U.S. metros where financial advisor income has grown the most
Published 2:00 pm Monday, July 8, 2024
U.S. metros where financial advisor income has grown the most
Financial advisor income largely depends on the number of clients and their net worth. So as taxes, jobs, cost of living and other factors draw both clients and advisors from one place to another, how much a financial advisor earns in a local area might also change.
To determine the latest income and employment trends for personal financial advisors, SmartAsset ranked 295 metro areas based on the percent change in median income for advisors, while also examining the change in the number of advisors working in the area.
Key Findings
- Advisor incomes doubled while the number of advisors halved in this metro area. The number of personal financial advisors in Lafayette, LA fell more than 50% from 190 in 2022 to 90 in 2023, but their median income doubled from $62,200 to $125,040 in the same time span. Meanwhile, the number of advisors in the Fayetteville-Springdale-Rogers, AR-MO metro went up 2.9% since 2022 to a total of 360, and their incomes also grew by 94.0% to $99,690. Springfield, MO, on the other hand, had 160 advisors after a 15.8% decline but saw a 91.3% increase in median advisor income to $117,300.
- These metros had the biggest drop in advisor income. The median income for 150 personal financial advisors in the McAllen-Edinburg-Mission, TX metro area dropped 42.4% from $64,890 in 2022 to $37,370 in 2023. Muskegon, MI saw a 41.0% drop to a median of $60,990, and Battle Creek, MI dropped 35.8% to $83,990.
- The Northeast holds the top five spots for the highest median advisor income in 2023. The New York City metro area topped the list with a median income of $167,600 for personal financial advisors. East Stroudsburg, PA ($141,560); Pittsburgh, PA ($129,220); Bridgeport-Stamford-Norwalk, CT ($129,150); Barnstable Town, MA ($128,620) also have the highest average incomes.
- The top advisors make outsized income in these metro areas. Mean advisor incomes are roughly double the median incomes in these five metros, meaning that a portion of advisors make outsized incomes compared to their peers. These include Anchorage, AK ($284,020 mean advisor income); New Orleans, LA ($218,230); Portland, ME ($215,010); New York, NY ($213,810); and Pittsburgh ($209,580).
- The highest concentration of financial advisors is in Durham-Chapel Hill, NC. For every 1,000 workers in this North Carolina metro, 5.5 of them are personal financial advisors. Of the nine other metros with a concentration above 3, Durham-Chapel is the only area with a median salary below $100,000. The median salary for the 1,860 advisors here is $74,500.
- These metro areas added the most financial advisors. The number of advisors in Winchester, VA-WV doubled from 60 to 120 in one year. In Portland, ME, the number increased by 80% in the same timeframe from 300 to 540. With the third-highest growth, Bismarck, ND went from 90 to 160 advisors, or a 77.8% increase from 2022 to 2023.
SmartAsset
Top 10 Metro Areas Where Financial Advisor Income Grew Most
- Lafayette, LA
- Growth in annual median wage over one year: 101.0%
- Median annual wage for financial advisors, 2023: $125,040
- Median annual wage for financial advisors, 2022: $62,200
- Growth in number of financial advisors over one year: -52.6%
- Estimated number of advisors in 2023: 90
- Estimated number of advisors in 2022: 190
- Mean annual wage for financial advisors, 2023: $195,270
- Fayetteville-Springdale-Rogers, AR-MO
- Growth in annual median wage over one year: 94.0%
- Median annual wage for financial advisors, 2023: $99,690
- Median annual wage for financial advisors, 2022: $51,390
- Growth in number of financial advisors over one year: 2.9%
- Estimated number of advisors in 2023: 360
- Estimated number of advisors in 2022: 350
- Mean annual wage for financial advisors, 2023: $153,400
- Springfield, MO
- Growth in annual median wage over one year: 91.3%
- Median annual wage for financial advisors, 2023: $117,300
- Median annual wage for financial advisors, 2022: $61,330
- Growth in number of financial advisors over one year: -15.8%
- Estimated number of advisors in 2023: 160
- Estimated number of advisors in 2022: 190
- Mean annual wage for financial advisors, 2023: $124,260
- Baton Rouge, LA
- Growth in annual median wage over one year: 71.9%
- Median annual wage for financial advisors, 2023: $116,480
- Median annual wage for financial advisors, 2022: $67,770
- Growth in number of financial advisors over one year: -23.3%
- Estimated number of advisors in 2023: 230
- Estimated number of advisors in 2022: 300
- Mean annual wage for financial advisors, 2023: $191,000
- Jonesboro, AR
- Growth in annual median wage over one year: 61.8%
- Median annual wage for financial advisors, 2023: $76,280
- Median annual wage for financial advisors, 2022: $47,140
- Growth in number of financial advisors over one year: 0.0%
- Estimated number of advisors in 2023: 60
- Estimated number of advisors in 2022: 60
- Mean annual wage for financial advisors, 2023: $141,160
- Rocky Mount, NC
- Growth in annual median wage over one year: 54.3%
- Median annual wage for financial advisors, 2023: $100,020
- Median annual wage for financial advisors, 2022: $64,820
- Growth in number of financial advisors over one year: -28.6%
- Estimated number of advisors in 2023: 50
- Estimated number of advisors in 2022: 70
- Mean annual wage for financial advisors, 2023: $129,230
- Fort Smith, AR-OK
- Growth in annual median wage over one year: 50.3%
- Median annual wage for financial advisors, 2023: $71,320
- Median annual wage for financial advisors, 2022: $47,440
- Growth in number of financial advisors over one year: -25.0%
