Last updated: February 2026 | Data sources: Bureau of Labor Statistics (BLS, May 2024), NASAA, CFP Board
Series 65 Career Paths & Salary: What You Can Earn
The Series 65 exam is your gateway to a career as an Investment Adviser Representative (IAR) -- a professional who provides investment advice for compensation. But what exactly can you earn, and what career paths does the Series 65 unlock?
The short answer: $55,000 to $300,000+ annually, depending on your role, experience, firm type, and geographic location. The median salary for personal financial advisors is $99,580 (BLS, May 2024), with the top 10% earning over $239,200 and firm owners often exceeding $500,000.
This guide breaks down every major career path available to Series 65 holders, with detailed salary data, growth projections, and strategic advice on which path is right for your goals.
Investment Adviser Representative (IAR) Salary Overview
The Series 65 qualifies you to work as an IAR -- someone who provides investment advice on behalf of a Registered Investment Adviser (RIA) firm. Here is the full salary spectrum based on Bureau of Labor Statistics data for personal financial advisors.
Salary Distribution (BLS, May 2024)
| Percentile | Annual Salary |
|---|---|
| 10th percentile (entry level) | $50,960 |
| 25th percentile | $70,680 |
| Median (50th percentile) | $99,580 |
| Mean (average) | $124,140 |
| 75th percentile | $158,620 |
| 90th percentile | $239,200+ |
What Drives the Wide Salary Range?
The gap between $51,000 and $239,000+ is driven by several key factors:
1. Assets Under Management (AUM) The most significant salary driver for fee-based advisors. An advisor managing $50 million in client assets at a 1% fee generates $500,000 in revenue, while one managing $5 million generates $50,000.
2. Experience Level Entry-level IARs (0-3 years) typically earn $55,000-$85,000 in total compensation. Mid-career advisors (5-10 years) earn $90,000-$160,000. Senior advisors (10+ years) with established books of business regularly exceed $200,000.
3. Compensation Model Fee-only, fee-based, and commission-based advisors have fundamentally different compensation structures that significantly affect total earnings (detailed breakdown below).
4. Firm Type and Size Large RIA firms, wirehouses, and independent practices offer different compensation levels and structures.
5. Geographic Location Advisors in high-cost-of-living financial hubs earn significantly more than those in smaller markets.
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Top Career Paths for Series 65 Holders
1. Investment Adviser Representative at an RIA Firm
Salary Range: $60,000 - $200,000+
This is the most common career path for Series 65 holders. You work at a Registered Investment Adviser (RIA) firm providing investment advice to individual clients or institutions.
Typical responsibilities:
- Building and managing client portfolios based on financial goals
- Conducting financial planning (retirement, education, estate)
- Rebalancing portfolios and monitoring performance
- Meeting with clients quarterly or semi-annually
- Generating new business through referrals and prospecting
Salary progression:
| Experience | Base Salary | Total Compensation (with bonuses) |
|---|---|---|
| 0-2 years (Associate) | $55,000-$75,000 | $60,000-$90,000 |
| 3-5 years (Advisor) | $75,000-$110,000 | $90,000-$140,000 |
| 5-10 years (Senior Advisor) | $100,000-$150,000 | $130,000-$200,000 |
| 10+ years (Lead/Partner) | $120,000-$200,000 | $180,000-$350,000+ |
Best for: Candidates who want a stable career trajectory with mentorship and established infrastructure.
2. Wealth Manager
Salary Range: $80,000 - $300,000+
Wealth managers serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, providing comprehensive financial advice that goes beyond investment management to include tax planning, estate planning, philanthropic strategies, and multi-generational wealth transfer.
Why it pays more: HNW clients have larger portfolios, generating higher fees. A wealth manager serving 50 clients with an average of $5 million each manages $250 million in AUM. At a 0.75% fee, that generates $1.875 million in revenue.
Salary progression:
| Experience | Base Salary | Total Compensation |
|---|---|---|
| 0-3 years (Associate) | $65,000-$90,000 | $75,000-$110,000 |
| 3-7 years (Wealth Advisor) | $90,000-$140,000 | $120,000-$200,000 |
| 7-15 years (Senior Wealth Manager) | $130,000-$200,000 | $180,000-$300,000 |
| 15+ years (Managing Director/Partner) | $180,000-$300,000 | $250,000-$500,000+ |
Best for: Candidates who enjoy deep client relationships and want to work with affluent clients on complex financial situations.
