Personal financial advisors

Detailed Occupation

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2020 Workforce

372k

Average Age

44.5

Estimated Job Growth

4.41%

10-year projection

Average Salary

$146,799

Average Male Salary

$167,870

Average Female Salary

$99,520

About

Personal financial advisors are most often employed by the Securities, commodities, funds, trusts & other financial investments industry. The average yearly wage for Personal financial advisors was $146,799 in 2016. The top 3 most similar occupations to Personal financial advisors by wage are Aircraft pilots & flight engineers, Petroleum, mining & geological engineers, including mining safety engineers, and Podiatrists.

Personal financial advisors are part of the Business & financial operations occupations, along with Agents & business managers of artists, performers, & athletes, Buyers & purchasing agents, farm products, Wholesale & retail buyers, except farm products, Purchasing agents, except wholesale, retail, & farm products, Claims adjusters, appraisers, examiners, & investigators, and 24 more.

The top 3 locations that employ the most Personal financial advisors are Chelsea, Clinton & Midtown Business District PUMA, NY, Battery Park City, Greenwich Village & Soho PUMA, NY, and Upper East Side PUMA, NY. The top 3 locations with a relatively high concentration of Personal financial advisors are Northfield & New Trier Townships PUMA, IL, Chelsea, Clinton & Midtown Business District PUMA, NY, and Fairfield, New Canaan, Wilton, Weston & Easton Towns PUMA, CT.

Photo by paul bica

Information on the businesses and industries that employ Personal financial advisors and on wages and locations for those in the field. Securities, commodities, funds, trusts & other financial investments is the industry that employs the most Personal financial advisors, both by share and by number, though the highest paid industry for Personal financial advisors, by average wage, is Beverage manufacturing. Personal financial advisors are paid most in Cattaraugus & Allegany Counties PUMA, NY but are relatively concentrated in Northfield & New Trier Townships PUMA, IL.

Yearly Wage

$146,799

AVERAGE SALARY

± $6,017

In 2020, Personal financial advisors earned an average of $146,799, $90,845 more than than the average national salary of $55,954.

Petroleum, mining & geological engineers, including mining safety engineers make somewhat more than Personal financial advisors while Aircraft pilots & flight engineers make somewhat less. This chart shows the various occupations closest to Personal financial advisors as measured by average annual salary in the US.

Wage Distribution

0.463

WAGE GINI

In 2015, Personal financial advisors had a wage GINI coefficient of 0.463, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Personal financial advisors (shown in red) than for the overall labor force (shown in gray).

Wage by Location

HIGHEST PAYING PUMAS

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Personal financial advisors.

Spatial Concentration

PUMAs with a Relatively High Concentration of Personal financial advisors

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Personal financial advisors.

Most Common

The most common industries employing Personal financial advisors, by number of employees, are Securities, commodities, funds, trusts & other financial investments, Banking & related activities, Nondepository credit & related activities, Insurance carriers, Management, scientific & technical consulting services, Agencies, brokerages, and other insurance related activities, General medical and surgical hospitals, and specialty (except psychiatric and substance abuse) hospitals, Accounting, tax preparation, bookkeeping & payroll services, Savings institutions, including credit unions , Colleges, universities & professional schools, including junior colleges, and Computer Systems Design.

Highest Paying

The highest paying industries for Personal financial advisors, by average wage, are Beverage manufacturing, Real estate property managers, offices of real estate appraisers, and other activities related to real estate, and Advertising, public relations & related services.

Industries by Share

372k

2020 Workforce

± 14,958

4.97%

1 YEAR GROWTH

± 5.48%

The number of people employed as Personal financial advisors has been growing at a rate of 4.97%, from 354,476 people in 2019 to 372,110 people in 2020.

This graphic shows the share of Personal financial advisors employed by various industries. Securities, commodities, funds, trusts & other financial investments employs the largest share of Personal financial advisors at 57.5%, followed by Banking & related activities with 10.8% and Nondepository credit & related activities with 7.46%.

Diversity

Demographic information on Personal financial advisors in the US. The average age of male Personal financial advisors in the workforce is 45 and of female Personal financial advisors is 43.4, and the most common race/ethnicity for Personal financial advisors is White (Non-Hispanic).

Composition by Sex

257k

MALE WORKFORCE

± 12,445

115k

FEMALE WORKFORCE

± 8,312

69.2% of Personal financial advisors are Male, making them the more common sex in the occupation. This chart shows the sex breakdown of Personal financial advisors.

Race & Ethnicity

Most Common Race or Ethnicity of Personal financial advisors

White (Non-Hispanic)
Asian (Non-Hispanic)
Black (Non-Hispanic)

76.8% of Personal financial advisors are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 6.52% of Personal financial advisors, Asian (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Personal financial advisors.

Age by Sex

AVERAGE MALE AGE

± 0.674

43.4

AVERAGE FEMALE AGE

± 0.931

The median age of Personal financial advisors is 44.5, and Male employees are generally 1.58 years older than than their Female counterparts.

Education

Data on higher education choices for Personal financial advisors from The Department of Education and Census Bureau. The most common major for Personal financial advisors is Business but a relatively high number of Personal financial advisors hold a major in Business.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

Skills

Data on the critical and distinctive skills necessary for Personal financial advisors from the Bureau of Labor Statistics. Personal financial advisors need many skills, but most especially Reading Comprehension, Active Listening, and Writing. The revealed comparative advantage (RCA) shows that Personal financial advisors need more than the average amount of Management of Financial Resources, Mathematics, and Operations Analysis.

Radar Distribution

Bar Chart

Projections

Projections on job growth for Personal Financial Advisors from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Personal Financial Advisors are expected to see a growth of 4.41% over the same period. This occupation is expected to grow more than the national average.

Job Growth

4.41%

Estimated Job Growth

10-year Projection

3.71%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Personal Financial Advisors. This profession is expected to grow more than than 3.71%, the average rate of national job growth.