A financial advisor salary depends on several factors, including the number of clients and the type of work involved. Many of these professionals work with high-net-worth clients and help them make important financial decisions. For instance, a couple expecting a baby may want financial advice about the best investments for the future. Another factor is the amount of time required for these professionals, who often put in over 1400 hours of work per year. Some also take on administrative responsibilities and may manage employees.
Commission payouts are a major part of financial advisor salary. The minimum commission payout is approximately nine percent, but it can increase as the business grows. Commissions for selling products are another factor in financial advisor compensation. As the business grows, compensation will be based more on the performance of the advisor. During the first four years, the percentage of commission payments may increase every 12 to 18 months. By the fifth year, it may rise to forty percent.
While financial advisors make varying salaries, the average salary in Maine is around $101,268 per year. The top 10 percent of Finance Advisors earn more than $148,000 per year, while the bottom ten percent make less than $82,000.