1099 Financial Advisor Jobs in Memphis, TN
Pay, market size and contractor rates for independent personal financial advisors across the Memphis, TN-MS-AR area.
- Financial Advisors employed
- 870
- Median annual pay
- $98,260
- 1099 equivalent
- $131,064
- Suggested hourly
- $78.76
- Metro population
- 1.3 million
BLS OEWS, May 2024
all employment types
1.33× — estimate
at 80% utilisation
Census, 2024
Memphis, TN-MS-AR has 870 personal financial advisors and a median wage of $98,260. This page works through what that means for an independent contractor: the pay spread, the rate you need to quote to come out ahead of payroll, and the tax and classification rules that apply in Tennessee.
Every figure is from the Bureau of Labor Statistics' Occupational Employment and Wage Statistics programme (May 2024) or the Census Bureau's 2024 population estimates. Where BLS suppressed a number for this market, the sentence that would have used it is simply absent — nothing here is filled in with an estimate unless it is labelled as one.
Memphis by the numbers
The occupation employs 870 people across Memphis, TN-MS-AR. That figure counts every employment arrangement, W-2 and 1099 alike — BLS does not split the two. Applying 1099WORK's estimate that roughly 50% of personal financial advisors work on a 1099 basis puts the independent share near 435 people. Treat that as an order of magnitude, not a census. By headcount the market ranks 51st of the 333 metro areas where BLS publishes a figure for this occupation.
The location quotient is 0.80 — personal financial advisors are 20% less concentrated here than in the average US market. That thins the employer pool, but it also thins the competition for the contracts that do exist. The metro accounts for 20% of Tennessee's total employment in the occupation. The metro's population is 1.3 million, roughly flat since 2020.
Where the occupation is under-represented, the constraint is finding buyers rather than beating rivals to them. Tennessee's lack of a state income tax is worth several points of net income at these levels, and it does not appear anywhere in the BLS figures.
Earnings in Memphis
The median financial advisor in Memphis earns $98,260 a year. That works out to $47.24 an hour at a standard 2,080-hour year. That is 3.8% below the national median of $102,140.
These are W-2 and 1099 earnings combined, before any contractor adjusts for self-employment tax and unfunded benefits — which is what the next section is for.
| Percentile | Annual | Hourly |
|---|---|---|
| 10th percentile | $39,110 | $18.80 |
| Median | $98,260 | $47.24 |
| Mean | $171,900 | $82.64 |
Local, state and national side by side
Memphis pays 9.9% above the Tennessee median. Against the national median of $102,140 it sits 3.8% below. The location quotient column is the one worth reading twice: it measures how concentrated the occupation is relative to the national average, and it moves independently of pay.
| Area | Employed | Median annual | 90th percentile | Location quotient |
|---|---|---|---|---|
| Memphis | 870 | $98,260 | — | 0.80 |
| Tennessee | 4,350 | $89,390 | — | 0.76 |
| United States | 270,480 | $102,140 | — | — |
What to charge as a 1099 financial advisor
A 1099 contract that pays the same headline number as a W-2 job is a pay cut. You pick up the employer's half of payroll tax, you stop being paid for holidays and time off, and health cover and retirement come out of your own revenue. Matching a $98,260 salary in Memphis therefore takes about $131,064 in contractor gross — a multiplier of 1.33×.
Spread across a full 2,080-hour year that is $63.01 an hour. Nobody bills 2,080 hours: at a more realistic 80% utilisation, with the rest going to admin, invoicing and finding the next contract, the number you should quote is closer to $78.76.
The 1.33× multiplier assumes:
- 7.07% for the employer half of FICA, which self-employment tax shifts onto you
- 20 unpaid days a year — roughly ten holidays plus two weeks off
- 15% for health coverage and retirement you now fund yourself
- excludes business insurance, mileage, accounting fees and unbilled time
Nearby markets for personal financial advisors
Contractors are not bound by a metro line the way a commuting employee is, and the neighbouring markets often price the same work differently. Within reach of Memphis:
| Metro | Employed | Median annual |
|---|---|---|
| Nashville | 1,650 | $88,300 |
| Knoxville | 580 | $59,870 |
| Little Rock | 490 | $78,920 |
| Jackson | 360 | $78,530 |
| Fayetteville | 270 | $78,330 |
What you owe in Memphis
Nothing is withheld from a 1099 payment. You pay self-employment tax at 15.3% on 92.35% of net profit, plus income tax, in four estimated payments a year. At the Memphis median that is roughly $3,471 a quarter in self-employment tax alone, before income tax. Tennessee levies no state income tax, so the federal bill is close to the whole picture.
Is this really 1099 work?
Labelling an engagement 1099 does not make it 1099 — the IRS weighs who controls the work, who supplies the tools and who carries the risk. For personal financial advisors the usual flashpoints are set schedules, employer-supplied equipment and exclusivity clauses. Tennessee also applies its own test, which can reach a different answer than the IRS does on identical facts.
Getting in front of the buyers
1099WORK is a marketplace built for 1099 engagements specifically: companies post a defined scope, personal financial advisors keep one verified profile, and agreements, onboarding and payment happen in the same place. It launched as 1099REPS for independent medical sales reps and now covers the wider 1099 economy, Memphis included.
Frequently asked questions
How many personal financial advisors work in Memphis?
BLS counts 870 personal financial advisors in Memphis. 1099WORK estimates roughly 435 of them work on a 1099 basis, though BLS does not publish that split. That is 51st of 333 US metro areas.
Is 1099 work better than a W-2 job in Memphis?
It depends entirely on rate and stability. 1099 wins on control, deductibility and upside; W-2 wins on predictability, benefits and unemployment cover. As a rule of thumb, a 1099 engagement needs to pay about 1.33× the equivalent salary before it is genuinely better money.
How much does a 1099 financial advisor make in Memphis?
The median financial advisor in Memphis earns $98,260 a year according to BLS OEWS data for May 2024, covering W-2 and 1099 workers together. Working 1099, you would need roughly $131,064 in gross billings to match that median after self-employment tax and unfunded benefits.
What hourly rate should a 1099 financial advisor charge in Memphis?
About $78.76 an hour at 80% utilisation, derived from the $98,260 local median. That builds in the employer half of payroll tax, twenty unpaid days a year and a 15% allowance for self-funded health cover and retirement. It excludes business insurance, mileage and unbilled sales time.
Do I need an LLC to work 1099 in Memphis?
No. A sole proprietor can accept 1099 work under their own name and Social Security number, and many contractors start that way. An LLC adds liability separation and lets you elect S-corp taxation once profit is high enough for the payroll-tax saving to beat the extra filing cost. Tennessee sets its own formation fee and annual report requirements.
How often do 1099 contractors pay taxes in Memphis?
Quarterly. The IRS expects estimated payments in mid-April, mid-June, mid-September and mid-January, and charges an underpayment penalty for missing them even if you pay in full at filing. Tennessee has no state income tax, so the federal schedule is the whole calendar for most contractors there.