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Financial Consultant Salary in US : Based on All Factors

Last updated:
22nd Oct, 2021
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Financial Consultant Salary in US : Based on All Factors

Wealth management is a diverse field that isn’t just limited to investments, despite what most people believe. In contrast, wealth management aims at percolating all layers of an individual’s financial life. That is why it requires a professional to strategize accounts and finances so companies can reap maximum benefits. This is where financial consultants come in. 

Financial Consultants take care of where, when, and how much a company or individual should invest. In addition to helping clients choose the best investment option, financial consultants also counsel clients after assessing the progress of a particular investment and implement corrective strategies if needed. 

While there is a lot of information on investment techniques available on the internet, the expertise and experience of financial consultants cannot be replaced. They are an integral part of a business’s success – they forecast the cost and expected profit from a venture and perform risk analyses to help investors plan their finances and investment capital. 

People are now more aware than ever of the need for finance & wealth management, which has increased the demand and value of financial consultants. The job opportunities and remuneration of financial consultants have increased dramatically over the decade. Let us now go deeper into the financial consultant salary/wealth management consultant salary. 

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What do Financial Consultants Do?

Financial Consultants have a lot of responsibilities in investment and financial planning:

  • Analyzing the investment requirement and designing strategies for investment: The first step towards achieving financial success is analyzing the wealth, understanding the need and the purpose of investment. Financial Consultants record the present financial position of the clients, understand the need for investment, and chalk out the strategies (like the long-term or short-term investment) based on what the clients want to accomplish from the investment. 
  • Setting up feasible financial goals: In investment, the target should be SMART (specific, measured, achievable, realistic, and time-bound). This requires the expertise and experience that financial consultants carry with them. 
  • Narrowing down the best financial instrument: Choosing the ideal financial tool is not as easy as it sounds. Financial advisors study the clients’ finance, risk capabilities and then help them choose the best investment product.
  • Monitoring the progress of investment: They regularly monitor and track the portfolios to ensure if it is in tune with the financial goal of the clients.
  • Fine-tuning investments as and when necessary: In case of any deviation from the proposed investment strategy, they align and modify the investment according to the market situation. 

How much does a Financial Consultant earn?

The average compensation offered to Financial Consultants in the US is $60,247 per year. There are a lot of factors that determine the annual package of a Financial Consultant. Besides the base pay, they are also offered bonuses and commissions for every successful deal. 

In 2019, the top 25% of consultants were paid $154,480 per year, and those at the bottom received $57,780 per year.

Factors Affecting the Salary of Financial Consultants

The package of financial consultants depends on various important factors. A few are listed below: 

Financial Consultant Salary Based on Level of Experience

  • An entry-level financial consultant with no or less than a year of experience will receive a package of  $49,622 per year ( inclusive of tips and bonuses)
  • Financial Consultants in the early stage of a career with experience of 1 to 4 years will be paid an average of $55,428 per year.
  • A mid-level financial consultant with 5-9 years of experience will be paid an average of $68,881 per year.
  • An experienced financial consultant with 10 to 19 years of experience can look for compensation of $78,721 per year.
  • An expert-level financial consultant with over 20 years of experience is paid a whopping compensation of $82,231.

Financial Consultant Salary Based on Education

A bachelor’s degree in finance, accounts, mathematics, law or any business-related discipline is a prerequisite for becoming a financial consultant. A master’s degree and relevant certifications provide much-required leverage in the market. 

Financial consultants should undergo a minimum of 1-year training under a Senior advisor to gain practical knowledge. Companies give preference to well-trained consultants. 

Below is the list of educational qualifications and the respective leverage they offer in the package.

  • Bachelor’s degree: 67%
  • High school diploma (GED): 20%
  • Master’s Degree: 12%
  • Associate degree: 1%


Financial Consultant Salary Based on Job Roles

There are a lot of choices in the career path of financial consultants. Let us look at the different job roles of financial consultants and their respective packages:

