The following article discusses the career path of Investment Consultant. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Investment Consultants.
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Job Duties
Investment consultants advise the clients of the company, which could be individuals or entire companies, on their investment portfolios. They often work for investment advisory companies or brokerage firms. In their role, they must speak to current and prospective clients, ensuring that any issues and concerns they have are resolved, thereby building strong relationships.
Investment consultants also work with clients to make suggestions on how to improve their portfolio by properly understanding their goals. They then create strategic plans to achieve those goals. All interactions they have with clients must be tracked and logged on a specialized system, which does require a degree of computer literacy.
Other job duties of an investment consultant are:
- To find and chase opportunities to help clients expand their assets
- To hold responsibility for investments by analyzing the needs and finances of their clients, and then developing financial plans and goals
- To facilitate various marketing development plans and seminars in relation to investments
- To create new sales opportunities by promoting specific services and products to potential and current clients
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 271,900 personal financial advisors in 2016, a profession category that also includes the investment consultant. The largest employers of these professionals were:
- Securities, commodity contracts, and other financial investments and related activities: 51%
- Self-employed workers: 24%
- Credit intermediation and related activities: 13%
- Insurance carriers and related activities: 5%
- Management of companies and enterprises: 3%
How to Become
Usually, a business will require an investment consultant to hold a bachelor’s degree as a minimum, preferably in a field related to business or finance. However, many have a master’s degree, and particularly the master of business administration (MBA). Additionally, an investment consultant has to hold a Series 7 and Series 63 license, and many of them are also CFAs (chartered financial analysts). At entry level, they may only need a year of experience in the financial services industry, but more experience will be required for more senior and independent positions. Furthermore, preference is given to those who are bi- or multilingual.
Education Requirements
Typically, a bachelor’s degree is the minimum requirement for an investment consultant. The major is of lesser importance, although most do prefer law, mathematics, business, accounting, economics, or finance. They should also complete courses in risk management, estate planning, taxes, and investments.
Once on the job, these professionals also undergo further training. They start by being supervised by senior consultants. Gradually, they will work their way up to more senior positions, taking on more complex cases as they become more experienced.
If investment consultants want to sell or buy bonds, stocks, or insurance policies, or if they want to provide more specific investment advice, they have to be licensed to do so, with each product requiring its own license. They may also have to register with the Securities and Exchange Commission (SEC) or with their state regulators. Most certifications and licenses are available through the North American Securities Administrators Association.
The Certified Financial Planner (CFP) certification is particularly popular. However, they must have been employed in the field for at least three years before they can become certified. It also requires passing an examination and a commitment to adhere to a code of ethics. Those who also complete a master’s degree, and particularly the master in business administration (MBA) have the greatest chances of career advancement.
Traits & Qualities
The most effective investment consultants have the following traits to some degree or other:
- Excellent analytical skills
- Strong interpersonal skills
- Great mathematical skills
- Excellent sales skills
- Strong communication skills, particularly speaking skills
Minimum Education
Bachelor’s Degree
The national average salary estimate for Investment Consultant was $76,236. This number is estimated from over 240,324 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $39.71 and monthly of $6,353.
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$14,000
$196,000
The following section lists Investment Consultant salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Kentucky had the largest quoted salary of $158,217 while Michigan had the smallest quoted salary of $47,687.
| Alabama – $80,105 | Rank: 9th |
The average salary ranks 9th among states in the country. There were also job openings from employers like Access Staffing LLC.
$29,000 $156,000 Salary Distribution | |
| Arizona – $66,075 | Rank: 17th |
The average salary ranks 17th among states in the country. There were also job openings from employers like Kari Holding, Courtney Raymond Consultants, Groupe LEADER, and Financial Engines.
$17,000 $146,000 Salary Distribution | |
| California – $87,378 | Rank: 7th |
The average salary ranks 7th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, TD Ameritrade, Premier Financial Alliance, and Investment Property Group.
$17,000 $213,000 Salary Distribution | |
| Colorado – $90,564 | Rank: 6th |
The average salary ranks 6th among states in the country. There were also job openings from employers like Private Client Wealth Advisors, LLC and Sankala Group LLC.
