Average Personal Financial Advisors Salary in Birmingham, AL
Personal Financial Advisors in Birmingham, AL earn an average annual salary of $127,440. This figure is notably below the national average of $160,360, suggesting that while the demand exists, local market dynamics and potentially a different economic landscape influence compensation levels in this Southern hub.
Executive Summary
- Average Salary: $127,440 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $231,510.
- Outlook: With a local workforce of 1,100 Personal Financial Advisors, Birmingham presents a stable, albeit not overwhelmingly large, employment base. The Location Quotient of 1.21 indicates a slightly higher concentration of these professionals compared to the national average, suggesting a healthy and established demand for financial advisory services within the region.
Salary Overview
The average Personal Financial Advisors in Birmingham, AL earns-20.5%below the national average.
$61.3
$2,451
$10,620
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that Personal Financial Advisor salaries in Birmingham have experienced growth over the past four years, mirroring national trends. Factors such as increasing demand for financial planning, evolving market conditions, and inflation likely contribute to a positive salary trajectory for professionals in this field.
Personal Financial Advisors Salary Distribution in Birmingham, AL
The career path for Personal Financial Advisors typically involves significant salary progression. Entry-level positions might start closer to the lower end of the pay scale, while seasoned professionals with extensive experience and a proven track record can command salaries well above the average. The percentile gaps in salary data would clearly signify this upward mobility and the rewards of specialization and client acquisition.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $35,640 | $17.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $95,580 | $46 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $78,480 | $37.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $159,300 | $76.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $231,510 | $111.3 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$127,440
Gross Pay
Real Wage (Purchasing Power)
$127,440
Adjusted for COL (100)
Birmingham, AL, boasts a Cost of Living Index of 100, which is precisely the national average. This means that the nominal salary of $127,440 for Personal Financial Advisors in Birmingham offers purchasing power equivalent to the national average. Therefore, the salary is neither significantly enhanced nor diminished by the local cost of living, providing a stable financial foundation.
Job Market Context
1,100
Total Jobs
2.125
Per 1K Jobs
1.21
Location Quotient
With a location quotient of 1.21, Birmingham, AL has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
The Location Quotient of 1.21 for Personal Financial Advisors in Birmingham signifies a market where this profession is slightly more concentrated than the national average. This suggests a robust demand for financial advisory services, potentially indicating a competitive environment for new entrants but also ample opportunities for experienced advisors to thrive and build their client base.
Nearby Job Markets
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Birmingham, AL?
The median annual salary for a Personal Financial Advisors in Birmingham, AL is $127,440. This typically ranges from $35,640 for entry-level positions to $231,510 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Birmingham, AL is 20.5% lower than the national median of $160,360.
Is Birmingham, AL a lucrative place for Personal Financial Advisorss?
Yes, with caveats.While the average salary of $127,440 is below the national average, the cost of living is also at the national average, making the effective purchasing power comparable. The slightly higher concentration (LQ 1.21) indicates good local demand.
Is Birmingham, AL a good place to live for Personal Financial Advisors?
The Cost of Living Index in Birmingham, AL is 100. While higher than average, this often correlates with higher wages.
How does Birmingham's Personal Financial Advisor salary compare to the national average?
Personal Financial Advisors in Birmingham, AL, earn an average of $127,440 annually, which is less than the national average of $160,360. However, the cost of living in Birmingham is also at the national average, meaning the salary's purchasing power is comparable.
What is the concentration of Personal Financial Advisors in Birmingham?
Birmingham has a Location Quotient of 1.21 for Personal Financial Advisors, indicating that the profession is slightly more concentrated in this area than the national average. This suggests a healthy local market for these services.
How many Personal Financial Advisors are there in Birmingham?
There are approximately 1,100 Personal Financial Advisors employed in Birmingham, AL, contributing to a stable job market for this profession within the city.
Does experience impact salary for Personal Financial Advisors in Birmingham?
Yes, like most financial roles, experience significantly impacts salary. Entry-level advisors will earn less, while senior advisors with established clienteles and a strong performance record can expect to earn substantially more than the stated average.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,100 employees in the Birmingham, AL area with a job density of 2.125 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 Birmingham, AL