North Carolina is one of the major economic centers of the United States. It is one of the most populated states in the country as well as the country’s second-largest banking center after New York. Its gorgeous landscapes diverse economy make it a great place to live and work. While the state’s urban centers are growing and prospering since the turn of the century, the rural counties are declining.
There are 3,536 CFPs in the state of North Carolina, according to data collected by the Certified Financial Planner (CFP) Board. They represent about 4.0 % of the total number of certified financial planners in the country.
To receive certification by the CFP Board, and be granted authorization to use the designation, a financial advisor must fulfill certain requirements as well as pay an ongoing certification fee to the CFP. Most importantly, one must become a fiduciary who is legally obligated to act in their clients’ best interests and uphold a relationship of trust.
There are therefore two kinds of financial advisors – Commission-based advisors and fee-based advisors, who make their living through a pre-stated fee for their services rendered to their clients. This fee usually consists of a flat retainer and/or an hourly rate for investment advice and other services. A commission-based advisor, by contrast, earns commission from selling financial products and services to their clients. While fee-based advisors require a certification to practice their profession, commission-based advisors do not.
If you are interested in how wages for financial advisors, stockbrokers and insurance agents vary across different regions of North Carolina, you have come to the right place. We have compiled data on the salaries of financial advisors, stockbrokers and insurance agents in North Carolina, across its various metropolitan and non-metropolitan regions. This data has been acquired from the U.S. Bureau of Labor Statistics and is visible below.
Financial Advisor Salary in North Carolina
We have here employment data on the financial advisors in North Carolina, which was collected by the Bureau of Labor Statistics in 2019.
The Charlotte-Concord-Gastonia area is home to the most financial advisors of all the areas as the largest population center in the state; 2,940 professionals reside here. Durham-Chapel Hill and Raleigh are in second and third places respectively with almost a third as many – There are 1,230 financial advisors in Durham-Chapel Hill and 1,190 in Raleigh. The hourly mean wage is highest in the Piedmont non-metropolitan area at $71.57, followed closely by the Charlotte-Concord-Gastonia area where the hourly mean wage is $70.39. The median wage is highest in the Charlotte-Concord-Gastonia area at $56.14, followed by Greensboro-High Point where it is $53.51. Data on the Northeast and Southeast Coastal non-metropolitan areas is unavailable for comparison across the board.
Stockbroker Salary in North Carolina
The Charlotte-Concord-Gastonia area is also home to the most stockbrokers in the state. There are 6,710 stockbrokers living there, with Raleigh at a distant second with 1,570 professionals residing there. The hourly mean wage is the highest in the Charlotte-Concord-Gastonia area at $46.10, while it is $40.75 in Raleigh, and $41.22 in Durham-Chapel Hill. The hourly median wage in Charlotte-Concord-Gastonia is $34.76, also the highest of all the areas in the state, while Raleigh and Durham follow with hourly median wages of $30.04 and $29.05, respectively.
Life/Annuity Producer Salary in North Carolina
The most life/annuity producers in the state reside in Charlotte-Concord-Gastonia, which is home to 4,010 of them. Greensboro-High Point and Raleigh follow with 1,600 and 1,490 professionals, respectively. The hourly mean wage for a life/annuity producer is highest in Fayetteville, where it is $40.97. The Mountain NC non-metropolitan area is a close second with of $39.71, while Charlotte-Concord-Gastonia is third with an hourly mean wage of $36.67. The hourly median is also highest in Fayetteville at $44.08, second highest in the Mountain non-metropolitan area at $33.75, and third highest in Charlotte-Concord-Gastonia, where the hourly median wage is $27. These positions remain consistent for the 75th and 90th percentile wages, although readers should note that the data for the 28- life/annuity producers in Northeast Coastal non-metropolitan area are unavailable.
(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.)