Financial Planner Career Salary

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By Radell Hunter
eHow Contributing Writer

Article Rating: (2 Ratings)

If you're good at managing your money, you might consider managing other people's money as a profession. Almost a third of all financial planners are self-employed, so it just might be the solution to any commuting or scheduling conflicts you have with your current job.
Job opportunities are expected to grow in this field over the next few years; however, the pay is attractive, so expect some competition.

Definition

Several titles are used to describe individuals who help others with financial planning. Some of them are financial planner, personal financial adviser and investment adviser. Whatever term you use, it boils down to someone who advises clients on their finances and possibly manages their assets for them.

Salary Minimum

While the minimum annual salary for personal financial advisers ($32,340 in 2006) may not sound terribly impressive, it's possible to add on to this minimum figure. (See Bonuses and Commissions below.) The median annual salary for personal financial advisers was $66,120.

Salary Maximum

The sky is the limit in this field, particularly if you own your own practice, so don't think everyone makes the minimum salary just mentioned. According to the United States Bureau of Statistics 2006 data, the top 10 percent of personal financial planners pulled in more than $145,600 annually. And that's not including bonuses.

Bonuses and Commissions

A personal financial adviser who works for a financial services firm can expect a performance bonus based on how successful his investment advice is. This isn't true for those who are self-employed, of course; however, they do receive commissions for financial products they sell.

Self-Employed Financial Planners

Salaries for self-employed financial planners are not available in statistical data provided by the U.S. Bureau of Labor Statistics, so it is impossible to estimate a salary range for this demographic.
Their fees are typically derived from an hourly rate for their services, commissions from the investment products they sell and/or a percentage of the funds they manage.