Average Personal Financial Advisors Salary in Rochester, NY
Personal Financial Advisors in Rochester, NY, earn an average annual salary of $151,900. This figure is slightly below the national average of $160,360, suggesting a localized compensation structure influenced by regional economic factors and the specific demand within the Rochester market. While not reaching the national benchmark, this salary reflects the specialized skills and responsibilities inherent in financial advisory roles.
Executive Summary
- Average Salary: $151,900 per year.
- Growth Trend: Salaries have shifted 36.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $227,850.
- Outlook: The Rochester, NY, market for Personal Financial Advisors is moderately sized, with a total local workforce of 810 individuals in this profession. The Location Quotient of 0.94 indicates that the concentration of these roles in Rochester is very close to the national average, suggesting a stable and consistent demand for financial advisory services within the region. This steady presence points to a robust job market that can support existing professionals and offer opportunities for new entrants.
Salary Overview
The average Personal Financial Advisors in Rochester, NY earns-5.3%below the national average.
$73
$2,921
$12,658
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Rochester is not provided, the Personal Financial Advisor field nationally has seen consistent growth over the past four years, driven by an aging population seeking retirement planning and increased financial literacy demands. It is reasonable to assume that Rochester has mirrored this trend, with salaries likely experiencing a gradual upward trajectory as demand for expert financial guidance continues to rise across the country.
Personal Financial Advisors Salary Distribution in Rochester, NY
Salary progression for Personal Financial Advisors in Rochester, NY, typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive client portfolios and a proven track record can command salaries well above the average. The widening gap between entry-level and senior roles, often seen across different salary percentiles, signifies substantial career growth and earning potential within this field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $58,070 | $27.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $113,925 | $54.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $105,910 | $50.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $189,875 | $91.3 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $227,850 | $109.5 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$151,900
Gross Pay
Real Wage (Purchasing Power)
$151,900
Adjusted for COL (100)
The nominal average salary of $151,900 in Rochester, NY, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of a Personal Financial Advisor's salary in Rochester is equivalent to the national average. Therefore, the salary offers a standard quality of life relative to the rest of the United States, without the premium often associated with higher cost-of-living areas.
Job Market Context
810
Total Jobs
1.645
Per 1K Jobs
0.94
Location Quotient
Rochester, NY has 0.94x 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.
With a Location Quotient of 0.94, Rochester, NY, presents a job market for Personal Financial Advisors that is nearly on par with the national average in terms of concentration. This suggests a balanced market where the number of advisors is proportionate to the demand for their services. It indicates a competitive yet accessible environment, without the intense saturation found in highly concentrated areas or the scarcity seen in less developed markets.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Buffalo-Cheektowaga, NY Personal Financial Advisors Salary | $146,170↓ 4% | 65 mi |
| Syracuse, NY Personal Financial Advisors Salary | $144,720↓ 5% | 75 mi |
| Ithaca, NY Personal Financial Advisors Salary | $154,480↑ 2% | 75 mi |
| Elmira, NY Personal Financial Advisors Salary | $130,340↓ 14% | 85 mi |
Comparing salaries near Rochester, NY
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Rochester, NY?
The median annual salary for a Personal Financial Advisors in Rochester, NY is $151,900. This typically ranges from $58,070 for entry-level positions to $227,850 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Rochester, NY is 5.3% lower than the national median of $160,360.
Is Rochester, NY a lucrative place for Personal Financial Advisors?
Yes, it offers a competitive salary relative to the cost of living.Personal Financial Advisors in Rochester earn an average of $151,900, which aligns with the national average cost of living. This indicates strong earning potential and a stable market for the profession.
Is Rochester, NY a good place to live for Personal Financial Advisors?
The Cost of Living Index in Rochester, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Rochester, NY?
Some top paying nearby cities include Buffalo-Cheektowaga, NY ($146,170) and Syracuse, NY.
How does Rochester's Personal Financial Advisor salary compare to the national average?
The average salary for Personal Financial Advisors in Rochester, NY, is $151,900, which is slightly lower than the national average of $160,360.
What is the concentration of Personal Financial Advisors in Rochester, NY?
Rochester, NY, has a Location Quotient of 0.94 for Personal Financial Advisors, indicating a concentration very close to the national average.
How does the cost of living in Rochester affect a Personal Financial Advisor's salary?
Rochester's Cost of Living Index is 100, matching the national average. This means the $151,900 salary provides a purchasing power equivalent to the national average.
What does the job market look like for Personal Financial Advisors in Rochester?
The market is stable with a workforce of 810 Personal Financial Advisors and a concentration near the national average, suggesting consistent demand and opportunities.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 810 employees in the Rochester, NY area with a job density of 1.645 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 Rochester, NY