for options to increase their income. The financial field is growing each year and becoming a planner is a great career with a great deal of future security. Those who are thinking of going into the field may wonder what the average financial planner starting salary is. The answer may be surprising to those who are looking to get into this field.

There are two types of financial planners and they both come with their own financial planning starting salary. The first type of financial planner is those who work in the personal finance world. These are the planners who deal with individuals and they typically help the individuals with retirement investments. With the baby boomers starting to come closer to the age of retirement, this area is expected to explode in the next ten years.

The average financial planner starting salary for personal finances is thirty two thousand a year. The reason this is so low is because it can take a year or two for the planners to build up a portfolio of clients and once this is done, the salaries are going to increase dramatically. A planner has to be tried and trusted before the commissions that are so highly relied on kick in.

Financial analysts work in the business end of the industry and are typically setting up the companies investments, which can include their 401K plans. The starting salary is a bit higher in this field as it is more competitive than personal advising.  This is because there is a bit more freedom and more cash to work with than in the personal field. New employees can average around forty thousand dollars a year, with many starting a bit higher depending on how much actual time they had interning at a financial institution while going to college.

Of course, in the business world, the planners are going to rely heavily on bonuses as well as commissions, if there company offers them. The salaries can increase quickly for those advisers who have a keen insight into the stock market and who know what areas are going to produce the monetary gain for the investments. Within a couple of years, a good adviser can expect to earn well over six figures if they are accurate in their predictions and have a solid and reliable client base.

Financial planning is going to become increasingly more profitable in the personal and business end of the field. As the baby boomers begin to plan for their retirement and companies are trying to come back from the financial downfall of the past few years, this industry should start to see a dramatic spike. The financial planner starting salary can seem quite low overall, but the chances of increasing that starting income are quite high when the bonuses and commissions are taken into account. Good financial advisers can see themselves rising in the ranks quickly and can double and even triple their income in just a few short years!