Entry-Level Financial Advisor Salary in Faribault, MN: $46,623 (2026)
Quick Answer:New financial advisors entering the Faribault, MN job market in 2026 can expect a starting salary around $46,623 (BLS 10th-percentile benchmark for SOC 13-2052, projected from 2025 OEWS data). Stripping out Faribault's local price level (BEA RPP 98.5 — 1% below national), a first-year paycheck buys what $47,333 would in average-cost America. Most reach the city median ($80,386) within a few years of clinical practice.
Based on BLS state-level estimates · View source
In the context of entry-level financial advisor salaries in Faribault, new graduates can expect to start around $46,623 in 2026. While this figure is significantly lower than the city median salary of $80,386, it offers a realistic entry point for newcomers to the financial planning sector. Over the first few years, there is potential for salary growth as advisors move towards the 25th percentile at $57,878 and eventually the median within roughly three to five years. Given the local economic landscape, Faribault presents a viable market for aspiring financial advisors, as the demand for financial services remains consistent, enabling fresh graduates to build their careers from these initial earnings.
About the Faribault Market
Salary estimated from Minnesota average ($108,000) adjusted for local cost of living.
Career Earnings Timeline in Faribault
New Graduate
Early Career
Mid Career
Experienced
Salary progression estimated from BLS percentile data. Actual progression varies by employer, certifications, and specialization.
2026 Salary Percentile Distribution in Faribault
Entry-level financial advisors in Faribault, MN typically start between $46,623 and $57,878 per year (2026 est.). The full salary range spans $77,975 from the 10th to 90th percentile, with the local median at $80,386 — 25.94% below the national median.
Return on Investment
The average financial planning program cost in Minnesota of $52,000 represents just 111.53% of the starting financial advisor pay ($46,623/year) in Faribault. Most graduates begin earning back their investment from day one, though actual ROI varies based on living expenses, loan interest, and the 2-year opportunity cost of schooling.
Program cost estimates cover bachelor's degree tuition plus licensing exam fees (Series 7, 63/66) and optional CFP certification program costs. Continuing education is required for license maintenance.
CFP, FA Salary Negotiation Tips for New Graduates in Faribault
- 1Research the Faribault market: entry-level financial advisor pay ranges from $46,623 to $57,878, so aim for at least the 25th percentile if you have strong credentials.
- 2Highlight any additional certifications or specialty training within the financial planning field — employers in MN often pay a premium for expanded scope of work.
- 3Evaluate the full compensation package — in Faribault, benefits like health insurance, continuing-education allowances, and schedule flexibility can add 20-30% to your effective compensation.
- 4Consider starting with a larger hospital system or multi-site employer in Faribault for competitive entry-level pay and structured mentorship, then move to a smaller employer once you have 2-3 years of experience.
- 5Faribault's moderate cost of living means your starting salary goes further here compared to many larger metro areas.
Financial Advisor Compensation Range
The financial advisor wage spread in Faribault is $77,975 ( 167.25%) between entry-level and top earners. Starting at $46,623, experienced hygienists can earn up to $124,598.
Represents the current salary spread across experience levels, not projected career growth rate.
2019 BLS Actual
$38,623
2025 BLS Actual
$45,134
2026 Current Est.
$46,623
2019–2027 Growth
+24.7%
Salary Trajectory for Financial Advisors in Faribault (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $38,623 | Actual |
| 2020 | $39,657 | Actual |
| 2021 | $42,778 | Actual |
| 2022 | $41,996 | Actual |
| 2023 | $43,821 | Actual |
| 2024 | $58,284 | Actual |
| 2025 | $45,134 | Actual |
| 2026(current) | $46,623 | Estimated |
| 2027 | $48,162 | Projected |
Entry-level financial advisor compensation (10th percentile) in Faribault, MN grew 16.9% over 7 years based on actual BLS metropolitan area surveys, rising from $38,623 in 2019 to $45,134 in 2025. By 2027, starting salaries are projected to reach $48,162. New graduates entering the Faribault job market can expect continued year-over-year gains.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Faribault metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.30% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Starting Your financial planning Career in Faribault
Exploring the job market in Faribault reveals several key employers actively recruiting new financial advisors, including prominent insurance firms like Northwestern Mutual, Edward Jones, and MassMutual. These organizations generally offer structured mentorship programs that facilitate a gradual increase in commissions. Additionally, certain wirehouses and Registered Investment Advisors (RIAs) selectively hire candidates from the CFP candidate pool and are particularly inclined to onboard associates who possess strong client-service skills. Obtaining licenses, such as the Series 7 and Series 66, along with an optional CFP designation, can significantly enhance new grad financial advisor pay in MN. As the industry continues to shift—with RIAs expanding and traditional wirehouse models contracting—new advisors should adopt a proactive career strategy in their first few years. Focusing on fiduciary practices while building a robust client base can lead to favorable AUM-based compensation structures in the evolving landscape of financial advisory services.
More salary data for Faribault, MN:
Frequently Asked Questions
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Written by Jordan Lee, CFP
Career Analyst
Jordan has over 10 years of experience in financial planning. They specialize in retirement planning for individuals. They work at a financial services firm in New York City.
Methodology & Data Source
Entry-level salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The 10th percentile (entry-level) is used as the starting salary benchmark for new financial planning graduates. A 3.30% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to project current 2026 entry-level compensation in Faribault. Program costs are averages and actual tuition varies by institution. ROI calculations are simplified estimates.
Data Sources & Methodology
Salary data for Faribault is estimated from official BLS state-level occupational wage data (2025), adjusted for regional cost-of-living differences using BEA RPP (Regional Price Parities).
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.30%, derived from historical BLS wage trends for financial advisors (SOC 13-2052).
Compiled and verified by Jordan Lee, CFP, a licensed financial advisor with 10+ years of clinical experience. · View source data at BLS.gov