A new study from SmartAsset examined the latest Bureau of Labor Statistics data to identify the states that experienced the strongest growth in median financial advisor income between 2024 and 2025.
As reported by ThinkAdvisor, the analysis also evaluated year-over-year changes in advisor employment, offering insight into where opportunities may be expanding or contracting. The findings suggest that while technology and remote work continue to make geographic expansion easier, economic conditions still vary significantly from state to state.
According to ThinkAdvisor, advisor compensation increased in 29 of the 40 states included in the study. At the same time, several states experienced notable declines, underscoring the uneven nature of growth across the industry.
While the study focused on income growth, New York remained the highest-paying state overall for financial advisors in 2025, with a median income of $166,400. New Jersey ranked second at $158,570, followed by California at $130,330, according to data cited by ThinkAdvisor.
One of the most striking findings involved Idaho. After leading the nation in advisor income growth in the prior year's study, Idaho recorded the largest decline in median advisor earnings in 2025. ThinkAdvisor noted that advisor income in the state fell by nearly 31% after posting substantial gains the year before.
Oregon topped the rankings for income growth in 2025. Advisors in the state saw median earnings increase 53.2%, rising from $80,190 in 2024 to $122,830 in 2025. Employment growth also surged 44.8%, making Oregon the strongest-performing state in both categories among those highlighted in the report.
Vermont ranked second, with advisor income climbing 35.2% to $110,020. New Jersey followed closely behind, posting a 28.2% increase that pushed median earnings to $158,570. New Jersey also recorded a significant 36.2% increase in advisor employment.
Nebraska and Massachusetts rounded out the top five. Advisor earnings increased 26% in Nebraska and 24% in Massachusetts, according to figures cited by ThinkAdvisor.
Other states posting notable income gains included New Mexico, Texas, Missouri, New Hampshire, Illinois, Utah, and Florida. Illinois advisors experienced a 15.2% increase in median income, reaching $120,130, although advisor employment in the state declined 6.2% during the same period.
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