Average Personal Financial Advisors Salary in Cleveland, OH
Personal Financial Advisors in Cleveland, OH, earn an average annual salary of $134,830. This figure is notably below the national average of $160,360, suggesting localized economic factors and demand dynamics influence compensation in this Ohio market. Understanding these regional pay scales is crucial for financial professionals operating within or considering the Cleveland area.
Executive Summary
- Average Salary: $134,830 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $202,245.
- Outlook: With a local workforce of 2,440 Personal Financial Advisors, Cleveland demonstrates a significant concentration of talent, as indicated by a Location Quotient of 1.34. This suggests a robust demand for these services, exceeding the national average concentration and implying a stable job market for experienced professionals in the region.
Salary Overview
The average Personal Financial Advisors in Cleveland, OH earns-15.9%below the national average.
$64.8
$2,593
$11,236
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 Cleveland 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 these professionals.
Personal Financial Advisors Salary Distribution in Cleveland, OH
The career path for Personal Financial Advisors typically shows a clear salary progression. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive experience and a proven track record can command salaries well into the upper percentiles, significantly exceeding the average. These percentile gaps highlight substantial earning potential as advisors advance in their careers.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,730 | $22.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $101,123 | $48.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $96,790 | $46.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $168,538 | $81 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $202,245 | $97.2 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$134,830
Gross Pay
Real Wage (Purchasing Power)
$134,830
Adjusted for COL (100)
The average annual salary of $134,830 for Personal Financial Advisors in Cleveland aligns perfectly with the national average cost of living index of 100. This means that the purchasing power of this salary in Cleveland is equivalent to the national average, offering a stable financial foundation for residents without the added burden of higher living expenses.
Job Market Context
2,440
Total Jobs
2.352
Per 1K Jobs
1.34
Location Quotient
With a location quotient of 1.34, Cleveland, OH has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
A Location Quotient of 1.34 signifies that Personal Financial Advisors are more concentrated in Cleveland, OH, than the national average. This indicates a relatively strong presence and potentially higher demand for these specialized roles within the local economy, suggesting a competitive yet opportunity-rich environment for financial advisory services.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Akron, OH Personal Financial Advisors Salary | $122,770↓ 9% | 29 mi |
| Canton-Massillon, OH Personal Financial Advisors Salary | $111,700↓ 17% | 49 mi |
| Sandusky, OH Personal Financial Advisors Salary | $128,810↓ 4% | 53 mi |
| Youngstown-Warren, OH Personal Financial Advisors Salary | $125,880↓ 7% | 60 mi |
| Mansfield, OH Personal Financial Advisors Salary | $135,210↑ 0% | 66 mi |
Comparing salaries near Cleveland, OH
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Cleveland, OH?
The median annual salary for a Personal Financial Advisors in Cleveland, OH is $134,830. This typically ranges from $47,730 for entry-level positions to $202,245 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Cleveland, OH is 15.9% lower than the national median of $160,360.
Is Cleveland, OH a lucrative place for Personal Financial Advisors?
Yes, with a caveat.While the average salary of $134,830 is below the national average, the cost of living in Cleveland is also at the national average, making the effective purchasing power comparable. The strong Location Quotient suggests good demand for the role.
Is Cleveland, OH a good place to live for Personal Financial Advisors?
The Cost of Living Index in Cleveland, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Cleveland, OH?
Some top paying nearby cities include Akron, OH ($122,770) and Canton-Massillon, OH.
How does Cleveland's Personal Financial Advisor salary compare to the national average?
Personal Financial Advisors in Cleveland earn an average of $134,830 annually, which is less than the national average of $160,360.
What is the concentration of Personal Financial Advisors in Cleveland?
Cleveland has a higher concentration of Personal Financial Advisors than the national average, with a Location Quotient of 1.34.
How does the cost of living in Cleveland affect salary perception?
Cleveland's cost of living is at the national average (100), meaning the $134,830 salary offers purchasing power equivalent to the national average salary in a higher cost-of-living area.
What does the job market look like for Personal Financial Advisors in Cleveland?
The job market appears robust, with 2,440 Personal Financial Advisors employed locally and a concentration quotient above the national average, indicating steady demand.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,440 employees in the Cleveland, OH area with a job density of 2.352 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 Cleveland, OH