$14,000 $254,000 Salary Distribution | |
| DC – $71,446 | Rank: 15th |
The average salary ranks 15th among states in the country. There were also job openings from employers like Parker and Lynch, Groupe LEADER, and Access Staffing LLC.
$18,000 $159,000 Salary Distribution | |
| Delaware – $79,867 | Rank: 10th |
The average salary ranks 10th among states in the country. There were also job openings from employers like Access Staffing LLC.
$14,000 $208,000 Salary Distribution | |
| Florida – $62,905 | Rank: 22nd |
The average salary ranks 22nd among states in the country. There were also job openings from employers like Access Staffing LLC, Retirement Solutions Group, and Sales Solutions.
$14,000 $151,000 Salary Distribution | |
| Georgia – $75,017 | Rank: 12th |
The average salary ranks 12th among states in the country. There were also job openings from employers like Access Staffing LLC, Groupe LEADER, and Primerica.
$14,000 $190,000 Salary Distribution | |
| Iowa – $51,191 | Rank: 27th |
The average salary ranks 27th among states in the country. There were also job openings from employers like Palmer Group.
$24,000 $88,000 Salary Distribution | |
| Illinois – $69,957 | Rank: 16th |
The average salary ranks 16th among states in the country. There were also job openings from employers like Access Staffing LLC, Allstate Insurance, ProEnlist, and Walton.
$18,000 $156,000 Salary Distribution | |
| Indiana – $53,215 | Rank: 26th |
The average salary ranks 26th among states in the country. There were also job openings from employers like Groupe LEADER.
$20,000 $102,000 Salary Distribution | |
| Kentucky – $158,217 | Rank: 1st |
The average salary ranks 1st among states in the country. There were also job openings from employers like Mediative and S.C. International.
$76,000 $268,000 Salary Distribution | |
| Massachusetts – $107,829 | Rank: 2nd |
The average salary ranks 2nd among states in the country. There were also job openings from employers like Access Staffing LLC, Fanning Personnel, Vodia Capital, LLC, and Huxley Banking & Financial Services.
$31,000 $231,000 Salary Distribution | |
| Maryland – $101,265 | Rank: 3rd |
The average salary ranks 3rd among states in the country. There were also job openings from employers like Access Staffing LLC, The Hanover Consulting Group, and T. Rowe Price.
$14,000 $283,000 Salary Distribution | |
| Michigan – $47,687 | Rank: 29th |
The average salary ranks 29th among states in the country. There were also job openings from employers like PAC Federal Credit Union, Groupe LEADER, Ajilon, and Accounting Principals.
$14,000 $132,000 Salary Distribution | |
| Minnesota – $56,092 | Rank: 24th |
The average salary ranks 24th among states in the country. There were also job openings from employers like Groupe LEADER, Accounting Principals, and MD Financial Advisors.
$20,000 $110,000 Salary Distribution | |
| Missouri – $54,631 | Rank: 25th |
The average salary ranks 25th among states in the country. There were also job openings from employers like Accounting Principals and ASSOCIATE STAFFING.
$14,000 $142,000 Salary Distribution | |
| North Carolina – $64,717 | Rank: 19th |
The average salary ranks 19th among states in the country. There were also job openings from employers like Access Staffing LLC.
$21,000 $133,000 Salary Distribution | |
| Nebraska – $97,173 | Rank: 4th |
The average salary ranks 4th among states in the country. There were also job openings from employers like ACCESS LLC and Access Staffing LLC.
$37,000 $186,000 Salary Distribution | |
| New Jersey – $64,325 | Rank: 20th |
The average salary ranks 20th among states in the country. There were also job openings from employers like Access Staffing LLC, Scottrade, Inc, Groupe LEADER, and Accounting Principals.
$15,000 $147,000 Salary Distribution | |
| Nevada – $61,541 | Rank: 23rd |
The average salary ranks 23rd among states in the country. There were also job openings from employers like Capital Insight Partners.
