Financial Advisor Salary in Somerville, MA
How much does a financial advisor make in Somerville? Explore median, entry-level, and senior salaries adjusted for Somerville's cost of living.
Salary Breakdown by Experience Level
See how financial advisor salaries break down across different pay periods in Somerville.
| Period | Entry Level | Median | Senior |
|---|---|---|---|
| Annual | $70,920 | $122,499 | $174,078 |
| Monthly | $5,910 | $10,208 | $14,507 |
| Biweekly | $2,728 | $4,712 | $6,695 |
| Weekly | $1,364 | $2,356 | $3,348 |
| Hourly | $34 | $59 | $84 |
Somerville vs National Average
How Somerville's financial advisor salaries compare to national figures.
Cost of Living in Somerville
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
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Financial Tools to Explore
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Financial Advisor Salary in Somerville, MA — Complete Guide
Median Salary Overview
The median salary for a financial advisor in Somerville, MA is $122,499 per year, adjusted for the local cost of living index of 155. This figure reflects typical earnings for experienced professionals in this role, considering Somerville's unique economic conditions.
Salary Range and Experience Levels
Entry-level financial advisor professionals in Somerville can expect to earn around $70,920 annually. As professionals gain experience, salaries typically increase, with senior-level financial advisors earning approximately $174,078 per year. This represents a 145% increase from entry to senior level.
Cost of Living Adjustment
Somerville's cost of living index of 155 significantly impacts salary comparisons. As a higher cost-of-living city, salaries in Somerville 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 Somerville typically goes toward housing. With a 1-bedroom apartment averaging $2,400 per month, housing represents about 23.5% 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 Somerville, this translates to increasing opportunities and potential for salary growth as demand for experienced professionals continues to rise.