The growing demand for financial guidance, driven by rising wealth and complex investment needs, is pushing the financial advisory industry forward in the United States.
In fact, 27% of Americans say they currently use a financial advisor. This is evident as the total number of advisors and assets under management continues to grow annually.
So, what does this mean for the financial advisory industry?
Below, Below, we explore key financial advisor statistics, market trends, and critical factors shaping the industry in 2025.
Top Financial Advisor Stats
- The U.S. financial advisory market has $90.54 trillion in assets under management in 2025.
- Approximately 321,000 financial advisors are employed in the United States.
- 69.3% of financial advisors are male, while 30.7% are female.
- The average annual salary for financial advisors is $150,670, with 25.2% earning over $200,000.
- Connecticut offers the highest average salary for financial advisors at $217,864, while Mississippi advisors earn the lowest at $95,472.
Financial Advisor Market Size
In the financial advisory market, total assets under management in the United States are expected to reach $90.54 trillion in 2025.
This figure is projected to grow to $99.37 trillion by 2029, representing a compound annual growth rate (CAGR) of 2.36%.
Globally, the numbers are even higher. Financial advisor assets under management are projected to reach $165.10 trillion by the end of 2025.
These assets are expected to increase to $178.14 trillion by 2029 at an annual growth rate of 1.92%.
Financial Advisor Employment Stats: How many financial advisors are there?
According to the latest available data, there are an estimated 321,000 financial advisors in the United States.
Between 2025 and 2033, the number of financial advisors is expected to grow by 17% (compared to an average of 4% for all occupations).
This represents an opening of, on average, 27,000 new financial advisor positions each year.
The largest employers of personal financial advisors are securities, commodity contracts, and other financial investments, accounting for 60% of financial advisor employment.
Below is a breakdown of the four industry sectors and their percentage of financial advisor employment.
| Industry Sector | % of Employment |
|---|---|
| Securities, commodity contracts, and other financial investments | 60% |
| Credit intermediation and related activities | 16% |
| Insurance carriers and related activities | 3% |
| Professional, scientific, and technical services | 3% |
Source: Bureau of Labor Statistics
Financial Advisor Demographics
The typical financial advisor is a white male in his early to mid-40s with a bachelor’s degree.
Over 69% of financial advisors are male, while just over 30% are female.
| Gender | Percentage |
|---|---|
| Male | 69.30% |
| Female | 30.70% |
There’s a big disparity in financial advisors based on age, too.
The average age for a financial advisor is 44, with the majority aged over 40.
Here’s a look at the breakdown of financial advisors by age:
| Age Group | Percentage |
|---|---|
| 20–30 | 18% |
| 30-40 | 28% |
| 40–50 | 24% |
| 50–60 | 20% |
| Over 40 | 61% |
| Over 60 | 10% |
| Average | 44 years |
On top of that, more than 70% of all financial advisors in the United States are white.
Meanwhile, only 9.50% of financial advisors are Hispanic and just over 8% are Asian.
Here’s a look at the percentage of financial advisors represented in each ethnicity:
| Ethnicity | Percentage |
|---|---|
| White | 72.10% |
| Hispanic | 9.50% |
| Asian | 8.30% |
| Black | 5.60% |
| Unknown | 4.40% |
| American Indian/Alaska Native | 0.10% |
Lastly, we reviewed financial advisor demographics based on education.
74% of all financial advisors hold at least a Bachelor’s degree, while only 12% have a Master’s degree.
Below is a complete breakdown:
| Education Level | Percentage |
|---|---|
| Bachelor’s Degree | 74% |
| Master’s Degree | 12% |
| Associate’s Degree | 8.% |
| High School Diploma | 3% |
| Other Degrees | 3% |
Sources: Bureau of Labor Statistics, Data USA
Number of Financial Advisors by State
The number of financial advisors in the United States varies significantly by state, primarily due to regional differences in wealth, population, and the number of financial industry employers.
California leads with over 40,000 advisors, while smaller states like Wyoming report fewer than 100 advisors.
The data below ranks states by the total employment of financial advisors.
Please note that the table excludes both Colorado and South Carolina because these states do not report total employment data.
| State | Employment |
|---|---|
| Alabama | 660 |
| Alaska | 910 |
| Arizona | 6,310 |
| Arkansas | 1,020 |
| California | 40,580 |
| Connecticut | 2,200 |
| Delaware | 820 |
| District of Columbia | 1,060 |
| Florida | 15,110 |
| Georgia | 8,850 |
| Guam | 1,180 |
| Hawaii | 1,830 |
| Idaho | 820 |
| Illinois | 11,570 |
| Indiana | 5,940 |
| Iowa | 1,110 |
| Kansas | 1,340 |
| Kentucky | 2,000 |
| Louisana | 2,950 |
| Maine | 1,140 |
| Maryland | 4,560 |
| Massachusetts | 9,250 |
| Michigan | 7,340 |
| Minnesota | 6,010 |
| Mississippi | 2,190 |
| Missouri | 4,650 |
| Montana | 350 |
| Nebraska | 2,510 |
| Nevada | 3,080 |
| New Hampshire | 720 |
| New Jersey | 10,050 |
| New Mexico | 2,100 |
| New York | 14,140 |
| North Carolina | 7,490 |
| North Dakota | 250 |
| Ohio | 7,500 |
| Oklahoma | 2,650 |
| Oregon | 3,610 |
| Pennsylvania | 5,760 |
| Puerto Rico | 3,530 |
| Rhode Island | 630 |
| South Dakota | 420 |
| Tennesse | 8,740 |
| Texas | 23,370 |
| Utah | 1,810 |
| Vermont | 440 |
| Virgin Islands | 80 |
| Virginia | 2,770 |
| Washington | 3,390 |
| West Virginia | 1,730 |
| Wisconsin | 4,920 |
| Wyoming | 100 |
Sources: Data USA, Bureau of Labor Statistics
Financial Advisor Earnings
The average annual salary for a financial advisor is $150,670. Overall, approximately 25.20% of all financial advisors earn over $200,000.