$14,000 $191,000 Salary Distribution | |
| New York – $92,632 | Rank: 5th |
The average salary ranks 5th among states in the country. There were also job openings from employers like Meridian Partners NY, Robert Half Finance & Accounting, Key Recruitment Solutions, and AXA Advisors – Long Island Branch (New York).
$15,000 $239,000 Salary Distribution | |
| Ohio – $49,289 | Rank: 28th |
The average salary ranks 28th among states in the country. There were also job openings from employers like Groupe LEADER, Golden Reserve, LLC, and Golden Reserve.
$14,000 $141,000 Salary Distribution | |
| Oregon – $73,120 | Rank: 14th |
The average salary ranks 14th among states in the country. There were also job openings from employers like Access Staffing LLC, [email protected], and [email protected].
$23,000 $151,000 Salary Distribution | |
| Pennsylvania – $83,190 | Rank: 8th |
The average salary ranks 8th among states in the country. There were also job openings from employers like PNC Financial Services Group, Access Staffing LLC, and Groupe LEADER.
$14,000 $216,000 Salary Distribution | |
| Texas – $75,143 | Rank: 11th |
The average salary ranks 11th among states in the country. There were also job openings from employers like CyberCoders, Fidelity Investments, WestWind Homes, and ACCESS LLC.
$17,000 $173,000 Salary Distribution | |
| Utah – $65,907 | Rank: 18th |
The average salary ranks 18th among states in the country. There were also job openings from employers like Farm Bureau Financial Services, Software Solutions Inc, United Way of Salt Lake, and Turnkey Businesses Inc..
$20,000 $137,000 Salary Distribution | |
| Virginia – $62,992 | Rank: 21st |
The average salary ranks 21st among states in the country. There were also job openings from employers like Access Staffing LLC, Ajilon, Groupe LEADER, and Accounting Principals.
$14,000 $178,000 Salary Distribution | |
| Washington – $74,800 | Rank: 13th |
The average salary ranks 13th among states in the country. There were also job openings from employers like [email protected] and Accounting Principals.
$14,000 $191,000 Salary Distribution | |
According to Indeed.com, the following states had employers looking to hire a Investment Consultant. The quoted salary figure represents the average salary from all job postings by this employer.
| Employer Name | Location | Average Salary |
|---|---|---|
| The Hanover Consulting Group Investment Consultant | Maryland | $300,000 |
| Ramax Search Investment Consultant | New York | $290,719 |
| Private Client Wealth Advisors, LLC Investment Consultant | Colorado | $212,500 |
| Investment Property Group Investment Consultant | California | $200,000 |
| Triqor Group Investment Consultant | California | $200,000 |
| S.C. International Investment Consultant | Kentucky | $175,000 |
| Sankala Group LLC Investment Consultant | Colorado | $157,118 |
| NAI Northern California Investment Consultant | California | $150,000 |
| Huxley Banking & Financial Services Investment Consultant | Massachusetts | $148,202 |
| BCG Attorney Search Investment Consultant | New York | $142,302 |
| Accounting Career Network Investment Consultant | California | $138,240 |
| Huxley Associates Investment Consultant | Massachusetts | $132,747 |
| mARTo consulting, LLC Investment Consultant | New York | $131,785 |
| San Diego Financial Firm Investment Consultant | California | $129,696 |
| Adecco Investment Consultant | Arizona | $120,000 |
| ACCESS LLC Investment Consultant | Texas | $119,175 |
| JCW Search Investment Consultant | New York | $117,984 |
| Primerica Investment Consultant | Georgia | $117,745 |
| Access Staffing LLC Investment Consultant | DC | $111,246 |
Learn More
| Career Name | Average Salary |
|---|---|
| Healthcare Manager | $81,093 |
| Director of Communications | $81,076 |
| Project Manager | $80,833 |
| Program Analyst | $78,849 |
| Insurance Underwriter | $77,694 |
| Investment Analyst | $76,199 |
| Technical Analyst | $76,186 |
| Real Estate Manager | $76,119 |
| Business Development Manager | $75,226 |
| Benefits Manager | $74,059 |
