Financial advisors have a median annual salary of nearly $89,000, and the highest-paid ones can make over $200,000.
It pays to know how to handle money – literally.
If you’re good enough to help manage the financial situation of others, you just may be able to fetch an impressive salary for yourself.
Where do financial advisors make the most money?
Best-Paying States for Financial Advisors
The states and districts that pay Financial Advisors the highest mean salary are New York ($166,100), California ($141,100), Connecticut ($137,120), District of Columbia ($135,770), and Maine ($134,380).
How do financial advisors make money?
These financial advisors will usually earn their money through different means. Fee-based advisers charge an upfront fee to their clients. They could also earn a commission. Fee-only advisors earn their pay strictly from the fees they charge to their clients.
Are Financial Advisors rich?
Not All Rich
Financial advising is unique in the fact that advisors can only service so many clients. If they aren’t commission-based and charge 1% of the assets under management, that’s $1,000 on a $100,000 portfolio, but the average advisor doesn’t have a practice full of $100,000 portfolios.
Is being a financial advisor stressful?
According to Financial Planning magazine, financial advisors face significantly more stress than the average profession, with male advisors reporting 26.2% high levels of stress than the national norm. Sometimes you may feel like squeezing the crap out of a stress ball, and that’s okay.