Planner Compensation 2023

As we strive to be radically transparent at MY Wealth Planners®, today I thought I’d publicly share our pay and benefits scales for 2023. Briefly, this is broken out into descriptions of job tiers, compensation based on Longmont, CO residency, and a summary of benefits as we offer them.

Job Tiers

Careers at MY Wealth Planners in the “financial planner” career track have four tiers.

Planner Assistant

A planner assistant is an unlicensed support staff role. They do not provide planning or advice functions, and work in operations, helping with things like CRM, report generation, and client service. The minimum qualifications are a High School Diploma or one year of relevant experience.

Associate Planner

An associate planner is the entry-level of the financial planner career track. They act in a “paraplanner” role, attending meetings, taking notes, developing financial plan models, and supporting a lead financial planner in client service. The minimum qualifications are an associate’s degree and Series 65.

Financial Planner 

A financial planner supports clients independently but as part of a team structure, and is capable of handling new client relationships, developing complex financial planning models, and advising clients without supervision. The minimum qualifications are a bachelor’s degree, 2 years of experience, the CFP® Certification, and the Series 65.

Lead Financial Planner

A lead financial planner is the head of a financial planning team and is responsible for the supervision and support of the clients served by their team. Their responsibilities primarily focus on client-facing work, and mentorship of the Financial Planner and Associate Planner in their team. The minimum qualifications are a Master’s Degree, 5 years of experience, the CFP® Certification, two supporting financial designations, and the Series 65.

Planner Compensation for 2023

The payscales shown are based on Longmont, CO cost of living. To adjust for regional cost of living differences, you can use tools such as Best Place’s Cost of Living Calculator.

Years of Experience	Planner Assistant	Associate Planner	Financial Planner	Lead Financial Planner
0	$48,069.37	$70,902.33	N/A	N/A
1	$48,550.07	$71,611.35	N/A	N/A
2	$49,035.57	$72,327.47	$96,138.74	N/A
3	$49,525.92	$73,050.74	$97,100.13	N/A
4	$50,021.18	$73,781.25	$98,071.13	N/A
5	$50,521.39	$74,519.06	$99,051.84	$165,415.09
6	$51,026.61	$75,264.25	$100,042.36	$167,069.24
7	$51,536.87	$76,016.90	$101,042.79	$168,739.94
8	$52,052.24	$76,777.06	$102,053.21	$170,427.34
9	$52,572.76	$77,544.84	$103,073.75	$172,131.61
10	$53,098.49	$78,320.28	$104,104.48	$173,852.93
11	$53,629.48	$79,103.49	$105,145.53	$175,591.45
12	$54,165.77	$79,894.52	$106,196.98	$177,347.37
13	$54,707.43	$80,693.47	$107,258.95	$179,120.84
14	$55,254.50	$81,500.40	$108,331.54	$180,912.05
15	$55,807.05	$82,315.41	$109,414.86	$182,721.17
16	$56,365.12	$83,138.56	$110,509.01	$184,548.38
17	$56,928.77	$83,969.95	$111,614.10	$186,393.87
18	$57,498.06	$84,809.64	$112,730.24	$188,257.81
19	$58,073.04	$85,657.74	$113,857.54	$190,140.38
20	$58,653.77	$86,514.32	$114,996.12	$192,041.79
21	$59,240.31	$87,379.46	$116,146.08	$193,962.21
22	$59,832.71	$88,253.26	$117,307.54	$195,901.83
23	$60,431.04	$89,135.79	$118,480.61	$197,860.85
24	$61,035.35	$90,027.15	$119,665.42	$199,839.45
25	$61,645.70	$90,927.42	$120,862.07	$201,837.85
26	$62,262.16	$91,836.69	$122,070.69	$203,856.23
27	$62,884.78	$92,755.06	$123,291.40	$205,894.79
28	$63,513.63	$93,682.61	$124,524.31	$207,953.74
29	$64,148.76	$94,619.44	$125,769.56	$210,033.28
30	$64,790.25	$95,565.63	$127,027.25	$212,133.61

Bonus Compensation

Gainshare Bonus

30% of Revenue above Quarterly EBITDA Targets is distributed as a firmwide bonus on a per-capita basis.

Individual Bonus

50% of first-year fees are credited as an individual bonus to the planner who onboards the new client relationship.

Benefits

Retirement Plan

401(k) offering a 6% match, vested immediately, through Guideline.

Health, Vision & Dental Insurance

ACA Gold Plan is offered for free to employees, Silver HSA-Eligible plan is optionally available, also for free to employees. Vision and dental insurance are provided for free to employees.

Disability Insurance

60% Income Replacement Short-Term and Long-Term Disability Insurance provided for free for employees.

Life Insurance

$50,000 policy provided for free to employees. Optional coverage is available in $1,000 increments up to 10x annual salary.

FSA & HSA

HSA available to employees on the ACA Silver plan. Healthcare FSA and Dependent Care FSA are available to all employees.

Holidays

The following days are off for the year.

• New Year’s Day
• Martin Luther King Jr., Day
• President’s Day
• Good Friday
• Memorial Day
• Juneteenth
• Independence Day
• Labor Day
• Columbus Day / Indigenous People’s Day
• Election Day
• Veteran’s Day
• The Week of Thanksgiving
• The Last Two Weeks of the Year

Vacation

Unlimited vacation policy.

Education

MY Wealth Planners will pay for up to $5,250 of education expenses annually for those pursuing their college degrees or designations in support of their financial planning role.

Sabbatical

Employees receive a paid sabbatical every 5 years and a bonus to fund the activities on the sabbatical.

Years in Service	Sabbatical Duration	Sabbatical Bonus
5 Years	30 Days	$5,000
10 Years	60 Days	$10,000
15 Years	90 Days	$15,000
20 Years	120 Days	$20,000
25 Years	150 Days	$25,000
30 Years	180 Days	$30,000

Paternity & Maternity Leave

Employees receive 6 months of maternity and paternity leave, paid. The policy applies to both biological and adopted children.

Military & Jury Leave

Employees receive full pay and benefits during terms of military service (orders, training, and deployment) and Jury Duty.

Bereavement Leave

Employees receive two weeks of full compensation and benefits for the loss of family members.

Family Medical Leave

Employees may take up to 12 weeks of paid family and medical leave for personal healthcare needs or to caretake for an ill family member.