What is the real (cost-adjusted) Financial Advisor salary in Minnesota?

After BEA RPP adjustment (regional price parity index 98.3 for Minnesota), the real-wage equivalent is $96,051 — what the $94,420 nominal salary actually buys. Quartiles in real terms: $69,785 to $151,452.

How many Financial Advisors does Minnesota employ?

BLS OES counts 6,360 Financial Advisors employed in Minnesota in the most recent release. Employment density relative to population determines whether wage tiers reflect a robust competitive market or a thinner labor pool.

Why is the BEA RPP for Minnesota different from a single CPI number?

BEA splits regional price parity into three components — goods, services, and rents — reweighted to the BEA's national consumption basket. Minnesota's overall index of 98.3 reflects rents 90.7, services 89.4, and goods 102.1.

Is Minnesota a 'real-wage arbitrage' state for Financial Advisors?

No — Minnesota's RPP is close to the national 100 baseline, so nominal and real wages move roughly together. Neither an arbitrage nor a penalty state.

Should I negotiate based on the BLS median for Minnesota?

The BLS median is a calibration anchor, not a ceiling. Use it to validate that an offer is in-band — anything well below the P25 in this state is a flag, anything above the P75 typically requires demonstrable specialty depth, niche credentials, or a high-COL metro within Minnesota.

Wirehouse W-2 vs independent RIA principal vs hybrid in Minnesota?

BLS reports W-2 wages under SOC 13-2052, capturing wirehouse advisors (Merrill, Morgan Stanley, UBS, Wells Fargo Advisors) and bank-channel advisors directly. Independent RIA principals — increasingly the dominant model in Minnesota — operate as business owners taking K-1 partnership distributions and ownership equity, which are EXCLUDED from BLS. Hybrid RIAs (independent + insurance B/D affiliation) have mixed reporting. Net effect: the BLS figure on this page accurately represents employed wirehouse advisors and bank-channel reps; it materially understates total income for established RIA principals in Minnesota once practice equity and distributions are factored in.

CFP / CFA / ChFC credential premium in Minnesota?

BLS does not split by credential. CFP Board surveys and FA Insight industry studies typically show CFP charterholders earning 15-30% above non-CFP advisors at comparable AUM, concentrated in fee-only RIA channels where the credential is functionally required for client trust. CFA charter is rarer in retail wealth management — most relevant for advisors with high-net-worth or institutional book — but adds incremental premium. ChFC, CIMA, and CPWA fall in similar credential premium bands. In Minnesota, the credential premium is largest at the high-net-worth and ultra-high-net-worth end of the market and smaller in mass-affluent and bank-channel practices.

Minnesota Financial Advisor Salary: BLS $94K Median, Real $96K (2026)

TL;DR

Minnesota pays Financial Advisors a BLS median of $94,420 — the more useful number is $96,051, what that paycheck buys after rent and services.
Financial Advisor ranking: #24 on the BLS table, #23 once cost of living is in.
BEA RPP near 100 means nominal pay translates almost 1:1 into real take-home.
Quartile range $68,600 (bottom 25%) to $148,880 (top 25%). BLS suppresses the P10 or P90 tail for this state, typically because the top tier exceeds the OES wage cap.

Wage breakdown — Minnesota

Percentile	Nominal (BLS)	Real (BEA RPP-adjusted)
P10 (entry tier)	$44,380	$45,147
P25 (lower quartile)	$68,600	$69,785
P50 (median)	$94,420	$96,051
P75 (upper quartile)	$148,880	$151,452
P90 (top tier)
Mean	$134,100	$136,416
Employment	6,360 Financial Advisors in Minnesota

Cost of living — BEA Regional Price Parity

Component	Minnesota index (US = 100)
All-items RPP	98.3
Goods	102.1
Services	89.4
Rents	90.7

Minnesota's overall RPP (98.3) is close to the national 100 baseline; nominal and real wage move roughly together.

After-tax take-home — Minnesota (2024 BLS · 2024 tax year, single filer)

Layer-by-layer take-home math at the BLS median

Layer	Amount	Note
Gross BLS P50 (Financial Advisor)	$94,420	nominal median
Federal income tax	−$12,019	12.7% effective; std deduction $15,750 applied
State income tax	−$4,970	5.35–9.85% (graduated)
FICA (SS 6.2% + Medicare 1.45%)	−$7,223	SS capped at $183,600 wage base
Take-home (after-tax)	$70,208	74.4% of gross
Real take-home (RPP-adjusted)	$71,420	÷ (98.3 / 100) BEA cost-of-living

What the Minnesota state-tax burden means for Financial Advisor take-home

Mid-band state-tax burden at 5.3% effective. Combined with federal and FICA, take-home is $70,208 (74.4% of gross). After the 98.3 RPP, real take-home is $71,420.

