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The differences between investment advisors and investment consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an investment advisor and an investment consultant. Additionally, an investment consultant has an average salary of $109,300, which is higher than the $105,377 average annual salary of an investment advisor.
The top three skills for an investment advisor include exceptional client, risk management and client relationships. The most important skills for an investment consultant are financial services, FINRA, and financial products.
| Investment Advisor | Investment Consultant | |
| Yearly salary | $105,377 | $109,300 |
| Hourly rate | $50.66 | $52.55 |
| Growth rate | 15% | 15% |
| Number of jobs | 63,438 | 48,111 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 77% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
An investment advisor is responsible for managing the clients' financial portfolios, advising them of investment options according to their financial goals and objectives, and their ability to handle risks. Investment advisors should have excellent knowledge of the investment policies, providing the clients with the best financial strategies according to their interests. They also determine their expenses, income, and credit scores to identify a comprehensive financial plan. An investment advisor helps the clients with cash management techniques, as well as conducting data analysis on financial market projections.
An investment consultant is an individual who gives investment products, planning, and/or advice to investors. Investment consultants formulate investment strategies to help clients fulfill their necessities and realize their financial objectives. They create internal research documents that outline real estate investment opportunities and private equity. It is also part of their job to review strategies of asset management that recognize estate and income tax needs.
Investment advisors and investment consultants have different pay scales, as shown below.
| Investment Advisor | Investment Consultant | |
| Average salary | $105,377 | $109,300 |
| Salary range | Between $60,000 And $184,000 | Between $60,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | McKinsey & Company Inc | Bailey & Glasser |
| Best paying industry | Telecommunication | Finance |
There are a few differences between an investment advisor and an investment consultant in terms of educational background:
| Investment Advisor | Investment Consultant | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 77% |
| Most common major | Business | Business |
| Most common college | University of Minnesota - Twin Cities | University of Minnesota - Twin Cities |
Here are the differences between investment advisors' and investment consultants' demographics:
| Investment Advisor | Investment Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 72.3% Female, 27.7% | Male, 79.7% Female, 20.3% |
| Race ratio | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.4% Asian, 8.2% White, 72.3% American Indian and Alaska Native, 0.1% | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.4% White, 71.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |