Pennsylvania Financial Planner Salary

The Commonwealth of Pennsylvania is one of the oldest states in the U.S. and is steeped in American Founder Father folklore. It had the sixth-largest gross state product (GSP) in the nation in 2018 and if it were an independent country, the state’s economy would rank No. 19 in the world.

The state is home to 50 Fortune 500 companies, such as H.J. Heinz, GE, U.S. Steel and the Hershey Company. Pennsylvania also ranks 19th when it comes to agricultural production, producing mushrooms, apples, Christmas trees, chickens, nursery products, sod, corn for silage and grapes.

According to the U.S. Census Bureau, the 2019 median household income in the state of Pennsylvania was $61,744, which is about $1K lower than the national median household income of $62,843. The state does tax its residents at a higher rate than other states, however, and it holds the tile for levying the 15th-highest state and local tax burden on its residents.

The unemployment rate in December 2020 in Pennsylvania was 6.7%, which is the same as the national unemployment rate to the last percentage point. It does, however, represent a 2.1% increase YOY, according to the U.S. Bureau of Labor Statistics (BLS).

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Pennsylvania is No. 5 in the U.S. when it comes to the number of Certified Financial Planners (CFP)s who work in the state at 4,720, which represents 5.3% of the total number of CFPs in the nation, according to the CFP Board. CFPs are fiduciaries, which means they’re required to act in the best interest of their clients, whether that interest aligns with their business interests or not.

If you’re considering a career in finance or financial planning in Pennsylvania, you’ll want to decide whether to serve clients as a fee-based advisor, earning flat fees from the managed asset amount, or a commission-based model where you earn commissions based on products and services sales.

The BLS publishes data for the annual salaries of financial advisors, stockbrokers and life insurance/annuity producers in the Pennsylvania regions of Allentown-Bethlehem-Easton, Altoona, Chambersburg-Waynesboro, Erie, Harrisburg-Carlisle, Johnstown, Lancaster, Northern Pennsylvania nonmetropolitan area, Philadelphia-Camden-Wilmington, Pittsburgh and Reading.

Financial Advisor Salary in Pennsylvania

Surprisingly, financial advisors in Philadelphia, which is the state’s largest city, don’t earn the highest salaries at $94,800. The highest annual salaries for Pennsylvanian financial advisors are found in the Allentown-Bethlehem-Easton metropolitan area at $145,250, followed by Pittsburgh planners at $141,900 and York-Hanover planners ranking third with annual salaries of $137,680.

The lowest salaries can be found in Scranton-Wilkes-Barre-Hazleton, State College and the Southern Pennsylvania nonmetropolitan area. Salaries in the 75th or 90th percentile for Allentown weren’t available, but Johnstown is home to a 90th-percentile salary of $196,620 for experienced advisors.

Area Name
Employment
Annual mean wage
Allentown-Bethlehem-Easton
310
145250
Altoona
50
103850
Chambersburg-Waynesboro
60
-
Erie
140
80980
Harrisburg-Carlisle
280
98840
Johnstown
60
97760
Lancaster
310
126080
Northern Pennsylvania nonmetropolitan area
90
85600
Philadelphia-Camden-Wilmington
6320
94800
Pittsburgh
1630
141900
Reading
160
66380
Scranton--Wilkes-Barre--Hazleton
220
76570
Southern Pennsylvania nonmetropolitan area
60
77150
State College
70
76920
Western Pennsylvania nonmetropolitan area
50
93460
York-Hanover
120
137680

Stockbroker Salary in Pennsylvania

Salaries are quite a bit lower across the board for stockbrokers in Pennsylvania when compared with financial advisors, ranging from $50K to $90K. The highest-paying regions for brokers was Philadelphia with an annual mean salary of $90,110, followed by Harrisburg-Carlisle with pay of $81,430.

The lowest-paying regions were no surprise: State College at $51,390, the Southern Pennsylvania nonmetropolitan area at $52,320 and the Western Pennsylvania nonmetropolitan area at $52,920 per year.

Area Name
Employment
Annual mean wage
Allentown-Bethlehem-Easton
510
59690
Altoona
110
-
Chambersburg-Waynesboro
80
52480
Erie
240
57200
Harrisburg-Carlisle
710
84120
Johnstown
120
57340
Lancaster
580
81430
Northern Pennsylvania nonmetropolitan area
120
57840
Philadelphia-Camden-Wilmington
10590
90110
Pittsburgh
4130
82950
Reading
420
57700
Scranton--Wilkes-Barre--Hazleton
740
79610
Southern Pennsylvania nonmetropolitan area
290
52320
State College
-
51390
Western Pennsylvania nonmetropolitan area
270
52920
York-Hanover
360
65610

Life/Annuity Producer Salary in Pennsylvania

Annual salaries for life insurance/annuity agents are like those of stockbrokers in Pennsylvania but here, Erie takes the top salary spot in the state, where the mean annual salary of an agent is $89,730. Most of the salaries in the state are in the range of $40K-$70K with Erie being the outlier on the high end and Altoona bookmarking the low end at $35,950.

Area Name
Employment
Annual mean wage
Allentown-Bethlehem-Easton
780
71240
Altoona
100
35950
Chambersburg-Waynesboro
120
52670
Erie
210
89730
Harrisburg-Carlisle
900
68470
Johnstown
100
60160
Lancaster
510
74240
Northern Pennsylvania nonmetropolitan area
280
66600
Philadelphia-Camden-Wilmington
8620
76180
Pittsburgh
3030
62780
Reading
210
54090
Scranton--Wilkes-Barre--Hazleton
530
65010
Southern Pennsylvania nonmetropolitan area
370
58950
State College
130
56230
Western Pennsylvania nonmetropolitan area
340
77160
York-Hanover
360
48780

 

(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.)