Average Personal Financial Advisors Salary in Boston-Cambridge-Newton, MA-NH
Personal Financial Advisors in the Boston-Cambridge-Newton, MA-NH metropolitan area earn an average annual salary of $145,990. This figure is slightly below the national average of $160,360, suggesting a nuanced compensation landscape influenced by local economic factors and industry demand. The concentration of financial services and the high cost of living in the region often play a significant role in shaping these salary benchmarks.
Executive Summary
- Average Salary: $145,990 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $218,985.
- Outlook: The Boston-Cambridge-Newton area demonstrates a robust job market for Personal Financial Advisors, evidenced by a total local workforce of 6,440 professionals in this field. The Location Quotient of 1.36 indicates a higher concentration of these roles compared to the national average, suggesting strong and sustained demand for financial advisory services within this dynamic economic hub.
Salary Overview
The average Personal Financial Advisors in Boston-Cambridge-Newton, MA-NH earns-9.0%below the national average.
$70.2
$2,808
$12,166
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the Personal Financial Advisor role in Boston-Cambridge-Newton has experienced steady salary growth over the past four years. This trend is generally consistent with the broader financial services sector, which often sees compensation increases tied to market performance, evolving client needs, and the demand for specialized financial expertise.
Personal Financial Advisors Salary Distribution in Boston-Cambridge-Newton, MA-NH
Career progression for Personal Financial Advisors in Boston-Cambridge-Newton typically correlates with experience and specialization. Entry-level positions may start at a lower percentile of the salary range, while seasoned professionals with extensive client portfolios and advanced certifications can command salaries significantly above the average. The widening gap between entry-level and senior roles reflects the increasing value placed on expertise and proven track records in financial planning.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $64,810 | $31.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $109,493 | $52.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $101,320 | $48.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $182,488 | $87.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $218,985 | $105.3 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$145,990
Gross Pay
Real Wage (Purchasing Power)
$145,990
Adjusted for COL (100)
The nominal average annual salary of $145,990 for Personal Financial Advisors in Boston-Cambridge-Newton aligns perfectly with the national average Cost of Living Index of 100. This means that, on average, the purchasing power of a Personal Financial Advisor's salary in this metropolitan area is comparable to that of their counterparts across the United States, offering a stable financial foundation.
Job Market Context
6,440
Total Jobs
2.379
Per 1K Jobs
1.36
Location Quotient
With a location quotient of 1.36, Boston-Cambridge-Newton, MA-NH has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
With a Location Quotient of 1.36, the Boston-Cambridge-Newton area exhibits a notable concentration of Personal Financial Advisors relative to the national average. This suggests a competitive yet abundant job market, where opportunities are plentiful, but professionals may face competition from a skilled pool of peers. The higher concentration indicates a strong regional demand for financial advisory services.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Massachusetts nonmetropolitan area Personal Financial Advisors Salary | $145,850↓ 0% | 24 mi |
| Worcester, MA Personal Financial Advisors Salary | $152,160↑ 4% | 37 mi |
| Providence-Warwick, RI-MA Personal Financial Advisors Salary | $120,750↓ 17% | 38 mi |
| Manchester-Nashua, NH Personal Financial Advisors Salary | $95,630↓ 34% | 50 mi |
| Barnstable Town, MA Personal Financial Advisors Salary | $150,870↑ 3% | 59 mi |
Comparing salaries near Boston-Cambridge-Newton, MA-NH
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Boston-Cambridge-Newton, MA-NH?
The median annual salary for a Personal Financial Advisors in Boston-Cambridge-Newton, MA-NH is $145,990. This typically ranges from $64,810 for entry-level positions to $218,985 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Boston-Cambridge-Newton, MA-NH is 9.0% lower than the national median of $160,360.
Is Boston-Cambridge-Newton, MA-NH a lucrative place for Personal Financial Advisors?
Yes, with a caveat.While the average salary is slightly below the national average, the robust job market concentration and a cost of living that matches the national average make it a financially stable and opportunity-rich environment for Personal Financial Advisors.
Is Boston-Cambridge-Newton, MA-NH a good place to live for Personal Financial Advisors?
The Cost of Living Index in Boston-Cambridge-Newton, MA-NH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Boston-Cambridge-Newton, MA-NH?
Some top paying nearby cities include Massachusetts nonmetropolitan area ($145,850) and Worcester, MA.
How does the Boston salary compare to the national average?
Personal Financial Advisors in Boston-Cambridge-Newton earn an average of $145,990 annually, which is approximately 8.9% lower than the national average of $160,360.
What is the significance of the Location Quotient (LQ) of 1.36?
An LQ of 1.36 signifies that Personal Financial Advisors are 36% more concentrated in the Boston-Cambridge-Newton area than the national average, indicating a strong regional presence and demand for these professionals.
Does the cost of living impact the salary in Boston?
The Cost of Living Index in Boston-Cambridge-Newton is 100, matching the national average. This means the $145,990 salary offers purchasing power equivalent to the national average, despite being slightly below the national salary benchmark.
How many Personal Financial Advisors work in the Boston area?
There are approximately 6,440 Personal Financial Advisors employed within the Boston-Cambridge-Newton, MA-NH metropolitan area, reflecting a substantial local workforce.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 6,440 employees in the Boston-Cambridge-Newton, MA-NH area with a job density of 2.379 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 Boston-Cambridge-Newton, MA-NH