Personal Financial Advisors Salary
The median pay for a personal financial advisors in Michigan is $77,930/year ($37.47/hour), per BLS data. The range runs from $45K at the entry level to $289K for experienced workers. Note: the mean (average) wage is $122K, significantly higher than the median. This typically reflects a mix of employment settings including academic and private practice positions. Cost of living is below average (RPP 93.89), which stretches that salary to about $83,001 in buying power. Rent on a 2-bedroom averages $1,272/month, or 24.8% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Michigan. Jump to a metro for precise data:
So what does $78K get you in Michigan?
About personal financial advisors
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What this looks like in Michigan
Pay for personal financial advisors in Michigan runs about 26% below the U.S. median of $105K. Rent runs $1,272/month for a 2-bedroom (HUD FMR), taking 25.5% of the median take-home. That's within the 30% rule, though not by much. Regional Price Parity sits at 93.89 (national = 100), meaning everyday costs run about 6% cheaper here. Your dollar stretches further than the headline salary suggests. Use the affordability calculator above to model your specific situation.
Compensation breakdown
Annual earnings by percentile, Michigan
Entry-level personal financial advisors (10th percentile) start around $45K. Mid-career wages sit at $78K. Top earners bring in $289K or more, a $244K spread from bottom to top.
Personal Financial Advisors salary by metro in Michigan
13 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Muskegon-Norton Shores | $160K | +105% | 100 |
| Jackson | $112K | +44% | 40 |
| Monroe | $98K | +26% | 70 |
| Flint | $96K | +23% | 160 |
| Ann Arbor | $96K | +23% | 320 |
| Grand Rapids-Wyoming-Kentwood | $89K | +15% | 840 |
| Traverse City | $88K | +13% | 130 |
| Lansing-East Lansing | $86K | +11% | 210 |
| Niles | $83K | +6% | 60 |
| Kalamazoo-Portage | $78K | -0% | 230 |
| Detroit-Warren-Dearborn | $77K | -1% | 3,430 |
| Saginaw | $72K | -8% | 110 |
| Battle Creek | $54K | -30% | 30 |
Showing 1–10 of 13 metros
Compare to other states
Track personal financial advisors salary changes
BLS updates this data quarterly. We'll email you when Michigan numbers change.
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Frequently asked questions
Can a personal financial advisor afford a 2BR apartment alone in Michigan?
Yes — at the median salary of $78K, rent takes 25.5% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,272/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for personal financial advisors in Michigan?
The 10th-percentile wage — what new personal financial advisors typically earn — is $45K/year. Take-home on that works out to about $2,687/month. At HUD’s $1,272/month FMR, rent would take 47% of that take-home — above the 30% guideline, so a 1-bedroom or shared housing is likely necessary starting out.
Is personal financial advisor a high-paying job in Michigan?
Local pay runs 26% below the national median — $78K here vs. $105K nationally. Cost of living is 6% below the national average, which narrows that gap in real purchasing power.
How does Michigan compare to the national average for personal financial advisors?
Michigan pays $78K median vs. the U.S. average of $105K — that’s -26%. After adjusting for local cost of living (RPP 93.89), the purchasing-power equivalent is $83K — below the national median.
How much do personal financial advisors make in Michigan?
The median is $77,930 a year, that works out to about $37 an hour. But the range is wide: entry-level workers start around $44,780, and experienced personal financial advisors can clear $288,860. The mean (average) is $121,890, reflecting that some workers earn substantially more. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $78K enough to live in Michigan?
On that salary, you'd take home roughly $4,991/month after taxes. A 2-bedroom here rents for about $1,272/month, which eats 25.5% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a personal financial advisors salary go in Michigan?
Michigan has a Regional Price Parity of 93.89 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median personal financial advisors salary is worth about $83,001 in national-average purchasing power.
Where do personal financial advisors get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.