Average Personal Financial Advisors Salary in New Haven, CT
Personal Financial Advisors in New Haven, CT, earn an average annual salary of $149,470. This figure is slightly below the national average of $160,360, reflecting a localized market dynamic. While the national trend sets a high bar, New Haven's specific economic landscape and demand for financial expertise contribute to this compensation level.
Executive Summary
- Average Salary: $149,470 per year.
- Growth Trend: Salaries have shifted 47.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $224,205.
- Outlook: The job market for Personal Financial Advisors in New Haven, CT, shows a moderate concentration, indicated by a Location Quotient of 0.62. With a total local workforce of 310, the demand appears stable rather than rapidly expanding, suggesting a consistent need for skilled professionals within this specific geographic area.
Salary Overview
The average Personal Financial Advisors in New Haven, CT earns-6.8%below the national average.
$71.9
$2,874
$12,456
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for New Haven is not provided, it is generally assumed that salaries for Personal Financial Advisors have seen a steady upward trend over the past four years, mirroring national patterns of increasing demand for financial planning services and a corresponding rise in compensation.
Personal Financial Advisors Salary Distribution in New Haven, CT
Salary progression for Personal Financial Advisors in New Haven, CT, typically scales significantly with experience. Entry-level positions may start considerably lower than the average, while seasoned professionals with extensive client bases and specialized knowledge can command salaries well above the $149,470 mark, with higher percentiles reflecting substantial career growth.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $52,930 | $25.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $112,103 | $53.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $103,730 | $49.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $186,838 | $89.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $224,205 | $107.8 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$149,470
Gross Pay
Real Wage (Purchasing Power)
$149,470
Adjusted for COL (100)
A nominal salary of $149,470 in New Haven, CT, is well-positioned given the local Cost of Living Index of 100, which is precisely at the national average. This means that the purchasing power of an advisor's earnings in New Haven is equivalent to the national standard, making it a financially neutral location for relocation from a cost-of-living perspective.
Job Market Context
310
Total Jobs
1.087
Per 1K Jobs
0.62
Location Quotient
New Haven, CT has 0.62x 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 0.62 suggests that Personal Financial Advisors are less concentrated in New Haven, CT, compared to the national average. This indicates a potentially less saturated job market, which could offer opportunities for skilled advisors, though it also implies a smaller overall pool of these specialists within the city.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Bridgeport-Stamford-Danbury, CT Personal Financial Advisors Salary | $160,610↑ 7% | 16 mi |
| Waterbury-Shelton, CT Personal Financial Advisors Salary | $157,260↑ 5% | 18 mi |
| Connecticut nonmetropolitan area Personal Financial Advisors Salary | $114,670↓ 23% | 22 mi |
| Hartford-West Hartford-East Hartford, CT Personal Financial Advisors Salary | $124,440↓ 17% | 34 mi |
| Norwich-New London-Willimantic, CT Personal Financial Advisors Salary | $113,020↓ 24% | 46 mi |
Comparing salaries near New Haven, CT
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in New Haven, CT?
The median annual salary for a Personal Financial Advisors in New Haven, CT is $149,470. This typically ranges from $52,930 for entry-level positions to $224,205 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Haven, CT is 6.8% lower than the national median of $160,360.
Is New Haven, CT a lucrative place for Personal Financial Advisors?
Yes, with caveats.While the average salary is slightly below the national average, the cost of living is also at the national average, making the effective earning potential comparable. The lower concentration of advisors may also present opportunities.
Is New Haven, CT a good place to live for Personal Financial Advisors?
The Cost of Living Index in New Haven, CT is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New Haven, CT?
Some top paying nearby cities include Bridgeport-Stamford-Danbury, CT ($160,610) and Waterbury-Shelton, CT.
How does the New Haven salary compare to the national average?
The average annual salary for Personal Financial Advisors in New Haven, CT, is $149,470, which is approximately 6.6% lower than the national average of $160,360.
What is the significance of the Location Quotient (LQ) of 0.62?
An LQ of 0.62 means that Personal Financial Advisors are 38% less concentrated in New Haven, CT, than the national average. This suggests a less competitive market relative to the rest of the country.
How does the Cost of Living in New Haven affect advisor salaries?
With a Cost of Living Index of 100, New Haven's living expenses are exactly on par with the national average. Therefore, the $149,470 salary provides purchasing power equivalent to the national median.
What is the total number of Personal Financial Advisors in New Haven?
There are approximately 310 Personal Financial Advisors employed in New Haven, CT, contributing to the local financial services sector.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 310 employees in the New Haven, CT area with a job density of 1.087 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 New Haven, CT