Minnesota is known as the land of 10,000 lakes, but most residents agree the number is even higher than that. If you love fishing, boating, swimming, ice skating or hiking, you’ll find plenty to love in the Northern Star State. The 12-day Minnesota State Fair enjoys national fame for its unparalleled food, grandstands, crafts and fairway. Whether you prefer country life or the cultural diversity of the Minneapolis-St. Paul area, Minnesota is a great place for professionals just starting out—or looking for a change.
Minnesota’s income tax is a graduated-rate tax, with four rates determined by income: 5.35 percent, 7.05 percent, 7.85 percent and 9.85 percent. The state has a sales tax rate of 6.86%, in addition to local and city taxes. The average household income in Minnesota is $75K/year, putting it well above the national household average of $63K/year. This prosperous population indicates a vibrant market for finance professionals.
The CFP Board estimates there are 2,515 certified financial planners in Minnesota, or nearly 3% of the state’s population, mostly located in the metropolitan center of Minneapolis-St. Paul. The tables below break down salary information annually and hourly, but keep in mind that finance professionals rarely, if ever, charge by the hour. They either charge a flat fee to clients, or build a commission structure into client contracts. Even being paid on a commission basis, you’re required to be a fiduciary, which means advisors must act on behalf of their clients and not advise based on an advisor’s own self-interest, commission, products or services.
Read on to get an idea of the annual salaries different finance professionals can make in this beautiful and affordable state.
Financial Advisor Salary in Minnesota
According to the Bureau of Labor Statistics, nearly 4,000 financial planners, certified or not, serve clients in the state of Minnesota. More than 3,000 of those live and work in the Minneapolis-St. Paul-Bloomington area. Salary data doesn’t skew the same way. You’ll find some of the highest earners in Minneapolis, of course, but also in the small market of Duluth, as well as the southeast and southwest nonmetropolitan areas. The highest average salary for financial planners in Minneapolis is $113K/year, and about $103K–$107K/year in Duluth and the southern nonmetro areas. The 75th percentile in Minneapolis is nearly $140K/year, indicating consistently high earning potential in this key market. See the table below for a detailed breakdown of salary means and medians, as well as 90th percentile data when available.
Stockbroker Salary in Minnesota
Stockbrokers are agents who sell securities, commodities and other financial services. More than 9,000 stockbrokers live and work in Minnesota, and nearly 8,000 of those are in Minneapolis-St. Paul-Bloomington. Salaries are highest in Minneapolis and the much smaller Northwest nonmetropolitan area, at $107K–$115K/year—with 75th percentiles around $150K/year. Salaries in other key markets hover around $60–$70K/year, with 75th percentiles rising to $90K/year, indicating significant earning potential even in the smaller markets. See the table below for complete salary data.
Life/Annuity Producer Salary in Minnesota
Insurance sales agents are also known as life/annuity producers. There are nearly 8,000 practicing in Minnesota, according to 2019 data. Predictably, the vast majority live and work in the Minneapolis-St. Paul area, earning an average of $78K/year, with 90th percentiles reaching $143K/year. The average salary stays consistent across Minnesota markets, with the notable exception of the southeast nonmetropolitan area, where the average is just $45K/year. With a 90th percentile of $70K/year, it’s safe to say that professionals in southeast Minnesota will be better served in Minneapolis-St. Paul—at least in terms of compensation. See the table below for full salary data, including hourly data for illustrative purposes.
(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.)