Here's How Much Financial Planners Were Paid in 2023
The online survey was conducted in April and May among both CFP professionals and financial planners who do not hold the certification. It received responses from 1,455 professionals.
Experience and Firm Type
Those who had worked more than 20 years in financial planning had a median 2023 total compensation of $325,000.
For financial planners who supervise staff, compensation scales up significantly. In 2023, those who supervised one to five staff had a median total compensation of $231,000, while those supervising six or more staff reported a median total compensation of $400,000.
When looking at planner compensation by channel, those working for wirehouses and brokerages earned the most, at a median $230,500, followed by those at independent broker-dealers, earning $225,000. Median earnings in other channels were:
Hybrid RIA, $215,000
Bank, $200,000
RIA, $161,700
Other Benefits
Ninety-eight percent of respondents reported compensation packages that include defined contributions, 42% profit sharing, 17% stock options, 8% employee stock option plans and 6% pension plans.
Financial professionals enjoy a work-life balance that promotes overall health and wellness, job satisfaction and productivity, according to the study. CFP professionals reported a median 21 days of paid time off per year, and 27% have unlimited paid time off.
More than three-quarters of respondents also said they had access to maternity leave, paternity leave and family medical leave.
