Average Wealth Manager Salaries in the US.
What Are The Average Wealth Manager Salaries in the United States?
Calculating wealth manager salaries depends on a variety of factors, but what can you expect to make? Learn more about the average income here.
Wealth management is a high-paying field, but what can you expect to make as a wealth manager? Salaries vary widely depending on the employer, experience level, and exact job, but there are some useful benchmarks for the average wealth manager’s salary.
What Factors Affect Wealth Manager Salaries?
When it comes to wealth management salaries, a wide range of factors have an impact on the pay that one can expect. Most importantly, the employer is a major factor; larger firms will typically offer higher salaries than smaller, independent firms. Additionally, experience level is a crucial determinant — while entry-level salaries may start around $50,000 annually, seasoned professionals often make six figures and more. Location, job duties, and educational background are among the other important elements that affect how much wealth managers make in the US.
What is the Average Annual Salary of a Wealth Manager in the United States?
The average annual salary for wealth managers in the United States is around $90,000 per year. However, salaries may range from as low as $50,000 to figures exceeding $200,000 annually depending on factors such as experience level, educational background, job duties, and size of the employer. As one’s knowledge and experience grow one may become eligible to receive additional bonuses or promotions that can significantly increase their earning potential.
Entry-Level vs Experienced Wealth Manager Salaries.
Entry-level wealth managers typically make around $50,000 to $70,000 annually. With experience and a proven record of success in the field, wealth managers can expect wages to increase significantly. For example, salaries at the manager level may range from $100,000 up to $150,000 or even higher depending on the employer. Investment professionals with five or more years of work experience will often be able to earn starting salaries of over $200,000. Senior positions that require additional skills such as asset allocation and portfolio management could exceed this amount.
Highest Paying Cities for Wealth Managers in the United States.
Wealth managers in the US can expect to make higher wages in certain cities compared to others. According to Glassdoor, some of the highest-paying cities for wealth managers are San Jose and Seattle. Other top-performing cities include New York City, Los Angeles, Chicago, Dallas, and Washington D.C. Wealth manager salaries in these areas routinely exceed $150,000 with many earning more than $200,000 and even $300,000 annually depending on their experience and skill set.
Who Pays the Best for Wealth Managers?
Wealth managers working for banks, investment firms, and financial services firms may have the best job prospects and highest salaries. Top paying employers in the industry include Goldman Sachs, Charles Schwab & Co., Credit Suisse, Morgan Stanley, and JP Morgan Chase & Co. According to Glassdoor, these are some of the highest-paying employers for wealth manager jobs with many offering annual salaries over $150,000 and even exceeding $200,000 per year depending on their experience levels.