Average Personal Financial Advisors Salary in Detroit-Warren-Dearborn, MI
Personal Financial Advisors in the Detroit-Warren-Dearborn, MI area earn an average annual salary of $152,030. This figure is slightly below the national average of $160,360, suggesting a localized compensation structure influenced by regional economic factors and industry demand within the metropolitan area. Despite the slight dip from the national benchmark, the Detroit market offers a substantial earning potential for these financial professionals.
Executive Summary
- Average Salary: $152,030 per year.
- Growth Trend: Salaries have shifted 43.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $228,045.
- Outlook: The Detroit-Warren-Dearborn, MI metropolitan area supports a robust workforce of 3,180 Personal Financial Advisors. With a Location Quotient of 0.95, the concentration of these roles is nearly on par with the national average, indicating a stable and consistent demand for financial advisory services. The presence of 1.666 jobs per 1,000 workers further underscores the established presence and ongoing need for skilled advisors within this significant economic hub.
Salary Overview
The average Personal Financial Advisors in Detroit-Warren-Dearborn, MI earns-5.2%below the national average.
$73.1
$2,924
$12,669
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 Detroit-Warren-Dearborn, MI have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing demand for financial planning, evolving market conditions, and the growing complexity of investment vehicles likely contribute to upward pressure on compensation, ensuring that advisors see their earning potential rise with experience and market shifts.
Personal Financial Advisors Salary Distribution in Detroit-Warren-Dearborn, MI
The career trajectory for Personal Financial Advisors in Detroit-Warren-Dearborn, MI typically shows significant salary increases with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive client portfolios and specialized expertise can command salaries well into the upper percentiles, potentially exceeding the average. These percentile gaps highlight the substantial financial rewards associated with career progression and demonstrated success in the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $45,100 | $21.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $114,023 | $54.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $99,600 | $47.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $190,038 | $91.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $228,045 | $109.6 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$152,030
Gross Pay
Real Wage (Purchasing Power)
$152,030
Adjusted for COL (100)
The average annual salary of $152,030 for Personal Financial Advisors in Detroit-Warren-Dearborn, MI aligns perfectly with the local Cost of Living Index of 100. This means that the purchasing power of an advisor's salary in this region is equivalent to the national average. Consequently, the nominal salary translates directly to a comparable standard of living, making Detroit an economically stable environment for financial professionals.
Job Market Context
3,180
Total Jobs
1.666
Per 1K Jobs
0.95
Location Quotient
Detroit-Warren-Dearborn, MI has 0.95x 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 0.95, the Detroit-Warren-Dearborn, MI market for Personal Financial Advisors is highly competitive yet stable, closely mirroring national employment concentrations. This indicates that while the demand is robust and aligns with the national average, the supply of advisors is also proportionally present. Professionals entering or established in this market will find a well-developed ecosystem for financial services, requiring strong performance to stand out.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Ann Arbor, MI Personal Financial Advisors Salary | $158,740↑ 4% | 35 mi |
| Toledo, OH Personal Financial Advisors Salary | $117,000↓ 23% | 54 mi |
| Flint, MI Personal Financial Advisors Salary | $158,470↑ 4% | 58 mi |
| Sandusky, OH Personal Financial Advisors Salary | $128,810↓ 15% | 64 mi |
Comparing salaries near Detroit-Warren-Dearborn, MI
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Detroit-Warren-Dearborn, MI?
The median annual salary for a Personal Financial Advisors in Detroit-Warren-Dearborn, MI is $152,030. This typically ranges from $45,100 for entry-level positions to $228,045 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Detroit-Warren-Dearborn, MI is 5.2% lower than the national median of $160,360.
Is Detroit-Warren-Dearborn, MI a lucrative place for Personal Financial Advisors?
Yes, it is a financially stable place for Personal Financial Advisors.The average salary of $152,030 is competitive, especially when matched with a Cost of Living Index of 100, offering national average purchasing power. The stable job market concentration further supports consistent opportunities.
Is Detroit-Warren-Dearborn, MI a good place to live for Personal Financial Advisors?
The Cost of Living Index in Detroit-Warren-Dearborn, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Detroit-Warren-Dearborn, MI?
Some top paying nearby cities include Ann Arbor, MI ($158,740) and Toledo, OH.
How does the Detroit salary compare to the national average?
The average salary for Personal Financial Advisors in Detroit-Warren-Dearborn, MI is $152,030, which is slightly lower than the national average of $160,360.
What is the concentration of Personal Financial Advisors in Detroit?
The concentration, measured by the Location Quotient, is 0.95, indicating that the density of Personal Financial Advisors in Detroit is very close to the national average.
How does the cost of living affect the salary in Detroit?
The Cost of Living Index in Detroit is 100, which is the national average. This means the $152,030 salary offers purchasing power equivalent to the national average.
What is the total number of Personal Financial Advisors in the Detroit area?
There are approximately 3,180 Personal Financial Advisors employed in the Detroit-Warren-Dearborn, MI metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 3,180 employees in the Detroit-Warren-Dearborn, MI area with a job density of 1.666 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Personal Financial Advisors Salaries by State
Top Jobs in Detroit-Warren-Dearborn, MI
- All Occupations Salary in Detroit-Warren-Dearborn, MI
- Office and Administrative Support Occupations Salary in Detroit-Warren-Dearborn, MI
- Production Occupations Salary in Detroit-Warren-Dearborn, MI
- Transportation and Material Moving Occupations Salary in Detroit-Warren-Dearborn, MI
- Sales and Related Occupations Salary in Detroit-Warren-Dearborn, MI
- Food Preparation and Serving Related Occupations Salary in Detroit-Warren-Dearborn, MI
- Business and Financial Operations Occupations Salary in Detroit-Warren-Dearborn, MI
- Management Occupations Salary in Detroit-Warren-Dearborn, MI
- Healthcare Practitioners and Technical Occupations Salary in Detroit-Warren-Dearborn, MI
- Healthcare Support Occupations Salary in Detroit-Warren-Dearborn, MI
- Browse All Jobs in Detroit-Warren-Dearborn, MI →
Semantic Salary Analysis for Personal Financial Advisors • Data source: BLS OEWS 2024 •Jobs in Detroit-Warren-Dearborn, MI