These Cities Are the Top Financial Advisor Hot Spots of 2023

Ashlyn Brooks | FEB 21, 2023

The number of financial advisors is on the rise nationwide. Employment for financial advisors is projected to grow by 15% from 2021 to 2031, much faster than the average for all occupations, according to the Bureau of Labor and Statistics. But some places have higher concentrations of available financial advisors than others. To find out which metro areas have the most financial advisors per capita, SmartAsset crunched the numbers. 

We analyzed data from the 100 largest metro areas to uncover the places with the most financial advisors per capita. To do this, we compared the number of personal financial advisors to the adult population in each area. Read our Data and Methodology section below for more information on our survey data. Though they did not play a role in our rankings, we also examined factors such as the five-year change in the number of financial advisors (2016 - 2021) and financial advisor income. 

Key Findings

• Salt Lake City ranks No. 1. For its population, Salt Lake City has the highest number of personal financial advisors per capita with 34.69 per 10,000 residents. In total, the Salt Lake City area has 2,810 financial advisors. 
• North Carolina claims three spots in the top 10. Just as the state has seen extensive population growth in recent years, the financial advisor population has also expanded. In fact, 3 of 5 North Carolina metro areas rank in the top 10, occupying the No. 2, No. 5 and No. 10 spots. 
• Several of the nation’s largest metro areas did not crack the top 10. Although the New York and Los Angeles metro areas – the nation’s most populous – have a large total number of financial advisors, the number of financial advisors compared to their overall populations is low. The New York City metro area, for example, has around 15 advisors per every 10,000 adult residents compared to 24 advisors per 10,000 adult residents on average in the top 10 metro areas on our list. 

Top 10

1. Salt Lake City, UT  
   Salt Lake City is No. 1 in our study for the places with the most financial advisors per capita, having nearly 35 financial advisors per 10,000 adult residents. Find the top financial advisors in Salt Lake City.
2. Charlotte-Concord-Gastonia, NC-SC 
   The Charlotte metro area has 34.08 personal financial advisors per 10,000 adult residents. In addition, this metro area has seen significant growth in its financial advisor population over a five-year period, with a 144.36% increase. Find the top financial advisors in Charlotte-Concord-Gastonia.
3. Milwaukee-Waukesha, WI 
   Cheeseheads in the Milwaukee metro area have many options when it comes to finding folks who can help manage their "cheddar.” Here, you can find 2,750 personal financial advisors, which comes to about 26 advisors per 10,000 adult residents. Find the top financial advisors in Milwaukee-Waukesha. 
4. San Francisco-Oakland-Berkeley, CA 
   The San Francisco metro area, which is the only spot in California to crack the top 10, has 7,980 financial advisors in total, or 23.61 financial advisors per 10,000 residents. Find the top financial advisors in San Francisco-Oakland-Berkeley. 
5. Durham-Chapel Hill, NC 
   The Durham-Chapel Hill metro area has 23.13 advisors for every 10,000 adult residents. Between 2016 and 2021, the number of advisors in the area more than tripled. Find the top financial advisors in Durham-Chapel Hill.
6. Kansas City, MO-KS 
   The Kansas City metro area has 20.01 financial advisors for every 10,000 adult residents. Additionally, the Kansas City metro area has an average annual salary of $105,970 for financial advisors, which is about $32,000 over the average median household income for the area. Find the top financial advisors in Kansas City. 
7. Minneapolis-St. Paul-Bloomington, MN-WI 
   Only slightly falling behind the No. 6 spot, the Minneapolis metro area has 20 financial advisors per 10,000 adult residents. Financial advisors here earn, on average, $120,180. Find the top financial advisors in Minneapolis-St. Paul-Bloomington.
8. Cincinnati, OH-KY-IN 
   The Cincinnati metro area has a little over 3,000 financial advisors within its borders, which works out to roughly 20 financial advisors for every 10,000 residents. Find the top financial advisors in Cincinnati. 
9. Denver-Aurora-Lakewood, CO 
   The Denver metro area has a population of more than 2 million adults, which is serviced by 4,040 total financial advisors. That equates to roughly 19 financial advisors for every 10,000 people. And although its growth wasn’t as significant as in other areas, this metro area has still managed to increase financial advisors by more than 54% between the years of 2016 and 2021. Find the top financial advisors in Denver-Aurora-Lakewood. 
10. Raleigh-Cary, NC 
    The third North Carolina metro area featured in our top 10 is the Raleigh metro area. which has roughly 19 financial advisors per 10,000 adult residents. What’s more, this metro area saw a 117.44% growth in its number of financial advisors between 2016 and 2021. The Raleigh metro area also has a competitive average salary for financial advisors (roughly $109,000). Find the top financial advisors in Raleigh-Cary. 

Data and Methodology

To find the metro areas with the most financial advisors per capita, SmartAsset examined data on the 100 largest metro areas. However, we excluded Delaware, whose full data was unavailable. We considered two metrics:

• Number of personal financial advisors. Data comes from the Bureau of Labor Statistics May 2021 Occupational Employment Statistics release.
• Number of adults ages 25 and older. Data comes from the Census Bureau’s 2021 1-year American Community Survey.

Using those figures, we calculated the number of financial advisors per 10,000 adults ages 25 and older and ranked the metro areas accordingly. For purposes of this study, we considered adults to be those aged 25 and older.

Looking for a Financial Advisor?

• Our tool makes it easy to find a financial advisor. SmartAsset’s free tool matches you with up to three vetted financial advisors in your area. You can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor, get started now.
• Do your research on financial advisor fees. Financial advisor fee structures are varied. Most are either fee-only or fee-based. Fee-only advisors charge based on the services they offer, while fee-based advisors make money by charging a combination of fees and earning commissions on investment products. For more information on the two, check out our complete guide here.

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

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