There’s a myth among providers that plan advisors are making a lot of money (especially among those providers who want to become advisors). But the truth is that only a few are doing really well. How does the compensation of advisors compare to other professions? InvestmentNews and Moss Adams conducted a comparative study of 400 firms and 2,000 professionals. In order of most highly paid, their list provides average salaries of:
• CEOs of firms with +$5 million in revenue
• CEOs of multi-professional firms
• Sole practitioners
• Partners of multi-professional firms
• Lead advisors
• Service advisors
There’s also a tool to benchmark your compensation as well as the pay rate of your staff.
