Vermont is the sixth smallest in area and the penultimate U.S. state when it comes to population, but what it doesn’t have in expanse it makes up in charm. In a state covered with forests, residents of Vermont appreciate its pastoral beauty and northern climate.
The forest industry in Vermont means big business, and the state is becoming an artisanal food producer as well with cheese and butter following closely behind the precedent set by the food industry’s heavy hitter in Vermont – maple syrup. Vermont is the leading producer of maple syrup in the U.S.
Those who are interested in starting a career in finance or financial planning can do so with a pretty low risk of unemployment as Vermont’s unemployment rate for December 2020 was only 3.1%, which is less than half the overall unemployment rate of 6.7% in the U.S., according to the Vermont Department of Labor and the U.S. Bureau of Labor Statistics (BLS).
Vermont’s median household income in 2019 was $61,973, which is less than $1K less than the nationwide median household income of $62,843, according to according to the U.S. Census Bureau’s 2019 data.
There are 165 Certified Financial Planners (CFP) in Vermont, according to the CFP Board, which represents 0.2% of the U.S. share of CFPs. CFPs have fiduciary responsibility when it comes to their clients, which means they must provide advice in the clients’ best interest rather than their own. Another thing to think about is whether you plan to become a fee-based advisor (charging your clients a set fee) or a commission-based advisor who earns an income based on commissions earned from the sale of products and services.
The BLS provided 2019 data for financial advisors, annuity and insurance agents and stockbrokers in the regions of Burlington-South Burlington and the Southern Vermont nonmetropolitan area.
Financial Advisor Salary in Vermont
Vermont financial advisors make annual mean salaries of $111,330 in the Burlington-South Burlington metropolitan area and $75,530 in the Southern Vermont nonmetropolitan area. For experienced advisors in the 75th percentile (likely with years of experience), $135,460 was the annual salary in the Burlington metro and $94,600 in the Southern nonmetropolitan area.
Stockbroker Salary in Vermont
Stockbrokers in Vermont can expect to make an annual mean salary of $80,570 in the Burlington-South Burlington metro and $72,970 in the Southern Vermont nonmetropolitan area, which corresponds to hourly rates of $30.05 and $29.99, respectively. It’s important to note that’s an hourly salary breakdown, not the amount a broker would charge their clients. At the high end of the spectrum, experienced brokers could make as much as $152,200 in Burlington and $119,120 in the Southern nonmetropolitan area.
Life/Annuity Producer Salary in Vermont
The BLS data doesn’t include any figures for insurance and annuity agents in the Burlington-South Burlington region, but the annual mean salary for the Southern Vermont nonmetropolitan region was $69,180.
(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.)