3. Financial Planner
Salary Range: $55,000 - $180,000+
Financial planners take a holistic approach to clients' finances, creating comprehensive plans covering investments, retirement, insurance, taxes, and estate planning. The Series 65 enables the investment advisory component.
Key distinction: Financial planners often focus on the plan rather than managing investments directly. Many charge flat fees or hourly rates for planning services, with separate fees (or referrals) for investment management.
Salary progression:
| Experience | Base Salary | Total Compensation |
|---|---|---|
| 0-3 years (Paraplanner) | $50,000-$70,000 | $55,000-$80,000 |
| 3-5 years (Financial Planner) | $70,000-$100,000 | $80,000-$120,000 |
| 5-10 years (Senior Planner/CFP) | $95,000-$140,000 | $110,000-$170,000 |
| 10+ years (Lead Planner/Partner) | $120,000-$180,000 | $150,000-$250,000+ |
Best for: Candidates who prefer comprehensive financial planning over pure investment management and value the planning process itself.
4. Independent RIA Firm Owner
Salary Range: $100,000 - $500,000+
Starting your own RIA firm is one of the most lucrative paths available to Series 65 holders. As a solo practitioner or small firm owner, you keep a much larger share of the revenue your practice generates.
Economics of an independent RIA:
| AUM Managed | Fee Rate | Annual Revenue | Owner Take-Home (est.) |
|---|---|---|---|
| $25 million | 1.0% | $250,000 | $150,000-$200,000 |
| $50 million | 1.0% | $500,000 | $250,000-$350,000 |
| $100 million | 0.85% | $850,000 | $400,000-$550,000 |
| $200 million | 0.75% | $1,500,000 | $600,000-$900,000+ |
Timeline to profitability: Most solo RIA practices take 2-4 years to become sustainable, requiring $15-$30 million in AUM to cover overhead and provide a competitive salary. Growth accelerates after the initial client-building phase.
What you need beyond the Series 65:
- State RIA registration (or SEC registration if AUM exceeds $100 million)
- Compliance infrastructure (ADV filing, client agreements, disclosures)
- Technology stack (portfolio management, CRM, financial planning software)
- Business development skills and a client pipeline
Best for: Entrepreneurial candidates with existing networks, business development skills, and a willingness to build a practice from the ground up.
5. Robo-Advisor / FinTech Advisory Roles
Salary Range: $70,000 - $160,000+
The growing robo-advisory and FinTech sector needs Series 65 holders for compliance, product development, and hybrid advisory roles that combine technology with human advice.
Common roles:
- Hybrid advisor: Provides human advice augmented by robo-advisory technology ($75,000-$130,000)
- Advisory product manager: Develops and manages digital advisory products ($90,000-$160,000)
- Compliance analyst: Ensures FinTech advisory platforms meet regulatory requirements ($70,000-$120,000)
- Client success manager: Manages HNW client relationships at digital platforms ($80,000-$140,000)
Best for: Candidates who want to combine financial advisory knowledge with technology and innovation.
6. Insurance and Annuity Advisory
Salary Range: $55,000 - $150,000+
Some Series 65 holders specialize in advising clients on insurance products and annuities within a fee-based advisory framework. This is distinct from insurance sales -- you provide advice about insurance products rather than earning commissions from selling them.
Best for: Candidates interested in retirement income planning, annuity evaluation, and insurance needs analysis within a fiduciary framework.
Fee-Only vs. Fee-Based vs. Commission-Based Compensation
Understanding the three main compensation models is critical for career planning, as they fundamentally shape your earning potential, client relationships, and professional obligations.
Fee-Only Advisors
How they earn: Flat fees, hourly rates, or a percentage of AUM (typically 0.75-1.25%). No commissions from product sales.
| Fee Structure | Typical Range |
|---|---|
| AUM-based fee | 0.75% - 1.25% of assets |
| Flat annual fee | $2,000 - $10,000 per client |
| Hourly rate | $150 - $400 per hour |
| Financial plan fee | $1,500 - $5,000 per plan |
Fiduciary standard: Fee-only advisors operate as fiduciaries, legally required to act in clients' best interests at all times.
Growth trend: Fee-only advisory is the fastest-growing segment of the industry. Total fee-only AUM has grown at approximately 12-15% annually as clients increasingly demand conflict-free advice. This growth creates strong job security and earning potential for Series 65 holders.
