You can start your career in the financial industry by working for a number of financial advisor firms or other reputable corporations. Being a financial advisor opens numerous opportunities for career growth and gives you the chance to climb the corporate ladder while earning an excellent salary.
In this article, we will discuss the best companies for financial advisors. You will also discover how much you can earn when you get a job at some of the highest-paying financial advisor companies in the industry.
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What Is a Financial Advisor?
A financial advisor provides financial advice and consulting services to clients and corporations. They offer strategic planning that will mitigate risks and help clients establish a stable financial life. A financial advisory firm offers services such as real estate planning, tax planning, investment portfolio management, and debt management. If you become a financial advisor, you can work in insurance companies, financial advisory firms, banks, and investment companies.
Typical financial advisors are paid on a commission basis. However, a fee-based firm will charge its clients set fees. The advisory team will be compensated either on an hourly basis or according to the value of the clients’ assets under management (AUM). Some financial advisors may be paid through a combination of client fees and commission.
How to Get a Financial Advisor Job
In this section, we will provide you with information on how to land a financial advisor job. Invest your time in building your skills and knowledge to properly manage client assets before applying to a reputable company. The steps below can help you get started.
- Get a bachelor’s degree. Employers require at least a bachelor’s degree for this position. Professionals with a bachelor’s degree in finance, business administration, accounting, or economics will stand out during the application process.
- Attend seminars, training and get a professional license. Educational seminars are helpful for gaining essential skills and knowledge required for this industry. Having the General Securities Representative license is also required in most job applications for advisory staff.
- Be a certified financial advisor. Certifications enhance your candidacy when you apply for a job. This is especially important for those without a relevant educational background.
- Gain experience. Apply for internships or apprenticeships and get practical training in this field. If you are an intern at a financial advisor company, you will have access to great opportunities to find clients and build your professional portfolio.
- Start searching for a job. Look for financial advisor positions at different job sites such as Glassdoor and Indeed. You can also visit the official website of the company you want to work for.
6Top 10 Highest-Paying Financial Advisor Companies
| Company | Salary for Financial Advisors |
|---|---|
| Credit Suisse | $200,614 |
| McKinsey & Company | $169,022 |
| Deutsche Bank | $137,101 |
| Goldman Sachs | $102,900 |
| BlackRock | $83,116 |
| Citi | $71,707 |
| Morgan Stanley | $69,113 |
| Bank of America | $63,678 |
| J.P. Morgan Chase | $59,295 |
| $55,028 |
Credit Suisse
Credit Suisse is a multinational financial services company headquartered in Switzerland. It was founded in 1856 by Alfred Escher. For the past century, this company has been helping businesses and people by providing advisory services to its clients, such as wealth management, real estate consulting, strategic advice, and investment strategies.
What Does Credit Suisse Pay Its Financial Advisors?
Credit Suisse pays its financial advisors an average salary of $200,614 every year, according to Glassdoor. This can range from $116,032 to $300,922. This company also gives generous benefits packages to employees such as health insurance, supplemental life insurance, employee assistance programs, legal assistance, and mobile phone discounts.
Credit Suisse Reviews
According to Glassdoor reviews, employees enjoy the work-life balance at the company, as well as its great culture. They also state that the people they work with are friendly and that Credit Suisse has many great opportunities for career growth. However, some employees mention that work can be tough and fast-paced. Others also mentioned the outdated software tools they use in the company.
McKinsey & Company
McKinsey & Company is a consulting firm established in 1926. With more than 30,000 employees serving its client base in over 130 offices, this company caters to different organizations by providing business solutions such as digital marketing, retirement plans, financial plans, analytics, and management technologies.
What Does McKinsey & Company Pay Its Financial Advisors?
Financial advisors at this company receive an average wage of $169,022 each year. They can also enjoy the generous employee benefits at McKinsey & Company, such as accidental death and dismemberment insurance, health insurance, occupational accident insurance, retirement planning, employee assistance programs, and a travel concierge.
