FPQP Salary

Written by: Nik Ventouris

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FPQP Salary

If you’re considering a career in the wealth management industry, earning a Financial Paraplanner Qualified Professional (FPQP) certification can be a game-changer.

This article aims to provide comprehensive insights into the FPQP Salary potential for certified professionals, the factors affecting those salaries, and how to earn the certification.

FPQP Salary Overview

In the financial planning sector, holding an FPQP certification can substantially influence your earning trajectory.

While the base pay for entry-level positions is competitive, the real advantages emerge as you scale the career ladder. Most FPQPs will earn periodic salary increases as they accumulate expertise and responsibilities. Employers may also offer additional benefits like bonuses and profit sharing, contributing to a more lucrative compensation package.

For a more in-depth overview of the FPQP qualification, check out our FPQP Designation article.

Factors Influencing Salary

The salary prospects for someone with an FPQP certification can be quite broad, and are influenced by a variety of elements. These can include your own professional experience and the location where you work.

Let’s take a deeper look into the key factors that can impact your earning potential:

Role

The specific job role you take on will also greatly influence your salary. The FPQP certification is a versatile credential that can open doors to different positions within the financial sector.

A financial paraplanner, which is often an entry-level role, might come with a lower salary range of $40,000 to $55,000. On the other hand, stepping up to a financial advisor role could elevate your earnings to between $50,000 and $100,000 per year, not including commissions or bonuses.

Specialized roles like wealth managers, who primarily handle high-net-worth clients, could even command salaries in the range of $80,000 to $150,000 annually.

Experience

Your experience will also inevitably affect your salary, particularly when you progress to more supervisory roles and/or develop a strong client base.

This means that the extent through which an FQPQ designation will affect your current earnings will ultimately depend on how long you’ve been operating in the financial services industry, as well as in what niche you are working in.

Location

Your geographical location can also play a huge role in determining your salary. The cost of living varies dramatically across different cities and states, and employers often adjust salaries to reflect these differences.

For example, working in a big city like New York or San Francisco generally comes with a higher pay scale to offset the higher living costs. The same job that pays around $50,000 in a smaller town could pay up to $70,000 or more in a larger city.

Having a deep understanding of these key factors can significantly impact your earning potential. It allows you to strategically position yourself in the job market and gives you a robust foundation for salary negotiations during job interviews.

Recommended Study Materials

Interested in commencing your FPQP studies? We recommend having a look at Kaplan’s in-depth study materials.

4.7 out of 5 starsKaplan Financial

FPQP Certification Jobs

Once you’ve acquired your FPQP certification, you’ll find that a variety of career opportunities will become accessible to you. These roles offer different challenges, responsibilities, and salary ranges.

Let’s take a detailed look at some of the key positions that you could find yourself working in:

Financial Paraplanner

Starting your career with an FPQP certification often means taking up an entry-level role as a financial paraplanner.

In this capacity, your main duties will include assisting financial advisors in preparing financial plans, analyzing data, and helping manage client portfolios.

Keep in mind that operating as a financial paraplanner is often a stepping stone into more senior positions within the financial services industry, which can offer much more robust salary ranges.

Financial Advisor

Once you’ve garnered some experience, you might transition into a financial advisor role. In this position, you’ll have the opportunity to directly consult with clients, providing tailored advice on investments, retirement plans, taxes, and other financial matters.

This role offers higher earning potential with salaries ranging from $50,000 to $100,000 per year. On top of that, many financial advisors also earn additional income through commissions on the financial products they sell, bonuses, or a share of the assets they manage.

Wealth Manager

For those looking to specialize further, becoming a wealth manager is a highly lucrative route. This role is tailored for dealing with high-net-worth clients, offering comprehensive financial planning services that might include investment management, tax planning, estate planning, and more.

The salary range for this role is quite broad, typically ranging from $80,000 to $150,000 per year. However, some wealth managers who handle extremely high net worth clients can earn significantly more, especially when performance-related bonuses and commissions are factored in.

Ready to get started? StateRequirement recommends having a look at Kaplan’s study materials and resources.

4.7 out of 5 starsKaplan Financial

FPQP Salary FAQ

What is the difference between FPQP and CFP?

An FPQP (Financial Paraplanner Qualified Professional) is an entry-level certification aimed at those who assist financial advisors. A Certified Financial Planner (CFP), on the other hand, is a more advanced designation for professionals who provide direct financial advice to clients.

What does an FPQP do?

An FPQP (Financial Paraplanner Qualified Professional) assists financial planners in collecting and analyzing financial data. They often work on tasks like preparing reports, implementing recommendations, and gathering client information. Note: The scope of their duties can vary depending on the firm they work for and specific client needs.

Is paraplanning a good career?

Paraplanning can be a rewarding and lucrative career. In terms of FPQP salaries, you can expect a noticeable bump in your earning potential, particularly for those interested in finance but not eager to work in sales. An FPQP certification opens doors to valuable experience and serves as a springboard into higher roles, like financial advisor positions, that offer even greater income potential.

Is the FPQP worth it?

Acquiring an FPQP certification can significantly elevate your job prospects and earning potential in the financial services sector. It is particularly beneficial for those at the onset of their careers, providing a foundational skill set and credential that can be built upon. Interested in finding out more? Take a look at our FPQP Designation article.

What is the most prestigious designation for financial planners?

The most prestigious designation for financial planners is the CFP (Certified Financial Planner). This certification is globally recognized and requires rigorous education, experience, and ethical standards. Other highly prestigious designations include the CFA and the ChFC certifications.

Read More

For all related articles, have a look at our Financial Advisor Resources page.