Numerous factors besides personal experience and aptitudes influence financial advisors’ income, SmartAsset notes in a news study.
These include their clients’ wealth and income, the client base they target, their fee structure, the number of clients they work with, market conditions and even location.
The wide differences among local economies in the U.S. mean that some metro areas and states offer more and better opportunities for advisors seeking to grow their businesses. Moreover, increasing remote capabilities may enable some advisors to take advantage of the opportunities in one community while living in another.
For the study, SmartAsset researchers examined data for 219 metro areas and 43 states with available data to determine where advisor income grew the most over one year. For wage data, they tapped the Bureau of Labor Statistics for 2024 and 2023 for the personal financial advisor profession.
See the gallery for the 15 metropolitan areas with the largest year-over-year growth in advisor income in 2024, according to SmartAsset.
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