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The differences between wealth management advisors and finance advisors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a wealth management advisor and a finance advisor. Additionally, a wealth management advisor has an average salary of $91,605, which is higher than the $64,993 average annual salary of a finance advisor.
The top three skills for a wealth management advisor include customer service, insurance products and securities. The most important skills for a finance advisor are team support, wealth management, and securities.
| Wealth Management Advisor | Finance Advisor | |
| Yearly salary | $91,605 | $64,993 |
| Hourly rate | $44.04 | $31.25 |
| Growth rate | 15% | 15% |
| Number of jobs | 127,946 | 106,311 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 74% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
As a wealth management advisor, you will be responsible for advising and guiding clients on financial plans using your knowledge and expertise on investment and tax strategies, pension plans, insurance, real estate, and securities. You will be regularly checking clients to re-evaluate their situation and future financial goals. Additionally, you are responsible for assessing clients' tolerance for risk and providing an investment strategy to help them reach these goals. Other duties and responsibilities may include coordinating with your lawyers or accountants to minimize the tax owed by their clients and assisting clients with estate planning strategies.
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.
Wealth management advisors and finance advisors have different pay scales, as shown below.
| Wealth Management Advisor | Finance Advisor | |
| Average salary | $91,605 | $64,993 |
| Salary range | Between $49,000 And $168,000 | Between $34,000 And $121,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Capital Group | Enbridge |
| Best paying industry | Finance | Finance |
There are a few differences between a wealth management advisor and a finance advisor in terms of educational background:
| Wealth Management Advisor | Finance Advisor | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Minnesota - Twin Cities | University of Minnesota - Twin Cities |
Here are the differences between wealth management advisors' and finance advisors' demographics:
| Wealth Management Advisor | Finance Advisor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.1% Female, 30.9% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.4% Asian, 8.3% White, 72.2% American Indian and Alaska Native, 0.1% | 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 | 5% | 5% |