Financial adviser assistants commonly earn bonuses in addition to their salary.
The assistant financial adviser, sometimes called a sales assistant, helps the financial adviser better manage her time by handling routine customer inquiries. This gives the assistant the opportunity to hone her skills in the area of advisory services and investment analytics. The assistant financial adviser's salary and benefits vary widely based on the company where the adviser works, the adviser's experience level, the industry, the company's size and its geographic location, states the Simply Hired website. Certification level, if any, also affects potential salary, according to the PayScale website.
Reported Salaries
Assistant financial adviser salaries, which are reported anonymously to Glassdoor.com by present and past employees and employers, indicate that earn $10 per hour to start or to intern for Morgan Stanley. Experienced assistant financial advisers for Morgan Stanley, however, earn $46,000 to $49,000 per year, plus a bonus, which brings their total annual pay package to as much as $52,000 per year. Waddell and Reed, a mutual fund financial employer, reports that assistant financial adviser salaries in its firm ranges from $32,000 to $35,000 per year. This reflects the differences between various financial organizations. UBS Financial Services reports that the average intern with a financial adviser assistant salary earns from $27,000 to $34,000 per year.
Salary Variation by Certification
In the financial services field, the assistant financial adviser has the opportunity to earn certifications in his area of specialty. This has bearing on his income. For instance, PayScale reports that a licensed producer of casualty, health, life and property insurance earns $35,371 to $44,219 per year. An assistant financial adviser with a National Association of Security Dealers, or NASD, Series 7 license earns from $35,037 to $42,253 per year. An NASD Series 66 license-holder can expect to earn in the range of $35,017 to $40,976 per year. Certified Financial Planners earn from $34,921 to $42,424 per year. The highest pay ranges for assistant financial advisers go to those who have a Chartered Financial Analyst certification. Advisers with this certification earn $45,000 to $65,000 per year.
Sales Assistant and Brokerage Clerk Hourly Rates
Sales clerks are a type of brokerage assistant who, according to the U.S. Bureau of Labor Statistics, "handle much of the day-to-day operations within a brokerage firm." The sales assistant takes phone calls from a broker's clients, writes up order tickets and enters the client's order into the computer system. They also handle the paperwork for new accounts and inform clients of stock prices. Most sales assistants hold a securities license, so they can call clients and make recommendations regarding specific investments. The BLS reports an industry-wide hourly rate of $18.61 per hour. Sales assistants working in securities, commodities and other investments earn slightly more at $18.81 per hour.
Job Prospects
While job prospects are expected to increase from 2008 to 2018 by 12 percent, intense competition for positions can be expected. The financial crisis of 2008 to 2009 created large losses for some financial institutions, and closures or layoffs for others. As a result, those applicants with at least a four-year degree and/or a CFP designation or other certification have the best chance of securing the positions that will open in the next few years.
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