For advisors looking to see how far their pay will stretch, location matters.
Nationally, financial advisors earn $122,490 on average; however, the 25th and 75th percentile wages are $59,450 and $157,020, respectively. As such, location makes a huge difference, not only in terms of pay amount, but also in how far that money will stretch.
In a new study, SmartAsset determined the best-paying metro areas for financial advisors. They analyzed data for the 50 largest metro areas nationwide across four metrics, namely average earnings for financial advisors, the two-year change in pay, financial advisor pay relative to pay for all workers and housing costs as a percent of financial advisor pay.
Some study highlights include:
- Pay varies widely across major metro areas. The range of average financial earnings across the 50 largest metro areas is large—almost six figures, in fact. Average financial advisor earnings are lowest in the Oklahoma City area, at $72,640, and highest in the New York City area, at $169,850.
- West Coast metro areas fall behind. Not a single West Coast metro area cracks the top 10, and two California metros—Los Angeles and San Jose—rank among the 10 worst-paying areas for advisors. While financial advisors typically earn 2.18 times as much as the average worker nationwide, the ratio is lower for advisors in Los Angeles and San Jose metro areas (1.66 and 1.26, respectively).
From that research, here are the 15 best metro areas for financial advisor pay:
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