Financial Advisor Salary in Covington, WA: $97,590 (2026)
Quick Answer:A full-time financial advisor in Covington, WA earns a median $97,590/year (≈ $46.92/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 13-2052). Once you factor in Covington's price level (7% above national, BEA RPP 107.4), that paycheck buys what $90,866 would nationally. Nominal pay sits 6.1% below the Washington state average.
Based on BLS state-level estimates · View source
In 2026, financial advisors in Covington, WA, are projected to earn a median annual salary of $97,590, reflecting the local market's dynamics and upward trends in the industry. The salary range varies significantly from $56,602 at the 10th percentile to as much as $151,264 for top earners. This local data, derived from 2025 BLS estimates adjusted for regional price parities, indicates that while compensation is competitive, it still lags behind the national median of $108,537 by approximately 10.09%. In Covington, the shift towards fee-only fiduciary firms continues to gain momentum, providing opportunities that may enhance advisor pay through AUM-based models and the pursuit of CFP credentials, which are increasingly being seen as essential in establishing market credibility.
About the Covington Market
Salary estimated from Washington average ($118,000) adjusted for local cost of living.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $56,602 | $27.21 |
| Lower Range (P25) | $70,265 | $33.78 |
| Median (P50)(typical) | $97,590 | $46.92 |
| Upper Range (P75) | $124,914 | $60.06 |
| Top Earners (P90) | $151,264 | $72.72 |
Median Salary Position
10.09% below the national average
2026 Salary Percentile Distribution in Covington
In Covington, WA, the financial advisor salary spread from the 10th to 90th percentile is $94,662 (2026 est.). At $97,590, the local median is 10.09% below the national median of $108,537.
Salary Calculator
At 40 hours/week in Covington: You'd be in the lower-middle range
How Covington Financial Advisor Pay Compares
Covington median: $97,590/year (2026)
| Compared To | Median Salary | Covington Pays |
|---|---|---|
| Washington Average | $103,929 | -6.10% less |
| National Average | $108,537 | -10.09% less |
Financial Advisors in Covington, WA earn a median of $97,590 per year (2026 est.), which is 10.09% lower than the national median of $108,537 and 6.10% below the Washington state average of $103,929.
Cost-of-Living Adjusted Salary
Covington has a cost of living 7.40% above the national average.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Covington, WA has a cost-of-living index of 107.4 (above the national average of 100). While the nominal salary of $97,590 is competitive, the higher cost of living reduces purchasing power to an effective $90,866 — a 6.89% reduction.
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2019 BLS Actual
$78,989
2025 BLS Actual
$94,472
2026 Current Est.
$97,590
2019–2027 Growth
+27.6%
Salary Trajectory for Financial Advisors in Covington (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $78,989 | Actual |
| 2020 | $80,320 | Actual |
| 2021 | $84,671 | Actual |
| 2022 | $85,768 | Actual |
| 2023 | $89,536 | Actual |
| 2024 | $118,971 | Actual |
| 2025 | $94,472 | Actual |
| 2026(current) | $97,590 | Estimated |
| 2027 | $100,810 | Projected |
Based on 7 years of BLS OEWS data for the Covington metropolitan area, the median financial advisor salary grew 19.6% from $78,989 (2019) to $94,472 (2025). At a 3.30% compound annual growth rate, salaries are projected to reach $100,810 by 2027 — a total increase of $21,821 (27.63%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Covington 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) | $56,602 – $70,265 |
| 3-5 years (Mid Career) | $70,265 – $97,590 |
| 5+ years (Experienced) | $97,590 – $124,914 |
| 10+ years (Top Earner) | $124,914 – $151,264 |
CFP, FA salary ranges estimated from BLS percentile data. Individual financial advisor compensation varies by employer, certifications, and specialization.
Financial Advisor Job Market in Covington
The job market for financial advisors in Covington remains modest, with only five professionals employed in the area. Nonetheless, the cost of living index sits at 107.4, suggesting that while salaries may be lower than the national average, local purchasing power is still a factor to consider in take-home earnings. Among the various employment options, wirehouses like Morgan Stanley and Merrill Lynch may offer higher salaries, although independent RIAs often provide more attractive fee structures that can ultimately benefit advisors, particularly those with high-net-worth clients. The spread between compensation levels primarily arises from factors like asset management book size and the fee model employed—commission versus assets under management. Advisors looking to maximize their financial advisor pay in Covington WA can benefit significantly from pursuing advanced certifications, such as the CFP, and developing strong relationships with high-net-worth individuals, which may offer lucrative compensation packages.
More salary data for Covington, WA:
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 $94,472 for financial advisorsin the Covington 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 Covington 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