The majority of financial advisors fall into the 90th percentile of United States workers in terms of average annual earnings.
In its most recent study, SmartAsset provided the 15 best paying areas for financial advisors. Researchers studied data on 50 of the largest U.S. metro areas and compared those cities across four metrics to find the best-paying places for financial advisors.
The four metrics include average financial advisor pay versus the national average of $119,960, two-year change in financial advisor pay (2019-2021) versus 0.6 percent nationally, ratio of average financial advisor earnings to average earnings of all workers in the metro area versus 2.06 nationally, and housing costs as a percentage of financial advisor pay versus 11.2 percent nationally.
The results follow:
- Cincinnati, Ohio — Kentucky — Indiana
Average financial advisor pay: $130,930
Two-year change (2019-2021): 12.4 percent
Financial advisor pay relative to average pay: 2.38
Housing costs as a percentage of financial advisor pay: 9.2 percent
- Pittsburgh
Average financial advisor pay: $145,980
Two-year change (2019-2021): 2.9 percent
Financial advisor pay relative to average pay: 2.60
Housing costs as a percentage of financial advisor pay: 7.3 percent
- Philadelphia/Camden/Wilmington, Pennsylvania — New Jersey
— Delaware — Maryland
Average financial advisor pay: $134,970
Two-year change (2019-2021): 42.4 percent
Financial advisor pay relative to average pay: 2.18
Housing costs as a percentage of financial advisor pay: 11.7 percent
- St. Louis, Missouri — Illinois (tie)
Average financial advisor pay: $116,940
Two-year change (2019–2021): 23.3 percent
Financial advisor pay relative to average pay: 2.10
Housing costs as a percentage of financial advisor pay: 10.3 percent
- Richmond, Virginia (tie)
Average financial advisor pay: $132,640
Two-year change (2019-2021): 3 percent
Financial advisor pay relative to average pay: 2.35
Housing costs as a percentage of financial advisor pay: 10.9 percent
- Louisville/Jefferson County, Kentucky — Indiana
Average financial advisor pay: $115,640
Two-year change (2019-2021): 8.3 percent
Financial advisor pay relative to average pay: 2.21
Housing costs as a percentage of financial advisor pay: 9.8 percent
- Jacksonville. Florida
Average financial advisor pay: $120,130
Two-year change (2019-2021): 10.1 percent
Financial advisor pay relative to average pay: 2.31
Housing costs as a percentage of financial advisor pay: 11.3 percent
- Houston/The Woodlands/Sugar Land, Texas (tie)
Average financial advisor pay: $120,790
Two-year change (2019-2021): 17.9 percent
Financial advisor pay relative to average pay: 2.09
Housing costs as a percentage of financial advisor pay: 12 percent
- Detroit/Warren/Dearborn, Michigan (tie)
Average financial advisor pay: $119,020
Two-year change (2019-2021): 13.8 percent
Financial advisor pay relative to average pay: 2.02
Housing costs as a percentage of financial advisor pay: 10.1 percent
- Providence/Warwick, Rhode Island — Massachusetts (tie)
Average financial advisor pay: $122,300
Two-year change (2019-2021): 16%
Financial advisor pay relative to average pay: 2.02
Housing costs as a percentage of financial advisor pay: 12.2%
- Birmingham/Hoover, Alabama
Average financial advisor pay: $120,900
Two-year change (2019-2021): -9.7 percent
Financial advisor pay relative to average pay: 2.34
Housing costs as a percentage of financial advisor pay: 9.3 percent
- Portland/Vancouver/Hillsboro, Oregon — Washington
Average financial advisor pay: $135,090
Two-year change (2019-2021): 14.7 percent
Financial advisor pay relative to average pay: 2.10
Housing costs as a percentage of financial advisor pay: 13.1 percent
- Milwaukee/Waukesha/West Allis, Wisconsin
Average financial advisor pay: $118,680
Two-year change (2019–2021): 8 percent
Financial advisor pay relative to average pay: 2.11
Housing costs as a percentage of financial advisor pay: 10.7 percent
- Las Vegas/Henderson/Paradise, Nevada
Average financial advisor pay: $111,160
Two-year change (2019-2021): 41.8 percent
Financial advisor pay relative to average pay: 2.21
Housing costs as a percentage of financial advisor pay: 13 percent
- Seattle/Tacoma/Bellevue, Washington
Average financial advisor pay: $147,880
Two-year change (2019-2021): 28.4 percent
Financial advisor pay relative to average pay: 1.94
Housing costs as a percentage of financial advisor pay: 14 percent
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