License requirement: Series 65 (or Series 66 with SIE)
Fee-Based Advisors
How they earn: Combination of fees (AUM-based or flat) and commissions from certain product sales. This hybrid model is common at wirehouses and large broker-dealer-affiliated RIAs.
Typical total compensation: $80,000 - $250,000+ (base + fees + commissions)
Fiduciary consideration: Fee-based advisors act as fiduciaries when providing investment advice but may shift to a suitability standard when selling commission-based products. This dual standard is increasingly scrutinized by regulators.
License requirement: Series 65 (or Series 66) for advisory component, often plus Series 7 for commission-based product sales.
Commission-Based Advisors
How they earn: Commissions from selling financial products (mutual funds, annuities, insurance). No ongoing advisory fees.
Typical total compensation: $50,000 - $200,000+ (highly variable based on sales volume)
Standard of care: Suitability standard (recommendations must be suitable, but not necessarily in the client's best interest)
License requirement: Series 7 (with SIE) for securities sales. Series 65 not typically required unless also providing investment advice for a fee.
Which Model Pays Best Long-Term?
| Timeframe | Highest-Earning Model | Why |
|---|---|---|
| Years 1-3 | Commission-based | Immediate earning potential from sales |
| Years 3-7 | Fee-based | Combines recurring fee income with sales commissions |
| Years 7+ | Fee-only | Recurring AUM fees compound as client assets grow |
| Long-term wealth | Independent fee-only RIA | Highest revenue retention + practice equity value |
The industry trend is clearly toward fee-only. Regulatory pressure, client demand, and the economics of recurring revenue all favor the fee-only model. Series 65 holders are positioned at the center of this shift.
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The Series 65 + CFP Combination
The Series 65 + CFP (Certified Financial Planner) combination is widely considered the gold standard for financial planning and advisory careers. Here is why and how to pursue both.
Why the Combination Matters
| Credential | What It Provides |
|---|---|
| Series 65 alone | Legal authority to provide investment advice for compensation |
| CFP alone | Professional designation signaling comprehensive planning expertise |
| Series 65 + CFP | Legal authority + professional credibility + higher earning potential |
Salary impact: CFP certificants earn approximately 12-15% more than non-CFP advisors in comparable roles. The CFP designation signals expertise to clients, generates more referrals, and qualifies you for senior positions that require or prefer the CFP.
CFP Requirements
| Requirement | Details |
|---|---|
| Education | Bachelor's degree + CFP Board-registered education program |
| Exam | 170-question, 2-day exam (6 hours total) |
| Experience | 6,000 hours of professional experience (or 4,000 hours in apprenticeship) |
| Ethics | Background check + commitment to CFP Board Code of Ethics |
| Ongoing | 30 hours of continuing education every 2 years |
Recommended Sequence
Step 1: Pass the Series 65 (4-8 weeks of study, $187 exam fee) This gets you licensed and earning income as an IAR immediately.
Step 2: Start working as an IAR while accumulating CFP experience hours Your Series 65 work counts toward the CFP experience requirement.
Step 3: Complete CFP education program (12-18 months, part-time) Many programs are offered online and designed for working professionals.
Step 4: Pass the CFP exam (typically 250-300 hours of additional study) The CFP exam has a pass rate of approximately 64-67%.
Step 5: Apply for CFP certification after meeting all requirements Total timeline from Series 65 to CFP: approximately 2-4 years.
Other Valuable Credential Combinations
| Combination | Best For | Salary Impact |
|---|---|---|
| Series 65 + CFA | Investment analysis, portfolio management | +20-30% over Series 65 alone |
| Series 65 + CPA | Tax-focused financial planning | +15-25% over Series 65 alone |
| Series 65 + CIMA | Institutional consulting, wealth management | +10-20% over Series 65 alone |
| Series 65 + ChFC | Insurance-focused financial planning | +8-15% over Series 65 alone |
| Series 65 + Series 7 | Full-service advisory + brokerage | Access to commission + fee income |
Highest-Paying States for Series 65 Holders
Geographic location significantly impacts earning potential. Here are the top-paying states for personal financial advisors.
