If you’re considering a job as a financial advisor in Buffalo, NY, you’ll want to know how much you can expect to make. The average salary for financial advisors in Buffalo is competitive and can be quite lucrative, depending on your experience and qualifications. In this article, we’ll look at the average salary for financial advisors in Buffalo, NY, as well as the job outlook and other important factors to consider when deciding if this job is right for you.
Average Salary for Financial Advisors in Buffalo, NY
According to the Bureau of Labor Statistics, the average salary for financial advisors in Buffalo, NY is $63,140 per year. This is higher than the national average salary for financial advisors, which is $59,770 per year. However, salaries for financial advisors in Buffalo can vary depending on experience, qualifications, and other factors.
Financial advisors in Buffalo can also earn more than the average salary depending on their experience and qualifications. Experienced financial advisors can earn salaries in excess of $90,000 per year, while those with advanced qualifications such as a Certified Financial Planner (CFP®) designation can earn salaries in excess of $120,000 per year.
In addition to the base salary, financial advisors in Buffalo can also earn bonuses and commission. Bonuses can be up to 10% of an advisor’s salary, and commission can range from 0.5% to 2.5% of the assets managed by the advisor. These bonuses and commission can significantly increase an advisor’s total earnings.
Job Outlook for Financial Advisors in Buffalo, NY
The job outlook for financial advisors in Buffalo is strong. The Bureau of Labor Statistics projects that employment of financial advisors in Buffalo will grow by 14.6% from 2019 to 2029, which is faster than the national average of 10.7%. This is due in part to the large number of financial services companies in the area, as well as the growing demand for financial advice.
As the population continues to age, there will be an increased demand for financial advisors who can provide retirement planning and estate planning advice. This will create more job opportunities for financial advisors in Buffalo and help to sustain the job outlook.
Qualifications and Skills Needed to be a Financial Advisor in Buffalo, NY
In order to become a financial advisor in Buffalo, NY, you will need to have a bachelor’s degree in finance, accounting, or a related field. You will also need to have a minimum of two years of experience in the financial services industry, either through working as a financial advisor or in a related field such as banking or investments.
It is also beneficial to have a professional designation such as the Certified Financial Planner (CFP®) designation. This is a voluntary certification that demonstrates a financial advisor’s knowledge and experience in financial planning. Having this designation can help you stand out from other financial advisors and may lead to higher salaries and more job opportunities.
In addition to the educational and professional requirements, financial advisors in Buffalo should also have strong communication skills and the ability to think strategically. They should also be able to work independently and have excellent customer service skills. These skills will help them to effectively advise their clients and ensure that their clients’ financial goals are met.
Conclusion
The average salary for financial advisors in Buffalo, NY is competitive and can vary depending on the advisor’s experience and qualifications. The job outlook for financial advisors in Buffalo is strong, and there is a growing demand for financial advisors who can provide retirement planning and estate planning advice. In order to become a financial advisor in Buffalo, NY, you will need a bachelor’s degree in finance, accounting, or a related field, as well as two years of experience in the financial services industry. Having a professional designation such as the Certified Financial Planner (CFP®) designation can help you to stand out from other financial advisors and increase your earning potential. Financial advisors in Buffalo should also have strong communication skills and the ability to think strategically in order to effectively advise their clients.
