Saturday, October 16, 2021

A $500 Bonus: 10 highest paid jobs in financial advice

When I got this week's issue of Investment News in my email this morning, I thought it'd be fun to share it for anyone who's curious as to what salaries investment professionals command. It's a gift since just yesterday info on the top 25 jobs was offered in another email for the bargain price of just $500.  (And you will see that same offer at the bottom of this one.) Today they offered for free summary info on the top ten jobs.  So for those who are curious ... I'll just say that, for being top jobs, I was frankly surprised at how few of them had CFP, CFA, and Series 7 designations which everyone I know in the industry had to get (especially Series 7) in the first year or two after hiring in at entry level.  Hope everyone is enjoying this nice crisp fall weekend.  


10 highest paid jobs in financial advice

By Brittney Grimes and Devin McGinley  --  Investment News  10-16-21

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According to the latest InvestmentNews Compensation and Staffing Study, here are the highest paying jobs within the finance industry. The rankings include years in the business and designations received, along with salary.

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Lead adviser

Median annual base compensation: $132,933

Average years of experience:
 17

Designations (percentages):
CFP: 61%
CPA: 11%
CFA: 12%
Series 7: 21%

 

Senior research analyst

Median annual base compensation: $136,755

Average years of experience:
 12

Designations (percentages):
CFP: 14%
CPA: 5%
CFA 59%
Series 7: 14%

 

 

Chief compliance officer

Median annual base compensation: $149,250
Average years of experience:
 17
Designations (percentages):
CFP: 15%
CPA: 9%
CFA: 3%
Series 7: 18%

 

Senior portfolio manager

Median annual base compensation: $160,000
Average years of experience:
 19
Designations (percentages):
CFP: 14%
CPA: 19%
CFA: 32%
Series 7: 18%

 

Chief operations officer

Median annual base compensation: $185,000
Average years of experience:
 18
Designations (percentage):
CFP: 27%
CPA: 15%
CFA: 2%
Series 7: 21%

 

Business development officer

Median annual base compensation: $187,500
Average years of experience:
 20
Designations (percentage):
CFP: 32%
CPA: 42%
CFA: 0%
Series 7: 11%

 

Practicing partner

Median annual base compensation: $200,000
Average years of experience:
 21
Designations (percentage):
CFP: 75%
CPA: 10%
CFA: 9%
Series 7: 23%

 

President

Median annual base compensation: $210,000
Average years of experience:
 27
Designations (percentage):
CFP: 75%
CPA: 22%
CFA: 13%
Series 7: 22%

 

Chief investment officer

Median annual base compensation: $225,750
Average years of experience:
 21
Designations (percentage):
CFP: 38%
CPA: 10%
CFA: 69%
Series 7: 14%

 

 

CEO/managing partner

Median annual base compensation: $285,000
Average years of experience:
 26
Designations (percentage):
CFP: 62%
CPA: 10%
CFA: 16%
Series 7: 28%



10 most in-demand advisory jobs

By Brittney Grimes and Devin McGinley  --  Investment News  10-16-21

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Which jobs at advisory firms had the greatest number of hires in the past year? The 2021 InvestmentNews Compensation & Staffing Study analyzes data covering industry employees and hires to find the most roles hired by advisory firms. These are the ten most hired roles.

 

Senior research analyst

Percent of professionals hired: 14%

Performs research and analysis and/or manages investment options. Provides information and makes recommendations to professional staff on managers, advisory service products, investment selection, suitability guidelines and reporting decisions.

 

Internal accountant / bookkeeper

Percent of professionals hired: 15%
Responsible for internal accounting and generating firm's financial statements.

 

Portfolio manager

Percent of professionals hired: 16%
Responsible for actively managing a client portfolio using individual securities or a combination of securities and third-party managers. May participate in or develop an investment strategy.

 

IT manager

Percent of professionals hired: 19%
Installs, configures, and maintains firm’s software and hardware.

 

Administrative assistant

Percent of professionals hired: 20%
Performs secretarial and clerical duties such as typing correspondence, memoranda, reports and meeting notes; scheduling appointments and meetings; and operating office equipment such as photocopier, facsimile, etc.

 

Client service administrator

Percent of professionals hired: 23%
Support employee responsible for paperwork, client reports, maintaining contact with clients to provide or obtain updated information, scheduling meetings with preferred staff and troubleshooting problems.

 

Support adviser

Percent of professionals hired: 23%
Junior adviser/support position that provides technical support for the lead adviser or service adviser. Responsibilities include data gathering, modeling, case design, scenario building, plan development, presentation development, etc. May participate in client meetings, but not in an advice capacity.

 

Research analyst

Percent of professionals hired: 24%

Performs research and analysis and/or manages investment options. Provides information and makes recommendations to professional staff on managers, advisory service products, investment selection, suitability guidelines and reporting decisions.

 

Human resources manager

Percent of professionals hired: 25%
Responsible for managing the human capital concerns of the practice. This includes managing compliance with labor laws, facilitating employee performance reviews and maintaining personnel files.

 

Business development specialist

Percent of professionals hired: 38%
Business development specialists are non-partner professionals, primarily responsible for bringing new business to the firm. New business developed by the BDS is transitioned to an adviser for service. The BDS may report to the Business Development Officer (BDO) or the managing principal and is responsible for networking with target clients and referral sources.

 

For more in-depth information on salary ranges and structures, additional positions and year-over-year trends from the longest-running benchmarking of the advisory workforce, see the full 2021 Compensation & Staffing Study.

 

2021 InvestmentNews Adviser Compensation & Staffing Study


InvestmentNews is now offering its 2021 Adviser Compensation & Staffing Study, which covers key changes in the salaries for more than 25 different positions within an independent advisory firm.

$499.00

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InvestmentNews is now offering a 2021 update of its Adviser Compensation & Staffing Study, which covers key changes in hiring and salaries for the 30 most common positions within an independent advisory firm.

InvestmentNews is now offering its 2021 Adviser Compensation & Staffing Study, which covers key changes in hiring and salaries for more than 25 of the most common positions within an independent advisory firm. This premier study will allow you to benchmark your organization's compensation levels and structures against other advisory firms. It breaks down key leadership, advisory, investment and operational roles and clearly maps out the ranges of base salaries and incentives offered for each position.

In addition, this updated study will:

  • Provide you a baseline for evaluating your current employees' salary and bonus levels, as well as the structure of their compensation plans
  • Help you offer competitive compensation and attractive incentives for new roles and recruits
  • Highlight hiring trends that have taken shape over the last year
  • Present common organizational strategies that drive growth at each stage of firm development

 

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