Financial Advisor Salary in Missouri More than 2,000 financial advisors practice in each city, compared to 30-50 in most rural communities. These geographical locations make a lot of sense considering the number and concentration of businesses within the financial sector in these states. A couple with a baby on the way can turn to a financial advisor for advice on how to save money for future expenses or safe investments that are more likely to yield benefits. With significant advances in digital technology in recent decades, many worried that technological unemployment would consume financial advisors thanks to the rise of powerful artificial intelligence in finance, such as the proliferation of robo-advisors.
According to the Bureau of Labor Statistics (BLS), the future prospects for financial advisors are good. Financial advice is, of course, at the heart of what an advisor does, but networking is necessary to be successful. If you want to develop a career as a financial advisor, you'll likely need a bachelor's degree plus at least a certification that relates specifically to what you want to do. More than 28,000 people work in the profession as “personal financial advisors” in the Golden State.
Being able to provide this advice effectively means that financial advisors should carefully research and stay up to date on current and future investment options. One factor driving this gap is industry concentration, as financial advisors often wear many different hats. At the other end of the spectrum are the 10 states where financial advisors earn the least on average. But if you're interested in becoming a financial advisor, keep in mind that some states offer more opportunities than others.
Salary estimates are based on 6684 salaries sent anonymously to Glassdoor by employees of a financial advisor. A financial advisor with a sufficiently wide range can create a broader overall plan for a client, while a specialist advisor can provide detailed and intricate advice in their field. Financial advisors are often experts in certain areas of finance and use that expertise to help clients make sound financial decisions. Nearby Connecticut is part of this regional concentration of financial power, as is Rhode Island to a certain extent.
Developing a professional network of contacts helps financial advisors get jobs, find lasting clients and build a reputation.