Average Personal Financial Advisors Salary in Virginia Beach-Chesapeake-Norfolk, VA-NC
Personal Financial Advisors in the Virginia Beach-Chesapeake-Norfolk, VA-NC area earn an impressive average annual salary of $173,740, significantly exceeding the national average of $160,360. This elevated compensation is likely influenced by a combination of local economic factors and the specific demands of the financial advisory sector within this metropolitan region.
Executive Summary
- Average Salary: $173,740 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $260,610.
- Outlook: With a local workforce of 750 Personal Financial Advisors, the job market in Virginia Beach-Chesapeake-Norfolk, VA-NC presents a stable environment. The Location Quotient of 0.57 indicates a slightly lower concentration of these professionals compared to the national average, suggesting that while the market is established, there may be opportunities for growth and demand for skilled advisors.
Salary Overview
The average Personal Financial Advisors in Virginia Beach-Chesapeake-Norfolk, VA-NC earns+8.3%above the national average.
$83.5
$3,341
$14,478
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that the field of Personal Financial Advising has experienced consistent salary growth over the past four years, mirroring broader economic trends and increasing demand for financial planning services. This upward trajectory is likely reflected in the Virginia Beach-Chesapeake-Norfolk, VA-NC area, contributing to the current robust average salary.
Personal Financial Advisors Salary Distribution in Virginia Beach-Chesapeake-Norfolk, VA-NC
Salary progression for Personal Financial Advisors is strongly tied to experience and demonstrated success. Entry-level positions typically command lower salaries, while seasoned professionals with extensive client portfolios and a proven track record can achieve significantly higher earnings. The percentile gaps in salary distributions clearly signify career progression, with senior advisors occupying the upper echelons of earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $50,290 | $24.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $130,305 | $62.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $120,620 | $58 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $217,175 | $104.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $260,610 | $125.3 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$173,740
Gross Pay
Real Wage (Purchasing Power)
$173,740
Adjusted for COL (100)
The average annual salary of $173,740 in Virginia Beach-Chesapeake-Norfolk, VA-NC aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of an advisor's income in this region is equivalent to the national standard, offering a stable financial foundation without significant cost-of-living pressures.
Job Market Context
750
Total Jobs
0.994
Per 1K Jobs
0.57
Location Quotient
Virginia Beach-Chesapeake-Norfolk, VA-NC has 0.57x 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 0.57 for Personal Financial Advisors in Virginia Beach-Chesapeake-Norfolk, VA-NC suggests that the profession is less concentrated here than the national average. This implies a potentially less saturated market, which could translate to greater opportunities for new entrants and existing professionals to establish and grow their practices.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Richmond, VA Personal Financial Advisors Salary | $142,740↓ 18% | 96 mi |
Comparing salaries near Virginia Beach-Chesapeake-Norfolk, VA-NC
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Virginia Beach-Chesapeake-Norfolk, VA-NC?
The median annual salary for a Personal Financial Advisors in Virginia Beach-Chesapeake-Norfolk, VA-NC is $173,740. This typically ranges from $50,290 for entry-level positions to $260,610 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Virginia Beach-Chesapeake-Norfolk, VA-NC is 8.3% higher than the national median of $160,360.
Is Virginia Beach-Chesapeake-Norfolk, VA-NC a lucrative place for Personal Financial Advisors?
Yes, it is a lucrative area for Personal Financial Advisors.The average salary of $173,740 significantly surpasses the national average, and the cost of living is on par with the national index, indicating strong earning potential.
Is Virginia Beach-Chesapeake-Norfolk, VA-NC a good place to live for Personal Financial Advisors?
The Cost of Living Index in Virginia Beach-Chesapeake-Norfolk, VA-NC is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Virginia Beach-Chesapeake-Norfolk, VA-NC?
Some top paying nearby cities include Richmond, VA ($142,740) and others.
How does the local salary compare to the national average?
Personal Financial Advisors in Virginia Beach-Chesapeake-Norfolk, VA-NC earn an average of $173,740 annually, which is higher than the national average of $160,360.
What is the concentration of Personal Financial Advisors in this area?
The Location Quotient is 0.57, meaning there are fewer Personal Financial Advisors per worker in this region compared to the national average.
How does the cost of living affect the salary?
With a Cost of Living Index of 100, the local salary's purchasing power is equivalent to the national average, indicating a balanced financial environment.
What is the total number of Personal Financial Advisors in the area?
There are approximately 750 Personal Financial Advisors employed within the Virginia Beach-Chesapeake-Norfolk, VA-NC 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 750 employees in the Virginia Beach-Chesapeake-Norfolk, VA-NC area with a job density of 0.994 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 Virginia Beach-Chesapeake-Norfolk, VA-NC