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

Like different professions, monetary advisors are affected by many components, together with location, earnings, consumer preferences and particular market traits. So, the place an advisor earns essentially the most can change over time, and much more in order expertise permits them to work remotely with a better variety of shoppers in several markets.

With this in thoughts, SmartAsset ranked U.S. states by the p.c improve in median pay private monetary advisors noticed over one 12 months. 

Key Findings

• Advisors in Louisiana noticed a 53% improve in pay. The median advisor earnings within the state went up from $70,220 in 2022 to $107,580 in 2023. However some Louisiana areas noticed even larger will increase: Lafayette had a 101% improve in median earnings, whereas advisors in Baton Rouge noticed incomes go up 71.9%. Usually, these pay will increase had been coupled with important drops within the variety of advisors within the space.
• Eighteen states noticed a lower in advisor pay. Advisors in Oregon noticed the most important drop in median pay at 31.0%. Montana (15.2%), Michigan (13.0%), Delaware (12.1%) and South Dakota (11.4%) additionally noticed double-digit decreases. Different states the place advisors earned much less on common embody Massachusetts, Washington, Nebraska, Kentucky, Alaska, Pennsylvania, Colorado, New York, New Jersey, New Mexico, Kansas, Rhode Island and Utah.
• Maine noticed a forty five% improve within the variety of advisors in only one 12 months. The variety of advisors in Maine grew from 610 in 2022 to 890 in 2023. Hawaii noticed the second-largest progress in employment at 24.2%, from 620 to 770. Virginia additionally noticed 20.0% progress, going from 5,720 advisors to six,860.
• This state misplaced 43% of its advisors in only one 12 months. Oklahoma’s advisor rely dropped 42.8% from 1,800 in 2022 to 1,030 in 2023, however earnings didn’t go up proportionally. The median earnings elevated 21.2% to $102,990. Louisiana, which had the very best earnings progress at over 53%, additionally misplaced 42.8% of its advisors within the final 12 months.

High 10 States The place Monetary Advisor Earnings Grew Most

1. Louisiana

• Variety of private monetary advisors, 2023: 1070
• Median monetary advisor earnings, 2023: $107,580
• Variety of private monetary advisors, 2022: 1770
• Median monetary advisor earnings, 2022: $70,220
• One 12 months change in variety of advisors: -39.5%
• One 12 months change in median earnings: 53.2%

2. Arkansas

• Variety of private monetary advisors, 2023: 1910
• Median monetary advisor earnings, 2023: $63,080
• Variety of private monetary advisors, 2022: 1770
• Median monetary advisor earnings, 2022: $48,460
• One 12 months change in variety of advisors: 7.9%
• One 12 months change in median earnings: 30.2%

3. West Virginia

• Variety of private monetary advisors, 2023: 550
• Median monetary advisor earnings, 2023: $74,690
• Variety of private monetary advisors, 2022: 680
• Median monetary advisor earnings, 2022: $57,390
• One 12 months change in variety of advisors: -19.1%
• One 12 months change in median earnings: 30.1%

4. Arizona

• Variety of private monetary advisors, 2023: 6750
• Median monetary advisor earnings, 2023: $81,850
• Variety of private monetary advisors, 2022: 5700
• Median monetary advisor earnings, 2022: $63,530
• One 12 months change in variety of advisors: 18.4%
• One 12 months change in median earnings: 28.8%

5. North Dakota

• Variety of private monetary advisors, 2023: 640
• Median monetary advisor earnings, 2023: $102,700
• Variety of private monetary advisors, 2022: 570
• Median monetary advisor earnings, 2022: $81,160
• One 12 months change in variety of advisors: 12.3%
• One 12 months change in median earnings: 26.5%

6. Washington, DC

• Variety of private monetary advisors, 2023: 990
• Median monetary advisor earnings, 2023: $97,860
• Variety of private monetary advisors, 2022: 950
• Median monetary advisor earnings, 2022: $77,440
• One 12 months change in variety of advisors: 4.2%
• One 12 months change in median earnings: 26.4%

7. Missouri

• Variety of private monetary advisors, 2023: 5150
• Median monetary advisor earnings, 2023: $101,100
• Variety of private monetary advisors, 2022: 5480
• Median monetary advisor earnings, 2022: $82,140
• One 12 months change in variety of advisors: -6.0%
• One 12 months change in median earnings: 23.1%

8. Indiana

• Variety of private monetary advisors, 2023: 5380
• Median monetary advisor earnings, 2023: $95,410
• Variety of private monetary advisors, 2022: 4860
• Median monetary advisor earnings, 2022: $78,360
• One 12 months change in variety of advisors: 10.7%
• One 12 months change in median earnings: 21.8%

9. Oklahoma

• Variety of private monetary advisors, 2023: 1030
• Median monetary advisor earnings, 2023: $102,990
• Variety of private monetary advisors, 2022: 1800
• Median monetary advisor earnings, 2022: $84,990
• One 12 months change in variety of advisors: -42.8%
• One 12 months change in median earnings: 21.2%

10. Georgia

• Variety of private monetary advisors, 2023: 7220
• Median monetary advisor earnings, 2023: $98,330
• Variety of private monetary advisors, 2022: 7650
• Median monetary advisor earnings, 2022: $81,730
• One 12 months change in variety of advisors: -5.6%
• One 12 months change in median earnings: 20.3%

Information and Methodology

This examine ranked the 46 states which had accessible information and the District of Columbia by the p.c change in median earnings for private monetary advisors between 2022 and 2023. Alabama, Maine, Mississippi and Wyoming didn’t have median earnings information accessible for 2023.

Questions on our examine? Contact us at [email protected]

Photograph credit score: ©iStock.com/ijeab

The submit Monetary Advisors in These States Noticed the Greatest Pay Jumps – 2024 Research appeared first on SmartReads by SmartAsset.

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