Average Personal Financial Advisors Salary in Richmond, VA
Personal Financial Advisors in Richmond, VA, earn an average annual salary of $142,740. This figure is slightly below the national average of $160,360, suggesting a localized compensation structure influenced by regional economic factors and demand within the Richmond metropolitan area. The stability of the local cost of living, however, ensures this salary offers comparable purchasing power.
Executive Summary
- Average Salary: $142,740 per year.
- Growth Trend: Salaries have shifted 11.2% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $214,110.
- Outlook: With a local workforce of 1,140 Personal Financial Advisors and a Location Quotient of 0.99, the job market in Richmond, VA, is closely aligned with the national concentration of this profession. This indicates a stable and consistent demand for financial advisory services, reflecting a mature market rather than rapid expansion or contraction.
Salary Overview
The average Personal Financial Advisors in Richmond, VA earns-11.0%below the national average.
$68.6
$2,745
$11,895
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Personal Financial Advisor salaries in Richmond, VA, have experienced growth over the past four years, mirroring national trends. Economic shifts, evolving client needs, and an increasing demand for sophisticated financial planning likely contribute to upward salary adjustments.
Personal Financial Advisors Salary Distribution in Richmond, VA
Salary progression for Personal Financial Advisors in Richmond, VA, typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive client portfolios and specialized expertise can command salaries well into the higher percentiles, reflecting a clear career trajectory and the value placed on accumulated knowledge.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $59,120 | $28.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $107,055 | $51.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $97,420 | $46.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $178,425 | $85.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $214,110 | $102.9 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$142,740
Gross Pay
Real Wage (Purchasing Power)
$142,740
Adjusted for COL (100)
The average annual salary of $142,740 in Richmond, VA, is perfectly balanced by a Cost of Living Index of 100, which is precisely the national average. This means that the purchasing power of a Personal Financial Advisor's income in Richmond is equivalent to that of someone earning the national average salary in a location with an average cost of living.
Job Market Context
1,140
Total Jobs
1.74
Per 1K Jobs
0.99
Location Quotient
Richmond, VA has 0.99x 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.
A Location Quotient of 0.99 for Personal Financial Advisors in Richmond, VA, indicates that the concentration of these professionals in the area is nearly identical to the national average. This suggests a competitive yet stable job market where opportunities are readily available, but the supply of advisors closely matches the demand from the local population and businesses.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Personal Financial Advisors Salary | $126,290↓ 12% | 41 mi |
| Northern West Virginia nonmetropolitan area Personal Financial Advisors Salary | $90,100↓ 37% | 41 mi |
| Southwest Virginia nonmetropolitan area Personal Financial Advisors Salary | $118,160↓ 17% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Richmond, VA?
The median annual salary for a Personal Financial Advisors in Richmond, VA is $142,740. This typically ranges from $59,120 for entry-level positions to $214,110 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 11.0% lower than the national median of $160,360.
Is Richmond, VA a lucrative place for Personal Financial Advisors?
Yes, Richmond, VA offers a competitive financial landscape for Personal Financial Advisors.The average salary of $142,740, combined with a cost of living index matching the national average, provides strong earning potential and purchasing power for financial advisors in the region.
Is Richmond, VA a good place to live for Personal Financial Advisors?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($126,290) and Northern West Virginia nonmetropolitan area.
How does Richmond's Personal Financial Advisor salary compare to the national average?
Personal Financial Advisors in Richmond, VA, earn an average of $142,740 annually, which is slightly below the national average of $160,360.
What is the concentration of Personal Financial Advisors in Richmond, VA?
Richmond, VA has a Location Quotient of 0.99 for Personal Financial Advisors, indicating a concentration very close to the national average.
How does the cost of living in Richmond affect the salary?
Richmond's Cost of Living Index is 100, matching the national average. This means the $142,740 salary has the same relative purchasing power as the national average salary in a typical U.S. location.
What is the total number of Personal Financial Advisors in Richmond, VA?
There are approximately 1,140 Personal Financial Advisors employed in the Richmond, VA area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,140 employees in the Richmond, VA area with a job density of 1.74 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 Richmond, VA