retirement planning

Florida Financial Advisors Salary

By Lisa Copely 6 September, 2023 3 mins read

Financial advisors make an average salary in Florida. According to the Bureau of Labor Statistics, the state has about 6,150 of them working in the Miami-Fort Lauderdale-West Palm Beach metro area. A total of 2,590 work in the Tampa-St. Petersburg-Clearwater area.

Florida average salary for personal financial advisors

The highest salaries for personal financial advisors in five Northeastern States, which includes three New England states as well as two Middle Atlantic states, are expected to be earned in the New England states. New York, New Jersey and North Carolina are other states that have high salaries. Below is a breakdown by state of the salaries for personal financial advisers.

The average annual salary for a Florida financial advisor is $73,724. This is slightly more than the $63,988 nationwide average. However, bonuses are not included in this amount. In Florida, the highest paying area is Port St Lucie with a median salary of $129,720. West Palm Beach, Boca Raton Beach and Boynton Beach are the second highest paid regions. The lowest paying area is Palm Bay-Melbourne-Titusville with a median salary of $49,900.

American finance advisors earn a starting salary

According to the Bureau of Labor Statistics (Board of Labor Statistics), starting salaries for Florida's finance advisors range from $29 248 to $105,717 each year. In addition, financial advisors receive a guaranteed minimum salary, which doesn't fluctuate and is paid regardless of performance. The highest-paid advisers in finance make more than $140,000 a year.

Boca Raton and Cape Coral are the highest-paid cities in Florida to be a financial advisor. These cities earn about $32,887 less than the Florida average.

Average salary of financial advisors within metro areas

The average Florida salary for financial advisors varies from place to place. Miami-Fort Lauderdale West Palm Beach is home to 6,150 advisors. By contrast, the Tampa-St. Petersburg-Clearwater area is home to about 2,590 financial advisors.

The median income of finance professionals was $145,980, according to the study. This is fourth highest among the 50 major metropolitan areas. The average national average is twice as high as the average for residents in this area when they searched for a financial advisor. 29% live in households that earn over $200K annually.

Performance-based fees: Compensation

Florida financial advisors have the option of a salary-based, commission-based or performance-based compensation. This latter option is more common with larger organizations, regional broker/dealers and independent contractors. The typical financial advisor compensation package includes benefits, healthcare, or retirement plans. In some cases, compensation is a percentage of assets under management (AUM).

Asset-based fee are calculated based upon the account's current value at the beginning of the year. An advisor managing a million-dollar account might charge $8.500 the first year, and $8.900 the second. Based on account value, fees can be reassessed monthly and annually. If the account value decreases, fees can be less.

Conflicts of interests for financial advisors

Although there are no legal restrictions on Florida financial advisors accepting commissions, conflicts of interest may exist in advisor's other business activities. This could be a relationship with third parties, or an affiliation with another financial institution. It can be challenging to identify conflicts. Nevertheless, the rules provide a framework for advisors to avoid or disclose potential conflicts.

Florida Financial Advisors charge their clients an annual fee to manage their investments. The fee is usually a percentage on the total assets they manage. This fee can be as low as 1.40% or high up to 2.65%. The fee will vary depending on the portfolio's assets and future earnings capacity. The specific facts of each client will dictate the fee.

FAQ

What is wealth Management?

Wealth Management refers to the management of money for individuals, families and businesses. It covers all aspects of financial planning including investment, insurance, tax and estate planning, retirement planning, protection, liquidity and risk management.

How to Beat Inflation by Savings

Inflation is the rising prices of goods or services as a result of increased demand and decreased supply. Since the Industrial Revolution people have had to start saving money, it has been a problem. The government regulates inflation by increasing interest rates, printing new currency (inflation). But, inflation can be stopped without you having to save any money.

Foreign markets, where inflation is less severe, are another option. You can also invest in precious metals. Silver and gold are both examples of "real" investments, as their prices go up despite the dollar dropping. Precious metals are also good for investors who are concerned about inflation.

How to manage your wealth.

Financial freedom starts with taking control of your money. It is important to know how much money you have, how it costs and where it goes.

You should also know how much you're saving for retirement and what your emergency fund is.

You could end up spending all of your savings on unexpected expenses like car repairs and medical bills.

How to Begin Your Search for A Wealth Management Service

Look for the following criteria when searching for a wealth-management service:

Can demonstrate a track record of success
Locally located
Offers complimentary consultations
Continued support
Has a clear fee structure
Excellent reputation
It is easy and simple to contact
Customer care available 24 hours a day
Offers a variety products
Charges low fees
Do not charge hidden fees
Doesn't require large upfront deposits
Has a clear plan for your finances
Is transparent in how you manage your money
This makes it easy to ask questions
Has a strong understanding of your current situation
Understands your goals and objectives
Would you be open to working with me regularly?
You can get the work done within your budget
Good knowledge of the local markets
Is willing to provide advice on how to make changes to your portfolio
Is available to assist you in setting realistic expectations

What are the Benefits of a Financial Advisor?

Having a financial plan means you have a road map to follow. You won't be left wondering what will happen next.

It provides peace of mind by knowing that there is a plan in case something unexpected happens.

A financial plan can help you better manage your debt. If you have a good understanding of your debts, you'll know exactly how much you owe and what you can afford to pay back.

Protecting your assets will be a key part of your financial plan.

What is a Financial Planning Consultant? And How Can They Help with Wealth Management?

A financial planner can help you make a financial plan. They can look at your current situation, identify areas of weakness, and suggest ways to improve your finances.

Financial planners are professionals who can help you create a solid financial plan. They can tell you how much money you should save each month, what investments are best for you, and whether borrowing against your home equity is a good idea.

Financial planners typically get paid based the amount of advice that they provide. However, there are some planners who offer free services to clients who meet specific criteria.

Statistics

According to Indeed, the average salary for a wealth manager in the United States in 2022 was $79,395.6 (investopedia.com)
As previously mentioned, according to a 2017 study, stocks were found to be a highly successful investment, with the rate of return averaging around seven percent. (fortunebuilders.com)
These rates generally reside somewhere around 1% of AUM annually, though rates usually drop as you invest more with the firm. (yahoo.com)
Newer, fully-automated Roboadvisor platforms intended as wealth management tools for ordinary individuals often charge far less than 1% per year of AUM and come with low minimum account balances to get started. (investopedia.com)