Average Personal Financial Advisors Salary in Grand Rapids-Wyoming-Kentwood, MI
Personal Financial Advisors in the Grand Rapids-Wyoming-Kentwood, MI area earn an average annual salary of $132,140. This figure is notably below the national average of $160,360, suggesting that local market dynamics, such as industry concentration and regional economic factors, play a significant role in compensation levels for this profession within the state.
Executive Summary
- Average Salary: $132,140 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $198,210.
- Outlook: With a local workforce of 750 Personal Financial Advisors, the Grand Rapids metropolitan area presents a stable, albeit not exceptionally concentrated, job market for this role. The Location Quotient of 0.76 indicates a slightly lower presence of these professionals compared to the national average, suggesting a moderate demand that aligns with the size of the existing workforce.
Salary Overview
The average Personal Financial Advisors in Grand Rapids-Wyoming-Kentwood, MI earns-17.6%below the national average.
$63.5
$2,541
$11,012
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Grand Rapids is not provided, it is reasonable to assume that salaries for Personal Financial Advisors in the region have experienced growth over the past four years, mirroring national trends. Economic expansion and increasing demand for financial planning services typically drive upward salary adjustments for experienced professionals.
Personal Financial Advisors Salary Distribution in Grand Rapids-Wyoming-Kentwood, MI
The career trajectory for Personal Financial Advisors in Grand Rapids-Wyoming-Kentwood, MI, shows a clear progression in earning potential. Entry-level positions typically start at lower percentiles, while seasoned advisors with extensive experience and a proven track record can command salaries in the higher percentiles, reflecting their specialized knowledge and client management skills.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,210 | $22.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $99,105 | $47.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $98,860 | $47.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $165,175 | $79.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $198,210 | $95.3 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$132,140
Gross Pay
Real Wage (Purchasing Power)
$132,140
Adjusted for COL (100)
The average annual salary of $132,140 for Personal Financial Advisors in Grand Rapids-Wyoming-Kentwood, MI, aligns perfectly with the local Cost of Living Index of 100. This means that the nominal salary offers a purchasing power equivalent to the national average, indicating that the compensation is well-suited to the local economic conditions and cost of goods and services.
Job Market Context
750
Total Jobs
1.339
Per 1K Jobs
0.76
Location Quotient
Grand Rapids-Wyoming-Kentwood, MI has 0.76x 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.
A Location Quotient of 0.76 for Personal Financial Advisors in Grand Rapids-Wyoming-Kentwood, MI, signifies that the concentration of these professionals is slightly below the national average. This suggests that while the profession is established, the market is not oversaturated, potentially offering good opportunities for skilled individuals entering or advancing within the field.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Muskegon-Norton Shores, MI Personal Financial Advisors Salary | $125,070↓ 5% | 35 mi |
| Kalamazoo-Portage, MI Personal Financial Advisors Salary | $157,250↑ 19% | 48 mi |
| Lansing-East Lansing, MI Personal Financial Advisors Salary | $144,860↑ 10% | 58 mi |
| Mid Michigan nonmetropolitan area Personal Financial Advisors Salary | $111,940↓ 15% | 62 mi |
Comparing salaries near Grand Rapids-Wyoming-Kentwood, MI
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Grand Rapids-Wyoming-Kentwood, MI?
The median annual salary for a Personal Financial Advisors in Grand Rapids-Wyoming-Kentwood, MI is $132,140. This typically ranges from $47,210 for entry-level positions to $198,210 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Grand Rapids-Wyoming-Kentwood, MI is 17.6% lower than the national median of $160,360.
Is Grand Rapids-Wyoming-Kentwood, MI a lucrative place for Personal Financial Advisors?
No, but it is stable.While the average salary of $132,140 is below the national average, the cost of living is also at the national average, making the compensation equitable locally. The market is stable with a moderate concentration of professionals.
Is Grand Rapids-Wyoming-Kentwood, MI a good place to live for Personal Financial Advisors?
The Cost of Living Index in Grand Rapids-Wyoming-Kentwood, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Grand Rapids-Wyoming-Kentwood, MI?
Some top paying nearby cities include Muskegon-Norton Shores, MI ($125,070) and Kalamazoo-Portage, MI.
How does the Grand Rapids salary compare to the national average?
The average salary for Personal Financial Advisors in Grand Rapids is $132,140, which is lower than the national average of $160,360.
What is the cost of living in Grand Rapids-Wyoming-Kentwood, MI?
The Cost of Living Index for Grand Rapids-Wyoming-Kentwood, MI is 100, which is exactly the national average.
How many Personal Financial Advisors work in Grand Rapids?
There are approximately 750 Personal Financial Advisors employed in the Grand Rapids-Wyoming-Kentwood, MI area.
Is the job market for Personal Financial Advisors growing in Grand Rapids?
While specific growth rates aren't detailed, the stable workforce size and a Location Quotient below 1.0 suggest a consistent, rather than rapidly expanding, job market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 750 employees in the Grand Rapids-Wyoming-Kentwood, MI area with a job density of 1.339 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 Grand Rapids-Wyoming-Kentwood, MI