If you’re an advisor looking to change firms or a newly minted advisor looking for his or her first job, you should check out this information.
ThinkAdvisor compiled data from U.S. Department of Labor’s Bureau of Labor Statistics Occupational Employment Statistics and Employment Projections Programs showing which states have the hottest yearly job growth for financial advisors through 2024. Some states like New York, of course, have a much larger number of advisor jobs that will be created because there are more advisors working already. This list provides the data for the fastest yearly percentage increase in jobs in the 10-year period, 2014-2024.
According to the Bureau of Labor Statistics, “the projected employment report includes total projected employment and job openings by occupation for all states and the U.S. Employment is the number of jobs projected in this occupation. The estimate for job openings includes both turnover that results from workers who leave the occupation (e.g. quit, retire, death) and new jobs that are created.”
The overall numbers for financial advisors in the United States in 2014 were 249,400, and are projected to increase to 323,200 by 2024 — a 30% growth rate with an average yearly increase of 13,640 jobs.
Keep reading for the states with the fastest-growing job markets for advisors:
Best States for Advisor Job Growth
*Projected Annual Job Openings refers to the average annual job openings due to growth and net replacement.