The Truth About Financial Planning Manager Salary: How Much Can You Really Expect to Earn?
If you’re considering a career as a financial planning manager, you may be wondering how much money you can expect to make in this role. While there’s no one-size-fits-all answer to this question, there are a few factors that can help guide your expectations. In this article, we’ll explore the truth about financial planning manager salaries and offer some insights into what you can really expect to earn in this field.
Understanding Financial Planning Manager Roles and Responsibilities
Before we dive into salary expectations, it’s important to understand what a financial planning manager actually does. This role generally involves working with clients to develop financial plans that help them achieve their goals. This may include providing advice on topics such as retirement planning, investing, and tax strategies.
In addition to client-facing work, financial planning managers may also be responsible for managing a team of other financial professionals, overseeing the implementation of financial plans, and staying up-to-date on changes in laws and regulations that could impact clients.
Schooling and Experience Levels Affect Financial Planning Manager Salaries
While there are no strict educational requirements for entering the financial planning field, most successful financial planning managers have a bachelor’s or master’s degree in finance, economics, or a related field. In addition to formal education, experience in the financial planning industry is also crucial when it comes to earning a higher salary.
According to the Bureau of Labor Statistics, the median salary for financial managers, including financial planning managers, was $129,890 per year as of May 2020. However, this number can vary widely based on factors such as experience level, location, and the type of firm an individual works for.
Location Matters
As with many other industries, location plays a significant role in determining financial planning manager salaries. For example, according to payscale.com, financial planning managers in New York City earn an average of 33% more than the national average for the same role. Similarly, those in San Francisco and Boston also earn significantly higher salaries than their colleagues in other locations.
The Type of Firm Matters Too
The type of firm a financial planning manager works for can also play a role in determining salary expectations. For example, those who work for larger firms or corporations may generally earn more than those who work for smaller, independent firms.
However, there are also benefits to working for a smaller firm, such as more opportunities to be involved in all aspects of the financial planning process and more direct client interaction.
Conclusion: What Can You Expect from a Financial Planning Manager Salary?
Ultimately, as a financial planning manager, you can expect to earn a comfortable living that reflects your education, experience, and the company you work for. While the median salary for financial managers is just under $130,000 per year, salaries can range from around $62,000 to upwards of $208,000 per year, depending on a variety of factors.
If you’re considering a career in financial planning, it’s important to do your research, gain experience, and seek out opportunities in industries and locations that offer the most competitive salaries. By doing so, you’ll be on your way to earning a salary that reflects your skills and expertise in this exciting field.
