Average Personal Financial Advisors Salary in Montgomery, AL
Personal Financial Advisors in Montgomery, AL earn an average annual salary of $141,350. This figure is notably below the national average of $160,360, suggesting that local market dynamics and demand influence compensation levels. Factors such as the specific economic landscape of Montgomery and the concentration of financial services firms likely contribute to this differential.
Executive Summary
- Average Salary: $141,350 per year.
- Growth Trend: Salaries have shifted 10.6% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $212,025.
- Outlook: With a total local workforce of 200 Personal Financial Advisors, the job market in Montgomery, AL, presents a moderate level of opportunity. The Location Quotient of 0.69 indicates that this profession is less concentrated in Montgomery compared to the national average, suggesting that while opportunities exist, they may not be as abundant as in larger metropolitan areas.
Salary Overview
The average Personal Financial Advisors in Montgomery, AL earns-11.9%below the national average.
$68
$2,718
$11,779
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Montgomery is not provided, it is generally assumed that the field of Personal Financial Advising has experienced steady growth over the past four years, mirroring national trends. This growth is often driven by increasing demand for financial planning services, leading to potential salary increases and a more robust job market for experienced professionals.
Personal Financial Advisors Salary Distribution in Montgomery, AL
Salary progression for Personal Financial Advisors in Montgomery, AL, typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned advisors with a proven track record and a substantial client base can command salaries well above the average. The gap between entry-level and senior-level compensation reflects the increasing value placed on expertise, client management skills, and a history of successful financial guidance.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $34,850 | $16.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $106,013 | $51 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $82,410 | $39.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $176,688 | $84.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $212,025 | $101.9 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$141,350
Gross Pay
Real Wage (Purchasing Power)
$141,350
Adjusted for COL (100)
The average annual salary of $141,350 in Montgomery, AL, aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Personal Financial Advisor's salary in Montgomery is equivalent to that of an advisor earning the national average in a location with average living expenses. Consequently, the nominal salary offers a comparable standard of living to the national average.
Job Market Context
200
Total Jobs
1.203
Per 1K Jobs
0.69
Location Quotient
Montgomery, AL has 0.69x 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 (LQ) of 0.69 for Personal Financial Advisors in Montgomery, AL, signifies that the concentration of these professionals is lower than the national average. This suggests that the job market is less saturated, potentially offering a competitive edge for skilled advisors entering the local scene. While not a hub for this profession, the lower concentration could translate to greater demand for qualified individuals.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Auburn-Opelika, AL Personal Financial Advisors Salary | $106,030↓ 25% | 49 mi |
Comparing salaries near Montgomery, AL
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Montgomery, AL?
The median annual salary for a Personal Financial Advisors in Montgomery, AL is $141,350. This typically ranges from $34,850 for entry-level positions to $212,025 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Montgomery, AL is 11.9% lower than the national median of $160,360.
Is Montgomery, AL a lucrative place for Personal Financial Advisors?
No, not exceptionally lucrative compared to the national average.While the average salary of $141,350 is substantial, it falls below the national average of $160,360, indicating less lucrative earning potential locally. However, the cost of living being at the national average means the salary's purchasing power is comparable.
Is Montgomery, AL a good place to live for Personal Financial Advisors?
The Cost of Living Index in Montgomery, AL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Montgomery, AL?
Some top paying nearby cities include Auburn-Opelika, AL ($106,030) and others.
How does the number of Personal Financial Advisors in Montgomery compare nationally?
With 1.203 jobs per 1,000 workers, the presence of Personal Financial Advisors in Montgomery is slightly below the national average, reflecting a less concentrated job market.
What is the significance of the Location Quotient (LQ) for this role in Montgomery?
An LQ of 0.69 means Personal Financial Advisors are less concentrated in Montgomery than the national average, suggesting a potentially less competitive market for new entrants.
Does the cost of living in Montgomery affect the value of a Personal Financial Advisor's salary?
No, the cost of living in Montgomery is exactly at the national average (100), meaning the $141,350 salary offers purchasing power equivalent to the national average salary in an average cost area.
What is the total number of Personal Financial Advisors in Montgomery, AL?
There are approximately 200 Personal Financial Advisors employed in Montgomery, AL, representing a modest segment of the local workforce.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Montgomery, AL area with a job density of 1.203 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 Montgomery, AL