Compared to the average worker in the United States, financial advisors are some of the highest earnings.
Below, we break down the percentage of financial advisors by salary compared to the US national average.
| Average Salary | Percentage of Total | U.S. National Average |
|---|---|---|
| < $10K | 2.06% | 9.90% |
| $10–20K | 2.69% | 10.00% |
| $20–30K | 3.19% | 12.10% |
| $30–40K | 4.61% | 11.60% |
| $40–50K | 5.51% | 10.30% |
| $50–60K | 7.51% | 9.20% |
| $60–70K | 6.50% | 7.00% |
| $70–80K | 5.17% | 5.41% |
| $80–90K | 5.86% | 4.55% |
| $90–100K | 4.36% | 3.29% |
| $100–110K | 4.55% | 2.89% |
| $110–120K | 6.14% | 2.82% |
| $120–130K | 2.30% | 1.40% |
| $130–140K | 3.25% | 1.56% |
| $140–150K | 2.51% | 1.08% |
| $150–160K | 2.41% | 0.99% |
| $160–170K | 1.62% | 0.68% |
| $170–180K | 2.60% | 0.78% |
| $180–190K | 1.50% | 0.47% |
| $190–200K | 0.96% | 0.32% |
| $200K+ | 25.20% | 3.73% |
Sources: US News Money, Data USA
Financial Advisor Salary by State
The amount financial advisors earn varies significantly by state, with Connecticut leading due to its high concentration of wealth and financial institutions.
Financial advisors in Connecticut earn an average of $217,864 annually, while those in Mississippi earn $95,472.
Below is a ranking of each state by the average annual salary of financial advisors, based on the latest available data.
| Rank | State | Avg. Annual Salary |
|---|---|---|
| 1 | Connecticut | $217,864 |
| 2 | New York | $215,466 |
| 3 | New Jersey | $210,083 |
| 4 | West Virginia | $201,534 |
| 5 | Massachusetts | $196,384 |
| 6 | Wyoming | $195,413 |
| 7 | North Dakota | $194,199 |
| 8 | Illinois | $192,314 |
| 9 | California | $188,675 |
| 10 | Virginia | $184,324 |
| 11 | Maryland | $178,532 |
| 12 | Alaska | $177,577 |
| 13 | Maine | $177,248 |
| 14 | Vermont | $172,910 |
| 15 | Kentucky | $172,751 |
| 16 | Ohio | $166,269 |
| 17 | Florida | $165,037 |
| 18 | Georgia | $163,788 |
| 19 | Louisiana | $163,534 |
| 20 | Washington | $162,105 |
| 21 | Indiana | $156,900 |
| 22 | Rhode Island | $156,462 |
| 23 | Michigan | $155,615 |
| 24 | Pennsylvania | $155,100 |
| 25 | North Carolina | $154,774 |
| 26 | Hawaii | $154,352 |
| 27 | Tennessee | $153,077 |
| 28 | Wisconsin | $151,934 |
| 29 | Missouri | $151,271 |
| 30 | Minnesota | $151,147 |
| 31 | Colorado | $150,434 |
| 32 | Idaho | $147,945 |
| 33 | Nevada | $147,758 |
| 34 | Alabama | $145,300 |
| 35 | Oregon | $144,760 |
| 36 | District of Columbia | $142,953 |
| 37 | Oklahoma | $142,106 |
| 38 | South Carolina | $139,843 |
| 39 | New Hampshire | $135,833 |
| 40 | Texas | $135,325 |
| 41 | Montana | $135,263 |
| 42 | Nebraska | $135,010 |
| 43 | Kansas | $134,732 |
| 44 | Utah | $133,192 |
| 45 | South Dakota | $132,632 |
| 46 | New Mexico | $130,073 |
| 47 | Arkansas | $129,766 |
| 48 | Iowa | $126,685 |
| 49 | Arizona | $123,588 |
| 50 | Delaware | $119,472 |
| 51 | Mississippi | $95,472 |
Sources: Data USA
Conclusion
While investing without professional guidance can seem like the best solution to some, working with experts can lead to more positive results.
The financial advisory industry’s yearly growth, rising income levels, and regional expertise offer tailored solutions for complex financial needs.
As the rest of Baby Boomers move into retirement and Millennials advance in their careers, it will be interesting to see how this impacts financial advisors moving forward.
