Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between wealth management advisors and investment counselors 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 an investment counselor. Additionally, an investment counselor has an average salary of $120,817, which is higher than the $91,605 average annual salary of a wealth management advisor.
The top three skills for a wealth management advisor include customer service, insurance products and securities. The most important skills for an investment counselor are client service, capital markets, and client relationships.
| Wealth Management Advisor | Investment Counselor | |
| Yearly salary | $91,605 | $120,817 |
| Hourly rate | $44.04 | $58.09 |
| Growth rate | 15% | 15% |
| Number of jobs | 127,946 | 33,016 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 78% |
| 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.
Investment counselors can be called financial planners. They usually work in a financial institution to communicate with clients on how to invest in an investment. An investment counselor often assesses the client's financial situation to come up with a financial plan. Sometimes, they are also responsible for conducting training and workshops for both clients and bank employees.
Wealth management advisors and investment counselors have different pay scales, as shown below.
| Wealth Management Advisor | Investment Counselor | |
| Average salary | $91,605 | $120,817 |
| Salary range | Between $49,000 And $168,000 | Between $68,000 And $213,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Capital Group | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a wealth management advisor and an investment counselor in terms of educational background:
| Wealth Management Advisor | Investment Counselor | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 78% |
| 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 investment counselors' demographics:
| Wealth Management Advisor | Investment Counselor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.1% Female, 30.9% | Male, 74.0% Female, 26.0% |
| 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, 9.4% Asian, 8.1% White, 72.5% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |