Personal Money Manager Salary
A personal money manager, or personal financial advisor, examines a client's financial situation and then assists that person in making financial decisions, such as how much to invest and where to invest, personal budgeting, retirement planning and insurance decisions. A personal money manager's salary depends on a variety of factors.
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Salary
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As of 2009, the average annual salary for a personal money manager was $94,180. Personal money managers in the 10th percentile earned $33,790; those in the 25th percentile earned $44,760; those in the 50th percentile earned $68,200; those in the 75th percentile earned $116,580; and those in the 90th percentile are not indicated, according to the U.S. Bureau of Labor Statistics.
Top-Paying Locations
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In 2009, New York employed 23,130 personal money managers and was the top paying state for this occupation, paying an average annual salary of $146,460. Massachusetts employed 5,120 personal money managers and was the second-highest-paying state, paying an average annual salary of $139,390. Connecticut employed 3,010 personal money managers and paid an average annual salary of $125,210. Alabama employed 1,420 personal money managers and paid an average annual salary of $108,240. Pennsylvania employed 6,950 personal money managers and paid an average annual salary of $97,090, the BLS reports
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Top-Paying Industries
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In 2009, the highest-paying industry was "other financial investment activities," reports. This industry employed 52,400 personal money managers and paid an average annual salary of $110,130. Next was "securities and commodity contracts intermediation and brokerage," which employed 39,110 personal money managers and paid an average annual salary of $104,840. Then, "accounting, tax preparation, bookkeeping, and payroll services," which employed 2,900 personal money managers and paid an average annual salary of $95,850. Next was "office administrative services," which only employed 520 personal money managers and paid average incomes of $92,220 each year. Rounding out the list was "agencies, brokerages, and other insurance related activities," which employed 4,340 personal money managers and paid average salaries of $89,920 each year, the BLS reports.
Other Employment Information
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In 2008, about 208,400 personal money managers were working in the United States. Of these workers, about 63 percent worked in the finance or insurance industry, and about 29 percent were self-employed. In 2018, the BLS projects that 271,200 personal money managers will be working in the U.S., a 30 percent increase.
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References
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