Monetary advisors’ revenue largely is dependent upon the variety of purchasers they serve and their web value. A number of elements that draw each purchasers and advisors from one locale to a different affect how a lot an advisor makes in a neighborhood space, and this differs significantly throughout the nation, in accordance with a brand new research from SmartAsset.
SmartAsset studied 295 metro areas that had information accessible. Researchers used wage and occupation information for private monetary advisors from the Bureau of Labor Statistics for 2023 and 2022.
The research discovered that the Northeast holds the highest 5 spots for the very best median advisor revenue in 2023, with the New York Metropolis metro space topping the checklist at $167,600.
In the meantime, imply advisor incomes are roughly double median incomes in 5 different metros, that’s, a portion of advisors in these locations make outsize incomes in contrast with their friends. On this checklist, New York Metropolis (imply advisor revenue: $213,810) takes a backseat to Anchorage, Alaska, whose imply advisor revenue is $284,020.
The research additionally discovered that the Durham–Chapel Hill, North Carolina metro has the very best focus of economic advisors, 5.5 for each 1,000 staff. Nonetheless, of the 9 different metros with a focus above 3, Durham–Chapel Hill is the one one with median revenue beneath $100,000: $74,500 for its 1,860 advisors.
Winchester, Virginia–West Virginia noticed a the variety of advisors double from 60 to 120 between 2022 and 2023, whereas the quantity working in Portland, Maine, shot up by 80% from 300 to 540 advisors.
See the gallery for the 15 metro areas the place monetary advisors’ revenue elevated essentially the most from 2022 to 2023, in accordance with SmartAsset.