I am sure you must have heard of financial advisors. Well, they are professions, who are often listed on the list of top moneymakers these days. They earn good money and there is no doubt about it. However, today I am going to clearly explain you how much do financial advisors make every year. Before I tell you the answer, I would like to tell about the kind of responsibilities they have towards work.
What Does A Financial Advisor Do?
A financial advisor is a person, who guides you on your financial goals. He or she makes sure that you lead your financial path the right way. They guide you with their skills, knowledge, experience and expertise. They identify & support you in accomplishing the entire lifestyle goals.
Responsibilities Of A Financial Advisor
- A financial advisor talks to you regarding your finances and goals.
- They will put together personalized plan depending on your wealth and monthly income.
- The created plan will be then offered to you. They will explain everything created in the plan and will ask you for further consideration.
- You will have to finally review the entire plan on regular basis.
Other Duties Of Financial Advisor Include
- Guiding on right investment plans
- Protecting you financially
- Helping you to manage debts
- Helping you to manage tax
- Carries out efficient budget plans
How Much Do Financial Advisors Make?
People, who are interested in getting into this profession often, end up with wondering a question – how much does a financial advisor make. The earnings of a financial advisor vary from onto the other. Moreover, different factors make up the earnings.
According to BLS (Bureau of Labor Statistics) report, a financial advisor earns around $90,820 annually. This figure was during the year 2012 of May. By now, the count as well as the demand must have certainly increased. The higher 10% financial advisor earners made around $187,199 every year (sometimes even more) while the lower 10% financial advisors made around $32,280 (sometimes less). However, half of the financial advisors earned around $44,140 to $111,450 every single year.
Location plays a very vital role when it comes to the question how much do financial advisors make. As far as May 2012 is considered, New York employs the most number of financial advisors with around 23710 positions out of 175470. This means that the pay over here during 2012 was $123,250, claims BLS. On the other hand, state with highest salary was none other than Connecticut with $130710 every year on an average. Thus, New York made it second.
Among the major metropolitan cities, New York topped list of the careers with 21100. Financial Advisors in Apple made $127,400 on an average every year.
When it comes to a financial advisor’s salary, even an employer type is taken into account. An employer has a great influence on career opportunities & pay for the financial advisors. The biggest hirers were companies, which provided other investment services. These employers boasted the peak average salaries of $110860 every year (May 2012). Secondly, for the job numbers comes the securities & commodities brokers that paid $96,720 annually. Ranking second in terms of pay were the computer system design & associated services with annual pay of $107,730 every year.
BLS has anticipated the financial advisor jobs to increase with 32% by the time its 2020. It is sure that the demand for right financial advisors is going to increase certainly. If you are planning to set your career, the right way then consider the job of a financial advisor. It is going to be rewarding for sure. To become one, a degree isn’t just adequate. You certainly need to have good experience, skills and knowledge about the current market conditions and other investment plans.