Entry-Level Financial Advisor Salary in Richfield, MN: $47,541 (2026)
Quick Answer:New financial advisors entering the Richfield, MN job market in 2026 can expect a starting salary around $47,541 (BLS 10th-percentile benchmark for SOC 13-2052, projected from 2025 OEWS data). Stripping out Richfield's local price level (BEA RPP 98.5 — 1% below national), a first-year paycheck buys what $48,265 would in average-cost America. Most reach the city median ($81,968) within a few years of clinical practice.
Based on BLS state-level estimates · View source
In Richfield, Minnesota, starting salaries for financial advisors can vary significantly, with entry-level professionals typically earning around $47,541 annually. This figure stands in stark contrast to the city’s median annual salary of $81,968, highlighting the gap that new grads must bridge as they gain experience. Over the first three to five years in the field, newcomers can expect their earnings to rise toward the city median, with realistic improvements projected around the P25 level of $59,016. For recent graduates, Richfield's growing economy and the demand for financial planning services make it a promising market, especially given the anticipated annual growth rate of 3.30%.
About the Richfield Market
Salary estimated from Minnesota average ($108,000) adjusted for local cost of living.
Career Earnings Timeline in Richfield
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 Richfield
Entry-level financial advisors in Richfield, MN typically start between $47,541 and $59,016 per year (2026 est.). The full salary range spans $79,509 from the 10th to 90th percentile, with the local median at $81,968 — 24.48% below the national median.
Return on Investment
The average financial planning program cost in Minnesota of $52,000 represents just 109.38% of the starting financial advisor pay ($47,541/year) in Richfield. 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 Richfield
- 1Research the Richfield market: entry-level financial advisor pay ranges from $47,541 to $59,016, 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 Richfield, 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 Richfield for competitive entry-level pay and structured mentorship, then move to a smaller employer once you have 2-3 years of experience.
- 5Richfield'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 Richfield is $79,509 ( 167.24%) between entry-level and top earners. Starting at $47,541, experienced hygienists can earn up to $127,050.
Represents the current salary spread across experience levels, not projected career growth rate.
2019 BLS Actual
$39,383
2025 BLS Actual
$46,022
2026 Current Est.
$47,541
2019–2027 Growth
+24.7%
Salary Trajectory for Financial Advisors in Richfield (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $39,383 | Actual |
| 2020 | $40,438 | Actual |
| 2021 | $43,620 | Actual |
| 2022 | $42,822 | Actual |
| 2023 | $44,683 | Actual |
| 2024 | $59,430 | Actual |
| 2025 | $46,022 | Actual |
| 2026(current) | $47,541 | Estimated |
| 2027 | $49,110 | Projected |
Entry-level financial advisor compensation (10th percentile) in Richfield, MN grew 16.9% over 7 years based on actual BLS metropolitan area surveys, rising from $39,383 in 2019 to $46,022 in 2025. By 2027, starting salaries are projected to reach $49,110. New graduates entering the Richfield job market can expect continued year-over-year gains.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Richfield 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 Richfield
In terms of employment opportunities, Richfield hosts several firms that recruit new graduates as financial advisors. Companies like Northwestern Mutual, Edward Jones, and MassMutual are known for their structured ramp-up programs, which often include bonuses tied to commissions. These firms provide a solid entry point for new advisors. Alternative opportunities exist with registered investment advisors (RIAs) that hire associate advisors and focus on developing client relationships. Entry-level candidates should aim to obtain essential credentials such as the Series 7 and Series 66 licenses alongside a state insurance license. While the career landscape is shifting—favoring fee-only RIA models over the traditional commission-based approaches—those who earn the Certified Financial Planner (CFP) designation gain a competitive edge in securing higher starting financial advisor pay in MN. Awareness of this bifurcation and aligning career strategies to focus on fiduciary practices at RIAs can lead to enhanced salary growth in the first few years. Graduates should anticipate a steady increase in compensation that reflects these industry trends as they develop their skills and client base.
More salary data for Richfield, 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 Richfield. Program costs are averages and actual tuition varies by institution. ROI calculations are simplified estimates.
Data Sources & Methodology
Salary data for Richfield 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