Hire a 1099 Financial Advisor in Wisconsin
What it costs to engage an independent financial advisor in Wisconsin, and how to keep the engagement compliant.
- Financial Advisors employed
- 5,240
- Median annual pay
- $115,680
- 1099 equivalent
- $154,300
- Suggested hourly
- $92.73
- 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 Wisconsin means competing for people inside a pool of 5,240 personal financial advisors, against a median wage of $115,680. 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 Wisconsin.
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.
How big the Wisconsin market is
5,240 people work as personal financial advisors in Wisconsin. 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 2,620 people. Treat that as an order of magnitude, not a census.
The location quotient is 1.02, within a rounding error of the national average. This is a representative market rather than a specialised one.
The pay premium over the national figure also gives a contractor room to price above a national rate card.
The real cost comparison
The honest comparison is not salary against contract rate — it is fully loaded cost against contract rate. A W-2 financial advisor in Wisconsin at the $115,680 median costs roughly $143,209 once you add employer payroll tax and a conservative benefits load. A contractor quoting $154,300 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 Wisconsin'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
Before you sign
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. Wisconsin 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 Wisconsin
Statewide totals hide how concentrated the work is. These 8 metros account for the bulk of Wisconsin's financial advisor employment:
| Metro | Employed | Median annual | Population |
|---|---|---|---|
| Minneapolis | 4,860 | $99,070 | 3.8 million |
| Milwaukee | 2,680 | $121,220 | 1.6 million |
| Madison | 580 | $123,840 | 708,000 |
| Green Bay | 220 | $117,310 | 335,000 |
| Duluth | 100 | $80,390 | 282,000 |
| Appleton | 180 | $103,820 | 249,000 |
| Racine | 70 | $98,650 | 199,000 |
| Eau Claire | 150 | $116,810 | 176,000 |
The money in Wisconsin
Half of personal financial advisors in Wisconsin earn more than $115,680; half earn less. That works out to $55.61 an hour at a standard 2,080-hour year. That is 13.3% above 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 | $56,670 | $27.25 |
| Median | $115,680 | $55.61 |
| Mean | $158,660 | $76.28 |
How Wisconsin compares
Against the national median of $102,140 it sits 13.3% above. 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 |
|---|---|---|---|---|
| Wisconsin | 5,240 | $115,680 | — | 1.02 |
| United States | 270,480 | $102,140 | — | — |
Finding Wisconsin engagements
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, Wisconsin included.
Frequently asked questions
What hourly rate should a 1099 financial advisor charge in Wisconsin?
About $92.73 an hour at 80% utilisation, derived from the $115,680 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 many personal financial advisors work in Wisconsin?
BLS counts 5,240 personal financial advisors in Wisconsin. 1099WORK estimates roughly 2,620 of them work on a 1099 basis, though BLS does not publish that split.
How much does a 1099 financial advisor make in Wisconsin?
The median financial advisor in Wisconsin earns $115,680 a year according to BLS OEWS data for May 2024, covering W-2 and 1099 workers together. Working 1099, you would need roughly $154,300 in gross billings to match that median after self-employment tax and unfunded benefits.
How often do 1099 contractors pay taxes in Wisconsin?
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. Wisconsin runs its own estimated-payment schedule alongside the federal one.
Is 1099 work better than a W-2 job in Wisconsin?
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.
What are the risks of hiring a 1099 financial advisor in Wisconsin?
Misclassification is the main one, and it is assessed against the hiring company. If you set the schedule, supply the equipment and forbid other clients, agencies will treat the engagement as employment regardless of what the contract says, and Wisconsin applies its own test separately from the IRS. A written scope of work, a defined deliverable and a contractor who serves other clients are the practical defences.