Despite lingering effects of the one-and-a-half-year-old recession, the average financial advisor salary is up 10% this year, according to a survey released Monday by the College for Financial Planning and Cerulli Associates.
The 13th annual "Survey of Trends in Financial Planning" found that average salaries jumped to $215,345, up from $195,394 in 2008. Still, that's a comedown from average salaries of $283,079 in 2007 and $232,995 in 2006.
Among other findings, there's a continued shift toward fees and away from commissions with more than half of respondents saying they get the majority of their compensation from fees. One-fourth (26%) are fee-only, and nearly one third (30%) receive at least half their revenue from fees.
In addition, clients are demanding more comprehensive plans customized to their overall financial goals. According to the survey, 36% of advisors' clients are receiving comprehensive written plans, and another 46% receive modular plans, both written and unwritten.
"As people watch their retirement savings or child's college fund shrink, they are increasingly asking advisors for solutions to help live their lives, rather than simply grow their stock investments," said Cerulli analyst Bing Waldert. "That requires a more comprehensive approach with a greater emphasis on customer service and better training."