Financial Advisor Salary in Detroit, MI
How much does a financial advisor make in Detroit? Explore median, entry-level, and senior salaries adjusted for Detroit's cost of living.
Salary Breakdown by Experience Level
See how financial advisor salaries break down across different pay periods in Detroit.
| Period | Entry Level | Median | Senior |
|---|---|---|---|
| Annual | $57,663 | $99,600 | $141,537 |
| Monthly | $4,805 | $8,300 | $11,795 |
| Biweekly | $2,218 | $3,831 | $5,444 |
| Weekly | $1,109 | $1,915 | $2,722 |
| Hourly | $28 | $48 | $68 |
Detroit vs National Average
How Detroit's financial advisor salaries compare to national figures.
Cost of Living in Detroit
About Financial Advisor
Overview
Advise clients on investments, retirement planning, and financial goals.
Education
Bachelor's degree in Finance or related field; CFP certification recommended
Key Skills
Growth Rate
Expected job growth: +21% over the next decade
Compare Cities: Financial Advisor Salary
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Financial Tools to Explore
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Financial Advisor Salary in Detroit, MI — Complete Guide
Median Salary Overview
The median salary for a financial advisor in Detroit, MI is $99,600 per year, adjusted for the local cost of living index of 88. This figure reflects typical earnings for experienced professionals in this role, considering Detroit's unique economic conditions.
Salary Range and Experience Levels
Entry-level financial advisor professionals in Detroit can expect to earn around $57,663 annually. As professionals gain experience, salaries typically increase, with senior-level financial advisors earning approximately $141,537 per year. This represents a 145% increase from entry to senior level.
Cost of Living Adjustment
Detroit's cost of living index of 88 significantly impacts salary comparisons. As a lower cost-of-living city, salaries in Detroit are adjusted accordingly. This means that while the nominal salary may appear higher or lower than the national average of $64,780, the actual purchasing power must be considered in context.
Housing and Affordability
A significant portion of a financial advisor's salary in Detroit typically goes toward housing. With a 1-bedroom apartment averaging $1,100 per month, housing represents about 13.3% of median salary. Financial experts generally recommend keeping housing expenses below 30% of gross income.
Career Growth and Opportunities
Financial Advisors are in growing demand across the United States, with an expected job growth of 21% over the next decade. In Detroit, this translates to increasing opportunities and potential for salary growth as demand for experienced professionals continues to rise.