Financial Consultant Salary
For the data provided, we defined financial consultant as representing a job that was seeking a person to fulfill a consultant role to understand their clients’ financial situations and goals; then provide education, guidance, accountability, and support to help clients work toward a state of financial wellness and security.
The data are based on national results drawn from top job sites when searching terms related to financial consulting job opportunities and reviewing financial coaching fees. It was observed that salaries are higher in metropolitan areas. ZipRecruiter estimates the salary of a financial consultant in metropolitan areas at $66,000 – over 35% higher than the same positions in rural areas.
Who Hires Financial Consultant Employees?
These data are based on relevant results posted on the ZipRecruiter, Indeed, and LinkedIn available jobs under the term ‘financial consultant.’ Financial service organizations and others selling financial instruments were excluded from the results.
There were several common position types for personal financial consultants requested. Most centered around 3 areas: general personal finance for internal personnel, general personal finance for community, and specific financial topics (i.e. state retirement plan).
6 Tips to Growing Your Income as a Financial Consultant
There are some proven ways to demonstrate your capacities and increase your marketability as a financial consultant. Considering what a financial consultant is and their primary duty to help people work toward financial wellness, the following are six key tips can help increase a financial consultants salary:
Experience
Gain some experience with clients and develop case studies showcasing their successes.
Training
Earning certification and credentials boosts your earning power.
Reporting
Being able to measure and report results helps demonstrate your abilities and increase income.
Technology
Understanding and being able to use the available financial consulting tools and technology builds your credibility.
Image
Having a strong online presence and professional image can help increase the financial consultant salary you demand.
Commitment
Demonstrating a passion for what you do and a commitment to client success makes your services more valuable.
Other Opportunities: Entrepreneurial Endeavors
We reviewed 137 financial consulting sites that came up in the top 50 results of a Google search using keyword ‘financial consulting’ and other terms relating to counseling and coaching. Of these, 26 were relevant to determining a financial consulting salary. A wide variety of consulting packages were available, priced between a few hundred to nearly six thousand dollars. Financial counselor training packages were the most common offering. Packaging varied somewhat, but all packages included some personal contact and were time-based (i.e. monthly, quarterly, annual). We compared the ‘hourly pricing’ option as a barometer to evaluate packages; 12 of 26 consulting websites offered hourly pricing.
Other methods based the package price on accomplishing a specific goal: budget makeover, credit score improvement, support with a specific decision. We found one site with which the Security & Exchange Commission would identify a problem – they specifically stated that they “provide investment advice.” (Unlicensed consultants cannot legally provide investment advice.)
What Financial Consultants Offered
Financial consultant salary was based on several services offered in the sites we reviewed. All offered personal contact with the consultant (most commonly by phone, but some with email options). Personal financial plans (custom-written based on client’s individual situation) were available from 5 out of 26 sites. Two of the 26 offered re-planning and reporting (including adjustments to initial personal financial plan and separate reports with new data). Eight of the 26 sites provided educational materials (courses, ongoing training, etc.). None offered training on how to become a personal finance coach.