Average Personal Financial Advisors Salary in Akron, OH
Personal Financial Advisors in Akron, OH, earn an average annual salary of $122,770. This figure is notably below the national average of $160,360, suggesting that local market dynamics and potentially a different client base influence compensation in this Ohio city. While the pay is lower than the national benchmark, understanding the local economic landscape is key to interpreting this salary.
Executive Summary
- Average Salary: $122,770 per year.
- Growth Trend: Salaries have shifted 2.9% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $184,155.
- Outlook: Akron, OH, hosts a workforce of 590 Personal Financial Advisors, with a Location Quotient of 1.04 indicating a concentration very close to the national average. This suggests a stable, albeit not rapidly expanding, demand for these professionals within the local job market. The presence of nearly 2 advisors per 1,000 workers points to a consistent need for financial guidance services in the region.
Salary Overview
The average Personal Financial Advisors in Akron, OH earns-23.4%below the national average.
$59
$2,361
$10,231
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Akron's Personal Financial Advisor salaries is not provided, it is reasonable to assume a general upward trend in compensation over the past four years, mirroring national patterns. Economic growth, inflation, and increasing demand for financial planning services typically drive salary increases for skilled professionals in this field.
Personal Financial Advisors Salary Distribution in Akron, OH
Salary progression for Personal Financial Advisors in Akron, OH, typically correlates with experience. Entry-level positions may start at lower percentiles, while seasoned advisors with a proven track record and extensive client portfolios can command salaries in the higher percentiles. The gap between entry-level and senior roles signifies significant career growth potential and increased earning capacity over time.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $49,070 | $23.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $92,078 | $44.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $90,670 | $43.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $153,463 | $73.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $184,155 | $88.5 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$122,770
Gross Pay
Real Wage (Purchasing Power)
$122,770
Adjusted for COL (100)
The average annual salary of $122,770 in Akron, OH, aligns perfectly with the national average cost of living, indicated by an index of 100. This means that the purchasing power of an advisor's income in Akron is equivalent to that of someone earning the national average salary in a location with a national average cost of living, offering a balanced financial standing.
Job Market Context
590
Total Jobs
1.832
Per 1K Jobs
1.04
Location Quotient
With a location quotient of 1.04, Akron, OH has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
With a Location Quotient of 1.04, Akron, OH, presents a job market for Personal Financial Advisors that is slightly more concentrated than the national average. This indicates a healthy, stable demand for these services, suggesting that the market is neither oversaturated nor experiencing a significant shortage. Professionals can expect a competitive yet accessible environment for securing employment.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Canton-Massillon, OH Personal Financial Advisors Salary | $111,700↓ 9% | 20 mi |
| Cleveland, OH Personal Financial Advisors Salary | $134,830↑ 10% | 29 mi |
| Youngstown-Warren, OH Personal Financial Advisors Salary | $125,880↑ 3% | 46 mi |
| Mansfield, OH Personal Financial Advisors Salary | $135,210↑ 10% | 57 mi |
| Sandusky, OH Personal Financial Advisors Salary | $128,810↑ 5% | 66 mi |
Comparing salaries near Akron, OH
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Akron, OH?
The median annual salary for a Personal Financial Advisors in Akron, OH is $122,770. This typically ranges from $49,070 for entry-level positions to $184,155 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Akron, OH is 23.4% lower than the national median of $160,360.
Is Akron, OH a lucrative place for Personal Financial Advisors?
Yes, with a caveat.While the average salary of $122,770 is below the national average, the cost of living in Akron is also at the national average, making the purchasing power comparable. The stable market concentration suggests consistent opportunities.
Is Akron, OH a good place to live for Personal Financial Advisors?
The Cost of Living Index in Akron, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Akron, OH?
Some top paying nearby cities include Canton-Massillon, OH ($111,700) and Cleveland, OH.
How does Akron's Personal Financial Advisor salary compare to the national average?
The average salary in Akron, OH, is $122,770, which is lower than the national average of $160,360.
What is the cost of living in Akron, OH for Personal Financial Advisors?
Akron's cost of living index is 100, which is exactly the national average, meaning your salary's purchasing power is on par with the national standard.
How concentrated is the Personal Financial Advisor job market in Akron, OH?
The job market is slightly more concentrated than the national average, with a Location Quotient of 1.04, indicating a stable demand for professionals.
What is the total number of Personal Financial Advisors in Akron, OH?
There are approximately 590 Personal Financial Advisors working in Akron, OH.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 590 employees in the Akron, OH area with a job density of 1.832 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Personal Financial Advisors Salaries by State
Top Jobs in Akron, OH
- All Occupations Salary in Akron, OH
- Office and Administrative Support Occupations Salary in Akron, OH
- Transportation and Material Moving Occupations Salary in Akron, OH
- Food Preparation and Serving Related Occupations Salary in Akron, OH
- Sales and Related Occupations Salary in Akron, OH
- Production Occupations Salary in Akron, OH
- Healthcare Practitioners and Technical Occupations Salary in Akron, OH
- Management Occupations Salary in Akron, OH
- Business and Financial Operations Occupations Salary in Akron, OH
- Educational Instruction and Library Occupations Salary in Akron, OH
- Browse All Jobs in Akron, OH →
Semantic Salary Analysis for Personal Financial Advisors • Data source: BLS OEWS 2024 •Jobs in Akron, OH