Nevada, known as the Silver State, is home to the two large metropolitan regions of Reno/Sparks and Las Vegas/Henderson, as well as smaller rural communities around the state. From Lake Tahoe on the state’s western border to the Ruby Mountains and from the Black Rock Desert to the Hoover Dam, the state of Nevada has something for everyone.
The most important thing to know about Nevada is that you must pronounce the state’s name correctly: The correct way is to pronounce the state’s first “a” like “trap” rather than “palm.” This western state is the fourth-largest producer of gold in the U.S., and it’s the seventh-largest state in the country. It also ranks second in the U.S. for the number of mountains within its borders, only behind Alaska.
Nevada is one of 10 states that doesn’t have a state income tax, and its property taxes are fairly low, which is a great incentive for moving to the state. Its cost of living is lower than in neighboring California, so it’s seeing and influx of California residents. Its economy is largely tied to tourism, mining and cattle ranching, so it has been hit especially hard by the global COVID-19 pandemic.
The unemployment rate for December 2020 in Nevada was 9.2%, which is 5.5 percentage points higher than the rate in December 2019 and considerably higher than the national unemployment rate of 6.7%, according to the U.S. Bureau of Labor Statistics (BLS).
The median household income in Nevada was $60,365 in 2019, slightly lower that the national median household income of $62,843. The Nevada and national median gross rents and mortgage costs were similar in 2019, but the Nevada numbers likely will have increased a great deal by the time the 2021 data are released since the state’s population increased 14.1% from 2010 to 2019, according to the U.S. Census Bureau.
According to the CFP Board, there are 409 Certified Financial Planners (CFPs) in Nevada, which is 0.5% of the overall number of CFPs in the U.S. CFPs are fiduciaries, which means they are required to act in the best interest of their client rather than their business or their own bottom line. You’ll likely work as a fee-based advisor, charging fees for assets under management or a set percentage if you’re a CFP. The other option is to work as a commission-based advisor, earning commission on the sale of products and services.
If you want to work in finance or financial planning in Nevada and are curious about the salaries in the two major metro regions, keep reading.
Financial Advisor Salary in Nevada
The most lucrative region in Nevada for financial advisors is the Northern Nevada market of Reno with an annual mean salary of $108,830. Financial advisors in Southern Nevada’s Las Vegas-Paradise-Henderson market make $30K less per year with an annual mean salary of $78,420. Salaries for advisors in the rural communities of Nevada weren’t provided by the BLS. See the table below for more information.
Stockbroker Salary in Nevada
Salaries for stockbrokers in Nevada are more closely aligned between the two major regions of Reno and Las Vegas with annual mean salaries of $69,490 in Reno and $65,940 in the Las Vegas metro. Annual median wages are quite a bit lower at $46,680 in Las Vegas and $54,240 in Reno. See the table below for more information.
Life/Annuity Producer Salary in Nevada
The salaries for life/annuity producers, also known as insurance agents, are significantly higher in Reno than they are in Las Vegas. In Reno, the annual mean salary is more than $10K higher than the state’s annual median wage at $73,470, whereas Las Vegas has an annual mean salary of $58,690. See the table below for more information.
(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.)