How much does a Financial Planner earn?
Ultimately, Financial Planners are salespersons. Their product just happens to be financial advice. New Financial Planners earn an median salary of $47,000 per year, while better than average salespeople may earn up to $65,000 in their first year. If you add bonuses, which most financial advisory firms offer, your pay could inch up a as much as $8,000 per year. Of course, this assumes that you hold basic certifications (series 6, 7, 63, at least). More experienced (3 years), certified (ChFP) Financial Planners earn an average of $58,000 per year, or up to $80,000. Edward Jones, a leading financial advisory firm, estimates that I might earn $108,000 in my first year, if I meet my sales goals. Financial Planners are typically paid in one or more of the following ways: • • An hourly fee ($150 to $300 per hour for basic financial planning) • A flat fee ($1500-$5000 per year) • A commission on the investment products they sell you (average is 39% of sales) • A percentage of the value of the
