Average Personal Financial Advisors Salary in New York-Newark-Jersey City, NY-NJ
Personal Financial Advisors in the New York-Newark-Jersey City, NY-NJ metropolitan area command an impressive average annual salary of $230,810. This figure significantly outpaces the national average of $160,360, reflecting the high demand and specialized financial expertise required in this major economic hub. The concentration of wealth and complex financial needs within this region directly contributes to the elevated compensation for these professionals.
Executive Summary
- Average Salary: $230,810 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $346,215.
- Outlook: The job market for Personal Financial Advisors in the New York-Newark-Jersey City area appears robust, with a substantial local workforce of 28,950 individuals. The Location Quotient of 1.76 indicates a significantly higher concentration of these roles compared to the national average, suggesting strong and sustained demand for financial advisory services in this region.
Salary Overview
The average Personal Financial Advisors in New York-Newark-Jersey City, NY-NJ earns+43.9%above the national average.
$111
$4,439
$19,234
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 a dynamic market like New York-Newark-Jersey City have experienced consistent growth over the past four years. Economic expansion, evolving client needs, and the increasing complexity of financial planning typically drive upward salary trends in this sector.
Personal Financial Advisors Salary Distribution in New York-Newark-Jersey City, NY-NJ
Career progression for Personal Financial Advisors is strongly tied to experience and demonstrated success. Entry-level positions typically offer salaries at the lower percentiles, while seasoned professionals with a proven track record and a robust client base can command salaries in the upper percentiles. The widening gap between entry-level and senior compensation signifies significant opportunities for career advancement and increased earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $75,690 | $36.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $173,108 | $83.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $168,350 | $80.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $288,513 | $138.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $346,215 | $166.4 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$230,810
Gross Pay
Real Wage (Purchasing Power)
$230,810
Adjusted for COL (100)
The nominal average salary of $230,810 in the New York-Newark-Jersey City area is perfectly aligned with the national average Cost of Living Index of 100. This means that while the gross income is substantially higher than the national average, the purchasing power of that income is comparable to the national average, indicating that the higher salaries are offset by the cost of living.
Job Market Context
28,950
Total Jobs
3.092
Per 1K Jobs
1.76
Location Quotient
New York-Newark-Jersey City, NY-NJ has 1.8x 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.
With a Location Quotient of 1.76, the New York-Newark-Jersey City metropolitan area is a highly concentrated market for Personal Financial Advisors. This suggests that the demand for these professionals is more than 75% higher than the national average, indicating a competitive yet abundant job market where skilled advisors are highly valued.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Kiryas Joel-Poughkeepsie-Newburgh, NY Personal Financial Advisors Salary | $160,790↓ 30% | 44 mi |
| Trenton-Princeton, NJ Personal Financial Advisors Salary | $144,440↓ 37% | 52 mi |
| Bridgeport-Stamford-Danbury, CT Personal Financial Advisors Salary | $160,610↓ 30% | 54 mi |
| New Haven, CT Personal Financial Advisors Salary | $149,470↓ 35% | 70 mi |
| Waterbury-Shelton, CT Personal Financial Advisors Salary | $157,260↓ 32% | 77 mi |
Comparing salaries near New York-Newark-Jersey City, NY-NJ
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in New York-Newark-Jersey City, NY-NJ?
The median annual salary for a Personal Financial Advisors in New York-Newark-Jersey City, NY-NJ is $230,810. This typically ranges from $75,690 for entry-level positions to $346,215 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York-Newark-Jersey City, NY-NJ is 43.9% higher than the national median of $160,360.
Is New York-Newark-Jersey City, NY-NJ a lucrative place for Personal Financial Advisors?
Yes, it is a highly lucrative place for Personal Financial Advisors.The average salary of $230,810 is significantly higher than the national average, and the strong Location Quotient indicates high demand for these services in the region.
Is New York-Newark-Jersey City, NY-NJ a good place to live for Personal Financial Advisors?
The Cost of Living Index in New York-Newark-Jersey City, NY-NJ is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York-Newark-Jersey City, NY-NJ?
Some top paying nearby cities include Kiryas Joel-Poughkeepsie-Newburgh, NY ($160,790) and Trenton-Princeton, NJ.
How does the local salary compare to the national average?
The average salary for Personal Financial Advisors in New York-Newark-Jersey City, NY-NJ is $230,810, which is substantially higher than the national average of $160,360.
What is the concentration of Personal Financial Advisors in this area?
The Location Quotient is 1.76, meaning there are approximately 76% more Personal Financial Advisors per worker in this area compared to the national average.
Does the high salary translate to higher purchasing power?
While the nominal salary is high, the Cost of Living Index is 100 (national average), meaning the purchasing power of the salary is comparable to the national average, despite the higher gross income.
How many Personal Financial Advisors work in this region?
There are approximately 28,950 Personal Financial Advisors employed in the New York-Newark-Jersey City, NY-NJ 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 28,950 employees in the New York-Newark-Jersey City, NY-NJ area with a job density of 3.092 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-Newark-Jersey City, NY-NJ