Average Personal Financial Advisors Salary in Worcester, MA
Personal Financial Advisors in Worcester, MA, earn an average annual salary of $152,160. This figure is slightly below the national average of $160,360, indicating a localized compensation structure influenced by regional economic factors and demand within the Worcester metropolitan area. The specific economic landscape and cost of living in Worcester play a significant role in shaping this compensation.
Executive Summary
- Average Salary: $152,160 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $228,240.
- Outlook: With a total local workforce of 240 Personal Financial Advisors, Worcester presents a moderate employment base for this profession. The Location Quotient of 0.38 suggests that this role is less concentrated in Worcester compared to the national average, implying a potentially less saturated market but also potentially lower overall demand relative to other sectors. The presence of 0.674 jobs per 1,000 workers indicates a steady, albeit not exceptionally high, level of opportunity.
Salary Overview
The average Personal Financial Advisors in Worcester, MA earns-5.1%below the national average.
$73.2
$2,926
$12,680
Personal Financial Advisors Salary Trends (2020-2024)
While specific historical data for Worcester is not provided, it is generally assumed that salaries for Personal Financial Advisors have experienced consistent growth over the past four years, mirroring national trends. Factors such as increasing demand for financial planning services, evolving market conditions, and inflation typically contribute to an upward trajectory in compensation for experienced professionals in this field.
Personal Financial Advisors Salary Distribution in Worcester, MA
The salary progression for Personal Financial Advisors in Worcester, MA, typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned advisors with extensive client portfolios and a proven track record can command salaries well above the average. The widening gap between entry-level and senior-level compensation, often reflected in salary percentiles, signifies substantial career growth and earning potential within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $62,650 | $30.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $114,120 | $54.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $110,720 | $53.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $190,200 | $91.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $228,240 | $109.7 |
Detailed Personal Financial Advisors Market Analysis
Relocation Context
Nominal Salary
$152,160
Gross Pay
Real Wage (Purchasing Power)
$152,160
Adjusted for COL (100)
The average annual salary of $152,160 in Worcester, MA, aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Personal Financial Advisor's salary in Worcester is comparable to that of an advisor earning the national average in a similarly priced region. Consequently, relocating to Worcester does not present a significant financial advantage or disadvantage from a cost-of-living perspective based on this nominal salary.
Job Market Context
240
Total Jobs
0.674
Per 1K Jobs
0.38
Location Quotient
At 0.38x, Worcester, MA has a notably lower concentration of Personal Financial Advisors jobs than the national average. Opportunities in this area are relatively scarce for this profession.
A Location Quotient of 0.38 for Personal Financial Advisors in Worcester, MA, indicates that this profession is less concentrated locally than the national average. This suggests that while opportunities exist, the market is not as robust or specialized in financial advisory services compared to national benchmarks. Employers may face a smaller pool of specialized talent, potentially leading to competitive hiring for experienced individuals, but overall job volume might be lower.
Nearby Job Markets
Nearby Cities for Personal Financial Advisors
| City | Salary | Dist. |
|---|---|---|
| Massachusetts nonmetropolitan area Personal Financial Advisors Salary | $145,850↓ 4% | 14 mi |
| Providence-Warwick, RI-MA Personal Financial Advisors Salary | $120,750↓ 21% | 37 mi |
| Boston-Cambridge-Newton, MA-NH Personal Financial Advisors Salary | $145,990↓ 4% | 37 mi |
| Springfield, MA Personal Financial Advisors Salary | $160,510↑ 5% | 39 mi |
Comparing salaries near Worcester, MA
Hiring Personal Financial Advisorss?
Frequently Asked Questions
How much does a Personal Financial Advisors make in Worcester, MA?
The median annual salary for a Personal Financial Advisors in Worcester, MA is $152,160. This typically ranges from $62,650 for entry-level positions to $228,240 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Worcester, MA is 5.1% lower than the national median of $160,360.
Is Worcester, MA a lucrative place for Personal Financial Advisors?
No, not significantly more lucrative than the national average.While the average salary of $152,160 is substantial, it falls slightly below the national average of $160,360. Furthermore, the cost of living is on par with the national average, offering no distinct financial advantage.
Is Worcester, MA a good place to live for Personal Financial Advisors?
The Cost of Living Index in Worcester, MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Worcester, MA?
Some top paying nearby cities include Massachusetts nonmetropolitan area ($145,850) and Providence-Warwick, RI-MA.
How does Worcester's Personal Financial Advisor salary compare to the national average?
The average salary for Personal Financial Advisors in Worcester, MA is $152,160, which is slightly lower than the national average of $160,360.
What is the concentration of Personal Financial Advisors in Worcester, MA?
Worcester has a lower concentration of Personal Financial Advisors compared to the national average, with a Location Quotient of 0.38.
Does the cost of living in Worcester affect the salary's value?
No, the cost of living in Worcester is at the national average (100), meaning the $152,160 salary has purchasing power equivalent to the national average.
What does a Location Quotient of 0.38 mean for job seekers?
A Location Quotient below 1.0, like 0.38, suggests that the job market for Personal Financial Advisors in Worcester is less specialized and potentially has fewer openings compared to the national landscape.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 240 employees in the Worcester, MA area with a job density of 0.674 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Personal Financial Advisors Salaries by State
Top Jobs in Worcester, MA
- All Occupations Salary in Worcester, MA
- Office and Administrative Support Occupations Salary in Worcester, MA
- Educational Instruction and Library Occupations Salary in Worcester, MA
- Sales and Related Occupations Salary in Worcester, MA
- Healthcare Practitioners and Technical Occupations Salary in Worcester, MA
- Food Preparation and Serving Related Occupations Salary in Worcester, MA
- Transportation and Material Moving Occupations Salary in Worcester, MA
- Management Occupations Salary in Worcester, MA
- Healthcare Support Occupations Salary in Worcester, MA
- Production Occupations Salary in Worcester, MA
- Browse All Jobs in Worcester, MA →
Semantic Salary Analysis for Personal Financial Advisors • Data source: BLS OEWS 2024 •Jobs in Worcester, MA