Where Financial Advisor Income Grew Most – 2025 Study

Financial advisors’ income is generally dependent on many factors beyond personal experience and aptitudes, including the wealth and income of their clients, target clients, their fee structure, quantity of clients, market conditions and even location. The vast differences among local economies in the United States mean some metro areas and states offer more and better opportunities for financial advisors looking to grow their businesses. And with increasing remote capabilities, some advisors may be able to take advantage of the opportunities in some communities while living elsewhere.

With this in mind, SmartAsset examined the latest data from the Bureau of Labor Statistics to determine which states and metro areas saw personal financial advisor income grow the most over one year. Advisors can, in turn, leverage this information to steer their own business, hiring, marketing and lead generation strategies.

Key Findings

• Six metro areas saw an increase in advisor pay of more than 50%. Out of over 200 metro areas, the median income for personal financial advisors increased most at 71.2% in Spartanburg, SC, where advisors now earn a median of $126,600. Other metro areas with rapid growth in median advisor incomes include Monroe, LA (64.3%); Boise, ID (64.0%); McAllen-Edinburg-Mission, TX (59.5%); Coeur d’Alene, ID (58.0%); and Great Falls, MT (57.7%).
• Financial advisors earn most in the Boise, ID metro area. The median income in the Boise area came in at $161,860. No other metro area has a median income above $135,000, making Boise particularly lucrative for the 530 advisors there. The area had the third-highest growth in median income for advisors at 63.9%, while the number of advisors grew 32.5% over the same timeframe. 
• Pay for financial advisors declined most in these metros. Lafayette, LA had the biggest decrease in median advisor pay at -41.7%, dropping from $125,040 to $72,920. Winchester, VA-WV similarly saw a 36.8% drop to $51,660, while Tulsa, OK incomes dropped 35.7% to $118,700.
• These Arizona metros offer the lowest pay for financial advisors. While the number of advisors in each of these areas is growing by about 15% year over year, advisors earn the least studywide in Sierra Vista-Douglas at $48,220 after a 9.41% drop in median incomes. Following are Yuma, AZ at $48,780 annual earnings and Lake Havasu City-Kingman at $49,160.
• At the state level, advisors in New York earn the most. While New York advisors only saw a 3.8% increase in median pay year over year, they still earn the most nationwide at $167,970. Idaho advisors overtook New Jersey advisors for second-place in this ranking, with the highest growth in pay (43.6%) taking the median pay from $94,980 in 2023 to $136,440 in 2024.
• Financial advisors in Oklahoma saw their pay drop by 29.1%. The median advisor income in Oklahoma dropped most nationwide from $102,990 to $73,020. Oklahoma now has the second-lowest pay for advisors, with Utah lowest at a median of $67,210.

Top 10 Metro Areas Where Financial Advisor Income Increased Most

1. Spartanburg, SC

• Change in median annual wage: 71.22%
• Median advisor income, 2024: $126,600
• Median advisor income, 2023: $73,940

2. Monroe, LA

• Change in median annual wage: 64.27%
• Median advisor income, 2024: $93,470
• Median advisor income, 2023: $56,900

3. Boise City, ID

• Change in median annual wage: 63.91%
• Median advisor income, 2024: $167,940
• Median advisor income, 2023: $102,460

4. McAllen-Edinburg-Mission, TX

• Change in median annual wage: 59.54%
• Median advisor income, 2024: $59,620
• Median advisor income, 2023: $37,370

5. Coeur d’Alene, ID

• Change in median annual wage: 58.00%
• Median advisor income, 2024: $129,500
• Median advisor income, 2023: $81,960

6. Great Falls, MT

• Change in median annual wage: 57.73%
• Median advisor income, 2024: $126,530
• Median advisor income, 2023: $80,220

7. Brownsville-Harlingen, TX

• Change in median annual wage: 46.58%
• Median advisor income, 2024: $83,240
• Median advisor income, 2023: $56,790

8. Hagerstown-Martinsburg, MD-WV

• Change in median annual wage: 45.24%
• Median advisor income, 2024: $89,020
• Median advisor income, 2023: $61,290

9. Fort Smith, AR-OK

• Change in median annual wage: 43.72%
• Median advisor income, 2024: $102,500
• Median advisor income, 2023: $71,320

10. Fond du Lac, WI

• Change in median annual wage: 40.04%
• Median advisor income, 2024: $112,050
• Median advisor income, 2023: $80,010

Top 10 Metro Areas Where Financial Advisors Earn Most

1. Boise City, ID

• Median advisor income, 2024: $167,940
• Median advisor income, 2023: $102,460
• Change in median annual wage: 63.91%

2. Barnstable Town, MA

• Median advisor income, 2024: $135,000
• Median advisor income, 2023: $128,620
• Change in median annual wage: 4.96%

