Washington, D.C. is the capital of the United States and a major economic power in the country and in the world. Tourism also is a major source of business in the district due to its status as the nation’s capital. Millions of visitors flock there every year to experience its sights and to witness history in the making.
Its economy is primarily built on federal government-associated activities and industries like defense, law services, lobbying and more. Because so many of the district’s employers are in turn employed by the federal government, professionals in D.C. are generally thought to be safer from economic downturns and layoffs. Its history, architecture and natural beauty all make it a wonderful place to live and work.
229 CFPs call Washington, D.C. home, according to the Certified Financial Planner (CFP) Board. These CFPs represent 0.3 % of the total number of certified financial planners in the country. Aspiring CFPs should know that to join these ranks and be certified by the CFP Board, a financial advisor must first become a fiduciary, someone who is legally bound to act based on their clients’ best interests, as opposed to acting in self-interest, namely for commissions, on the sale of products and services.
Consequently, aspiring financial planners have two career paths before them – they can either pursue fee-based advising or commission-based advising. Fee-based advisors make their living through a pre-stated fee for their services rendered to their clients. This fee usually consists of a flat retainer, and/or an hourly rate for investment advice and other services. Rather, a commission-based advisor makes a living by earning commission when they sell their financial products or services to their clients.
If you are interested in how salaries for financial advisors, stockbrokers and insurance agents vary across different regions of Washington, D.C., you have come to the right place. We have compiled data on the salaries of financial advisors, stockbrokers and insurance agents in Washington, D.C., across its various metropolitan and non-metropolitan regions. This data has been acquired from the U.S. Bureau of Labor Statistics and is visible below.
Financial Advisor Salary in District of Columbia
There are 3,600 financial advisors living in the Washington-Arlington-Alexandria area. Their hourly mean wage is $58.25, which is an annual salary of $121,150. Meanwhile, the annual salary in the 75th percentile is $161,380. Data for the 90th percentile is unavailable. Below we have data collected by the Bureau of Labor Statistics in 2019 on the financial advisors in D.C. Because it is divided into only one area in the data, there is no point of comparison within the district.
Note that annual wages are calculated by multiplying the corresponding hourly wage by 2,080 hours. Also note that that self-employed workers were not counted in this data.
Stockbroker Salary in District of Columbia
There are 7,130 stockbrokers in the Washington-Arlington-Alexandria area, significantly more than the number of financial advisors. The annual mean salary for stockbrokers in D.C. was $87,530 with a median salary of $62,280. Meanwhile, the 75thpercentile make $49.04 hourly, and the 90th percentile make $79.47 per hour. the 90th percentile figure tells us that 90% of people make below $165,290, and that 10% make this much or more.
Life/Annuity Producer Salary in District of Columbia
The number of life/annuity producers in Washington, D.C. is 6,060 – more than the number of financial advisors but less than the number of stockbrokers in the district. Their hourly mean wage is $30.86 (an annual salary of $64,190) and the hourly median wage is $23.15 (which comes to $48,150 annually). The hourly 75th percentile wage is $37.54, while the hourly wage of the 90thpercentile is $54.88 ($114,160 per year).
(Salary and job growth data reported by the U.S. Bureau of Labor Statistics in May 2019 for personal financial advisors; securities, commodities and financial services sales agents; and insurance sales agents. Figures represent national data, not school-specific information. Conditions in your area may vary. Information accessed February 2021.)