How to Make $100,000+ as a Financial Advisor

Show Notes

If you were curious about how to make $100,000+ as a financial advisor, I want to give you the 3 major things that will determine your pay.

👉🏾Survey of Financial Advisor Pay: https://www.payscale.com/research/US/Job=Certified_Financial_Planner_(CFP)/Salary

This is a very common question that I hear, and quite frankly the answer is "it depends", but let me tell you what it depends on...

1. TYPE OF CHANNEL...this has to do with if you work for a bank or wirehouse, a broker-dealer, hybrid or a RIA. If you want to learn more, check out this video...👉🏾 https://youtu.be/1f4MEt0NzoA
   
2. TYPE OF FIRM...if the firm is investment-focused or planning focused will also factor into how you are paid. When I worked for an independent RIA, investment-focused firm, I was an employee and also was compensated with revenue share based on how well the firm did.
   
3. TYPE OF REVENUE MODEL...how the firm bills its clients will dictate how you are paid also. For instance, if the firm is mostly compensated by fees for assets under management, or if they collect commissions from the amount or level of business they transact, or if they are remunerated by a 3rd party company for products they sell. These are all factors that play a part in the way you will be compensated.
   

Thanks for listening.

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