Top 10 Highest-Paying States (BLS, May 2024)
| Rank | State | Mean Annual Salary | Median Annual Salary |
|---|---|---|---|
| 1 | New York | $166,100 | $120,250 |
| 2 | Connecticut | $155,820 | $112,690 |
| 3 | District of Columbia | $151,430 | $109,560 |
| 4 | Massachusetts | $148,200 | $108,750 |
| 5 | New Jersey | $144,620 | $106,340 |
| 6 | California | $139,850 | $103,470 |
| 7 | Colorado | $132,600 | $98,260 |
| 8 | Illinois | $129,780 | $96,840 |
| 9 | Texas | $127,430 | $94,710 |
| 10 | Florida | $125,640 | $92,580 |
Why These States Pay More
Financial hub concentration: New York, Connecticut, and Massachusetts are home to the largest concentration of RIA firms, hedge funds, and wealth management practices. More competition for talent drives salaries up.
High-net-worth client density: States with more affluent populations generate larger AUM for advisors, translating to higher fees and compensation.
Cost of living adjustment: While salaries are higher in these states, cost of living is also elevated. Adjusted for cost of living, states like Texas, Florida (no state income tax), and Colorado often provide comparable or better purchasing power.
Remote and Hybrid Work Impact
The shift toward remote advisory work has expanded geographic flexibility for Series 65 holders. You can now:
- Work for a New York-based RIA firm from a lower-cost state
- Serve clients nationwide through virtual meetings
- Build an independent RIA practice without being tied to a financial hub
Important note: IAR registration requirements are state-based. If you serve clients in multiple states, you may need to register in each state where you have clients.
Job Growth Outlook: 2024-2034
The employment outlook for Series 65 holders is exceptionally strong, driven by demographic, regulatory, and market forces.
BLS Projections
| Metric | Data |
|---|---|
| Current employment (2024) | ~363,900 personal financial advisors |
| Projected growth (2024-2034) | 17% (much faster than average) |
| New jobs projected | ~61,900 additional positions |
| Average annual openings | ~26,200 (including replacements) |
| Growth rate vs. all occupations | 2.5x faster than the 7% average |
What Is Driving This Growth?
1. Aging population and retirement wave Approximately 73 million Baby Boomers are retiring over the next decade, creating massive demand for retirement planning, income distribution strategies, and wealth transfer advice.
2. Increasing financial product complexity The proliferation of investment products (ETFs, alternatives, structured notes, cryptocurrency) makes professional advice more valuable. Clients struggle to navigate the options on their own.
3. Regulatory shift toward fiduciary standards The industry is moving toward fiduciary-standard advice, which requires Series 65 licensure. As more firms adopt fee-only or fee-based models, demand for Series 65 holders increases.
4. Great Wealth Transfer An estimated $84 trillion in wealth will transfer from Baby Boomers to younger generations over the next two decades. Financial advisors who can serve both generations (the transferring and the inheriting) will be in high demand.
5. Technology amplifying advisor capacity Technology (robo-advisors, planning software, AI tools) allows advisors to serve more clients, making the profession more scalable and profitable -- which attracts more entrants and creates more roles.
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Common Job Titles for Series 65 Holders
Here are the specific job titles you can pursue with a Series 65, organized by experience level.
Entry-Level (0-3 years)
| Job Title | Typical Salary | Description |
|---|---|---|
| Associate Financial Advisor | $55,000-$80,000 | Supports senior advisors with client service and planning |
| Junior Investment Adviser Representative | $55,000-$75,000 | Provides basic investment advice under supervision |
| Financial Planning Associate | $50,000-$72,000 | Prepares financial plans and analysis for lead planners |
| Client Service Associate (IAR) | $48,000-$68,000 | Manages client relationships and account administration |
| Paraplanner | $50,000-$70,000 | Creates financial plan drafts and research for CFP planners |
Mid-Career (3-10 years)
| Job Title | Typical Salary | Description |
|---|---|---|
| Financial Advisor / IAR | $85,000-$150,000 | Manages own book of clients with full advisory authority |
| Wealth Advisor | $95,000-$175,000 | Serves high-net-worth clients with comprehensive advice |
| Senior Financial Planner | $100,000-$160,000 | Leads complex financial planning engagements |
| Portfolio Manager | $95,000-$180,000 | Manages investment portfolios for multiple clients |
| Vice President, Advisory Services | $110,000-$190,000 | Leads advisory team at an RIA or wealth management firm |
Senior-Level (10+ years)
| Job Title | Typical Salary | Description |
|---|---|---|
| Managing Director | $150,000-$300,000+ | Oversees advisory operations and top-tier client relationships |
| Partner / Principal | $180,000-$400,000+ | Equity owner in an RIA firm with profit sharing |
| Chief Investment Officer | $175,000-$350,000+ | Leads investment strategy and portfolio construction |
| RIA Firm Owner | $100,000-$500,000+ | Owns and operates an independent advisory practice |
| Director of Financial Planning | $140,000-$250,000 | Leads planning department at large advisory firm |
Is the Series 65 Worth It? ROI Analysis
Let us put hard numbers on the return on investment for earning your Series 65.