McKinsey & Company Reviews
Based on Glassdoor reviews, this is a good company to work for if you want to learn more about the corporate world. It helps employees advance their careers and gives them the opportunity to work with smart and supportive professionals as well. However, its fast-paced environment can require long office hours resulting in poor work-life balance.
Deutsche Bank
Deutsche Bank is an investment bank that offers a variety of financial services to business owners, large corporations, and the government. This company is headquartered in Germany, has more than 75,000 employees, and serves a huge number of clients in over 70 countries worldwide.
What Does Deutsche Bank Pay Its Financial Advisors?
According to Indeed, financial advisors at Deutsche Bank earn an average salary of $137,101 every year. Employees working at this company can also enjoy perks and benefits such as health care insurance, diversity programs, job training, a car service, and a 401k plan.
Deutsche Bank Reviews
Reviews on Glassdoor show that employees believe this is a good place to work. There is a healthy work-life balance with many learning opportunities. Employees enjoy the benefits package they are offered. However, some reviews say that the company has a slow-paced environment. This might not be a place for people who love challenging roles.
Goldman Sachs
This company is a multinational investment and finance company that delivers a wide range of services such as financial planning advice, wealth and asset management, research, and investment advice. This company has more than 40,000 employees who serve clients in over 60 cities, globally.
What Does Goldman Sachs Pay Its Financial Advisors?
Goldman Sachs pays financial advisors an average wage of $102,900 per year. This company also offers employee benefits such as health insurance, life insurance, adoption assistance, employee discounts, and commuter assistance.
Goldman Sachs Reviews
Several employee reviews mentioned that the company provides good opportunities for growth. Employees also mention that they enjoy working with their colleagues. If tough challenges excite you, this is a good company for you. However, since this is a fast-growing firm, its working environment can be intense and employees may have to work long hours.
BlackRock
Black Rock Inc. is an investment company headquartered in New York. It offers a wide variety of services such as financial planning advice, risk management, financial analytics, investment management, real estate planning, and pension plans. Its 70 offices operate in 30 countries around the world.
What Does BlackRock Pay Its Financial Advisors?
BlackRock pays its financial advisors an average of $83,116 per year. They are also given employee benefits such as health insurance, a flexible spending account (FSA), accidental death and dismemberment insurance, tuition assistance, and job training.
BlackRock Reviews
According to several reviews from Glassdoor, you will be working with smart people who will help you learn and advance your career in this company. Its fast-paced environment opens growth opportunities, but sometimes results in a lack of work-life balance.
Citi
Citigroup Inc. or most commonly known as Citi, is an international finance company founded by Samuel Osgood and Sanford Weill. The company was formed when two organizations, Citicorp and Travelers Group, merged on October 8, 1998. Citi serves its clients in more than 160 countries around the world and has over 200,000 employees.
What Does Citi Pay Its Financial Advisors?
According to a Glassdoor report, Citi pays financial advisors an average salary of $71,707 every year. They also have access to several employee benefits such as health insurance, a health savings account (HSA), mental health care, dependent care, retirement planning, childcare assistance, employee discounts, and an employee assistance program.
Citi Reviews
Several current and previous employees expressed their great experiences at Citi. They mention enjoying the flexible schedules and training that’s provided by the company. There are also lots of opportunities to grow and learn. However, some employees said that management should improve. In addition, there were complaints about updated software tools and a lack of work-life balance.
Morgan Stanley
Morgan Stanley is an international company that delivers financial services to its clients in more than 1,000 office locations across 40 countries. It offers investment strategies services, financial planning advice, risk management, retirement planning services, and more.
What Does Morgan Stanley Pay Its Financial Advisors?
This company pays financial advisors an average salary of $69,113, every year. They also have great benefits such as mental health care, health insurance, paid holidays, tuition assistance, employee assistance programs, and retirement planning.
