Average Personal Financial Advisors Salary in New York
Personal Financial Advisors in New York earn a substantial average annual salary of $225,930, significantly outpacing the national average of $160,360. This elevated compensation is driven by New York's dynamic financial sector, high demand for specialized financial expertise, and the concentration of high-net-worth individuals seeking sophisticated wealth management services.
Executive Summary
- Average Salary: $225,930 per year.
- Growth Trend: Salaries have shifted 33.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $338,895.
- Outlook: New York boasts a robust job market for Personal Financial Advisors, evidenced by a substantial local workforce of 28,820 professionals. The location quotient of 1.72 indicates a significantly higher concentration of these roles compared to the national average, suggesting strong and sustained demand for financial advisory services within the state.
Salary Overview
The average Personal Financial Advisors in New York earns+40.9%above the national average.
$108.6
$4,345
$18,828
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 New York have experienced consistent growth over the past four years. This trend is typically fueled by increasing market complexity, evolving regulatory landscapes, and a growing client base seeking expert financial guidance, all of which contribute to upward pressure on compensation.
Personal Financial Advisors Salary Distribution in New York
Career progression for Personal Financial Advisors in New York is strongly correlated with experience. Entry-level positions typically offer salaries at the lower end of the spectrum, while seasoned professionals with a proven track record and extensive client portfolios command significantly higher earnings. The widening salary gap between junior and senior advisors reflects the increasing value placed on expertise, client retention, and specialized financial planning skills.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $70,210 | $33.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $169,448 | $81.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $167,970 | $80.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $282,413 | $135.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $338,895 | $162.9 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$225,930
Gross Pay
Real Wage (Purchasing Power)
$180,600
Adjusted for COL (125.1)
While the nominal average salary of $225,930 in New York is impressive, it's crucial to consider the local Cost of Living Index of 125.1. This indicates that expenses are approximately 25.1% higher than the national average. Therefore, while the gross income is substantial, the real purchasing power needs to be evaluated against these elevated living costs.
Job Market Context
28,820
Total Jobs
3.021
Per 1K Jobs
1.72
Location Quotient
New York has 1.7x the national concentration of Personal Financial Advisors jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
The Location Quotient of 1.72 for Personal Financial Advisors in New York signifies a market where these professionals are more than 70% more concentrated than the national average. This suggests a highly competitive yet abundant job market, indicating strong demand from employers and a deep pool of talent available for financial advisory roles.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Binghamton, NY Personal Financial Advisors Salary | $142,630↓ 37% | 49 mi |
| Kingston, NY Personal Financial Advisors Salary | $143,200↓ 37% | 51 mi |
| Scranton--Wilkes-Barre, PA Personal Financial Advisors Salary | $168,710↓ 25% | 64 mi |
| Utica-Rome, NY Personal Financial Advisors Salary | $177,190↓ 22% | 66 mi |
| Albany-Schenectady-Troy, NY Personal Financial Advisors Salary | $165,600↓ 27% | 68 mi |
Comparing salaries near New York
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in New York?
The median annual salary for a Personal Financial Advisors in New York is $225,930. This typically ranges from $70,210 for entry-level positions to $338,895 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York is 40.9% higher than the national median of $160,360.
Is New York a lucrative place for Personal Financial Advisorss?
Yes, New York is a highly lucrative state for Personal Financial Advisors.The average salary significantly exceeds the national average, and the high concentration of financial services jobs indicates strong demand and earning potential.
Is New York a good place to live for Personal Financial Advisors?
The Cost of Living Index in New York is 125.1. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York?
Some top paying nearby cities include Binghamton, NY ($142,630) and Kingston, NY.
How does New York's salary compare to the national average for Personal Financial Advisors?
Personal Financial Advisors in New York earn an average of $225,930 annually, which is substantially higher than the national average of $160,360.
What is the concentration of Personal Financial Advisors in New York?
New York has a Location Quotient of 1.72 for Personal Financial Advisors, meaning the profession is 72% more concentrated there than the national average.
How does the cost of living affect the salary in New York?
With a Cost of Living Index of 125.1, New York is about 25.1% more expensive than the national average, meaning the high salary needs to be considered in context of higher expenses.
What is the total number of Personal Financial Advisors in New York?
There are approximately 28,820 Personal Financial Advisors employed in New York State.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 28,820 employees in the New York area with a job density of 3.021 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 York