Financial Advisor Salary in Elk River, MN: $83,374 (2026)
Quick Answer:A full-time financial advisor in Elk River, MN earns a median $83,374/year (≈ $40.08/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 13-2052). Once you factor in Elk River's price level (1% below national, BEA RPP 98.5), that paycheck buys what $84,644 would nationally. Nominal pay sits 2.0% below the Minnesota state average.
Based on BLS state-level estimates · View source
Financial advisors in Elk River, Minnesota, are projected to earn a median annual salary of $83,374 in 2026, reflecting a competitive pay landscape when compared to the national median of $108,537, which highlights a local compensation gap of 23.18%. This salary range spans from $48,357 at the 10th percentile to $129,230 at the 90th percentile. These figures, derived from 2025 BLS data and adjusted for local cost variations, indicate a promising opportunity for financial professionals as the Elk River financial advisory market continues to evolve and attract new talent. The limited number of employed financial advisors in the area—just four—suggests a niche market that might benefit from potential entrants who are transitioning from wirehouse environments to independent advisory models.
About the Elk River Market
Salary estimated from Minnesota average ($108,000) adjusted for local cost of living.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $48,357 | $23.25 |
| Lower Range (P25) | $60,030 | $28.86 |
| Median (P50)(typical) | $83,374 | $40.08 |
| Upper Range (P75) | $106,719 | $51.31 |
| Top Earners (P90) | $129,230 | $62.13 |
Median Salary Position
23.18% below the national average
2026 Salary Percentile Distribution in Elk River
In Elk River, MN, the financial advisor salary spread from the 10th to 90th percentile is $80,873 (2026 est.). At $83,374, the local median is 23.18% below the national median of $108,537.
Salary Calculator
At 40 hours/week in Elk River: You'd be in the lower-middle range
How Elk River Financial Advisor Pay Compares
Elk River median: $83,374/year (2026)
| Compared To | Median Salary | Elk River Pays |
|---|---|---|
| Minnesota Average | $85,076 | -2.00% less |
| National Average | $108,537 | -23.18% less |
Financial Advisors in Elk River, MN earn a median of $83,374 per year (2026 est.), which is 23.18% lower than the national median of $108,537 and 2.00% below the Minnesota state average of $85,076.
Cost-of-Living Adjusted Salary
Elk River has a cost of living 1.50% below the national average, meaning your salary goes further here.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Elk River, MN has a cost-of-living index of 98.5 (below the national average of 100). A financial advisor earning $83,374 nominally has purchasing power equivalent to $84,644 in an average-cost city — an effective 1.52% boost.
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2019 BLS Actual
$67,483
2025 BLS Actual
$80,711
2026 Current Est.
$83,374
2019–2027 Growth
+27.6%
Salary Trajectory for Financial Advisors in Elk River (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $67,483 | Actual |
| 2020 | $68,620 | Actual |
| 2021 | $72,338 | Actual |
| 2022 | $73,275 | Actual |
| 2023 | $76,494 | Actual |
| 2024 | $104,225 | Actual |
| 2025 | $80,711 | Actual |
| 2026(current) | $83,374 | Estimated |
| 2027 | $86,126 | Projected |
Based on 7 years of BLS OEWS data for the Elk River metropolitan area, the median financial advisor salary grew 19.6% from $67,483 (2019) to $80,711 (2025). At a 3.30% compound annual growth rate, salaries are projected to reach $86,126 by 2027 — a total increase of $18,643 (27.63%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Elk River 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) | $48,357 – $60,030 |
| 3-5 years (Mid Career) | $60,030 – $83,374 |
| 5+ years (Experienced) | $83,374 – $106,719 |
| 10+ years (Top Earner) | $106,719 – $129,230 |
CFP, FA salary ranges estimated from BLS percentile data. Individual financial advisor compensation varies by employer, certifications, and specialization.
Financial Advisor Job Market in Elk River
In Elk River, the cost of living index sitting at 98.5 demonstrates a favorable environment for financial advisor pay, allowing for more purchasing power relative to many other markets. Given the competitive compensation landscape, the highest-paying opportunities often arise within wirehouses like Morgan Stanley and Merrill Lynch or larger independent broker-dealer firms such as Raymond James and LPL. The disparity in compensation within the market can be attributed to various factors, including assets under management (AUM) and compensation structures, where fee-based models at RIAs yield higher earnings compared to commission-based approaches prevalent at wirehouses. Advisors hoping to maximize their financial advisor salary in Elk River, MN, should consider obtaining certifications like CFP or CFA to enhance their marketability and focus on developing a substantial AUM client base, as these elements can lead to higher pay brackets and better overall job satisfaction.
More salary data for Elk River, 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
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 $80,711 for financial advisorsin the Elk River 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
Salary data for Elk River 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