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For financial advisors, market opportunity depends not only on the amount of wealth residents have available to manage, but also on the number of advisors competing for that wealth. States where residents have substantial investable assets, and where advisor competition is relatively limited, may offer stronger prospects for new business acquisition and practice growth. In places where competition is stiffer, or available wealth is limited, advisors may experience greater professional headwinds.
SmartAsset calculated potential assets to manage per advisor in 40 states with available data. In each state, potential assets to manage were calculated by dividing total household net worth, excluding home equity, by the number of personal financial advisors working in that state. The results offer a directional measure of potential market opportunity.
Key Findings
• Advisors in Hawaii are flush with potential assets to manage and face no nearby out-of-state competition. The Aloha State ranks No. 1, with $683 million in potential assets to manage per advisor, far outstripping No. 2 Idaho at $407 million per advisor.
• High household net worth may obscure intense advisor competition. Colorado, New Hampshire and New Jersey each have average household net worth, excluding home equity, of more than $540,000. But relatively high numbers of advisors in the three states keep each out of the top 20 for potential assets to manage per advisor.
• Cutthroat Kansas. More than 4,000 Kansas advisors serve a market containing just $368 billion in potential assets to manage, leaving $88,732,867 per advisor — the only state below $100 million.
• California has the most total potential assets available to manage. The Golden State has more than $7.7 trillion of potential assets available to manage.
Questions and Answers
Which state has the most personal financial advisors?
California. There are approximately 32,200 personal financial advisors in California.
Which state has the most potential assets available to manage?
California. It has approximately $7.7 trillion worth of potential assets available to manage, defined as total household net worth, excluding home equity. This figure include other illiquid assets or assets already under professional management.
Which state has the most potential assets available to manage per financial advisor?
Hawaii. It ranks No. 1 among the 50 states, with $683 million in potential assets to manage per advisor, far outstripping No. 2 Idaho at $407 million per advisor. Potential assets available to manage is defined as total household net worth, excluding home equity and may include other illiquid assets or assets already under professional management.
How many financial advisors are there in New York?
There are approximately 21,550 personal financial advisors in the state of New York.
Which state has the highest mean household net worth?
Hawaii. Mean household net worth in Hawaii is $676,100.
Methodology
All values are estimates based on the most recent available data for each component. The number of households and mean household net worth were sourced from the U.S. Census Bureau’s 2025 Survey of Income and Program Participation, which reports 2024 estimates. Home equity was excluded from household net worth. The number of advisors in each state was based on May 2025 Bureau of Labor Statistics Occupational Employment and Wage Statistics data for personal financial advisors (SOC 13-2052). Potential assets to manage per advisor were calculated by multiplying the number of households by mean household net worth excluding home equity, then dividing that total by the number of personal financial advisors in the state. This measure is directional and should not be interpreted as the amount of assets actively available for advisor management, since household net worth may include illiquid assets or assets already under professional management. Source data providers are not affiliated with, and do not endorse or sponsor, this study or its findings.