If you’re lucky enough to live in Ohio, you know that the state has something for everyone. From the shores of Lake Erie to the Columbus Zoo, Cedar Point amusement park to the Cuyahoga Valley National Park, the state has plenty to offer its residents.
It also is the 10th-most densely populated state in the U.S. and is a top producer of corn in the nation, as well as being the birthplace of the Wright Brothers, who were pioneers in aviation. The state is known for its business-friendly tax climate due to low corporate tax and capital gains tax rates. The largest industries in Ohio are manufacturing and financial activities, which makes it a great place to start a career in finance or financial planning.
According to the CFP Board which tracks such data, there are 3,325 Certified Financial Planners (CFPs)in Ohio, representing 3.8% of the overall number of CFPs in the U.S. CFPs have fiduciary duty to their clients, which means they’re required to act in the best interest of their clients instead of the interest of their business. You’ll need to determine whether you’re going to work as a fee-based advisor charging clients a fee for the assets managed or a commission-based advisor, charging commission on the sales of products and services.
The median household income in Ohio is about $6K lower than the national average at $56,602 and $62,843, respectively, according to the U.S. Census Bureau, but the monthly median gross rent was $200 lower per month in Ohio over the national average rent.
Additionally, unemployment didn’t experience as great of an uptick from December 2019 to December 2020, from 4.1% to 5.5% respectively, and increase of 1.4 percentage points. It’s still lower than the national unemployment rate of 6.7%, according to the U.S. Bureau of Labor Statistics (BLS).
If you’re considering a career in financial planning or finance in Ohio, you’ve come to the right place. We have salary data for financial advisors, stockbrokers and life insurance/annuity producers in the state’s largest metropolitan areas of Columbus, Cleveland-Elyria and Cincinnati, as well as Akron, Canton-Massillon, Dayton, Springfield, Toledo and the following nonmetropolitan regions: Eastern Ohio area, North Northeastern, Southern area and West Northwestern Ohio.
Financial Advisor Salary in Ohio
The salaries for financial advisors in Ohio vary wildly, from $48,940 in Springfield to a high salary of $126,360 in Youngstown-Warren-Boardman. Interestingly, the four nonmetropolitan areas hold their own against the bigger cities with the lowest salary in Southern Ohio ($58,320) and the highest in the Western Northwestern Ohio area at $120,130.
For experienced advisors in the 75th percentile of all salaries, the highest-paying regions were Youngstown-Warren-Boardman at $158,490, followed by Cincinnati at $154,240, Cleveland-Elyria at $148,190 and Akron at $143,190.
Stockbroker Salary in Ohio
The salaries for stockbrokers in Ohio were mostly lower than those for financial advisors, with the annual median salary starting at $49,320 in Youngstown-Warren-Boardman and reaching $96,940 in the Western Northwestern Ohio nonmetropolitan area.
For experienced brokers in the 90th percentile, the salaries can go as high as $204,520 in the Western Northwestern Ohio nonmetropolitan area – more than 3X greater than the median salary for the state.
Life/Annuity Producer Salary in Ohio
For life insurance agents and annuity producers in Ohio, the highest-paying region for annual mean salary is the Canton-Massillon area with a salary of $89,250. On the low end, the Eastern Ohio nonmetropolitan area brings in the rear at annual compensation of $49,860.
(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.)