Monetary advisors’ revenue largely is determined by the variety of purchasers they serve and their internet price. A number of elements that draw each purchasers and advisors from one locale to a different affect how a lot an advisor makes in an area space, and this differs significantly throughout the nation, based on a brand new examine 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 examine 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 listing 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 listing, New York Metropolis (imply advisor revenue: $213,810) takes a backseat to Anchorage, Alaska, whose imply advisor revenue is $284,020.
The examine additionally discovered that the Durham–Chapel Hill, North Carolina metro has the very best focus of monetary advisors, 5.5 for each 1,000 employees. Nevertheless, 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 probably the most from 2022 to 2023, based on SmartAsset.