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August 26, 2021 at 10:43 AM
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Up-and-coming financial advisors often look to the New York metropolitan area to start their careers, and about a tenth of the country’s personal financial advisors are located there. But a new study from SmartAsset finds that many other places have robust demand for financial advisors and offer strong job opportunities.
Consider that May 2020 data reported by the Bureau of Labor Statistics showed that average earnings for financial advisors exceeded $100,000 in 74 greater metro areas out of the total 100 U.S. cities in SmartAsset’s study.
To find the best cities for young financial advisors to start their careers, researchers compared the sample across five metrics. Two of these examined the job situation for financial advisors. Data for average financial advisor earnings came from the BLS, and for rent as a percentage of average financial earnings from the BLS and the Census Bureau.
The other three metrics focused on the city’s relative demand for advisory services. Researchers used SmartAsset’s financial advisor matching tool to find the volume of advisor searches in each city. And they tapped Census Bureau data to capture the percentage of high-earning households and the percentage of the population nearing retirement — a potential client base for local advisors.
They ranked each city in every metric, giving full weight to each, then found each city’s average ranking and used the average to determine a final score. The city with the best average ranking received a score of 100. The city with the worst average ranking received a score of zero.
See the gallery for the 12 best cities for financial advisors to start their careers in 2021.
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