Computed from 2026 IRS federal brackets (Rev. Proc. 2025-32), 2026 state DOR brackets, and 2026 FICA rates. Single filer, standard deduction, no other adjustments. See methodology · tax for limitations (married filers, ITM/SALT itemizers, retirement deferrals, HSA, dependent credits, etc.).

National context

Across the United States, BLS reports a national median of $102,140 for Financial Advisors with mean pay of $160,210 and total employment of 270,480. Minnesota sits at #24 on nominal pay and #23 on real (cost-adjusted) pay among the 51 states and DC. After cost adjustment, Minnesota climbs 1 positions — the cost of living is favorable relative to the wage.

Frequently asked questions

What is the real (cost-adjusted) Financial Advisor salary in Minnesota?: After BEA RPP adjustment (regional price parity index 98.3 for Minnesota), the real-wage equivalent is $96,051 — what the $94,420 nominal salary actually buys. Quartiles in real terms: $69,785 to $151,452.
How many Financial Advisors does Minnesota employ?: BLS OES counts 6,360 Financial Advisors employed in Minnesota in the most recent release. Employment density relative to population determines whether wage tiers reflect a robust competitive market or a thinner labor pool.
Why is the BEA RPP for Minnesota different from a single CPI number?: BEA splits regional price parity into three components — goods, services, and rents — reweighted to the BEA's national consumption basket. Minnesota's overall index of 98.3 reflects rents 90.7, services 89.4, and goods 102.1.
Is Minnesota a 'real-wage arbitrage' state for Financial Advisors?: No — Minnesota's RPP is close to the national 100 baseline, so nominal and real wages move roughly together. Neither an arbitrage nor a penalty state.
Should I negotiate based on the BLS median for Minnesota?: The BLS median is a calibration anchor, not a ceiling. Use it to validate that an offer is in-band — anything well below the P25 in this state is a flag, anything above the P75 typically requires demonstrable specialty depth, niche credentials, or a high-COL metro within Minnesota.
Wirehouse W-2 vs independent RIA principal vs hybrid in Minnesota?: BLS reports W-2 wages under SOC 13-2052, capturing wirehouse advisors (Merrill, Morgan Stanley, UBS, Wells Fargo Advisors) and bank-channel advisors directly. Independent RIA principals — increasingly the dominant model in Minnesota — operate as business owners taking K-1 partnership distributions and ownership equity, which are EXCLUDED from BLS. Hybrid RIAs (independent + insurance B/D affiliation) have mixed reporting. Net effect: the BLS figure on this page accurately represents employed wirehouse advisors and bank-channel reps; it materially understates total income for established RIA principals in Minnesota once practice equity and distributions are factored in.
CFP / CFA / ChFC credential premium in Minnesota?: BLS does not split by credential. CFP Board surveys and FA Insight industry studies typically show CFP charterholders earning 15-30% above non-CFP advisors at comparable AUM, concentrated in fee-only RIA channels where the credential is functionally required for client trust. CFA charter is rarer in retail wealth management — most relevant for advisors with high-net-worth or institutional book — but adds incremental premium. ChFC, CIMA, and CPWA fall in similar credential premium bands. In Minnesota, the credential premium is largest at the high-net-worth and ultra-high-net-worth end of the market and smaller in mass-affluent and bank-channel practices.

Sources & methodology

U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OES), SOC 13-2052, 2024 reference period.
U.S. Bureau of Economic Analysis — Regional Price Parities, 2023 vintage (all-items, goods, services, rents).
Real-wage figures = nominal BLS wage ÷ (state RPP / 100).
See the methodology page for full computation details and limitations.

By Marcus Liang · Founder & Editor · Last synced 2026-05-08.

Cross-comparison: see how Minnesota Financial Advisor pay ranks against the other 254 state × occupation pages on the Real Wage Atlas → — four-way ranking by real wage, after-tax take-home, state-tax savings, and cost-of-living arbitrage.