Monetary Advisors in These States Noticed the Greatest Pay Jumps – 2024 Research

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

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 greater will increase: Lafayette had a 101% improve in median earnings, whereas advisors in Baton Rouge noticed incomes go up 71.9%. Generally, these pay will increase have 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 largest 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 embrace 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 yr. 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 yr. 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 best earnings progress at over 53%, additionally misplaced 42.8% of its advisors within the final yr.

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 yr change in variety of advisors: -39.5%
• One yr 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 yr change in variety of advisors: 7.9%
• One yr 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 yr change in variety of advisors: -19.1%
• One yr 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 yr change in variety of advisors: 18.4%
• One yr 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 yr change in variety of advisors: 12.3%
• One yr 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 yr change in variety of advisors: 4.2%
• One yr 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 yr change in variety of advisors: -6.0%
• One yr 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 yr change in variety of advisors: 10.7%
• One yr 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 yr change in variety of advisors: -42.8%
• One yr 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 yr change in variety of advisors: -5.6%
• One yr change in median earnings: 20.3%

Information and Methodology

This research ranked the 46 states which had accessible knowledge 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 knowledge accessible for 2023.

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

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