  1. Financial Representative: The primary responsibility of a financial representative is to chart out feasible financial plans according to the client’s requirements. They also make recommendations based on the clients’ current financial position and address any financial crisis. In business, they help to create new ventures and build a solid relationship with the clients and stakeholders. Their other responsibilities include investment analysis, tracking cash flow, and managing savings and loans. The average salary offered to a financial representative in the US is $64,333 per year.
  2. Financial Professional: They have a range of responsibilities that includes market research & market analysis to recommend the most effective financial instrument for the investors, understanding the investment requirements and needs of the clients, come up with corrective measures when things deviate, and execute the measures in the appropriate time. They also supervise the accounts of the clients to avoid any discrepancy and keep looking for promising modes of investment to increase the client’s profits.The annual package offered to a financial professional in the US is $78,445.
  3. Relationship Banker:  A relationship banker, also known as a personal banker,clients’ accounts act as a bridge between the clients and the financial firms. They build and maintain that relationship by taking care of all the personal and business accounts of the clients and offer necessary recommendations on investments from time to time. Relationship bankers also handle debts and trust management as a part of customer service. The average annual package offered to a relationship banker in the US is $36,935 per year.
  4. Finance Associate: Finance associates play a vital role in ensuring efficient and streamlined operations of a financial organization. They help their companies bring down the expenses, increase profits, and work hard to ensure success and growth for the company in the future. In addition, they supervise the complex finance and accounting processes like designing budgets, generating financial reports, providing recommendations on fiscal operations, handling transactions, and maintaining accounting & payroll records. The average salary offered to a finance associate in the US is $64,695 per year.
  5. Financial Specialist: Financial specialists design and develop financial models and analyze the cost and revenue streams. They create a business model to forecast the financial outcome of a proposed business by researching and scrutinizing the past business trends. Financial specialists perform risk analyses, risk modeling, and quantification of results to help in crucial business decisions. The average salary offered to a financial specialist in the US is $55,799 per year.

Financial Consultant Salary Based on the Industry

Financial Consultants work in almost every industry in the US. The requirement for managing wealth and assets has been on the rise over the past few decades. Below are some of the sectors where financial consultants are high in demand:

  • Accounting
  • Business Banking
  • Mutual funds and investments
  • Insurance
  • Investment Banking
  • Retail banking
  • Pensions and Life assurance

Financial Consultant Salary Based on Skills

Below is the list of important skills that affect the package of financial consultants.

  • Communication Skills: 97%
  • Convincing and Counseling Skills: 72%
  • Tax Knowledge: 52%
  • Managing People: 49%
  • Data Analysis: 49%
  • Company Management: 28%
  • Financial Modeling: 20%
  • Planning Strategies: 20%
  • MS Office Skills: 16%
  • Investment management: 14%

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Future Scope of Financial Consultants in the US

The growth of financial consultants has been phenomenal over the past couple of decades. Initially, there were only stockbrokers, community bankers, and insurance professionals. There was no position called financial consultants. 

As the finance sector evolved, it was found that all the above roles could be blended and performed by one person, a Financial Consultant. There was no turning back after that realization, and the job market has been consistently expanding for financial consultants in terms of job opportunities and the remuneration offered.

Reports from the Bureau of Labor Statistics suggest that the employment rate of financial advisors is likely to grow up to 4 % between 2019 to 2029.  

According to the US News, financial advisors are ranked four among the top business jobs in the US. The financial managers are ranked 3 in that list. All these infer that the demand for financial consultants is likely to stay forever.

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Karan Raturi

Blog Author
Karan Raturi is the General Manager of upGrad North America. He has also led various finance, strategy, and operations teams at Wayfair, Kurt Salmon, and IBM.
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Frequently Asked Questions (FAQs)

1What is the role of a financial consultant?

Financial consultants, also known as financial advisors, help their clients to have an accurate insight into their finances. They classify the client's finance into assets, revenue, expenses and design an appropriate strategy to maximize the income. They also help their clients choose the best finance instrument for investing their funds based on their present financial position.

2How do financial consultants get paid?

There are three types of financial advisors available.
1. Fee-only Advisors: Their charges could be on an annual, hourly basis or a fixed flat fee.
2. Commission-based advisors: They get a margin from their sold investments. The margin depends on the value of the sold investments.
3. Fee-based advisors: Their remuneration is a blend of flat fees plus commissions.

3How many hours does a financial consultant work?

The majority of the financial advisors work full-time for individuals. A few advisors work for more than 40 hours a week. Their job requires them to work beyond their working hours, like meeting potential or existing clients in the evening after office hours or during the weekend. Commission-based advisors work extra time to bring in more clients to earn better margins.

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