Do financial advisors have a fixed salary?

Answer:

Many financial advisers receive a salary plus bonuses according to the results of work that they were able to earn this year. However, it really depends on how a financial Advisor works for a large company or is self-employed registered investment Advisor (RIA).

Salary

In 2017, the average annual salary for financial advisors was $90,530, while the highest paid earned more than$ 200,000. Many banks and brokerage firms to compensate employees with a base salary and then add bonuses for bringing in new client accounts or selling certain products over others.

The Commission

Financial advisers can earn easy Commission for selling financial products such as real estate, stocks, insurance and loans. However, they can also get Commission to financial plan development for clients on top of the admission Commission on the products they sell. Companies such as AIG, Ameriprise, wachovia and UBS typically pay employees on Commission.

Fee-Only

Financial advisors who are paid on the basis of cost only, as a rule, self-employed RIAs. These self-employed financial consultants may charge an hourly fee, retainer or fee for their services. With hourly rates, customers simply pay for their financial Advisor is working in their case. Financial advisors can also set a fixed fee for a certain package of financial services. Fee depending on the amount or value of the assets of a financial adviser handles the client. In most cases, the financial Advisor charges a percentage of the assets he handles, or a percentage of the net income of the client.

(For associated reading, see: how Your financial Advisor gets paid.)

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