RJ and Makay

A new salary survey by the Financial Planning Association (FPA) confirms it: Having those letters after your name makes a difference in how much income you make as a financial advisor. And some designations provide more of an advantage than others.

For example, a senior financial planner with the Chartered Life Underwriter (CLU) or Chartered Financial Consultant (ChFC) credentials earns 28% to 31% more than a Certified Financial Planner (CFP) certificant, according to the survey. Indeed, median annual compensation for senior planners with a ChFC or CLU was $130,000 to $133,000 compared with $101,000 for those with a CFP. Among sole practitioners, median annual compensation ChFCs and CLUs was $83,000 to $89,000 versus $80,000 for CFPs.