U.S. metros where financial advisor income has grown the most
SmartAsset ranked 295 metro areas based on the change in median income for advisors in 2023.
Jaclyn DeJohn
Posted 7/8/24
SmartAsset ranked 295 metro areas based on the change in median income for advisors in 2023.
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U.S. metros where financial advisor income has grown the most
SmartAsset ranked 295 metro areas based on the change in median income for advisors in 2023.
Posted
Jaclyn DeJohn
ImageFlow // Shutterstock
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.
Top 10 Metro Areas Where Financial Advisor Income Grew Most
SmartAsset
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.