Financial Planner, Stock Broker Salaries, Advisor Salaries
The financial planning industry is made up of licensed investment advisers, CPAs, insurance producers, and securities sales agents. In 2010, the U.S. Bureau of Labor Statistics (BLS) published a report showing that all of these fields are expected to see strong job growth in the coming years.
This report showed that investment advisers earned an average of $91,220, and can anticipate job growth of 30% during the next eight years. The field of accounting is expected to see 22% growth, and the certified public accountants that represent the upper echelon of this profession earned an average of $81,290 in 2010. Securities sales agents are expected to see more modest growth of about 9%, and according to the most recent 2010 BLS earnings report, made $95,130 on average. Some of the most enterprising insurance producers have the life insurance and annuity line of authority and provide the public with some of the most reliable financial planning products available. Insurance producers will see steady growth of 12% in the next eight years. Their average salary of $62,520 nationally does not include commissions earned, which can be a very significant component of their yearly take.
According to the U.S. Bureau of Labor Statistics, the number of jobs available to stockbrokers in the U.S. is expected to grow 9% during the current ten-year period ending 2018. As a sales occupation, compensation for stockbrokers is largely based on commissions and bonuses, so salary figures alone don’t tell the whole story. According to the 2010 U.S. Bureau of Labor Statistics report, the securities and commodity contract intermediation and brokerage industry employed the highest percentage of stockbrokers.
Registered reps working for large brokerage firms earned $111,160 on average, considerably higher than the national average of $95,130 for the profession across all industries. Top earners, within the 75th percentile, made an average of $124,450 that year, the majority of which were in New York and California, where the average salaries were $129,620 and $103,430 respectively. Top paying industries and corresponding average salaries for stockbrokers:
Employment for personal financial advisors is expected to grow by an astounding 30% during the current ten-year period ending 2018. According to the U.S. Bureau of Labor Statistics, the national average salary for these registered investment advisers was $91,220 in 2010, while top earners, within the 75th percentile, made an average of $111,990.
As fee-only and fee-based advisors generally charge a percentage for total client assets under management, independent advisors often make considerably more than those earning salaries as employees of large investment advisory firms. Around 63% of personal financial advisers work in the insurance and finance industries, while 29% are self-employed. Top paying industries and corresponding average salaries for investment advisers:
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