As Rhode Islanders know, the nation’s smallest state is small but mighty. It has more than 400 miles of coastline, is the seventh least-populous state but also holds the title of the second-most densely populated state. It does, however, have some of the highest tax rates in the county – especially when it comes to property taxes.<!- mfunc feat_school ->
The state has the lowest level of energy consumption per capita of any state and it’s the fifth most- energy efficient. The state’s top industry is health services, followed by tourism and manufacturing. The median household income in Rhode Island in 2019 was $67,167, which is $5K higher than the national median household income of $62,843, according to the U.S. Census Bureau.
Rhode Island’s unemployment rate was higher than the national average in December 2020 at rates of 8.1% and 6.7%, respectively. The unemployment rate is up 4.6 percentage points year-over-year since December 2019, according to the U.S. Bureau of Labor Statistics (BLS).<!- mfunc search_btn -> <!- /mfunc search_btn ->
There are 351 Certified Financial Planners (CFPs) in Rhode Island, which represents 0.4% of the overall number of CFPs employed in the U.S., according to the CFP Board. Certified Financial Planners have a fiduciary duty to their clients, which means that they must act in the best interest of their clients, regardless of whether that aligns with their own business interests.
Those who are interested in a career in finance or financial planning in Rhode Island must decide if they want to work as fee-based advisors, who earn their living based on fees for the management of client assets, or commission-based advisors who earn a commission on asset/product sales.
The BLS publishes data for financial advisors, stockbrokers and insurance agents in the Providence-Warwick region of Rhode Island.
Financial Advisor Salary in Rhode Island
Financial advisors in Providence-Warwick earn an annual mean salary of $105,440, which is much higher than the median household income in the state and equates to an hourly mean wage of more than $50. This number isn’t the rate you’d charge your clients as an advisor, but it’s the hourly breakdown of the annual salary. Experienced agents can earn $126,420 in the 75th percentile and $195,320 in the 90th percentile of the industry.
Stockbroker Salary in Rhode Island
Stockbrokers in Providence-Warwick make less than their financial advisor counterparts at an annual mean salary of $91,290. Experienced brokers in the 75th percentile can earn an additional $10K at $101,560 per year, and those in the 90th percentile can make salaries of $160,540 per year.
Life/Annuity Producer Salary in Rhode Island
Life insurance and annuity agents in the Providence-Warwick region earn an annual mean salary of $70,450, which breaks down to an hourly mean wage of $33.87. Experienced advisors can earn an annual 75th percentile salary of $77,590 with a salary of $113,600 at the highest end of the spectrum, the 90th percentile.
(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.)