How Much Money Does a Certified Financial Planner Make a Year?
Certified financial planners, also known as personal financial advisers, are responsible for helping people assess their financial positions and develop financial plans to meet their goals. These workers meet with clients to discuss their position and their goals, then develop a financial strategy that will help them meet those goals. Financial adviser salaries differ widely based on a number of factors.
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National Averages
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The Bureau of Labor Statistics estimates that there were about 149,460 financial planners in 2009, earning an average salary of about $45.28 per hour, or $94,180 per year. The top 10 percent of earners made over $80 per hour, or more than $166,400 per year, while the lowest 10 percent made about $16.25 per hour, or $33,790 per year. The middle 50 percent of financial planers made about $32.79 per hour, or $68,200 per year.
Most Common Industries
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Financial planners were most commonly employed in the "other financial investment activities" sector of the industry in 2009, according to the Bureau of Labor Statistics. The estimated 52,400 planners in this sector made an average wage of about $52.95 per hour, or $110,130 per year. Those in the second-most common sector, "securities and commodity contracts intermediation and brokerage," made an average of $50.40 per hour, or $104,840 per year.
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Highest Paying Industries
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Financial planners employed in the two most common sectors also had the highest average salaries out of any sector in 2009, according to the Bureau of Labor Statistics. The third-highest paying sector, "accounting, tax preparation, bookkeeping and payroll services," earned an average salary of about $46.08 per hour, or about $95,850 per year. The fourth-highest paying sector, "office administrative services," had average salaries of $44.34 per hour, or $92,220 per year.
Geographic Differences
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The Bureau of Labor Statistics reports that New York, Massachusetts, Connecticut, Alabama and Pennsylvania were the five states with the highest average salaries for financial planners in 2009. Planners in New York earned an average salary of about $70.41 per hour, or about $146,460 per year, while those in Pennsylvania made an average of $46.68 per hour, or $97,090 per year. The city with the highest average salary out of all cities was Worcester, Massachusetts, with an average of $73.46 per hour, or $152,790 per year.
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References
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