SalaryNode

Average Personal Financial Advisors Salary in Buffalo-Cheektowaga, NY

Personal Financial Advisors in Buffalo-Cheektowaga, NY, earn an average annual salary of $146,170. This figure is slightly below the national average of $160,360, reflecting a localized market dynamic. Factors such as regional economic conditions and the specific demand for financial advisory services within the Buffalo metropolitan area contribute to this compensation level.

Executive Summary

  • Average Salary: $146,170 per year.
  • Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $219,255.
  • Outlook: The Buffalo-Cheektowaga, NY, job market for Personal Financial Advisors shows a moderate level of concentration, with a Location Quotient of 0.74, indicating slightly less prevalence than the national average. The total local workforce of 690 professionals suggests a stable, albeit not exceptionally large, demand for these services. This indicates a solid, established presence rather than rapid expansion, offering consistent opportunities for skilled advisors.
2024 Market Data

Salary Overview

$146,170

The average Personal Financial Advisors in Buffalo-Cheektowaga, NY earns-8.8%below the national average.

BreakdownBased on 40h/week
Hourly

$70.3

Weekly

$2,811

Monthly

$12,181

Personal Financial Advisors Salary Distribution in Buffalo-Cheektowaga, NY

Career progression for Personal Financial Advisors in Buffalo-Cheektowaga, NY, is typically marked by significant salary increases with experience. Entry-level positions may start considerably lower than the average, while seasoned professionals with extensive client portfolios and specialized expertise can command salaries well above the $146,170 average. The salary distribution, with higher percentiles representing senior roles, clearly signifies a strong correlation between tenure, skill development, and earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$55,510$26.7
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$109,628$52.7
ManagerOversees team, compliance, and project delivery.50% (Median)$112,120$53.9
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$182,713$87.8
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$219,255$105.4

Detailed Personal Financial Advisors Market Analysis

Relocation Context

Nominal Salary

$146,170

Gross Pay

Real Wage (Purchasing Power)

$146,170

Adjusted for COL (100)

The average annual salary of $146,170 in Buffalo-Cheektowaga, NY, aligns perfectly with the national average cost of living, indicated by an index of 100. This means that the purchasing power of a Personal Financial Advisor's income in this region is equivalent to that of their national counterparts, offering a stable financial standing without the premium or discount typically associated with higher or lower cost-of-living areas.

Job Market Context

690

Total Jobs

1.29

Per 1K Jobs

0.74

Location Quotient

Below Average

Buffalo-Cheektowaga, NY has 0.74x the national average concentration of Personal Financial Advisors jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.

With a Location Quotient of 0.74, the Buffalo-Cheektowaga, NY, market for Personal Financial Advisors is less concentrated than the national average. This suggests that while the profession is established, there may be fewer advisors relative to the general workforce compared to other regions. This could translate to a competitive environment for new entrants but potentially strong opportunities for experienced advisors to capture market share.

Nearby Job Markets

Nearby Cities for Personal Financial Advisors

CitySalaryDist.
Rochester, NY Personal Financial Advisors Salary$151,900↑ 4%65 mi
Erie, PA Personal Financial Advisors Salary$128,710↓ 12%83 mi

Comparing salaries near Buffalo-Cheektowaga, NY

Hiring Personal Financial Advisorss?

Frequently Asked Questions

How much does a Personal Financial Advisors make in Buffalo-Cheektowaga, NY?

The median annual salary for a Personal Financial Advisors in Buffalo-Cheektowaga, NY is $146,170. This typically ranges from $55,510 for entry-level positions to $219,255 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Buffalo-Cheektowaga, NY is 8.8% lower than the national median of $160,360.

Is Buffalo-Cheektowaga, NY a lucrative place for Personal Financial Advisors?

Yes, with a caveat.The average salary of $146,170 is substantial, and with a cost of living at the national average, it offers good purchasing power. However, it is slightly below the national average salary for the role.

Is Buffalo-Cheektowaga, NY a good place to live for Personal Financial Advisors?

The Cost of Living Index in Buffalo-Cheektowaga, NY is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Buffalo-Cheektowaga, NY?

Some top paying nearby cities include Rochester, NY ($151,900) and Erie, PA.

How does Buffalo's cost of living affect salary perception?

Buffalo's cost of living index of 100 means the national average cost of living applies. Therefore, the $146,170 salary has the same purchasing power as the national average salary, making it a fair compensation relative to expenses.

What does the Location Quotient of 0.74 mean for job seekers?

A Location Quotient of 0.74 suggests that Personal Financial Advisors are slightly less common in Buffalo-Cheektowaga compared to the national average. This could indicate a less saturated market, potentially offering good opportunities for skilled professionals.

How many Personal Financial Advisors are there in Buffalo-Cheektowaga, NY?

There are approximately 690 Personal Financial Advisors employed in the Buffalo-Cheektowaga, NY, metropolitan area, representing 1.29 jobs per 1,000 workers.

Is the salary for Personal Financial Advisors in Buffalo expected to grow?

While specific trends are not detailed, the financial advisory sector nationally has seen consistent growth, suggesting a positive outlook for salary increases in Buffalo-Cheektowaga, NY, driven by demand and economic factors.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 690 employees in the Buffalo-Cheektowaga, NY area with a job density of 1.29 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Personal Financial Advisors • Data source: BLS OEWS 2024 •Jobs in Buffalo-Cheektowaga, NY