The study found that Virginia cities “may be up-and-coming spots for financial advisors,” while coastal cities, in general, dominated the top 10 rankings in the study. The top ten include:
- New York, NY
- San Francisco, CA
- Chicago, IL
- Charlotte, NC
- Oakland, CA
- Miami, FL
- Virginia Beach, VA
- Freemont, CA
- Portland, OR
- Chesapeake, VA
For the study, SmartAsset compared 100 of the largest U.S. cities based on average FA earnings, rent as a percentage of those earnings, FA search volume, “percentage of high-earning households and percentage of the population nearing retirement.”
In New York, for example, the average FA salary is $165,800 and there are many residents that earn a lot of money and are looking for help. In San Francisco, the average is $157,700, with almost 30% of households earning $200,000+ a year.
In Chicago, FAs earn an average of $150,000, while those in Charlotte, NC make an average of $146,410. Meanwhile in Oakland, FAs earn an average of $157,700.