Average Personal Financial Advisors Salary in Illinois
Personal Financial Advisors in Illinois earn an impressive average annual salary of $153,440. This figure is slightly below the national average of $160,360, suggesting a nuanced compensation landscape within the state. Factors such as regional economic conditions, demand for specialized financial planning services, and the overall cost of living likely contribute to this localized pay rate.
Executive Summary
- Average Salary: $153,440 per year.
- Growth Trend: Salaries have shifted 10.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $230,160.
- Outlook: With a substantial local workforce of 10,410 Personal Financial Advisors, Illinois presents a significant market for these professionals. The Location Quotient of 0.98 indicates that the concentration of these roles in Illinois is very close to the national average, suggesting a stable and consistent demand for financial advisory services across the state. This robust workforce size, coupled with near-average concentration, points to a healthy and enduring job market.
Salary Overview
The average Personal Financial Advisors in Illinois earns-4.3%below the national average.
$73.8
$2,951
$12,787
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 Illinois have experienced steady growth over the past four years, mirroring national trends. This growth is typically driven by increasing demand for financial planning, evolving market complexities, and the rising need for expert guidance in wealth management and retirement planning.
Personal Financial Advisors Salary Distribution in Illinois
The career trajectory for Personal Financial Advisors in Illinois offers significant earning potential. Entry-level positions typically start at the lower end of the pay scale, while seasoned professionals with extensive experience and a proven track record can command salaries well into the upper percentiles. The widening gap between entry-level and senior-level salaries underscores the value placed on expertise, client portfolios, and demonstrated success in the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $54,150 | $26 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $115,080 | $55.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $104,310 | $50.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $191,800 | $92.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $230,160 | $110.7 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$153,440
Gross Pay
Real Wage (Purchasing Power)
$167,146
Adjusted for COL (91.8)
The average annual salary of $153,440 for Personal Financial Advisors in Illinois is particularly advantageous when considering the state's Cost of Living Index of 91.8. This index is below the national average of 100, meaning that the purchasing power of an Illinois-based advisor's salary is greater than the national average. Consequently, the nominal salary translates into a higher real income, making Illinois an economically attractive location for these professionals.
Job Market Context
10,410
Total Jobs
1.717
Per 1K Jobs
0.98
Location Quotient
Illinois has 0.98x 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.
The Location Quotient of 0.98 for Personal Financial Advisors in Illinois signifies that the state's employment concentration for this role is nearly identical to the national average. This suggests a balanced job market where the supply of advisors closely matches the demand. While not exceptionally concentrated, this near-average quotient indicates a competitive yet accessible market, offering ample opportunities without being oversaturated.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Personal Financial Advisors Salary | $123,240↓ 20% | 9 mi |
| Champaign-Urbana, IL Personal Financial Advisors Salary | $124,060↓ 19% | 41 mi |
| Peoria, IL Personal Financial Advisors Salary | $128,730↓ 16% | 43 mi |
| Springfield, IL Personal Financial Advisors Salary | $135,750↓ 12% | 53 mi |
Comparing salaries near Illinois
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Illinois?
The median annual salary for a Personal Financial Advisors in Illinois is $153,440. This typically ranges from $54,150 for entry-level positions to $230,160 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 4.3% lower than the national median of $160,360.
Is Illinois a lucrative place for Personal Financial Advisors?
Yes, Illinois offers a lucrative environment for Personal Financial Advisors.The state's average salary of $153,440, combined with a cost of living below the national average, provides strong purchasing power. Furthermore, a substantial workforce and near-average concentration indicate a stable and consistent demand for their services.
Is Illinois a good place to live for Personal Financial Advisors?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Bloomington, IL ($123,240) and Champaign-Urbana, IL.
How does the average salary compare to the national average?
The average annual salary for Personal Financial Advisors in Illinois is $153,440, which is slightly lower than the national average of $160,360.
What is the concentration of Personal Financial Advisors in Illinois?
Illinois has a Location Quotient of 0.98 for Personal Financial Advisors, indicating a concentration very close to the national average.
How does the cost of living affect the salary in Illinois?
With a Cost of Living Index of 91.8, Illinois is more affordable than the national average, meaning the $153,440 salary offers greater purchasing power to advisors living there.
What is the total number of Personal Financial Advisors in Illinois?
There are approximately 10,410 Personal Financial Advisors employed in Illinois.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 10,410 employees in the Illinois area with a job density of 1.717 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 Illinois