Mississippi Financial Planner Salary

With a leisurely pace of life, friendly people and traditional values, Mississippi is a haven from the bustling metropolitan hubs. Outdoor activities include hunting, fishing the mighty Mississippi River to the west of the state, hiking through lush forests and enjoying beaches along the Gulf of Mexico to the south. And of course, all the soul food you can eat. Civil War buffs will enjoy the rich and proud history of the state, with memorials, battlefields and monuments at nearly every turn. The cost of living is generally considered low, especially the cost of housing.

The average household income in Mississippi is just $45K/year, putting it significantly lower than the national household average of $63K/year. That poorer population is something for finance professionals to consider when looking at employment prospects in this state.

Mississippi is one of the 31 states plus the District of Columbia that uses a graduated rate to calculate income tax. Income taxes are 0% at the low end and 5% for anyone earning over $10K/year—essentially making it an attractive flat tax for most professionals. There are no county or city taxes, and the state sales tax rate is 7%. All this makes the Magnolia state an attractive place for a professional just starting out or making a career change.

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The tables below show salary estimates and breakdowns for annual and hourly earnings for finance professionals. The hourly data is for illustrative purposes only. Most financial planners charge either a flat fee to clients for handling their money, or they build a commission structure into client contracts. Being a CFP requires you to be a fiduciary, which means advisors must act on behalf of their clients and not advise based on the advisor’s own self-interest, commission, products or services.

Read on to get an idea of salary prospects for financial planners and advisors, stockbrokers and life/annuity producers (insurance sales agents) for key markets in this gorgeous southern state.

Financial Advisor Salary in Mississippi

About 630 financial advisors live and work in Mississippi, and nearly 250 are found in the capital of Jackson, where the average annual salary is $105K/year. The 75th percentile of nearly $150K indicates significant earning potential in this market. Annual salaries range from $50K/year to $94K/year in smaller markets, where there are fewer clients and significantly fewer advisors. As the southeast nonmetropolitan area indicates, with a 90th percentile of $193K/year, some advisors do make a lucrative living outside the city. See the table below for more complete data from the Bureau of Labor Statistics.

Area Name
Employment
Annual mean wage
Gulfport-Biloxi-Pascagoula
50
54760
Hattiesburg
60
-
Jackson
240
105150
Northeast Mississippi nonmetropolitan area
140
94000
Northwest Mississippi nonmetropolitan area
-
50950
Southeast Mississippi nonmetropolitan area
100
75140
Southwest Mississippi nonmetropolitan area
40
-

Stockbroker Salary in Mississippi

More than 660 stockbrokers live and work in the state of Mississippi. Stockbrokers sell securities, commodities and financial services directly to clients. They’re evenly split between Jackson and the northeast nonmetropolitan area of the state, with 220 and 270 operating in each market, respectively. Salaries are highest in Jackson, with an average salary of $94K/year, and 90thpercentiles reach six figures across all markets. There is earning potential here for select high-performing agents. See the table below for the complete data set.

Area Name
Employment
Annual mean wage
Hattiesburg
40
-
Jackson
270
94000
Northeast Mississippi nonmetropolitan area
220
50390
Northwest Mississippi nonmetropolitan area
-
64340
Southeast Mississippi nonmetropolitan area
80
52060
Southwest Mississippi nonmetropolitan area
50
52780

Life/Annuity Producer Salary in Mississippi

Life/annuity producers are agents who sell insurance directly to clients. This tends to be a less lucrative field than stocks and commodities or financial planning, but there is earning potential in some markets. Jackson has 1,000 of the nearly 3,000 agents in the state—the highest concentration by far—and you’ll find the highest average salaries in the city as well, starting at $67K. Other area salaries range from $38K/year to $59K/year, indicating limited earning potential outside Jackson, with exceptions for the highest-performing agents. Find the full data set below.

Area Name
Employment
Annual mean wage
Gulfport-Biloxi-Pascagoula
330
37810
Hattiesburg
200
-
Jackson
1050
67200
Northeast Mississippi nonmetropolitan area
520
55950
Northwest Mississippi nonmetropolitan area
240
50910
Southeast Mississippi nonmetropolitan area
350
49850
Southwest Mississippi nonmetropolitan area
130
58880

 

(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.)