Financial Advisors in These States Saw the Biggest Pay Jumps – 2024 Study

Like other professions, financial advisors are affected by many factors, including location, income, client preferences and specific market characteristics. So, where an advisor earns the most can change over time, and even more so as technology allows them to work remotely with a greater number of clients in different markets.

With this in mind, SmartAsset ranked U.S. states by the percent increase in median pay personal financial advisors saw over one year.

Key Findings

• Advisors in Louisiana saw a 53% increase in pay. The median advisor income in the state went up from $70,220 in 2022 to $107,580 in 2023. But some Louisiana locations saw even bigger increases: Lafayette had a 101% increase in median income, while advisors in Baton Rouge saw incomes go up 71.9%. In most cases, these pay increases were coupled with significant drops in the number of advisors in the area.

• Eighteen states saw a decrease in advisor pay. Advisors in Oregon saw the biggest drop in median pay at 31.0%. Montana (15.2%), Michigan (13.0%), Delaware (12.1%) and South Dakota (11.4%) also saw double-digit decreases. Other states where advisors earned less on average include Massachusetts, Washington, Nebraska, Kentucky, Alaska, Pennsylvania, Colorado, New York, New Jersey, New Mexico, Kansas, Rhode Island and Utah.

• Maine saw a 45% increase in the number of advisors in just one year. The number of advisors in Maine grew from 610 in 2022 to 890 in 2023. Hawaii saw the second-largest growth in employment at 24.2%, from 620 to 770. Virginia also saw 20.0% growth, going from 5,720 advisors to 6,860.

• This state lost 43% of its advisors in just one year. Oklahoma's advisor count dropped 42.8% from 1,800 in 2022 to 1,030 in 2023, but income did not go up proportionally. The median income increased 21.2% to $102,990. Louisiana, which had the highest income growth at over 53%, also lost 42.8% of its advisors in the last year.

Top 10 States Where Financial Advisor Income Grew Most

1. Louisiana

• Number of personal financial advisors, 2023: 1070

• Median financial advisor income, 2023: $107,580

• Number of personal financial advisors, 2022: 1770

• Median financial advisor income, 2022: $70,220

• One year change in number of advisors: -39.5%

• One year change in median income: 53.2%
  

1. Arkansas

• Number of personal financial advisors, 2023: 1910

• Median financial advisor income, 2023: $63,080

• Number of personal financial advisors, 2022: 1770

• Median financial advisor income, 2022: $48,460

• One year change in number of advisors: 7.9%

• One year change in median income: 30.2%
  

1. West Virginia

• Number of personal financial advisors, 2023: 550

• Median financial advisor income, 2023: $74,690

• Number of personal financial advisors, 2022: 680

• Median financial advisor income, 2022: $57,390

• One year change in number of advisors: -19.1%

• One year change in median income: 30.1%
  

1. Arizona

• Number of personal financial advisors, 2023: 6750

• Median financial advisor income, 2023: $81,850

• Number of personal financial advisors, 2022: 5700

• Median financial advisor income, 2022: $63,530

• One year change in number of advisors: 18.4%

• One year change in median income: 28.8%
  

1. North Dakota

• Number of personal financial advisors, 2023: 640

• Median financial advisor income, 2023: $102,700

• Number of personal financial advisors, 2022: 570

• Median financial advisor income, 2022: $81,160

• One year change in number of advisors: 12.3%

• One year change in median income: 26.5%
  

1. Washington, DC

• Number of personal financial advisors, 2023: 990

• Median financial advisor income, 2023: $97,860

• Number of personal financial advisors, 2022: 950

• Median financial advisor income, 2022: $77,440

• One year change in number of advisors: 4.2%

• One year change in median income: 26.4%
  

1. Missouri

• Number of personal financial advisors, 2023: 5150

• Median financial advisor income, 2023: $101,100

• Number of personal financial advisors, 2022: 5480

• Median financial advisor income, 2022: $82,140

• One year change in number of advisors: -6.0%

• One year change in median income: 23.1%
  

1. Indiana

• Number of personal financial advisors, 2023: 5380

• Median financial advisor income, 2023: $95,410

• Number of personal financial advisors, 2022: 4860

• Median financial advisor income, 2022: $78,360

• One year change in number of advisors: 10.7%

• One year change in median income: 21.8%
  

1. Oklahoma

• Number of personal financial advisors, 2023: 1030

• Median financial advisor income, 2023: $102,990

• Number of personal financial advisors, 2022: 1800

• Median financial advisor income, 2022: $84,990

• One year change in number of advisors: -42.8%

• One year change in median income: 21.2%
  

1. Georgia

• Number of personal financial advisors, 2023: 7220

• Median financial advisor income, 2023: $98,330

• Number of personal financial advisors, 2022: 7650

• Median financial advisor income, 2022: $81,730

• One year change in number of advisors: -5.6%

• One year change in median income: 20.3%

Data and Methodology

This study ranked the 46 states which had available data and the District of Columbia by the percent change in median income for personal financial advisors between 2022 and 2023. Alabama, Maine, Mississippi and Wyoming did not have median income data available for 2023.

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

Photo credit: ©iStock.com/ijeab

The post Financial Advisors in These States Saw the Biggest Pay Jumps – 2024 Study appeared first on SmartReads by SmartAsset.