3. Pittsfield, MA

• Median advisor income, 2024: $132,170
• Median advisor income, 2023: $100,930
• Change in median annual wage: 30.95%

4. Utica-Rome, NY

• Median advisor income, 2024: $129,930
• Median advisor income, 2023: $100,870
• Change in median annual wage: 28.81%

5. Winston-Salem, NC

• Median advisor income, 2024: $129,570
• Median advisor income, 2023: $100,650
• Change in median annual wage: 28.73%

6. Coeur d’Alene, ID

• Median advisor income, 2024: $129,500
• Median advisor income, 2023: $81,960
• Change in median annual wage: 58.00%

7. Santa Maria-Santa Barbara, CA

• Median advisor income, 2024: $128,370
• Median advisor income, 2023: $121,010
• Change in median annual wage: 6.08%

8. York-Hanover, PA

• Median advisor income, 2024: $128,000
• Median advisor income, 2023: $120,860
• Change in median annual wage: 5.91%

9. Spartanburg, SC

• Median advisor income, 2024: $126,600
• Median advisor income, 2023: $73,940
• Change in median annual wage: 71.22%

10. Great Falls, MT

• Median advisor income, 2024: $126,530
• Median advisor income, 2023: $80,220
• Change in median annual wage: 57.73%

Top 10 States Where Financial Advisor Income Increased Most

1. Idaho

• Change in median annual wage: 43.65%
• Median advisor income, 2024: $136,440
• Median advisor income, 2023: $94,980

2. Michigan

• Change in median annual wage: 40.40%
• Median advisor income, 2024: $98,830
• Median advisor income, 2023: $70,390

3. Kansas

• Change in median annual wage: 28.76%
• Median advisor income, 2024: $100,810
• Median advisor income, 2023: $78,290

4. South Carolina

• Change in median annual wage: 26.96%
• Median advisor income, 2024: $98,900
• Median advisor income, 2023: $77,900

5. California

• Change in median annual wage: 24.50%
• Median advisor income, 2024: $128,650
• Median advisor income, 2023: $103,330

6. Oregon

• Change in median annual wage: 24.50%
• Median advisor income, 2024: $80,190
• Median advisor income, 2023: $64,410

7. Maryland

• Change in median annual wage: 24.40%
• Median advisor income, 2024: $122,510
• Median advisor income, 2023: $98,480

8. Washington

• Change in median annual wage: 22.32%
• Median advisor income, 2024: $112,020
• Median advisor income, 2023: $91,580

9. Delaware

• Change in median annual wage: 19.60%
• Median advisor income, 2024: $128,170
• Median advisor income, 2023: $107,170

10. Montana

• Change in median annual wage: 19.18%
• Median advisor income, 2024: $96,670
• Median advisor income, 2023: $81,110

Top 10 States Where Financial Advisors Earn Most

1. New York

• Median advisor income, 2024: $167,970
• Median advisor income, 2023: $161,760
• Change in median annual wage: 3.84%

2. Idaho

• Median advisor income, 2024: $136,440
• Median advisor income, 2023: $94,980
• Change in median annual wage: 43.65%

3. California

• Median advisor income, 2024: $128,650
• Median advisor income, 2023: $103,330
• Change in median annual wage: 24.50%

4. Delaware

• Median advisor income, 2024: $128,170
• Median advisor income, 2023: $107,170
• Change in median annual wage: 19.60%

5. New Jersey

• Median advisor income, 2024: $123,690
• Median advisor income, 2023: $126,670
• Change in median annual wage: -2.35%

6. South Dakota

• Median advisor income, 2024: $123,380
• Median advisor income, 2023: $105,470
• Change in median annual wage: 16.98%

7. Maryland

• Median advisor income, 2024: $122,510
• Median advisor income, 2023: $98,480
• Change in median annual wage: 24.40%

8. Wisconsin

• Median advisor income, 2024: $115,680
• Median advisor income, 2023: $99,660
• Change in median annual wage: 16.07%

9. Washington

• Median advisor income, 2024: $112,020
• Median advisor income, 2023: $91,580
• Change in median annual wage: 22.32%

10. Connecticut

• Median advisor income, 2024: $107,030
• Median advisor income, 2023: $124,100
• Change in median annual wage: -13.76%

Data and Methodology

This study examined data for 219 metro areas and 43 states for which data was available. Wage data comes from the Bureau of Labor Statistics for 2024 and 2023 for the personal financial advisor profession. Metro areas and states are separately ranked by the highest percentage growth in median personal financial advisor income over one year.

Questions about our study? Contact us at press@smartasset.com

Photo credit: ©iStock.com/Jacob Wackerhausen