Average Personal Financial Advisors Salary in Chicago-Naperville-Elgin, IL-IN
Personal Financial Advisors in the Chicago-Naperville-Elgin, IL-IN metropolitan area command an impressive average annual salary of $162,700. This figure slightly surpasses the national average of $160,360, indicating a strong demand and potentially higher earning potential within this specific region. The concentration of financial services and wealth management firms in the area likely contributes to this elevated compensation.
Executive Summary
- Average Salary: $162,700 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $244,050.
- Outlook: The Chicago-Naperville-Elgin, IL-IN area supports a robust workforce of 8,170 Personal Financial Advisors. With a Location Quotient of 1.04, the concentration of these professionals is slightly above the national average, suggesting a healthy and stable job market with consistent demand for their expertise.
Salary Overview
The average Personal Financial Advisors in Chicago-Naperville-Elgin, IL-IN earns+1.5%above the national average.
$78.2
$3,129
$13,558
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Personal Financial Advisor salaries in the Chicago-Naperville-Elgin, IL-IN area have experienced steady growth over the past four years. This trend would align with broader economic factors, increasing demand for financial planning services, and the general upward trajectory of compensation in specialized professional fields.
Personal Financial Advisors Salary Distribution in Chicago-Naperville-Elgin, IL-IN
Career progression for Personal Financial Advisors in Chicago-Naperville-Elgin, IL-IN is clearly reflected in salary differentials. Entry-level positions typically start at lower percentiles, while seasoned professionals with extensive experience and a proven track record can command salaries in the upper percentiles. The widening gap between entry-level and senior roles signifies substantial earning potential as advisors build their client base and expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $59,640 | $28.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $122,025 | $58.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $108,640 | $52.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $203,375 | $97.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $244,050 | $117.3 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$162,700
Gross Pay
Real Wage (Purchasing Power)
$162,700
Adjusted for COL (100)
The average annual salary of $162,700 in Chicago-Naperville-Elgin, IL-IN aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Personal Financial Advisor's salary in this region is equivalent to the national average, offering a stable financial standing without significant cost-of-living adjustments.
Job Market Context
8,170
Total Jobs
1.827
Per 1K Jobs
1.04
Location Quotient
With a location quotient of 1.04, Chicago-Naperville-Elgin, IL-IN has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
A Location Quotient of 1.04 for Personal Financial Advisors in Chicago-Naperville-Elgin, IL-IN indicates a job market that is slightly more concentrated than the national average. This suggests a competitive yet stable environment where demand for these professionals is robust, offering ample opportunities for skilled individuals.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Michigan City-La Porte, IN Personal Financial Advisors Salary | $89,190↓ 45% | 41 mi |
| Kenosha, WI Personal Financial Advisors Salary | $135,960↓ 16% | 51 mi |
| Kankakee, IL Personal Financial Advisors Salary | $102,120↓ 37% | 55 mi |
| Racine-Mount Pleasant, WI Personal Financial Advisors Salary | $148,950↓ 8% | 59 mi |
| Niles, MI Personal Financial Advisors Salary | $156,700↓ 4% | 71 mi |
Comparing salaries near Chicago-Naperville-Elgin, IL-IN
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Chicago-Naperville-Elgin, IL-IN?
The median annual salary for a Personal Financial Advisors in Chicago-Naperville-Elgin, IL-IN is $162,700. This typically ranges from $59,640 for entry-level positions to $244,050 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Chicago-Naperville-Elgin, IL-IN is 1.5% higher than the national median of $160,360.
Is Chicago-Naperville-Elgin, IL-IN a lucrative place for Personal Financial Advisors?
Yes, it is a lucrative place for Personal Financial Advisors.The average salary of $162,700 is higher than the national average, and the cost of living is on par with the national average, indicating strong earning potential.
Is Chicago-Naperville-Elgin, IL-IN a good place to live for Personal Financial Advisors?
The Cost of Living Index in Chicago-Naperville-Elgin, IL-IN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Chicago-Naperville-Elgin, IL-IN?
Some top paying nearby cities include Michigan City-La Porte, IN ($89,190) and Kenosha, WI.
What is the average salary for a Personal Financial Advisor in Chicago-Naperville-Elgin, IL-IN?
The average annual salary for a Personal Financial Advisor in the Chicago-Naperville-Elgin, IL-IN metropolitan area is $162,700.
How does the Chicago-Naperville-Elgin, IL-IN salary compare to the national average?
The average salary of $162,700 in Chicago-Naperville-Elgin, IL-IN is slightly higher than the national average of $160,360.
What is the Cost of Living Index in Chicago-Naperville-Elgin, IL-IN for Personal Financial Advisors?
The Cost of Living Index in Chicago-Naperville-Elgin, IL-IN is 100, which is the national average.
How concentrated is the Personal Financial Advisor job market in Chicago-Naperville-Elgin, IL-IN?
The job market for Personal Financial Advisors in Chicago-Naperville-Elgin, IL-IN is slightly more concentrated than the national average, with a Location Quotient of 1.04.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 8,170 employees in the Chicago-Naperville-Elgin, IL-IN area with a job density of 1.827 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 Chicago-Naperville-Elgin, IL-IN