According to the study highlighted in the December issue of the magazine, the average financial advisor and mortgage broker each has $39,000 in the bank, but the former averages $510,000 in a personal investment portfolio while the latter levels out at $273,000.
The lifestyle survey was designed to flesh out key details about the average mortgage broker, and now, in its second year, is comparing that lifestyle to that of another key financial services “salesperson,” the wealth advisor.
The survey, the result of individual polling of hundreds of advisors and brokers, also suggests that financial planners typically work an extra two hours a day for an average of nine hours versus just seven for the typical mortgage broker. The study doesn’t hazard a guess as to what if any impact that has on the size and strength of an advisor's earnings and portfolio relative to his or her brokering counterpart.
The answer may lie in the other salient results of the research. The CMP survey also measured the average time spent on the job and average home equity.
To see more on the lifestyle survey, pick up a copy of December’s Canadian Mortgage Professional Magazine available this week.