The Best and Worst States to Be a Financial Advisor

financial advisor

If you like working with money, then you might want to train to become a financial advisor. First of all, your education will teach you even more about money. This is obviously good for your own personal finances. In addition, it’s a great career path.

A financial advisor helps other people manage their money. Moreover, they help people identify, set, and meet their money goals. That can be very satisfying work. That said, there are some states where it really pays off to become a financial advisor. On the other hand, some states don’t pay their finance team nearly as well.

The Best States to be a Financial Advisor

Naturally, jobs pay higher in some states than in others. States where the cost of living is high generally offer higher wages. Therefore, it’s not surprising that New York and California are the top two states when it comes to earning potential for a financial advisor. That’s followed closely by DC.

However, you don’t have to live in a pricey state to make a lot of money as a financial advisor. The other seven states on the top ten list of best states to be a financial advisor are:

  • Connecticut
  • Florida
  • Maine
  • New Jersey
  • New Mexico
  • North Carolina
  • Rhode Island

New Mexico has a very low cost of living. Nevertheless, a financial advisor there earns on average $127,000+. That said, it might not always be easy to get work there, especially if you live in one of the more remote areas. In contrast, Rhode Island and North Carolina are financial centers. Therefore, they offer great job opportunities in finance, especially for people living in the major cities there.

It’s Not as Profitable to be a Financial Advisor in These States

When you’re looking just at the numbers, these are the ten worst states for drawing an income as a financial advisor:

  • Hawaii
  • Iowa
  • Louisiana
  • Kentucky
  • Missouri
  • Nebraska
  • Oklahoma
  • South Dakota
  • Vermont
  • West Virginia

The lowest-paying state is Vermont, where financial advisors earn about $76,000 annually. That said, that’s still not a bad income by most standards. Moreover, some of these states have an extremely low cost of living. Therefore, you could live very well in them with this job. Financial advisors in Louisiana earn more than $93,000. On the other hand, Hawaii is expensive, so your $84,000 won’t go as far there. However, you’d get to live in Hawaii.

Overall, This Career Has Good Prospects Anywhere

Even if you live in one of the states on the latter list, you might find that it’s still profitable to work as a financial advisor. The Burea of Labor Statistics highlights that this is a six figure job. The average income is over $124,000. Furthermore, the job market is growing. In the decade starting with 2016, employment is expected to grow by 15%. Therefore, if you’re looking for a new job with a lot of potential for growth and income, then you might want to consider this option.

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Source: Forbes

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