Smack dab in the middle of the contiguous United States, you’ll find Kansas: an agricultural state known for its production of wheat, corn and soybeans. But beyond its prolific agricultural production, it has large universities and urban areas like Lawrence, Topeka and Wichita with businesses that thrive just as much as crops do in the Sunflower State.
When it comes to state income tax, Kansas joins 31 other states and the District of Columbia in employing graduated-rate income tax. This means that based on your income, you will be taxed either 3.10%, 5.25% or 5.70%, depending on which of three tax brackets you fall into. While Kansas does not employ local income taxes, certain counties place taxes on interest and dividends, which range between a 0.125% and 2.50% tax.
According to the Certified Financial Planner (CFP) Board, there are 868 certified financial planners in Kansas, accounting for 1% of CFPs in the country. Kansas is ranked 27th on the list of states with the most financial planners. This makes sense, though, since Kansas is only the 35th most populous state in the country. No matter where you live, there will always be a need for financial planners, so this is no cause for concern.
When starting your business, it’s necessary to consider what kinds of services you hope to provide as a financial planner. Some advisors charge a fee for their service, regardless of their success in managing their clients’ money. Other times, financial planners provide their services on a commission basis – if your client makes money, you earn a percentage of their earnings, incentivizing you to do your best work. Additionally, if you aim to become a CFP, you must be a fiduciary. This means that you’ll act according to your client’s best interests, not your own.
In 2019, the median household income in Georgia was $59,597, according to the United States Census Bureau. This is slightly lower than the national median of $62,843. Still, the cost of living in Kansas is likely lower than many more metropolitan areas, which helps account for this.
Read on to learn more about what you can earn as a financial planner in the Sunflower State.
Financial Advisor Salary in Kansas
The Bureau of Labor Statistics (BLS) only reports data on the earnings of personal financial advisors in Lawrence, Topeka and an aggregate measure of nonmetropolitan areas. The annual median wages in these regions are $47,950, $57,100 and $61,500, respectively. Still, 340 out of 980 financial advisors included in BLS data reside in Wichita, a more populous area.
Remember that the hourly rates listed by the BLS are estimates, and do not represent what advisors charge clients per hour.
Stockbroker Salary in Kansas
Most stockbrokers in Kansas live in Topeka and Wichita, which are the two of the largest cities in the state. As a securities, commodities and financial services sales agent in Topeka and Wichita, you can earn an annual median wage of $48,960 and $59,040, respectively. However, the salaries of stockbrokers can vary extensively depending on individual brokers’ success. At the 75th percentile, stockbrokers in Kansas made six-figure salaries in 2019.
Life/Annuity Producer Salary in Kansas
Unlike personal advisors and stockbrokers, most insurance sales agents in Kansas reside in nonmetropolitan areas. These 1,090 life/annuity producers in rural Kansas take home an annual median wage of $52,920 each year, while those in the 90th percentile earn $136,310. Evidently, there is room for growth over the course of your career to more than double your earnings. In Wichita, there are 660 life/annuity producers – compared with their rural counterparts, insurance sales agents in Kansas’ biggest city earn less.
(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.)