What Salary Do Financial Advisors Make After 10 Years?

A career as a financial advisor has the potential to be lucrative, but how much can you expect to make? It depends on several factors, such as the number of years of experience you have under your belt. Looking at the typical financial advisor salary after 10 years can give you a better idea of how your earnings may rise over time.

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What Is the Average Financial Advisor Salary After 10 Years?

It’s difficult to pin down an exact number for what the average financial advisor makes after 10 years. However, we did some research to get a sense of what advisors with a decade of experience under their belts are earning for their annual salary.

Financial planners earn a median salary of $225,000 annually with 10 to 20 years of experience, according to the CFP® Board.
Glassdoor estimates the median annual pay for financial advisors with 10-plus years of experience at $145,000, with an overall salary range of $108,000 to $202,000 annually.
Salaries for senior financial advisor job listings on Indeed range from $110,000 to $1 million a year.
Senior financial advisors bring in $133,162 per year on average, according to ZipRecruiter.
According to Salary.com, most senior advisors make between $91,776 and $110,379 per year.

For perspective, the median wage for all financial advisors, regardless of experience level, is $99,580, according to the Bureau of Labor Statistics.

Can you make six figures as a financial advisor with 10 years of experience? The numbers say yes. Based on the figures above, a typical salary seems to be around $150,000 annually.

How much do independent financial advisors make? According to Glassdoor, independent advisors with 10-plus years of experience earn a median salary of $110,000 to $205,000. The median total pay is $146,000 per year.

What Affects Financial Advisor Salaries?

A range of factors influence how much financial advisors make. Your earnings can be shaped by:

Experience and how many years you’ve been working with advisory clients
Financial certifications or designations you hold
Geographic location
Service offerings
The type of clients you serve
Whether you operate independently or work for an established firm

A typical financial advisor fee structure uses a percentage of assets under management (AUM) to calculate fees. Advisors may also charge hourly fees or fixed fees, earn commissions from the products they sell, or receive bonuses when they hit specific revenue or sales milestones.

Advisor compensation packages can offer other benefits on top of the standard pay structure. For example, take an advisor who works for a large wealth management firm. They may receive paid vacation and sick leave benefits, stock options and a generous matching contribution to their retirement plan.

How Financial Advisors Can Increase Earnings

An advisor comparing financial advisor salaries for those with 10 years of experience.

If you’re focused on growth, you’ll need a strategy designed to make it happen. Here are some strategies advisors can use to try to boost their earnings:

Expand your service offerings. Developing a new offering could help you tap into a broader client base or generate more revenue from your existing clients. A successful offering meets an unfulfilled need, so consider what gaps you might be able to fill for your clients. For instance, could you add life insurance services to your repertoire? What about estate planning? Think about the problems you’re uniquely positioned to solve and how you can shape your offerings around them.
Seek out high-net-worth clients. Working with high-net-worth clients could increase revenues substantially if you base your fees on AUM. But how do advisors attract wealthy clients and keep them? It’s all about developing a unique value proposition and delivering an elite service experience. Networking is also important, as you’ll need to spend time cultivating connections within high-net-worth circles.
Build your brand. A recognizable brand is a valuable asset. You may be able to increase your fees or serve a more exclusive clientele when your firm’s name is instantly recognizable. Positioning yourself as a thought leader, conducting PR outreach, and collaborating with influencers or other higher-profile advisors can add to your credibility and help increase your brand visibility.
Expand your marketing efforts. Client acquisition can prove challenging at times, but it’s important to have a focused marketing plan. If you’re not on social media, for example, consider how that could add value to your business and potentially help you attract new prospects. Or evaluate the benefits of working with an advisor marketing platform to connect with qualified leads. There may be an upfront investment required. But that could yield dividends if you’re able to grow your book of business.

If you’re currently working for an advisory firm, you might also weigh the merits of going independent. One of the primary advantages of being an independent RIA is that you’re in control of your earning potential, and it may be virtually unlimited, depending on the services you offer and the type of clients you cater to.

An RIA aggregator could help to bridge the gap if you’re not quite ready for full independence yet. Aggregators give you the freedom to grow while equipping you with a framework for success.

Bottom Line

An advisor researching financial advisor salary ranges.

What is a good financial advisor salary after 10 years? It’s hard to define, as some advisors may have higher expectations about their earnings than others. Once you know what a typical advisor with 10 years of experience is making, you can get a better idea of what your financial future might look like.

Tips for Growing Your Advisory Business

As a busy advisor, you have a lot to handle, and when your time is tied up with marketing, other key tasks could fall through the cracks. Outsourcing some of your marketing efforts can add hours back into your schedule and ensure that you still have a steady flow of leads coming in. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service that financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
Obtaining one or more financial designations could increase your earning potential. For example, clients may be more inclined to seek out advisors who hold CFP® marks or have a Chartered Financial Consultant (ChFC) designation. When deciding which credentials to pursue, consider the qualifications you’ll need to have and the exam requirements, as well as how you’ll be able to put your new designation to work.