The average annual and hourly salaries for personal financial advisors in the state of Michigan are shown in Table 1 and Table 2, respectively. The comparison of the salary statistics of personal financial advisors among Michigan cities is shown in Table 3. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 .
|Percentile Bracket||Average Annual Salary|
|10th Percentile Wage||$33,350|
|25th Percentile Wage||$54,270|
|50th Percentile Wage||$76,300|
|75th Percentile Wage||$148,730|
|90th Percentile Wage||$166,530|
Table 1 shows the average annual salary for personal financial advisors in Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $166,530. The median (50th percentile) annual salary is $76,300. The average annual salary for the bottom 10 percent is $33,350.
The table and chart below show the trend of the median salary of personal financial advisors from 2012 to 2017.
|Year||Median Salary||Yearly Growth||5-Year Growth|
Table 3 shows the median annual salary of personal financial advisors in some Michigan cities and metropolitan areas. We note that the median annual salary of personal financial advisors in state of Michigan ranges from $39,430 to $114,550. The highest paying area for personal financial advisors in Michigan is Upper Peninsula of Michigan nonmetropolitan area with a median annual salary of $114,550. The second highest paying city/area in Michigan State is Lansing-East Lansing (mean annual salary $97,240). The lowest paying area is Northeast Lower Peninsula of Michigan nonmetropolitan area with a median annual salary of $39,430.
|Cities/Areas||Median Annual Salary|
|Upper Peninsula of Michigan nonmetropolitan area|| |
|Lansing-East Lansing|| |
|Northwest Lower Peninsula of Michigan nonmetropolitan area|| |
|South Bend-Mishawaka|| |
|Balance of Lower Peninsula of Michigan nonmetropolitan area|| |
|Ann Arbor|| |
|Saginaw-Saginaw Township North|| |
|Warren-Troy-Farmington Hills|| |
|Niles-Benton Harbor|| |
|Grand Rapids-Wyoming|| |
|Muskegon-Norton Shores|| |
|Battle Creek|| |
|Holland-Grand Haven|| |
|Northeast Lower Peninsula of Michigan nonmetropolitan area|| |