The financial advisor profession is projected to grow 15% from 2021 to 2031, much faster than the average for all occupations, according to the U.S. Bureau of Labor and Statistics.
The BLS projects an average of about 30,500 openings each year over the decade. The openings, it said, are expected to come as workers transfer to different occupations or exit the labor force.
But there are certain areas where choosing an advisor will offer more options, and a ranking of the locations with the most advisors per capita from SmartAsset showed that “financial advisor hot spots’’ are not necessarily the areas that may come to mind.
“There’s no financial center like New York City or retirement hub like Tampa, Fla., in the top 10. Instead, we tended to see the largest number of financial advisors per 10,000 residents in a number of midsized metro areas, including several North Carolina cities,” said Susannah Snider, certified financial planner and managing editor of financial education at SmartAsset.
North Carolina, which has seen rapid growth in the past year, claimed three spots in the top 10. The state, according to the US Census Bureau, grew 1.3%, ranking ninth in the nation. It added 133,088 people, surpassed by only Texas (up 470,708) and Florida (up 416,754).
Snider noted that the research looked at places with the most financial advisors per adult residents.
Snider said they hoped the research “helps give advisors some insights into where the competition is concentrated in the U.S. and some food for thought when considering the advisory landscape in various metro areas.”
In ranking the 100 largest metro areas with the most financial advisors per capita, SmartAsset used 2021 BLS and Census data to calculate the number of financial advisors per 10,000 adults ages 25 and older and ranked the metro areas accordingly. The research excluded Delaware due to unavailable data.
Here is the list of SmartAssets metro areas with the most financial advisors per capita.
10. Raleigh-Cary, N.C.
The Raleigh metro area has a total of 1,870 personal financial advisors, roughly 19 advisors per 10,000 adult residents. The area saw a 117.44% growth in its number of financial advisors between 2016 and 2021.
9. Denver-Aurora-Lakewood, Colo.
The Denver metro area has 4,040 total personal financial advisors, which is roughly 19 advisors for every 10,000 people. It saw more than 54% growth in financial advisors between 2016 and 2021.
8. Cincinnati, Ohio-Ky-Ind.
The Cincinnati metro area has a little 3,030 personal financial advisors within its borders, which is roughly 20 financial advisors for every 10,000 residents.
7. Minneapolis-St. Paul-Bloomington, Minn-Wis.
Falling slightly behind the No. 6 spot, the Minneapolis metro area has 20 financial advisors per 10,000 adult residents. The area has a total of 5,050 personal financial advisors.
6. Kansas City, Mo-Kansas
The Kansas City metro area has 3,000 personal financial advisors, which amounts to 20.01 financial advisors for every 10,000 adult residents.
5. Durham-Chapel Hill, N.C.
The Durham-Chapel Hill metro area has 1,040 personal financial advisors, which is 23.13 advisors for every 10,000 adult residents. Between 2016 and 2021, the number of advisors in the area more than tripled.
4. San Francisco-Oakland-Berkeley, Calif.
The San Francisco metro area is the only California spot to make the top 10. It has 7,980 financial advisors in total, or 23.61 financial advisors per 10,000 residents.
3. Milwaukee-Waukesha, Wis.
The Milwaukee metro area has 2,750 personal financial advisors, which comes to about 26 advisors per 10,000 adult residents.
2. Charlotte-Concord-Gastonia, N.C.-S.C.
The Charlotte metro area has 6,280 personal financial advisors. There are 34.08 personal financial advisors per 10,000 adult residents. The area has seen significant growth in its financial advisor population over a five-year period, with a 144.36% increase.
1. Salt Lake City
Salt Lake City tops the list as the place with the most financial advisors per capita. It has a total of 2,810 financial advisors, which is nearly 35 financial advisors per 10,000 adult residents.
The full list can be viewed here.
