Financial Advisor Salary in Detroit, MI: $79,365 (2026)
Quick Answer:A full-time financial advisor in Detroit, MI earns a median $79,365/year (≈ $38.16/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 13-2052). Once you factor in Detroit's price level (0% above national, BEA RPP 100.3), that paycheck buys what $79,129 would nationally. Nominal pay sits 12.8% below the Michigan state average.
Official BLS data · View source
In 2026, financial advisors in Detroit, Michigan, can expect a median annual salary of $79,365, which notably lags behind the national median of $108,537, representing a significant -26.88% variance. The salary range for financial advisors in the city spans from $47,032 at the 10th percentile to as high as $320,240 at the 90th percentile. These figures, derived from official Bureau of Labor Statistics OEWS surveys, reflect a market that still embraces the fiduciary fee-only model as a growing trend, particularly among registered investment advisors (RIAs). Despite being a city of robust employment opportunity with a focus on certified financial planner (CFP) credentials, the overall pay scale indicates challenges in aligning local compensation with national averages.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $47,032 | $22.61 |
| Lower Range (P25) | $51,206 | $24.62 |
| Median (P50)(typical) | $79,365 | $38.16 |
| Upper Range (P75) | $144,610 | $69.52 |
| Top Earners (P90) | $320,240 | $153.96 |
Median Salary Position
26.88% below the national average
2026 Salary Percentile Distribution in Detroit
In Detroit, MI, the financial advisor salary spread from the 10th to 90th percentile is $273,208 (2026 est.). At $79,365, the local median is 26.88% below the national median of $108,537.
Salary Calculator
At 40 hours/week in Detroit: You'd be in the entry-level range
How Detroit Financial Advisor Pay Compares
Detroit median: $79,365/year (2026)
| Compared To | Median Salary | Detroit Pays |
|---|---|---|
| Michigan Average | $91,015 | -12.80% less |
| National Average | $108,537 | -26.88% less |
Financial Advisors in Detroit, MI earn a median of $79,365 per year (2026 est.), which is 26.88% lower than the national median of $108,537 and 12.80% below the Michigan state average of $91,015.
Cost-of-Living Adjusted Salary
Detroit has a cost of living 0.30% above the national average.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Detroit, MI has a cost-of-living index of 100.298 (above the national average of 100). While the nominal salary of $79,365 is competitive, the higher cost of living reduces purchasing power to an effective $79,129 — a 0.3% reduction.
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2019 BLS Actual
$75,780
2025 BLS Actual
$76,830
2026 Current Est.
$79,365
2019–2027 Growth
+8.2%
Salary Trajectory for Financial Advisors in Detroit (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $75,780 | Actual |
| 2020 | $85,410 | Actual |
| 2021 | $81,740 | Actual |
| 2022 | $100,590 | Actual |
| 2023 | $77,940 | Actual |
| 2024 | $99,600 | Actual |
| 2025 | $76,830 | Actual |
| 2026(current) | $79,365 | Estimated |
| 2027 | $81,984 | Projected |
Based on 7 years of BLS OEWS data for the Detroit metropolitan area, the median financial advisor salary grew 1.4% from $75,780 (2019) to $76,830 (2025). At a 3.30% compound annual growth rate, salaries are projected to reach $81,984 by 2027 — a total increase of $6,204 (8.19%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Detroit 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.
Salary by Experience Level
| Experience | Estimated Salary Range |
|---|---|
| 0-2 years (New Graduate) | $47,032 – $51,206 |
| 3-5 years (Mid Career) | $51,206 – $79,365 |
| 5+ years (Experienced) | $79,365 – $144,610 |
| 10+ years (Top Earner) | $144,610 – $320,240 |
CFP, FA salary ranges estimated from BLS percentile data. Individual financial advisor compensation varies by employer, certifications, and specialization.
Financial Advisor Job Market in Detroit
The job market in Detroit currently employs approximately 3,430 financial advisors, indicating a solid demand for financial services in the region. However, when considering the cost of living, which sits just above the national average with a CoL index of 100.298, take-home pay may not stretch as far as in some other markets. Among employers, firms such as Morgan Stanley and Merrill Lynch typically offer higher compensation packages compared to independent broker-dealers like LPL or fiduciary RIAs. The disparity in compensation often arises from varying business models, where asset-based management fees can yield higher incomes for RIAs managing high-net-worth clients. To maximize earnings in this market, candidates should focus on securing AUM-based roles, enhancing their CFP or CFA credentials, and considering opportunities that provide equity stakes or transitional packages within wirehouses as they adapt to a more fiduciary-centric environment.
More salary data for Detroit, MI:
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
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 BLS reported a median annual salary of $76,830 for financial advisorsin the Detroit metropolitan area. A 3.30% compound annual growth rate (CAGR), calculated from 6-year national BLS wage trends, was applied to project current 2026 compensation. Percentile ranges (P10–P90) represent the full salary distribution across experience levels and practice settings in this market.
Data Sources & Methodology
Source: BLS, OEWS, 7-year dataset (–). Per-city data from annual BLS metropolitan area surveys.
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