WealthManagement has analyzed data from SmartAsset's Advisor Marketing Platform (AMP), finding that while major cities like New York, San Francisco, and Chicago have been hot spots for financial advisors growing their business due to their large populations, smaller cities are gaining.
The list, prepared by WealthManagement, is compiled from data across 339 U.S. cities with populations of 100,000 or more. The list highlights the top 10 cities where demand for financial advisory services is most concentrated relative to local population size:
Dayton, Ohio
- 2.8% of households earn $200,000 or more
- Median income: $43,780
- Raw number of leads: 47th
Pompano Beach, Florida
- 6.4% of households earn $200,000 or more
- Median income: $61,037
- Raw number of leads: 70th
Minneapolis, Minnesota
- 12.5% of households earn $200,000 or more
- Median income: $74,473
- Raw number of leads: 9th
Wilmington, North Carolina
- 7.7% of households earn $200,000 or more
- Median income: $63,835
- Raw number of leads: 77th
St. Louis, Missouri
- 6.3% of households earn $200,000 or more
- Median income: $52,847
- Raw number of leads: 24th
Sugar Land, Texas
- 27.8% of households earn $200,000 or more
- Median income: $132,766
- Raw number of leads: 96th
Alexandria, Virginia
- 23.1% of households earn $200,000 or more
- Median income: $111,955
- Raw number of leads: 57th
Columbia, South Carolina
-10% of households earn $200,000 or more
- Median income: $56,175
- Raw number of leads: 70th
St. Paul, Minnesota
- 9.1% of households earn $200,000 or more
- Median income: $67,725
- Raw number of leads: 25th
Salt Lake City, Utah
- 12.7% of households earn $200,000 or more
- Median income: $75,529
- Raw number of leads: 44th
WealthManagement notes that this data suggests that financial advisors looking to expand their client base should consider those cities, where demand for their services is notably high relative to the population.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
