Entry-level wealth management associates earned median salaries of $59,399 in November 2020, according to Salary.com. Earnings ranged from $38,000 to $95,000. Experienced associates received median salaries of $120,455. Ten percent earned less than $85,000, and 10 percent earned $164,000 or more.
Many associates receive bonuses, which can vary depending on how the firm structures compensation. Some private bankers receive bonuses solely on selling the client new services and the company’s investment products, receiving a percentage of the business the private bank brings in from that client. Others have more complex metrics, measuring performance against the client’s stated goals.
At a top employer, associates can expect to earn $500,000 per year or more, most of it coming from bonuses or commissions rather than salary. In 10 to 15 years, that can reach at least $1 million per year.
Wealth management firms offer a variety of fringe benefits, such as paid holidays, vacations, and sick days; personal days; medical, dental, and life insurance; profit-sharing plans; 401(k) plans; retirement and pension plans; educational reimbursement; and licensing reimbursement (to complete Series 7, 63, and/or 66 licensing from the Financial Industry Regulatory Authority).
- Accountants
- Auditors
- Chief Information Officers
- Commodities Brokers
- Financial Consultants
- Financial Institution Officers and Managers
- Financial Quantitative Analysts
- Financial Services Brokers
- Hedge Fund Investor Relations Specialists
- Hedge Fund Relationship Managers
- Investment Bankers
- Investment Banking Analysts
- Investment Banking Associates
- Investment Banking Sales Brokers
- Investment Banking Traders
- Investment Fund Managers
- Investment Professionals
- Mutual Fund Customer Service Representatives
- Mutual Fund Wholesalers
- Tax Managers
- Wealth Management Accountants
- Wealth Management Analysts
- Wealth Management Compliance Professionals
- Wealth Management Investor Relations Specialists
- Wealth Management Lawyers
- Wealth Management Managing Directors
- Wealth Management Risk Managers
- Wealth Management Vice Presidents