RJ and Makay

Financial advisors' earnings declined 11% last year, indicates a new poll by the College for Financial Planning. Among 345 Certified Financial Planner (CFP) certificants and recent graduates of the College's CFP program, average annual earnings were $190,922 last year compared with $215,345 in 2009 and $195,349 in 2008. Residual effects of the recession were responsible for last year's decline, the College suggests.

Although they made less money last year, 94% of respondents said they're happy with their career choice. The poll also found respondents are:

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.