Average Personal Financial Advisors Salary in Albany-Schenectady-Troy, NY
Personal Financial Advisors in the Albany-Schenectady-Troy, NY area earn an impressive average annual salary of $165,600. This figure slightly surpasses the national average of $160,360, indicating a strong local demand for financial expertise. The specialized nature of financial advisory services and the economic landscape of the Capital Region likely contribute to this elevated compensation.
Executive Summary
- Average Salary: $165,600 per year.
- Growth Trend: Salaries have shifted 52.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $248,400.
- Outlook: The Albany-Schenectady-Troy region supports a dedicated workforce of 820 Personal Financial Advisors. With a Location Quotient of 1.06, this area shows a concentration of these professionals that is slightly above the national average, suggesting a robust and stable job market with consistent demand for their specialized skills.
Salary Overview
The average Personal Financial Advisors in Albany-Schenectady-Troy, NY earns+3.3%above the national average.
$79.6
$3,185
$13,800
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Personal Financial Advisors in Albany-Schenectady-Troy have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing demand for financial planning, evolving market conditions, and the accumulation of experience within the local workforce typically drive upward salary adjustments.
Personal Financial Advisors Salary Distribution in Albany-Schenectady-Troy, NY
Career progression for Personal Financial Advisors in Albany-Schenectady-Troy is typically marked by significant salary increases. Entry-level positions may start at a lower percentile, but with accumulated experience, specialized certifications, and a proven track record, advisors can ascend to senior roles commanding higher earnings. The widening gap between entry-level and senior-level salaries clearly signifies substantial opportunities for career advancement and increased earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,960 | $23.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $124,200 | $59.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $125,170 | $60.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $207,000 | $99.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $248,400 | $119.4 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$165,600
Gross Pay
Real Wage (Purchasing Power)
$165,600
Adjusted for COL (100)
The nominal average annual salary of $165,600 for Personal Financial Advisors in Albany-Schenectady-Troy aligns perfectly with the local Cost of Living Index of 100. This means that the purchasing power of an advisor's salary in this region is equivalent to the national average, offering a stable financial environment where earnings translate directly to lifestyle.
Job Market Context
820
Total Jobs
1.861
Per 1K Jobs
1.06
Location Quotient
With a location quotient of 1.06, Albany-Schenectady-Troy, NY has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
The Location Quotient of 1.06 for Personal Financial Advisors in Albany-Schenectady-Troy indicates a slightly higher concentration of these professionals compared to the national average. This suggests a competitive yet well-established market, where demand is consistent and the presence of experienced advisors ensures a high standard of service availability for the local population.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Pittsfield, MA Personal Financial Advisors Salary | $162,070↓ 2% | 31 mi |
| Glens Falls, NY Personal Financial Advisors Salary | $131,480↓ 21% | 45 mi |
| Kingston, NY Personal Financial Advisors Salary | $143,200↓ 14% | 52 mi |
| Southwest New York nonmetropolitan area Personal Financial Advisors Salary | $151,080↓ 9% | 68 mi |
| Central East New York nonmetropolitan area Personal Financial Advisors Salary | $154,830↓ 7% | 68 mi |
Comparing salaries near Albany-Schenectady-Troy, NY
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Albany-Schenectady-Troy, NY?
The median annual salary for a Personal Financial Advisors in Albany-Schenectady-Troy, NY is $165,600. This typically ranges from $47,960 for entry-level positions to $248,400 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Albany-Schenectady-Troy, NY is 3.3% higher than the national median of $160,360.
Is Albany-Schenectady-Troy, NY a lucrative place for Personal Financial Advisors?
Yes, it is a lucrative location for Personal Financial Advisors.The average salary of $165,600 is above the national average, and the cost of living is exactly at the national average, making it a financially advantageous area.
Is Albany-Schenectady-Troy, NY a good place to live for Personal Financial Advisors?
The Cost of Living Index in Albany-Schenectady-Troy, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Albany-Schenectady-Troy, NY?
Some top paying nearby cities include Pittsfield, MA ($162,070) and Glens Falls, NY.
How does the local salary compare to the national average?
Personal Financial Advisors in Albany-Schenectady-Troy earn an average of $165,600 annually, which is slightly higher than the national average of $160,360.
What is the cost of living in Albany-Schenectady-Troy, NY?
The cost of living in Albany-Schenectady-Troy, NY is at the national average, with an index of 100.
How many Personal Financial Advisors work in the Albany-Schenectady-Troy area?
There are approximately 820 Personal Financial Advisors employed in the Albany-Schenectady-Troy region.
Is the job market for Personal Financial Advisors strong in this region?
Yes, the Location Quotient of 1.06 suggests a slightly higher concentration of these professionals than the national average, indicating a healthy and stable demand.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 820 employees in the Albany-Schenectady-Troy, NY area with a job density of 1.861 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Personal Financial Advisors • Data source: BLS OEWS 2024 •Jobs in Albany-Schenectady-Troy, NY