Check out the average financial advisor salary by state and see where they’re making the most money.
Greenwich is an affluent town in Fairfield County, Connecticut, United States. The city and the state itself is home to high-earning residents employed in finance. Getty
The retirement of baby boomers is proving a boon for many different parts of the U. S. economy, from small businesses to big corporations, from individual products to entire sectors and industries. One example from a multitude is the occupation of personal financial advisor.
With the significant advances made in digital technology in recent decades, many were concerned technological unemployment would consume financial advisors thanks to the rise of powerful artificial intelligence in finance, like the proliferation of robo-advisors. But as is often the case with these developments, the threat of long-term technological unemployment tends to be overstated — unless we’re talking manual labor — and, if anything, the technology has been complementary and not displacing.
Instead, the aging of the baby boomer generation has made financial advisors more relevant than ever. As baby boomers approach retirement, they’re more likely to need planning advice from personal financial advisors. Plus, once they’ve reached retirement, longer lifespans mean they’ll need to make their finances stretch longer than in the past, hence further increasing the demand for financial planning services.
According to the Bureau of Labor Statistics (BLS), the future prospects for financial advisors look good. The average annual income of financial advisors is $124,140 as of 2017, according to the latest data from the Bureau of Labor Statistics’ Occupational Employment Statistics. The employment of financial advisors is projected to grow 15 percent over the 10-year period from 2016 to 2026. That equates to employment of personal financial advisors reaching 312,300 by 2026, up from 271,900 in 2016.
