Average Personal Financial Advisors Salary in Minneapolis-St. Paul-Bloomington, MN-WI
Personal Financial Advisors in the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area earn an average annual salary of $142,780. This figure is notably below the national average of $160,360, suggesting that while the Twin Cities metro offers a strong market, compensation may be influenced by regional economic factors or a different competitive landscape compared to the nation.
Executive Summary
- Average Salary: $142,780 per year.
- Growth Trend: Salaries have shifted 11.3% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $214,170.
- Outlook: With a local workforce of 4,860 Personal Financial Advisors, the Minneapolis-St. Paul area demonstrates a substantial presence in this profession. The Location Quotient of 1.43 indicates a higher concentration of these roles compared to the national average, signaling robust demand and a potentially thriving job market for financial advisory services within the region.
Salary Overview
The average Personal Financial Advisors in Minneapolis-St. Paul-Bloomington, MN-WI earns-11.0%below the national average.
$68.7
$2,746
$11,898
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that salaries for Personal Financial Advisors in Minneapolis-St. Paul have experienced growth over the past four years, mirroring national trends. Factors such as increasing demand for financial planning, evolving market conditions, and inflation likely contribute to a positive salary trajectory for professionals in this field.
Personal Financial Advisors Salary Distribution in Minneapolis-St. Paul-Bloomington, MN-WI
Career progression for Personal Financial Advisors is typically marked by a significant increase in earning potential. Entry-level advisors might start in the lower percentiles, earning considerably less than the average, while seasoned professionals with extensive experience and a strong client base can command salaries well into the upper percentiles, often exceeding $180,000 annually. These percentile gaps clearly signify the rewards of career advancement and specialization.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $44,670 | $21.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $107,085 | $51.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $99,070 | $47.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $178,475 | $85.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $214,170 | $103 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$142,780
Gross Pay
Real Wage (Purchasing Power)
$142,780
Adjusted for COL (100)
The average annual salary of $142,780 for Personal Financial Advisors in Minneapolis-St. Paul aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of this salary within the Twin Cities metro area is comparable to the national average, indicating that the nominal salary effectively supports a standard of living relative to the rest of the country.
Job Market Context
4,860
Total Jobs
2.516
Per 1K Jobs
1.43
Location Quotient
With a location quotient of 1.43, Minneapolis-St. Paul-Bloomington, MN-WI has a slightly higher-than-average concentration of Personal Financial Advisors roles compared to the national norm.
A Location Quotient of 1.43 for Personal Financial Advisors in Minneapolis-St. Paul-Bloomington signifies a market that is 43% more concentrated than the national average. This suggests a strong and established demand for these services, indicating that the job market is competitive but also offers ample opportunities for skilled professionals to find employment and build their careers within the region.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Northwest Minnesota nonmetropolitan area Personal Financial Advisors Salary | $91,610↓ 36% | 58 mi |
| Southeast Minnesota nonmetropolitan area Personal Financial Advisors Salary | $112,600↓ 21% | 58 mi |
| Southwest Minnesota nonmetropolitan area Personal Financial Advisors Salary | $119,650↓ 16% | 58 mi |
| St. Cloud, MN Personal Financial Advisors Salary | $116,290↓ 19% | 59 mi |
Comparing salaries near Minneapolis-St. Paul-Bloomington, MN-WI
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Minneapolis-St. Paul-Bloomington, MN-WI?
The median annual salary for a Personal Financial Advisors in Minneapolis-St. Paul-Bloomington, MN-WI is $142,780. This typically ranges from $44,670 for entry-level positions to $214,170 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Minneapolis-St. Paul-Bloomington, MN-WI is 11.0% lower than the national median of $160,360.
Is Minneapolis-St. Paul-Bloomington, MN-WI a lucrative place for Personal Financial Advisors?
Yes, with caveats.While the average salary of $142,780 is below the national average, the strong concentration (LQ 1.43) and average cost of living suggest a stable and opportunity-rich environment for financial advisors.
Is Minneapolis-St. Paul-Bloomington, MN-WI a good place to live for Personal Financial Advisors?
The Cost of Living Index in Minneapolis-St. Paul-Bloomington, MN-WI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Minneapolis-St. Paul-Bloomington, MN-WI?
Some top paying nearby cities include Northwest Minnesota nonmetropolitan area ($91,610) and Southeast Minnesota nonmetropolitan area.
How does the Minneapolis-St. Paul salary compare to the national average?
The average salary for Personal Financial Advisors in Minneapolis-St. Paul is $142,780, which is $17,580 less than the national average of $160,360.
What is the job concentration like for Personal Financial Advisors in Minneapolis-St. Paul?
The Location Quotient (LQ) is 1.43, indicating that the concentration of Personal Financial Advisors in Minneapolis-St. Paul is 43% higher than the national average, suggesting strong regional demand.
How does the cost of living in Minneapolis-St. Paul affect the salary?
With a Cost of Living Index of 100, the local cost of living is exactly at the national average. This means the $142,780 salary has purchasing power equivalent to the national average.
What is the total number of Personal Financial Advisors in the Minneapolis-St. Paul area?
There are approximately 4,860 Personal Financial Advisors employed in the Minneapolis-St. Paul-Bloomington, MN-WI 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 4,860 employees in the Minneapolis-St. Paul-Bloomington, MN-WI area with a job density of 2.516 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 Minneapolis-St. Paul-Bloomington, MN-WI