Average Personal Financial Advisors Salary in Lansing-East Lansing, MI
Personal Financial Advisors in Lansing-East Lansing, MI earn an average annual salary of $144,860. This figure is notably below the national average of $160,360, suggesting that local market dynamics and demand play a significant role in compensation within this specific metropolitan area. Factors such as the concentration of financial services firms and the overall economic landscape of the region contribute to this pay differential.
Executive Summary
- Average Salary: $144,860 per year.
- Growth Trend: Salaries have shifted 45.7% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,290.
- Outlook: The Lansing-East Lansing market for Personal Financial Advisors, with a total local workforce of 220 professionals, indicates a relatively stable but not exceptionally concentrated demand. The Location Quotient of 0.59 suggests that this profession is less prevalent here compared to the national average, implying a moderate job market that may offer opportunities but not necessarily rapid expansion.
Salary Overview
The average Personal Financial Advisors in Lansing-East Lansing, MI earns-9.7%below the national average.
$69.7
$2,786
$12,072
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Lansing-East Lansing is not provided, it is generally assumed that the field of Personal Financial Advising has experienced steady growth over the past four years, driven by an increasing need for financial planning services. This trend likely translates to a gradual increase in average salaries within the region, mirroring national patterns of professional development and demand.
Personal Financial Advisors Salary Distribution in Lansing-East Lansing, MI
The career trajectory for Personal Financial Advisors typically involves significant salary progression based on experience. Entry-level positions will naturally command lower salaries, while seasoned professionals with extensive client portfolios and a proven track record can expect to earn substantially more. The difference between entry-level and senior-level compensation highlights the value placed on expertise, client retention, and advanced financial acumen within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $49,770 | $23.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $108,645 | $52.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $100,580 | $48.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $181,075 | $87.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,290 | $104.5 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$144,860
Gross Pay
Real Wage (Purchasing Power)
$144,860
Adjusted for COL (100)
With an average annual salary of $144,860 and a Cost of Living Index of 100 (exactly matching the national average), Personal Financial Advisors in Lansing-East Lansing experience a salary that aligns precisely with the national cost of living. This means that the purchasing power of their income is equivalent to the national average, offering a stable financial environment without the premium or discount often associated with higher or lower cost-of-living areas.
Job Market Context
220
Total Jobs
1.033
Per 1K Jobs
0.59
Location Quotient
Lansing-East Lansing, MI has 0.59x 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 0.59 for Personal Financial Advisors in Lansing-East Lansing signifies that the concentration of these professionals is less than half of the national average. This indicates a less saturated job market, which could present opportunities for skilled advisors to establish themselves. However, it also suggests that the demand might be more niche, requiring advisors to be particularly attuned to the specific financial needs of the local population.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Jackson, MI Personal Financial Advisors Salary | $141,670↓ 2% | 34 mi |
| Mid Michigan nonmetropolitan area Personal Financial Advisors Salary | $111,940↓ 23% | 42 mi |
| Southern Michigan nonmetropolitan area Personal Financial Advisors Salary | $78,060↓ 46% | 42 mi |
| Upper Peninsula of Michigan nonmetropolitan area Personal Financial Advisors Salary | $91,770↓ 37% | 42 mi |
Comparing salaries near Lansing-East Lansing, MI
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Lansing-East Lansing, MI?
The median annual salary for a Personal Financial Advisors in Lansing-East Lansing, MI is $144,860. This typically ranges from $49,770 for entry-level positions to $217,290 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Lansing-East Lansing, MI is 9.7% lower than the national median of $160,360.
Is Lansing-East Lansing, MI a lucrative place for Personal Financial Advisors?
No, it is not as lucrative as the national average.While the average salary of $144,860 is substantial, it falls below the national average of $160,360, indicating less lucrative earning potential in this specific market.
Is Lansing-East Lansing, MI a good place to live for Personal Financial Advisors?
The Cost of Living Index in Lansing-East Lansing, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Lansing-East Lansing, MI?
Some top paying nearby cities include Jackson, MI ($141,670) and Mid Michigan nonmetropolitan area.
How does the Lansing-East Lansing salary compare to the national average?
The average salary for Personal Financial Advisors in Lansing-East Lansing is $144,860, which is approximately 9.7% lower than the national average of $160,360.
What is the job market like for Personal Financial Advisors in Lansing-East Lansing?
The job market is moderately concentrated, with a Location Quotient of 0.59, suggesting fewer professionals in this role compared to the national average. The total local workforce is 220.
How does the cost of living affect the salary in Lansing-East Lansing?
The Cost of Living Index in Lansing-East Lansing is 100, which is the national average. Therefore, the average salary of $144,860 has purchasing power equivalent to the national average.
What does a Location Quotient of 0.59 mean for Personal Financial Advisors?
A Location Quotient of 0.59 indicates that Personal Financial Advisors are less concentrated in Lansing-East Lansing than the national average, suggesting a less competitive but potentially smaller 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 220 employees in the Lansing-East Lansing, MI area with a job density of 1.033 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 Lansing-East Lansing, MI