How Much Can Financial Advisors Earn Per Client?

Growing your client base can increase assets under management (AUM) and earnings for your advisory practice. How much do financial advisors make per client on average? The answer depends on a number of factors. Your experience level, geographic location, range of services, number of clients, and fee structure can all influence advisor pay.

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How Much Do Financial Advisors Make Per Client?

There were 15,870 SEC-registered investment advisors in 2024, according to the 2025 Investment Adviser Industry (IAA) Snapshot. ¹ Among advisors who served individual clients, the average AUM per client was $200,000 for non-high-net-worth investors and $1.8 million for those with high net worth. If you assume a 1% annual management fee, that amounts to an average of $2,000 and $18,000 in earnings per client, respectively.

Here are some additional findings from the IAA snapshot that may shed light on what advisors earn per client:

• The majority of advisors are small businesses, and more than half serve non-high-net-worth clients.
• Over 94% of advisors use a fee-based-on-AUM compensation structure.
• More than half of advisors have AUM of more than $100 million but less than $1 billion.
• Just over 230 firms manage 68.4% of all client assets, which collectively totaled $144.6 trillion.

Based on those findings, it’s reasonable to assume that the typical per-client earnings may be closer to $2,000 than $18,000 for the average advisor. That figure may be even lower for advisors who are starting a new RIA with zero assets under management, or smaller boutique firms that serve a very niche clientele.

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Average Financial Advisor Salary

The median annual pay for personal financial advisors was $102,140 in 2024, according to the Bureau of Labor Statistics. ² The lowest 10% of earners reported a median pay of less than $49,990, while the highest 10% of earners reported earnings of more than $239,200.

These figures consider all possible compensation structures for advisors, including:

• Annual salaries
• Bonuses, including production bonuses
• Commissions
• Incentive pay
• Fee-based and fee-only structures

Salaries are highest for advisors working in securities, commodity contracts and other financial investments. They earn a median annual pay of $109,390, according to BLS data, compared to a median of $80,550 for those working in insurance.

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Factors That Affect How Much Financial Advisors Make Per Client

Several variables can influence how much you make per client, and each one can have a different impact on earnings. Some of the most significant factors include:

• Assets under management: AUM influences earnings per client because the more assets you manage, the more in fees you can collect. The IAA Snapshot estimates that among SEC-registered advisors, the median AUM is $427.1 million, but your firm’s number may be much higher or lower.
• Number of clients: A typical financial advisor serves between 50 and 150 clients. A larger book of business may mean more AUM, but it can dilute your average earnings per client if you work with a mix of high-net-worth and non-high-net-worth investors.
• Niche: Who you serve can directly impact how much you earn per client on a few levels. Certain advisor niches may generate more revenue than others if your clients bring more AUM to the table, or they have a greater need for advisory services and you charge retainer fees, hourly fees, or a la carte service fees in addition to an annual management fee.
• Geographic area: Location can influence your earnings per client, as your service area can influence your niche, the demand for your services and how many new clients you acquire monthly or annually. For example, financial advisors report the highest median pay in California, Texas, Florida, New York, and Illinois, which makes sense given the size and population of those states. ³ If you live in a smaller city or a rural area, a digital lead generation tool like SmartAsset AMP could help you to expand your reach and connect with clients who are comfortable working with an advisor online.
• Experience/credentials: Established advisors may earn more per client if they’re able to leverage their experience and brand reputation to attract a steady stream of new, wealthier prospects. Holding one or more professional designations, such as a Certified Financial Planner™ (CFP®) mark or a Chartered Financial Analyst (CFA) credential, could also boost earnings if you’re acquiring more clients, including high-net-worth individuals who need an experienced advisor.

How Financial Advisors Can Increase Earnings Per Client

Increasing earnings per client often requires a multi-layered approach to ensure that you’re working with the right clients and delivering exactly what they need. With that in mind, here are some of the ways you may generate more revenue for your firm:

• Develop a new service offering: Adding new services can increase earnings if those services add value for your clients. Active listening may provide cues to where the gaps in your current service plan exist. You can also survey your clients to ask what they need help with that you’re not yet providing.
• Consider a fee structure shift: If you rely on the fee-for-AUM model, consider how you may be able to adapt it to increase earnings per client. For example, you might apply a tiered pricing structure if you serve clients who bring a wide spectrum of assets to the table.
• Talk to clients about assets held away: You may have clients who maintain some of their assets separately. Bringing assets held away under your management could instantly increase earnings per client, but you’ll need to make a compelling case as to why they should consider making a move.
• Improve client relationships: Consistently exceeding client expectations, engaging in active listening and showing your appreciation can lead to better relationships with your clients. That may, in turn, produce more referrals and new business for you.

If you’re just getting started as an advisor, tech tools and online platforms can help you find your first clients. SmartAsset AMP is a digital marketing platform that uses a holistic approach to help advisors connect with qualified leads. Schedule a free demo to learn how you can put it to work for your business.

Bottom Line

How much do advisors earn per client? It’s difficult to pin down a single answer, as every advisor’s practice is different. A better question to ask is how you can improve your earnings per client to grow your business and increase its sustainability. Targeting a niche that you’re uniquely positioned to service, developing a list of service offerings that meet your clients’ needs, and bringing assets held away into the fold are just some of the ways to earn more per client as you scale.

Tips for Growing Your Advisory Business

• SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Some advisors are compensated through performance fees, which reward you with extra pay when certain achievements or conditions are met. Performance-based fees can increase your earnings, but they can sometimes be complicated. If you’re considering a role with a firm that includes performance-based bonuses or fees as part of your compensation package, it’s important to understand what expectations you’ll need to meet to earn them.

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