Top Paying States for Financial Advisor Profession

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.

This chart displays annual mean salaries for Financial Planners in the U.S. The data was collected by the Bureau of Labor Statistics OES - May 2008.

 

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.

Related Charts for Financial Planner Salaries:

Financial Planner Pay Scale - All U.S. States

Financial Planner Salaries - Top Paying Metropolitan Areas

Financial Planner Salary Ranges - Top Paying Industries

The bar graph above shows the states with the highest financial advisor salaries. The data is displayed below in table format:

State	Annual Mean Wage
New York	$134,390
Massachusetts	$119,220
Connecticut	$113,220
Alabama	$105,460
Colorado	$104,360