Morgan Stanley Reviews
Employees emphasized the inconsistency of work-life balance in Glassdoor reviews. They enjoy the benefits and friendly environment and mentioned that there were plenty of growth opportunities. However, some of them said that working at Morgan Stanley can be stressful and that the work-life balance depends on what team you are on.
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Bank of America
The Bank of America is an international company headquartered in North Carolina. It offers several banking and investment services such as financial plans, home loans, credit cards, savings accounts, and auto loans. This company has 200,000 staff working in more than 4,000 branches.
What Does Bank of America Pay Its Financial Advisors?
The Bank of America pays its financial advisors an average yearly salary of $63,678. They also receive a generous benefits package such as a flexible spending account (FSA), occupational accident insurance, and legal assistance.
Bank of America Reviews
According to several reviews, the company provides opportunities to learn and has a friendly working environment. It also offers excellent training to its employees. However, a frequent change in management can be a bit challenging at times.
J.P. Morgan Chase
J.P morgan Chase is a company that hires talented financial experts such as financial analysts,
financial associates, and financial advisors. It was founded in December 2000 and is headquartered in New York.
What Does J.P. Morgan Chase Pay Its Financial Advisors?
Financial advisors at this company earn an average wage of $59,295 every year. Employee benefits include a health savings account (HSA), vision insurance, employee assistance programs, and legal assistance.
J.P. Morgan Chase Reviews
According to several reviews on Glassdoor, this company gives good overtime pay and great benefits. One review also mentioned that this is a great company to start your career in. However, some employees mentioned that they have heavy workloads and deal with constant changes in the company.
Google is one of the leading tech companies in the world, with more than 70 office locations that operate in five countries. Google delivers tech services to its numerous clients such as search engines, cloud computing, web email, gadgets, and other software products. Google hires financial experts such as financial analysts, accountants, finance managers, and financial advisors.
What Does Google Pay Its Financial Advisors?
Google pays its financial advisors an average of $55,028 every year. Employees at Google are also given perks and benefits such as health insurance, occupational accident insurance, flexible spending accounts, employee discounts, gym memberships, and a company car.
Google Reviews
Employees enjoy the work culture, salaries, and benefits. According to Glassdoor reviews, employees work in a collaborative environment and enjoy a good work-life balance, overall. However, getting a promotion can be a bit of a slow process and communication could improve.
Why You Should Become a Financial Advisor in 2023
You should become a financial advisor because this profession can offer you a wide range of benefits. You can start your career by working at Deloitte, Google, or J.P. Morgan Chase. This career gives you a chance to work in several large investment and insurance companies. Working in the corporate world opens a lot of opportunities for career growth and professional development.
However, being an independent financial advisor can be rewarding, as well. You can help and inspire others to create a better future for themselves through wise financial management and investment choices. A dedicated advisor can build stronger client relationships and quickly grow their network. You can even offer remote services or work as a contractor for an independent firm.
Best Companies for Financial Advisors FAQ
Are financial advisors in demand?
Yes, financial advisors are in demand. The US Bureau of Labor and Statistics (BLS) reports that this industry is expected to grow by 5 percent between 2020 and 2030. More than 21,000 job opportunities are expected each year for personal financial advisors.
What are the required skills for a financial advisor?
Financial advisors should have in-depth knowledge of financial management. They should have the ability to build strong business relationships, possess expertise in revenue business models, have knowledge of assets under management, and exercise excellent communication skills.
What are the requirements when applying for a financial advisor role?
Some of the typical requirements for financial advisor jobs are a bachelor’s degree, a general securities representative license, and relevant certifications. Carefully read the job descriptions in job listings to learn the specific qualifications that the company requires.
Can a financial advisor give tax advice?
Yes, a financial advisor can have a tax advisory role. Other career options for financial advisors are investment advisor, private fund manager, financial analyst, chief investment officer, or licensed insurance agent. You can also apply at a company that offers online planning services, such as Workable Wealth.
