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The differences between brokers and finance advisors can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $64,993 average annual salary of a finance advisor.
The top three skills for a broker include brokerage, financial services and insurance products. The most important skills for a finance advisor are team support, wealth management, and securities.
| Broker | Finance Advisor | |
| Yearly salary | $124,861 | $64,993 |
| Hourly rate | $60.03 | $31.25 |
| Growth rate | 5% | 15% |
| Number of jobs | 2,770 | 106,311 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 74% |
| Average age | 49 | 45 |
| Years of experience | - | 4 |
Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.
A Financial Advisor specializes in sharing their expertise with an individual or company on how to handle and boost finances. The responsibilities of a Financial Advisor include creating and proposing a strategy to attain financial gains through profits and investments, educating the client about new methods and opportunities, monitor and evaluate progress, and as well as plan policies according to the clients' life changes. Furthermore, it is also the duty of the Financial Advisor to research new investments that would be of great help to the client's assets.
Brokers and finance advisors have different pay scales, as shown below.
| Broker | Finance Advisor | |
| Average salary | $124,861 | $64,993 |
| Salary range | Between $68,000 And $227,000 | Between $34,000 And $121,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Child Guidance & Family Solutions | Enbridge |
| Best paying industry | Insurance | Finance |
There are a few differences between a broker and a finance advisor in terms of educational background:
| Broker | Finance Advisor | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Minnesota - Twin Cities |
Here are the differences between brokers' and finance advisors' demographics:
| Broker | Finance Advisor | |
| Average age | 49 | 45 |
| Gender ratio | Male, 63.8% Female, 36.2% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.3% White, 72.1% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 5% |