Private client advisor salaries have been steadily increasing in the last few years, but the pay can vary significantly.
Three significant factors are causing the remuneration disparity: location, skills, and experience.
Suppose you’re seeking to become a wealth advisor. In that case, you can adjust your location by moving where the jobs are, and a recruiter can help you identify top-paying areas of the country – and the firms paying exceptional salaries. A recruiter will also get you interviews with wealth management firms devoted to advancing their advisors to top levels within the company.
Career paths to consider
One of the most promising trends impacting the growth in private client advisor salaries is the commitment to career paths. Many wealth advisory firms are implementing holistic packages that develop and nurture career growth for those who want it.
Here’s what to look for in a well-defined path to the top:
- Support for continued education. Look for hiring firms that offer tuition reimbursement for various educational experiences, including college degrees and specialty certificates.
- Multi-level experiences. Firms that promote from within are creating an intentional pipeline to the top. Work for companies that grow their own talent.
- Opportunities to learn multiple roles. Purposeful career paths require versatility, and the best way to learn is to try different roles within the firm.
- Promotion of diversity, especially in client-facing roles. As clients requiring wealth advisement solutions become more diverse, so must the advisors guiding them. Pay attention to firms seeking diverse candidates.
How high can private client wealth advisor salaries go?
Once you accept your job offer, devote time to learning as much as possible. Your knowledge will help you acquire the experience to become a high-performing wealth advisor. That experience will allow you to advance toward upper-level positions, where you’ll reap even greater financial rewards.
Private client advisor salaries have increased by 9% in the last few years alone. Bonuses could hit the 35% mark in some areas. While it’s difficult to predict market trends consistently, wealth managers suggest that salary increases will continue to grow because personal wealth is growing.
Most private wealth advisors oversee the portfolios of 150 clients. Many of today’s diverse clients prefer working with advisors with the same ethnic, gender, and age similarities. They are creating the demand for experienced wealth advisors who share similar characteristics. If there are fewer advisors to meet these demands, the cost of financial planning services will rise – and so will your salary.