Cost to Obtain
| Expense | Amount |
|---|---|
| Exam fee | $187 |
| Study materials (free to premium) | $0-$500 |
| Study time (80-120 hours at opportunity cost) | Variable |
| Total out-of-pocket cost | $187-$687 |
Lifetime Earnings Impact
| Scenario | 10-Year Earnings | 20-Year Earnings |
|---|---|---|
| Without Series 65 (non-advisory role) | $500,000-$700,000 | $1.2M-$1.8M |
| With Series 65 (IAR at RIA firm) | $850,000-$1.5M | $2.0M-$3.5M |
| With Series 65 + CFP (senior advisor) | $1.0M-$2.0M | $2.5M-$5.0M |
| With Series 65 (independent RIA owner) | $1.2M-$3.0M | $3.0M-$8.0M+ |
Comparison to Other Credentials
| Credential | Cost | Time Investment | Median Salary Unlocked |
|---|---|---|---|
| Series 65 | $187-$687 | 80-120 hours | $99,580 |
| CFA Charter | $3,000-$5,000 | 900+ hours (3 exams) | $126,000 |
| CFP Certification | $5,000-$10,000 | 500+ hours + experience | $110,000 |
| MBA (top program) | $100,000-$200,000 | 2 years full-time | $115,000-$150,000 |
| Series 7 + SIE | $325 | 150-200 hours | $85,000 (registered rep) |
The Series 65 offers the highest salary-per-dollar-invested of any professional credential in financial services. At $187-$687 for a $99,580 median salary, the ROI is extraordinary.
Building Your Series 65 Career: A Strategic Roadmap
Year 1: Get Licensed and Start Earning
- Pass the Series 65 (4-8 weeks of study)
- Join an RIA firm as an associate advisor or IAR
- Build foundational skills: client communication, financial planning software, portfolio management
- Start building relationships: ask for mentorship, attend industry events, join FPA or NAPFA
- Begin CFP education if financial planning is your target
Years 2-3: Develop Your Specialty
- Build your own client book through referrals and firm-assigned leads
- Choose a specialty: retirement planning, tax planning, estate planning, or investment management
- Earn the CFP or other relevant credential (CFA, CPA, ChFC)
- Target AUM milestones: $10M managed by Year 2, $25M by Year 3
Years 4-7: Accelerate Growth
- Advance to senior advisor or team lead role
- Develop business development skills: prospecting, networking, niche marketing
- Target AUM milestone: $50M-$100M
- Consider partnership track at your firm or beginning independent RIA planning
Years 8+: Maximize Earning Potential
- Pursue partnership or firm ownership if entrepreneurially inclined
- Build a recognized personal brand in your specialty
- Target AUM milestone: $100M+ (for independent advisors)
- Consider acquisition: buying retiring advisors' client books to accelerate growth
- Diversify revenue: add planning fees, speaking, writing, or consulting
Key Takeaways
- Series 65 holders earn $55,000-$300,000+ annually, with the median personal financial advisor salary at $99,580 and top earners exceeding $239,200
- Six major career paths are available: RIA firm advisor, wealth manager, financial planner, independent RIA owner, FinTech advisory, and insurance advisory
- Fee-only advisory is the fastest-growing segment, with AUM growing at 12-15% annually as the industry shifts toward fiduciary standards
- The Series 65 + CFP combination is the gold standard for advisory careers, with CFP holders earning 12-15% more than non-CFP advisors
- Job growth of 17% through 2034 (2.5x the national average) means strong demand for Series 65 holders in the coming decade
- The ROI is extraordinary: $187-$687 in costs for a career with a $99,580 median salary and significant upside potential
- Top-paying states are New York, Connecticut, Massachusetts, and California, though remote work is expanding geographic flexibility
- Independent RIA ownership offers the highest long-term earning potential, with firm owners managing $50M-$100M+ in AUM earning $200,000-$500,000+ annually
The Series 65 is more than an exam -- it is the entry point to one of the most rewarding and in-demand careers in financial services. With no prerequisites, a $187 exam fee, and 80-120 hours of study, it offers an unmatched pathway to a high-earning, high-growth profession.
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