Financial Advisor Salary in Richmond, VA
Financial Advisors in Richmond, VA earn a median of $83,000/year, ranging from $63,910 (25th percentile) to $132,800 (90th percentile). After Virginia state taxes (5.75%) and cost-of-living adjustments (COL index 101), this is equivalent to $82,178 in purchasing power vs the US average.
On the ground in Richmond, VA
Federal Reserve and large insurance-carrier executive comp shape a distinctive, conservative practice. Notable employers in this market include Edward Jones, Wells Fargo Advisors, and Davenport & Company, plus RIAs like Heritage Wealth Advisors and Wilbanks Smith & Thomas. A 1BR in the Fan or Museum District runs around $1,400/mo and a 2BR in Bon Air closer to $1,700/mo. GRTC Pulse covers Broad Street but most advisors drive 64 or 288. Virginia's progressive income tax tops out at 5.75 percent. Capital One and Markel executive equity, plus federal employee TSP-rollover and FERS pension valuations from the local Federal Reserve Bank, fill calendars. CFP plus CFA combinations and CPA-firm partnerships dominate the senior-advisor mix.
1Salary Distribution in Richmond, VA
2Estimated Take-Home & Purchasing Power
* Estimates only. Does not include federal income tax, 401k, health insurance, or local taxes. Use the Salary Calculator for a detailed breakdown.
How Does Richmond, VA Compare?
| City | Median | COL Index | COL-Adjusted |
|---|---|---|---|
| Richmond, VA (current) | $83,000 | 101 | $82,178 |
| San Francisco, CA | $126,000 | 186 | $67,742 |
| New York, NY | $121,000 | 187 | $64,706 |
| Seattle, WA | $122,000 | 162 | $75,309 |
| Boston, MA | $112,000 | 162 | $69,136 |
| Austin, TX | $101,000 | 124 | $81,452 |
4Frequently Asked Questions
What is the average Financial Advisor salary in Richmond, VA?
The median Financial Advisor salary in Richmond, VA is $83,000 per year as of 2026 BLS OEWS data. The 25th percentile is $63,910 and the 90th percentile is $132,800.
Is Richmond, VA a good place to work as a Financial Advisor?
Richmond, VA has a cost of living index of 101 (US average = 100). After adjusting for cost of living, a $83,000 Financial Advisor salary in Richmond, VA is equivalent to $82,178 in purchasing power compared to the US average.
What is the cost of living adjustment for Richmond, VA?
Richmond, VA has a cost of living index of 101, meaning it is 1% more expensive than the US average. The state income tax rate in Virginia is approximately 5.75%.
What is the Financial Advisor salary range in Richmond, VA?
In Richmond, VA, Financial Advisors earn between $63,910 (25th percentile) and $132,800 (90th percentile), with a median of $83,000 per year.
How many Financial Advisor jobs are there in Richmond, VA?
According to BLS OEWS data, there are approximately 11,200 Financial Advisor positions in the Richmond, VA metropolitan area.
What do Financial Advisors earn in Richmond, VA?
Based on BLS OEWS 2026 data, Financial Advisors in Richmond, VA earn a median annual wage of $83,000. The middle 50% earn between $63,910 and $106,240. The top 10% earn more than $132,800. There are approximately 11,200 Financial Advisors employed in the Richmond, VA metro area, with annual job growth estimated at 4.3%.
Is Richmond, VA a good place for a Financial Advisor?
Richmond, VA has a cost of living index of 101 (US average = 100), making it 1% more expensive than the national average. After adjusting for cost of living, a Financial Advisor in Richmond, VA earning $83,000has the equivalent purchasing power of $82,178 relative to the US median. Virginia has a state income tax rate of approximately 5.75%.
What is the cost of living adjustment for Richmond, VA?
Richmond, VA's cost of living index is 101, based on composite data including housing, food, transportation, healthcare, and utilities. This means that $83,000 in Richmond, VAhas the same purchasing power as $82,178 in a city at exactly the US average cost of living. Housing is typically the largest driver of cost of living differences between metros.
Compare Richmond, VA with Another City
See a detailed side-by-side comparison of salary, taxes, and purchasing power.
5Should You Work as a Financial Advisor in Richmond, VA?
The headline median of $83,000 is only part of the picture. Richmond, VA's cost of living index is 101 (US average = 100), meaning a dollar here buys roughly 99¢ of what it buys in an average US city. The $83,000 salary effectively purchases $82,178 worth of goods and services at national-average prices.
Housing is the single biggest driver of cost-of-living differences between metros. In Richmond, VA, housing costs fall closer to the national average of 25–30% of gross income, leaving more room in the budget for savings, transportation, and discretionary spending. For a $83,000 salary, that translates to roughly $23,240/year on housing alone.
State tax plays a meaningful but smaller role. Virginia levies a state income tax of approximately 5.75%, which reduces take-home by roughly $4,773 per year on this salary. States with zero income tax (Texas, Florida, Washington, Tennessee, Nevada) offer a structural advantage, but often offset it with higher sales tax or property tax. After state tax and approximate federal FICA (~7.6%), the estimated take-home is $72,282. This excludes federal income tax, which varies by filing status and deductions.
For comparison, here are nearby alternatives: San Francisco, CA ($126,000 median, COL 186); New York, NY ($121,000 median, COL 187); Seattle, WA ($122,000 median, COL 162). If you're optimizing for purchasing power, compare the COL-adjusted column in the table above and pick the highest number. If you're optimizing for career progression, weight total employment and yearly growth in the role — larger markets offer more lateral moves and promotion velocity, even when nominal pay is lower.
The 4.3% year-over-year growth rate for Financial Advisors in Richmond, VA is a leading indicator of market health. Healthy growth at a steady pace — enough to support mobility but not so fast that compensation is racing ahead of credentials. For side-by-side comparisons, try the full city ranking for Financial Advisors or the Virginia state overview.
Data source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS) Program. All figures are approximate annual estimates based on the most recent available BLS data. Actual salaries may vary based on experience, education, employer size, and specific role. Cost-of-living data represents composite indices from publicly available metropolitan area data.