Hire a 1099 Financial Advisor in Massachusetts
What it costs to engage an independent financial advisor in Massachusetts, and how to keep the engagement compliant.
- Financial Advisors employed
- 7,410
- Median annual pay
- $101,320
- 1099 equivalent
- $135,146
- Suggested hourly
- $81.22
- State income tax
- Yes
BLS OEWS, May 2024
all employment types
1.33× — estimate
at 80% utilisation
on top of federal
Engaging a 1099 financial advisor in Massachusetts means competing for people inside a pool of 7,410 personal financial advisors, against a median wage of $101,320. 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 Massachusetts.
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.
The Massachusetts market for personal financial advisors
BLS counts 7,410 personal financial advisors across Massachusetts. 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 3,705 people. Treat that as an order of magnitude, not a census.
Concentration is the more interesting number. The location quotient is 1.16, meaning personal financial advisors make up a share of local employment 16% larger than they do nationally. Demand here is structural, not incidental.
Massachusetts reads as a representative market: no unusual concentration, no pay premium, no unusual scarcity.
Budgeting for a 1099 financial advisor
The honest comparison is not salary against contract rate — it is fully loaded cost against contract rate. A W-2 financial advisor in Massachusetts at the $101,320 median costs roughly $125,432 once you add employer payroll tax and a conservative benefits load. A contractor quoting $135,146 for the same output is close to cost-neutral, and you carry none of the unemployment insurance, benefits administration or severance exposure.
Where 1099 genuinely wins is variable demand. You pay for the engagement, not the calendar, and you can scale a territory or a project up and down without a headcount decision. Where it loses is control: the moment you need to set someone's hours, supply their tools and forbid other clients, you are describing an employee, and Massachusetts's agencies will say so.
Costs a 1099 engagement avoids that payroll does not:
- Employer FICA at 7.65% of wages
- Federal and state unemployment insurance
- Workers' compensation premiums in most classifications
- Health, dental and retirement contributions
- Paid leave, holidays and severance exposure
The classification caveat
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. Massachusetts also applies its own test, which can reach a different answer than the IRS does on identical facts.
Where the personal financial advisors are in Massachusetts
Statewide totals hide how concentrated the work is. These 6 metros account for the bulk of Massachusetts's financial advisor employment:
| Metro | Employed | Median annual | Population |
|---|---|---|---|
| Boston | 6,440 | $101,320 | 5.0 million |
| Providence | 1,350 | $100,420 | 1.7 million |
| Worcester | 240 | $110,720 | 881,000 |
| Springfield | 170 | $102,210 | 464,000 |
| Barnstable Town | 110 | $135,000 | 233,000 |
| Pittsfield | 70 | $132,170 | 129,000 |
The pay range in Massachusetts
$101,320 is the midpoint in Massachusetts. That works out to $48.71 an hour at a standard 2,080-hour year. That is in line with 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 | $65,060 | $31.28 |
| Median | $101,320 | $48.71 |
| Mean | $147,450 | $70.89 |
Benchmarking Massachusetts
Against the national median of $102,140 it is effectively level. 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 |
|---|---|---|---|---|
| Massachusetts | 7,410 | $101,320 | — | 1.16 |
| United States | 270,480 | $102,140 | — | — |
Where to look next
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, Massachusetts included.
Frequently asked questions
What hourly rate should a 1099 financial advisor charge in Massachusetts?
About $81.22 an hour at 80% utilisation, derived from the $101,320 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.
How much does a 1099 financial advisor make in Massachusetts?
The median financial advisor in Massachusetts earns $101,320 a year according to BLS OEWS data for May 2024, covering W-2 and 1099 workers together. Working 1099, you would need roughly $135,146 in gross billings to match that median after self-employment tax and unfunded benefits.
How often do 1099 contractors pay taxes in Massachusetts?
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. Massachusetts runs its own estimated-payment schedule alongside the federal one.
Is 1099 work better than a W-2 job in Massachusetts?
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.
Do I need an LLC to work 1099 in Massachusetts?
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. Massachusetts sets its own formation fee and annual report requirements.
How many personal financial advisors work in Massachusetts?
BLS counts 7,410 personal financial advisors in Massachusetts. 1099WORK estimates roughly 3,705 of them work on a 1099 basis, though BLS does not publish that split.