Financial advisers help people manage their money to coincide with their short-term and long-term goals. These advisers are knowledgeable in areas such as stocks, bonds and other financial products that their clients can invest their money in. In addition to working with families or individuals, some financial advisers also may instruct night classes or group seminars. According to the Bureau of Labor Statistics, national employment for personal financial advisers is expected to increase at a rate of 30 per cent from 2008 through 2018. There will be a lot of competition for jobs, since low standards of entry and high wages will attract many entrants.
The mean hourly wage for personal financial advisers was £29.4 and the mean annual wage, or average annual salary, was £61,217, according to the Bureau of Labor Statistics in May 2009. Annual wages for personal financial advisers ranged from £21,963 to a wage equal to or greater than £108,160. The lowest 10 per cent of employees earn less than £21,963, and the top 10 per cent of employees earn more than £108,160.
PayScale lists the annual salary of personal financial advisers according to the years of experience. As of Nov. 1, 2010, personal financial advisers with less than one year of experience earned £16,025 to £28,127; one to four years, £19,761 to £32,808; five to nine years, £26,763 to £50,278; 10 to 19 years, £32,251 to £72,983; and 20 years or more, £36,266 to £91,974.
The financial investment industry employed the largest number of personal financial advisers with an average annual salary of £71,584, according to the Bureau of Labor Statistics in May 2009. Other industries that employed large numbers were: securities and commodity contracts intermediation and brokerage, £68,146; depository credit intermediation, £41,606; agencies, brokerages and other insurance-related activities, £58,448; and management of companies and enterprises, £49,686.
The financial investment industry and the securities and commodity contracts intermediation and brokerage industry not only employed high numbers of personal financial advisers, they also were considered top-paying industries, according to the Bureau of Labor Statistics in May 2009. Other industries that offered high pay were: accounting, tax preparation, bookkeeping and payroll services, £62,302; office administrative services, £59,943; and agencies, brokerages and other insurance-related activities, £58,448.
New York paid the highest average annual salary above all other states to personal financial advisers, with £95,199, according to the Bureau of Labor Statistics in May 2009. Other places that offered high pay were: Massachusetts, £90,603; Connecticut, £81,386; Alabama, £70,356; and Pennsylvania, £63,108.