From the sweeping coasts and dunes of Lake Michigan to the deep forests and bustling cities, Michigan has a little something for everyone. In the heart of the Great Lakes region, bordered by Lake Michigan and Lake Huron, the state that famously looks like a mitten has plenty to offer professionals at any stage of their career. Brilliant minds flock of Ann Arbor to attend the University of Michigan, enriching the city with culture and diversity. Michigan also boasts a vibrant sports culture, both college and professional, and ample opportunities for hunting and fishing.
Michigan is one of just seven states that employs a flat-rate income tax. It’s one of the lowest, too, at 4.25%, making this an extremely attractive state for high earners. The average household income in Michigan is $57K as of 2019, putting it a bit below the national average of $63K. Despite that, thousands of finance professionals make a tidy living in this vibrant Great Lakes state.
The CFP Board estimates there are 2,386 certified financial planners in the state of Michigan, or nearly 3% of the population. That means lots of networking and professional development opportunities, but also more competition for clients. We’ve broken down this data for over a dozen regional markets in the tables below.
The data shows hourly rates for the sake of illustration, but most finance professionals do not charge or earn by the hour. Rather, they charge their clients a flat fee to manage their money and assets, or they build a commission structure into their client contracts. Even with a commission payment structure, a financial advisor is required to be a fiduciary, meaning they act only on their clients’ behalf and in their best interests—not their own.
Read on to get an idea of salaries for financial planners, stockbrokers and insurance sales agents in Michigan’s key markets.
Financial Advisor Salary in Michigan
Per the Bureau of Labor Statistics 2019 data, more than 5,170 financial planners—certified or not—practice in the state of Michigan. More than half are in the Detroit area, with another 660 in Grand Rapids, and a smattering in more than a dozen other markets within the state. You’ll find the highest average salaries in Detroit, plus select smaller markets like Ann Arbor, Midland and the nonmetropolitan areas, all averaging more than $100K. The 90th percentiles jump to $200K and more, indicating great earning potential even in the smaller markets. See the table below for average and median salary data for all key Michigan markets.
Stockbroker Salary in Michigan
Stockbrokers sell securities, commodities, and financial products and services directly to clients. There are more than 8,000 in Michigan, with more than half practicing in and around Detroit. Interestingly, the highest average salaries are found in the smaller markets of Niles-Benton Harbor at $110K, nearly double the averages in other markets. The 90th percentile in Niles-Benton Harbor is nearly $160, indicating consistently high pay in this market—though keep in mind, competition for fewer clients will be fierce. The annual average in the mid-sized market of Grand Rapids is $83K, but the 90th percentile is nearly double that, indicating a larger spread of earning potential in this market. See the table below for complete salary data, including 90th and 75th percentiles, for key markets in Michigan.
Life/Annuity Producer Salary in Michigan
Life/annuity producer is another term for an insurance sales agent. It’s generally less lucrative than financial planning or securities and commodities, but thousands of professionals in Michigan find it a satisfying line of work. Again, most professionals in Michigan live and work in the Detroit area, where the average salary is nearly $75K/year and the median salary is $54K/year. Salaries are consistent across all markets, with six-figure 90th percentiles indicating higher earning potential for some agents in this competitive field. See the table below for a detailed breakdown of salary data.
(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.)