Financial advisors in these states saw the biggest pay jumps

travelview // Shutterstock Like other professions, financial advisors are affected by many factors including location, income, client preferences and specific market characteristics. Locations of the highest-earning advisors can change over time, and even more so as technology allows them to work remotely with a greater number of clients in different markets. With this in mind, SmartAsset ranked U.S. states by the percent increase in median pay that personal financial advisors saw over the course of one year.  Key Findings Advisors in Louisiana saw a 53% increase in pay. The median advisor income in the state went up from $70,220 in 2022 to $107,580 in 2023. But some Louisiana locations saw even bigger increases: Lafayette had a 101% increase in median income, while advisors in Baton Rouge saw incomes go up 71.9%. In most cases, these pay increases were coupled with significant drops in the number of advisors in the area. Eighteen states saw a decrease in advisor pay. Advisors in Oregon saw the biggest drop in median pay at 31.0%. Montana (15.2%), Michigan (13.0%), Delaware (12.1%) and South Dakota (11.4%) also saw double-digit decreases. Other states where advisors earned less on average include Massachusetts, Washington, Nebraska, Kentucky, Alaska, Pennsylvania, Colorado, New York, New Jersey, New Mexico, Kansas, Rhode Island and Utah. Maine saw a 45% increase in the number of advisors in just one year. The number of advisors in Maine grew from 610 in 2022 to 890 in 2023. Hawaii saw the second-largest growth in employment at 24.2%, from 620 to 770. Virginia also saw 20.0% growth, going from 5,720 advisors to 6,860. This state lost 43% of its advisors in just one year. Oklahoma’s advisor count dropped 42.8% from 1,800 in 2022 to 1,030 in 2023, but income did not go up proportionally. The median income increased 21.2% to $102,990. Louisiana, which had the highest income growth at over 53%, also lost 42.8% of its advisors in the last year. Top 10 States Where Financial Advisor Income Grew Most SmartAsset Louisiana Number of personal financial advisors, 2023: 1070 Median financial advisor income, 2023: $107,580 Number of personal financial advisors, 2022: 1770 Median financial advisor income, 2022: $70,220 One year change in number of advisors: -39.5% One year change in median income: 53.2% Arkansas Number of personal financial advisors, 2023: 1910 Median financial advisor income, 2023: $63,080 Number of personal financial advisors, 2022: 1770 Median financial advisor income, 2022: $48,460 One year change in number of advisors: 7.9% One year change in median income: 30.2% West Virginia Number of personal financial advisors, 2023: 550 Median financial advisor income, 2023: $74,690 Number of personal financial advisors, 2022: 680 Median financial advisor income, 2022: $57,390 One year change in number of advisors: -19.1% One year change in median income: 30.1% Arizona Number of personal financial advisors, 2023: 6750 Median financial advisor income, 2023: $81,850 Number of personal financial advisors, 2022: 5700 Median financial advisor income, 2022: $63,530 One year change in number of advisors: 18.4% One year change in median income: 28.8% North Dakota Number of personal financial advisors, 2023: 640 Median financial advisor income, 2023: $102,700 Number of personal financial advisors, 2022: 570 Median financial advisor income, 2022: $81,160 One year change in number of advisors: 12.3% One year change in median income: 26.5% Washington, DC Number of personal financial advisors, 2023: 990 Median financial advisor income, 2023: $97,860 Number of personal financial advisors, 2022: 950 Median financial advisor income, 2022: $77,440 One year change in number of advisors: 4.2% One year change in median income: 26.4% Missouri Number of personal financial advisors, 2023: 5150 Median financial advisor income, 2023: $101,100 Number of personal financial advisors, 2022: 5480 Median financial advisor income, 2022: $82,140 One year change in number of advisors: -6.0% One year change in median income: 23.1% Indiana Number of personal financial advisors, 2023: 5380 Median financial advisor income, 2023: $95,410 Number of personal financial advisors, 2022: 4860 Median financial advisor income, 2022: $78,360 One year change in number of advisors: 10.7% One year change in median income: 21.8% Oklahoma Number of personal financial advisors, 2023: 1030 Median financial advisor income, 2023: $102,990 Number of personal financial advisors, 2022: 1800 Median financial advisor income, 2022: $84,990 One year change in number of advisors: -42.8% One year change in median income: 21.2% Georgia Number of personal financial advisors, 2023: 7220 Median financial advisor income, 2023: $98,330 Number of personal financial advisors, 2022: 7650 Median financial advisor income, 2022: $81,730 One year change in number of advisors: -5.6% One year change in median income: 20.3% Data and Methodology This study ranked the 46 states which had available data and the District of Columbia by the percent change in median income for personal financial advisors between 2022 and 2023. Alabama, Maine, Mississippi and Wyoming did not have median income data available for 2023. This story was produced by SmartAsset and reviewed and distributed by Stacker Media.