Most monetary advisors fall within the ninetieth percentile of U.S. employees based on common annual earnings, SmartAsset reported in its newest examine of the best-paying locations for monetary professionals.
The common monetary advisor made about $120,000 in 2021, greater than double the earnings of the typical employee, who earned $58,300 in the identical 12 months, the report stated, citing Bureau of Labor Statistics knowledge.
A combined image emerged within the analysis relating to monetary advisor pay adjustments. Nationally, common earnings for monetary advisors stayed comparatively flat between 2019 and 2021, rising by solely 0.6%. Throughout the 50 metro areas within the examine, pay elevated in 33 of them and decreased within the remaining 17.
The most important enhance in a metro space was 42.4%, and the largest drop was 21.5%.
SmartAsset famous that though the advisory profession units up many individuals for monetary success, some locations are extra favorable for pay than others.
To seek out the best-paying locations for monetary advisors, SmartAsset checked out knowledge on 50 of the most important U.S. metro areas, and in contrast these cities throughout 4 metrics:
- Common monetary advisor pay, vs. nationwide common of $119,960.
- Two-year change in monetary advisor pay (2019-2021), vs. 0.6% nationally.
- Ratio of common monetary advisor earnings to common earnings of all employees within the metro space, vs. 2.06 nationally.
- Housing prices as a share of economic advisor pay, vs. 11.2% nationally.
Researchers ranked every metro space in each metric, giving equal weight to all 4 metrics. They then discovered every metro space’s common rating and used that common to find out its place on the ultimate listing of one of the best of best-paying locations.
See the gallery for SmartAsset’s 15 best-paying metro areas for monetary advisors.