Indiana Financial Planner Salary

Indiana is known as the Crossroads of America, and it’s for good reason – there are more miles of interstate roads in Indiana than any other state. But Indiana isn’t just a convenient place to drive through. In fact, it’s quite the exciting place to drive in, as Indiana is home to the Indianapolis 500 race, one of the largest annual Indy Car racing tournaments. But for those who don’t have a need for speed, there’s still plenty to love about Indiana, like the waterside Indiana Dunes National Park.

Indiana has a flat tax rate of 3.23%, meaning that all workers’ income is taxed at the same rate no matter how much you earn. Compared with other states, this rate is quite low, which is an incentive to start a financial planning business in the Hoosier State. Plus, the flat tax rate is more convenient when you file taxes than a graduated-rate income tax structure, which requires people to pay different percentages of income tax depending on their annual income. However, Indiana is one of 17 states as of 2019 that imposes local income taxes. These supplemental taxes range from 0.35% and 3.38% in Indiana; but, combined with the low state income tax of 3.23%, these rates are relatively average nationwide.

New financial planners in Indiana must also consider how they plan to provide their services. Most financial planners opt for one of two business structures. Some people charge a set fee for their work, which clients will pay regardless of what happens while you’re managing their money. But for stockbrokers who are navigating the ups and downs of the stock market, many opt to charge a commission; so, if your client makes money, so do you.

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There are 1,574 certified financial planners in Indiana, accounting for 1.8% of CFPs nationwide, according to the CFP Board. Indiana is the 17th most-populous state in the U.S., so it makes sense that the state ranks 21st when it comes to the number of financial planners. The median household income in Indiana is $56,303 per year, falling below the nationwide average of $62,843; however, this discrepancy likely stems from the fact that the cost of living is lower in Indiana than in more populous, metropolitan areas across the nation.

Keep reading to learn more about your potential annual income as a financial planner in Indiana.

Financial Advisor Salary in Indiana

Oftentimes in the United States, the cost of living tends to be higher in urban areas, and thus, salaries increase, too. Indiana follows this trend – the two most profitable cities in which you can work as a financial advisor are Indianapolis and Fort Wayne, which are also the two most populated cities in the Hoosier state. In Indianapolis and Fort Wayne, you can earn an annual median salary of $103,600 and $99,190, respectively. On the lower end of the salary range are smaller cities like West Lafayette, where the median annual salary is $58,780. Still, this is on par with the statewide median.

Keep in mind that the hourly rates listed by the Bureau of Labor Statistics (BLS) are estimates. These figures are not indicative of what financial advisors in Indiana charge their clients.

Area Name
Employment
Annual mean wage
Bloomington
70
122950
Central Indiana nonmetropolitan area
70
73970
Columbus
-
84370
Elkhart-Goshen
50
-
Evansville
120
94480
Fort Wayne
320
131030
Indianapolis-Carmel-Anderson
2310
123330
Kokomo
40
-
Lafayette-West Lafayette
110
60460
Muncie
80
93490
Northern Indiana nonmetropolitan area
210
99160
South Bend-Mishawaka
140
118490
Southern Indiana nonmetropolitan area
160
83550
Terre Haute
60
81760

Stockbroker Salary in Indiana

Out of the more than 4,500 stockbrokers in the state of Indiana, 3,060 live in Indianapolis, the capital. While the average annual salary for stockbrokers in Indianapolis is $93,710, the median is just $62,780, suggesting a wide range of fluctuation in the salaries of stockbrokers. However, in the 75th percentile and above, stockbrokers in half of Indiana’s regions can take home a six-figure salary.

Area Name
Employment
Annual mean wage
Bloomington
70
-
Central Indiana nonmetropolitan area
170
68160
Columbus
-
129610
Elkhart-Goshen
140
66720
Evansville
180
91670
Fort Wayne
310
78500
Indianapolis-Carmel-Anderson
IN"
45.05
Kokomo
50
71510
Lafayette-West Lafayette
90
62680
Muncie
70
57200
Northern Indiana nonmetropolitan area
130
105440
South Bend-Mishawaka
170
105070
Southern Indiana nonmetropolitan area
70
66550
Terre Haute
60
58810

Life/Annuity Producer Salary in Indiana

For insurance sales agents in Indiana, the annual average wage ranges between $39,510 in Bloomington and $81,600 in Evansville. But, in urban areas like Indianapolis and Fort Wayne, life/annuity producers in the 90th percentile can earn more than $100,000 each year. Like other jobs in the financial services sector, this indicates the potential for growth over time.

Area Name
Employment
Annual mean wage
Bloomington
360
39510
Central Indiana nonmetropolitan area
480
59680
Columbus
130
72700
Elkhart-Goshen
120
48390
Evansville
320
81660
Fort Wayne
900
64220
Indianapolis-Carmel-Anderson
4090
65950
Kokomo
100
64880
Lafayette-West Lafayette
210
54540
Muncie
50
53090
Northern Indiana nonmetropolitan area
630
66190
South Bend-Mishawaka
360
73490
Southern Indiana nonmetropolitan area
320
49360
Terre Haute
160
45490

 

(Salary and job growth data reported by the U.S. Bureau of Labor Statistics in May 2019 for personal financial advisors; securities, commodities and financial services sales agents; and insurance sales agents. Figures represent national data, not school-specific information. Conditions in your area may vary. Information accessed February 2021.)