- Estimated number of advisors in 2023: 90
- Estimated number of advisors in 2022: 120
- Mean annual wage for financial advisors, 2023: $112,060
- Jacksonville, FL
- Growth in annual median wage over one year: 47.9%
- Median annual wage for financial advisors, 2023: $118,150
- Median annual wage for financial advisors, 2022: $79,870
- Growth in number of financial advisors over one year: -25.4%
- Estimated number of advisors in 2023: 1970
- Estimated number of advisors in 2022: 2640
- Mean annual wage for financial advisors, 2023: $176,020
- Ocala, FL
- Growth in annual median wage over one year: 47.5%
- Median annual wage for financial advisors, 2023: $77,140
- Median annual wage for financial advisors, 2022: $52,300
- Growth in number of financial advisors over one year: 0.0%
- Estimated number of advisors in 2023: 120
- Estimated number of advisors in 2022: 120
- Mean annual wage for financial advisors, 2023: $111,950
- New Orleans-Metairie, LA
- Growth in annual median wage over one year: 44.9%
- Median annual wage for financial advisors, 2023: $123,920
- Median annual wage for financial advisors, 2022: $85,550
- Growth in number of financial advisors over one year: -47.5%
- Estimated number of advisors in 2023: 420
- Estimated number of advisors in 2022: 800
- Mean annual wage for financial advisors, 2023: $218,230
Top 10 Metro Areas With the Highest Growth in Number of Financial Advisors
- Winchester, VA-WV
- Growth in number of financial advisors over one year: 100.0%
- Estimated number of advisors in 2023: 120
- Estimated number of advisors in 2022: 60
- Growth in annual median wage over one year: 16.7%
- Median annual wage for financial advisors, 2023: $81,780
- Median annual wage for financial advisors, 2022: $70,100
- Mean annual wage for financial advisors, 2023: $99,860
- Portland-South Portland, ME
- Growth in number of financial advisors over one year: 80.0%
- Estimated number of advisors in 2023: 540
- Estimated number of advisors in 2022: 300
- Growth in annual median wage over one year: -15.6%
- Median annual wage for financial advisors, 2023: $107,180
- Median annual wage for financial advisors, 2022: $127,000
- Mean annual wage for financial advisors, 2023: $215,010
- Bismarck, ND
- Growth in number of financial advisors over one year: 77.8%
- Estimated number of advisors in 2023: 160
- Estimated number of advisors in 2022: 90
- Growth in annual median wage over one year: 31.7%
- Median annual wage for financial advisors, 2023: $102,600
- Median annual wage for financial advisors, 2022: $77,900
- Mean annual wage for financial advisors, 2023: $108,900
- Las Cruces, NM
- Growth in number of financial advisors over one year: 75.0%
- Estimated number of advisors in 2023: 70
- Estimated number of advisors in 2022: 40
- Growth in annual median wage over one year: -9.6%
- Median annual wage for financial advisors, 2023: $71,930
- Median annual wage for financial advisors, 2022: $79,570
- Mean annual wage for financial advisors, 2023: $131,660
- Pittsfield, MA
- Growth in number of financial advisors over one year: 66.7%
- Estimated number of advisors in 2023: 50
- Estimated number of advisors in 2022: 30
- Growth in annual median wage over one year: -12.6%
- Median annual wage for financial advisors, 2023: $100,930
- Median annual wage for financial advisors, 2022: $115,520
- Mean annual wage for financial advisors, 2023: $132,960
- Wilmington, NC
- Growth in number of financial advisors over one year: 61.9%
- Estimated number of advisors in 2023: 340
- Estimated number of advisors in 2022: 210
- Growth in annual median wage over one year: 16.8%
- Median annual wage for financial advisors, 2023: $112,970
- Median annual wage for financial advisors, 2022: $96,690
- Mean annual wage for financial advisors, 2023: $153,290
- Niles-Benton Harbor, MI
- Growth in number of financial advisors over one year: 60.0%
- Estimated number of advisors in 2023: 80
- Estimated number of advisors in 2022: 50
- Growth in annual median wage over one year: 1.5%
- Median annual wage for financial advisors, 2023: $78,560
- Median annual wage for financial advisors, 2022: $77,370
- Mean annual wage for financial advisors, 2023: $150,170
- Bend-Redmond, OR
- Growth in number of financial advisors over one year: 53.3%
- Estimated number of advisors in 2023: 230
- Estimated number of advisors in 2022: 150
- Growth in annual median wage over one year: -22.2%
- Median annual wage for financial advisors, 2023: $59,940
- Median annual wage for financial advisors, 2022: $77,060
- Mean annual wage for financial advisors, 2023: $92,530
- Medford, OR
- Growth in number of financial advisors over one year: 50.0%
- Estimated number of advisors in 2023: 120
- Estimated number of advisors in 2022: 80
- Growth in annual median wage over one year: -26.0%
- Median annual wage for financial advisors, 2023: $58,080
- Median annual wage for financial advisors, 2022: $78,490
- Mean annual wage for financial advisors, 2023: $67,750
- Chattanooga, TN-GA
- Growth in number of financial advisors over one year: 44.4%
- Estimated number of advisors in 2023: 390
- Estimated number of advisors in 2022: 270
- Growth in annual median wage over one year: -20.4%
- Median annual wage for financial advisors, 2023: $61,110
- Median annual wage for financial advisors, 2022: $76,810
- Mean annual wage for financial advisors, 2023: $103,780
Data and Methodology
SmartAsset reviewed data for 295 metro areas places for which data was available. Wage and occupation data comes from the Bureau of Labor Statistics for 2023 and 2022 for the personal financial advisor profession. Metro areas are ranked by the highest percentage growth in median personal financial advisor income over one year.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.
