What Personal Financial Advisors do
The U.S. Department of Labor's O*NET database describes the work of Personal Financial Advisors this way: "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."
The core tasks O*NET records for this occupation include: "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"; "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"; "Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation"; "Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections".
Education, experience and training
According to the BLS Employment Projections, the typical education needed to enter this occupation is bachelor's degree. Typical on-the-job training to reach competency is long-term on-the-job training.
Job outlook for Personal Financial Advisors
The Bureau of Labor Statistics counted 299,400 jobs in this occupation in 2025 and projects 303,500 in 2035, an increase of 4,100 jobs (+1.4%). That is slower than the 3.5% projected for all occupations.
About 17,100 openings a year are projected on average, counting both new positions and positions vacated by workers who retire or switch occupations. Relative to today's employment that is 5.7% a year, against 10.3% for all occupations. 9.7% of workers in this occupation are self-employed; the wage figures below cover wage and salary workers. BLS lists a national median annual wage of $105,070, compared with $50,980 for all occupations.
Where Personal Financial Advisors earn the most
Across the 6 states with published data, the employment-weighted average of local median wages for this occupation ranges from $100,139 in Indiana to $163,293 in New York, a gap of $63,154 (1.63 times). 5 of those 6 states average above the BLS national median of $105,070 and 1 average at or below it.
New Jersey employs the most people in this occupation among the states covered, 33,000, which is 24.0% of the 137,560 counted across them. California follows with 29,800.
Highest-paying states
New York ($163,293), New Jersey ($155,967) and California ($132,472) lead the ranking, while Indiana ($100,139) and Florida ($106,199) are at the bottom. The table below lists every state with a link to its county-level detail.
Personal Financial Advisors: pay against the cost of living
We compare 6 labor markets, each represented by its most populous county. After federal, Social Security, Medicare and state taxes and the four basics (a one-bedroom rental, food, home energy and gasoline), the largest yearly margin is in Bergen County, NJ (New York-Newark-Jersey City, NY-NJ) at $87,195. The smallest margin is $50,131 in Los Angeles County, CA.
The median wage for this occupation covers all four basics in 6 of the 6 markets. A one-bedroom apartment takes between 16.6% and 32.5% of take-home pay, depending on the market.
Occupations related to Personal Financial Advisors
Financial Risk Specialists and Financial and Investment Analysts belong to the same detailed SOC group. Other occupations in the same SOC minor group (13-2000) include Financial Examiners, Accountants and Auditors, Loan Officers and Tax Preparers.
Frequently asked questions about Personal Financial Advisors
What is the national median wage for Personal Financial Advisors?
BLS lists a national median annual wage of $105,070. Across the states covered here the average local median ranges from $100,139 to $163,293.
Which state pays Personal Financial Advisors the most?
New York, with an employment-weighted average local median wage of $163,293. New Jersey is next at $155,967.
What is the job outlook for Personal Financial Advisors?
BLS projects employment to grow by 1.4% between 2025 and 2035, compared with 3.5% for all occupations, with about 17,100 openings a year.
What education do Personal Financial Advisors need?
The typical entry-level education is bachelor's degree and long-term on-the-job training, according to BLS.
Where can Personal Financial Advisors afford to live best?
Among the markets covered, Bergen County, NJ leaves the largest yearly margin after taxes, rent, food, energy and gasoline: $87,195 on a median wage of $170,050.