By Jesse Vazquez, Founder & Managing Partner · October 21, 2026

Quick answer: The typical personal financial advisor earned $105,070 in May 2025, according to the Bureau of Labor Statistics, but pay depends heavily on where you sit. Advisors at securities and investment firms had a median of $120,870, compared with $96,010 at banks, and the top 10 percent of the field earned more than $357,020.

What does the federal data say advisors earn?

The BLS reports a median annual wage of $105,070 for personal financial advisors in May 2025. The range is wide. The lowest 10 percent earned less than $50,190, and the highest 10 percent earned more than $357,020. That spread is the story of this profession: a service advisor on salary and a lead advisor with a large book are counted in the same occupation.

Our chart breaks the median out by the type of employer the BLS tracks.

Median annual wage for personal financial advisors by industry, May 2025. Source: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook.

Advisors at securities and investment firms lead at $120,870. That category covers most of the business people mean by "firm type," from wirehouses and broker-dealers to independent RIAs, so the federal data can't split those apart. Professional services firms, which include accounting and planning practices, come in at $99,320. Banks follow at $96,010 and insurance carriers at $84,500.

One caution: BLS counts commissions and production bonuses but leaves out owner profit distributions, so it understates what RIA partners and top wirehouse producers take home.

How does pay work at a wirehouse?

Wirehouse advisors are paid on a grid: a percentage of the revenue they produce, with the rate rising at higher production levels. Financial Planning reported that under UBS's unchanged 2027 plan, an advisor generating $1 million in revenue will still take home $495,000 before bonus awards, and a $2 million producer will take home $1.03 million.

The grid itself moves every year. Morgan Stanley told advisors its compensation thresholds would increase by 10% in 2027, which means producing more revenue to stay at the same payout rate. When we talk with wirehouse advisors this time of year, the new grid is usually the first thing they want to compare against an independent offer.

How does pay work at an RIA?

Most RIAs pay advisors a salary plus a bonus, with equity for the people who move into ownership. There is no grid, so a lead advisor's pay isn't a direct cut of revenue. In The Ensemble Practice's 2025 survey of more than 200 advisory firms, senior advisors (a level that includes partners and managing directors) expected a median of $270,000 in total 2025 compensation.

The firm count keeps climbing. The Investment Adviser Association reports that the number of advisers rose to 16,544 in 2025, and the clients they serve grew 7.7 percent to 73.7 million. More firms means more seats for experienced advisors who want a salary and a real path to equity.

Which firm type pays best for your situation?

It depends on what you're optimizing for. A producing advisor with a large, portable book usually sees the biggest near-term cash at a wirehouse or through a transition package, because the grid pays directly on revenue. An advisor who would rather spend time on planning than prospecting often does better over a career at an RIA, where salary is steadier and equity builds over time. Bank-based advisors trade some upside for referral flow from branches and private bankers, which can matter a lot early in a career.

The mistake we see most often is comparing offers on base salary alone. Ask how the bonus is calculated and who keeps the client relationships if you leave, then ask whether the path to partnership comes with an actual timeline.

What is changing for 2027?

Large teams are still leaving the big firms. On October 19, a team from JPMorgan Advisors launched Latigo Peak, an RIA with roughly $18.6 billion in client assets and 48 professionals, funded entirely by its founders.

Higher grid thresholds at the wirehouses and more capital behind independent firms both push in the same direction. We expect more advisors to run the numbers on a move this winter, especially those whose production sits near a grid breakpoint.

FAQ

Do wirehouse advisors earn more than RIA advisors?

Federal data doesn't separate the two, since both fall mostly under securities and investment firms, where the May 2025 median was $120,870. At the top end it depends on ownership: wirehouse pay follows the grid, while RIA partners also take profit distributions.

What does a $1 million producer take home at a wirehouse?

Under UBS's 2027 plan, a $1 million producer takes home $495,000 before bonus awards, according to Financial Planning.

Is the financial advisor job market growing?

BLS projects 1 percent employment growth from 2025 to 2035, but about 17,100 openings each year as advisors retire or change careers.

If you're weighing a move, our take on handling a counteroffer is a good place to start. You can also read how Iron Bison works with advisors or browse open wealth management roles, and when you're ready, contact us to talk it through confidentially.