How Much Does A Financial Advisor Make
When planning a career one of the first things people want to know is how much are they going to earn. One top career is that of financial advisor. But the question for many is how much does a financial advisor make? The average financial advisor makes anywhere from $50,000 to upwards of $120,000 depending on a variety of factors. These factors include their education, experience, location and what firm they work for. There are also independent financial advisors who may may more or less depending on how popular their business is and how much they charge.
There are three different ways advisors collect money from clients. One is through commission. Commission based advisors are quite common especially where investments are concerned. Fee-based advisors charge a fee, but may also take commission. Then there are fee-only advisors, who charge a fee only and do not charge commission. When in business as an advisor you may earn money per client or on a salary basis. It depends on who you work for, or whether or not you are in business for yourself.
As mentioned before, the average salary of financial advisor professionals range from $50,000 to $120,000 or more. So even entering the field you will make decent money. However there is much you must do to earn such a financial salary. First, a Bachelors Degree in a related field must be obtained. An internship with one or more large firms during your university education is also very helpful for prospective advisors. You may need to pass a state exam, and may even need to continue your education after college to stay up to date in the industry.
Now that you know education requirements to become an advisor and how much does a financial advisor make based on various factors, you can decide whether or not this career field is for you. If you are in high school, talk to your guidance counselor or college counselor. They can help you learn more about the profession and even direct you towards the right classes and even the right colleges. One thing you should know is that although there are many leading financial institutions in big cities, financial advisors are also needed in small towns as well.
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