Average Personal Financial Advisors Salary in Kalamazoo-Portage, MI
Personal Financial Advisors in Kalamazoo-Portage, MI, earn an average annual salary of $157,250. This figure is slightly below the national average of $160,360, indicating a competitive but stable market. Local economic factors and the specific demand within the Kalamazoo-Portage area contribute to this compensation.
Executive Summary
- Average Salary: $157,250 per year.
- Growth Trend: Salaries have shifted 55.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $235,875.
- Outlook: The Kalamazoo-Portage, MI, job market for Personal Financial Advisors shows a healthy concentration, with a Location Quotient of 1.01, just above the national average. This suggests a steady demand for these professionals, supported by a local workforce of 210 individuals in this role, indicating a robust and consistent need within the region.
Salary Overview
The average Personal Financial Advisors in Kalamazoo-Portage, MI earns-1.9%below the national average.
$75.6
$3,024
$13,104
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Personal Financial Advisors in Kalamazoo-Portage, MI, have experienced steady growth over the past four years, mirroring national trends. This growth is likely driven by increasing demand for financial planning services and the overall economic development of the region.
Personal Financial Advisors Salary Distribution in Kalamazoo-Portage, MI
Career progression for Personal Financial Advisors in Kalamazoo-Portage, MI, significantly impacts earning potential. Entry-level positions typically start at a lower percentile, while seasoned professionals with extensive experience and a proven track record can command salaries well into the higher percentiles, reflecting increased responsibility and expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $44,540 | $21.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $117,938 | $56.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $93,010 | $44.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $196,563 | $94.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $235,875 | $113.4 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$157,250
Gross Pay
Real Wage (Purchasing Power)
$157,250
Adjusted for COL (100)
With an average annual salary of $157,250 and a Cost of Living Index of 100 (matching the national average), Personal Financial Advisors in Kalamazoo-Portage, MI, experience a salary that directly aligns with national purchasing power. This means that the nominal salary translates effectively to real income, offering a stable financial environment for residents.
Job Market Context
210
Total Jobs
1.779
Per 1K Jobs
1.01
Location Quotient
With a location quotient of 1.01, Kalamazoo-Portage, MI has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
The Location Quotient of 1.01 for Personal Financial Advisors in Kalamazoo-Portage, MI, indicates a job market that is very closely aligned with the national average in terms of concentration. This suggests a balanced supply and demand, where the number of advisors is neither significantly overabundant nor critically scarce, making it a moderately competitive environment for job seekers and employers alike.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Elkhart-Goshen, IN Personal Financial Advisors Salary | $139,280↓ 11% | 45 mi |
| Niles, MI Personal Financial Advisors Salary | $156,700↓ 0% | 45 mi |
| Grand Rapids-Wyoming-Kentwood, MI Personal Financial Advisors Salary | $132,140↓ 16% | 48 mi |
| South Bend-Mishawaka, IN-MI Personal Financial Advisors Salary | $126,420↓ 20% | 54 mi |
Comparing salaries near Kalamazoo-Portage, MI
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Kalamazoo-Portage, MI?
The median annual salary for a Personal Financial Advisors in Kalamazoo-Portage, MI is $157,250. This typically ranges from $44,540 for entry-level positions to $235,875 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Kalamazoo-Portage, MI is 1.9% lower than the national median of $160,360.
Is Kalamazoo-Portage, MI a lucrative place for Personal Financial Advisorss?
Yes, it offers a competitive salary.The average salary of $157,250 is strong and aligns with the national average cost of living. The market concentration is also stable, indicating consistent demand for these professionals.
Is Kalamazoo-Portage, MI a good place to live for Personal Financial Advisors?
The Cost of Living Index in Kalamazoo-Portage, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Kalamazoo-Portage, MI?
Some top paying nearby cities include Elkhart-Goshen, IN ($139,280) and Niles, MI.
How does the Kalamazoo-Portage salary compare to the national average?
The average salary for Personal Financial Advisors in Kalamazoo-Portage, MI, is $157,250, which is slightly lower than the national average of $160,360.
What is the job market like for Personal Financial Advisors in Kalamazoo-Portage, MI?
The job market is stable, with a Location Quotient of 1.01, indicating a concentration of these roles very close to the national average. There are approximately 210 Personal Financial Advisors in the local workforce.
How does the cost of living affect the salary in Kalamazoo-Portage, MI?
The cost of living in Kalamazoo-Portage, MI, is at the national average (100). This means the average salary of $157,250 holds its purchasing power comparably to the national average.
What is the typical career path for a Personal Financial Advisor in this area?
Career progression typically involves moving from entry-level roles to senior positions, with salary increasing significantly based on experience, client portfolio size, and demonstrated success in financial advising.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 210 employees in the Kalamazoo-Portage, MI area with a job density of 1.779 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 Kalamazoo-Portage, MI