Personal Financial Advisors in Massachusetts
Considering working as a Personal Financial Advisors in Massachusetts? Below are the key facts. Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients. Excludes “Securities, Commodities, and Financial Services Sales Agents” (41-3031).
What do Personal Financial Advisors Make in Massachusetts?
The personal financial advisors working in Massachusetts, the typical annual salary is $101,320 per year (or about $48.71/hour).
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $65,060 | $31.28 |
| 25th percentile | $80,460 | $38.68 |
| Median (50th) | $101,320 | $48.71 |
| 75th percentile | $152,270 | $73.21 |
| 90th percentile | n/a | n/a |
The location quotient — a measure of how concentrated this occupation is in Massachusetts nationwide is 1.16, meaning that personal financial advisors are more concentrated here than the national average.
National Wage Comparison
Nationally, personal financial advisors earn a median of $91,777 per year ($44.12/hour), higher than the Massachusetts median.
Employment Outlook
There are roughly 291,292 personal financial advisors nationwide. In Massachusetts alone, about 7,410 people work in this role. That’s higher than the typical state, which employs around 2,400 personal financial advisors.
Top Massachusetts Metros for Personal Financial Advisors
The metro areas below employ the most personal financial advisors in Massachusetts.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Boston-Cambridge-Newton, MA-NH | 6,440 | $101,320 |
| Worcester, MA | 240 | $110,720 |
| Springfield, MA | 170 | $102,210 |
| Barnstable Town, MA | 110 | $135,000 |
| Pittsfield, MA | 70 | $132,170 |
Top States for Personal Financial Advisors Employment
The table below shows the states where the most personal financial advisors work.
| State | Number Employed |
|---|---|
| California | 34,070 |
| New York | 28,820 |
| Florida | 21,230 |
| Texas | 17,570 |
| North Carolina | 12,850 |
| Pennsylvania | 12,370 |
| Illinois | 10,410 |
| Ohio | 10,210 |
| Georgia | 7,540 |
| Massachusetts | 7,410 |
| Arizona | 7,190 |
| New Jersey | 6,830 |
| Washington | 6,510 |
| Minnesota | 6,360 |
| Michigan | 6,030 |
| Colorado | 5,930 |
| Maryland | 5,560 |
| Virginia | 5,560 |
| Indiana | 5,370 |
| Wisconsin | 5,240 |
Highest-Paying States for Personal Financial Advisors
These states pay the most for personal financial advisors.
| State | Annual Median Salary |
|---|---|
| New York | $167,970 |
| Idaho | $136,440 |
| California | $128,650 |
| Delaware | $128,170 |
| New Jersey | $123,690 |
| South Dakota | $123,380 |
| Maryland | $122,510 |
| Wisconsin | $115,680 |
| Washington | $112,020 |
| Connecticut | $107,030 |
Skills
Key personal financial advisors skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Key knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
The abilities that matter most for personal financial advisors, rated on an importance scale of 0 to 5:
Daily Tasks
Common tasks include:
- Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.
- Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.
- Manage client portfolios, keeping client plans up-to-date.
- Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Recommend financial products, such as stocks, bonds, mutual funds, or insurance.
- Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation.
- Contact clients periodically to determine any changes in their financial status.
- Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
- Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.
- Investigate available investment opportunities to determine compatibility with client financial plans.
Work Activities
- Getting Information
- Analyzing Data or Information
- Working with Computers
- Making Decisions and Solving Problems
- Establishing and Maintaining Interpersonal Relationships
- Processing Information
- Updating and Using Relevant Knowledge
- Interpreting the Meaning of Information for Others
- Communicating with People Outside the Organization
- Documenting/Recording Information
- Organizing, Planning, and Prioritizing Work
- Evaluating Information to Determine Compliance with Standards
Tools & Technology
Common tools and software used in this occupation include: Hot technologies: Microsoft Access, Microsoft Excel In-demand technologies: Microsoft Excel
What Major Will Prepare You For This Career?
Several college majors map to this occupation:
- Finance & Financial Management
- Family & Consumer Economics
Featured schools near , edit
Related Careers
Careers similar to personal financial advisors include:
- Financial Managers
- Treasurers and Controllers
- Investment Fund Managers
- Management Analysts
- Accountants and Auditors
- Budget Analysts
Also Known As
Account Manager, Asset Analyst, Asset Manager, Budget Counselor, Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Client Advisor, Credit Counselor, Debt Counselor, Estate Planner, Estate Planning Counselor, Estate Trustee, Finance Consultant, Financial Advisor, Financial Advisor Associate.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2052.00
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