New Jersey is the 11-most populous state in the U.S., and as it’s known by visitors as its status as a neighbor to the Big Apple (New York), the state of New Jersey has its own charms. It’s the most densely populated of all 50 states, and all except one county is in the combined statistical areas of New York City or Philadelphia. Consequently, the state’s largest city, Newark, is considered part of Greater New York. So, the data for Newark can be found on the New York state salary page as it was included in the New York City metro data.
But it is a wealthy state – the second wealthiest in the entire country, in fact, and the state’s public education system consistently ranks at the top among all 50 states. It also features such diverse geographic features as the Great Bay, Jersey Shore, Meadowlands and Pine Barrens.
The state also has a strong scientific economy, service economy in retail sales, education and real estate, as well as being the headquarters for major pharmaceutical and telecommunications firms. The 2019 median household income in New Jersey in 2019 was $82,545, almost $20K more than the national median household income of $62,843, according to 2019 U.S. Census Bureau data.
The unemployment rate did jump 3.9 percentage points YOY from 3.7% in December 2019 to 7.6% in December 2020, which is higher than the national unemployment rate of 6.7% for the same time period, according to the U.S. Bureau of Labor Statistics (BLS).
Due to its proximity to the financial centers of New York and Philadelphia, it’s not surprising that New Jersey ranks seventh overall in the number of Certified Financial Planners (3,601) working in the state, according to the CFP Board, which tracks such data.
As a CFP, financial advisors have fiduciary responsibility, which means they’re required to act in the best interests of their clients when recommending financial products and services. CFPs tend to work as fee-based advisors, charging their clients fees for assets under management or for ad-hoc services. Conversely, advisors can work on a commission basis, earning fees for the sale of financial products and services.
The BLS published salary data for the New Jersey regions of Atlantic City-Hammonton, Trenton and Vineland-Bridgeton. Remember, data for Philadelphia and New York metropolitan regions will be located on those respective state pages.
Financial Advisor Salary in New Jersey
The BLS didn’t publish salary data for financial advisors in Trenton, other than the overall number of advisors working there, which was 420. On the other hand, the annual mean salaries listed for Atlantic City-Hammonton and Vineland-Bridgeton are quite high, at $118,460 and $153,180, respectively. The only salary data point we have for highly experienced agents is for those in Atlantic City in the 75th percentile, which has a recorded salary of $154,220.
Stockbroker Salary in New Jersey
The lone region the BLS provided data for in New Jersey was Atlantic City, where we see 300 advisors earning an annual average salary of $70,450. Highly experienced brokers earning the top wages in their field can earn up to $128,390 in the 90th percentile and $78,030 in the 75th percentile.
Life/Annuity Producer Salary in New Jersey
Data is more comprehensive for New Jersey insurance agents/life/annuity producers. They earn annual average salaries of $50,090 in Atlantic City, $55,860 and $60,920 in the capital of Trenton. For experienced agents in the 90th percentile, the salaries are much more generous at $78,900 in Vineland-Bridgeton and in the low $90K-range for Atlantic City and Trenton. See the table below for further details.
(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.)