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Advisors looking to expand their practices outside their home states will find stronger opportunities in some areas than others, depending on economic conditions. They may be able to access promising markets without necessarily living in them, thanks to improved remote work capabilities.
In a report released this week, SmartAsset analyzed the most recent Bureau of Labor Statistics data to determine where personal advisor income increased the most between 2024 and 2025. Researchers also measured one-year changes in estimated employment for advisors in each state.
Of the 40 states with available data, all but 11 saw median income increase among financial advisors.
At the state level, advisors in New York earned the most in 2025, with a median income of $166,400. New Jersey and California followed, with median incomes of $158,570 and 130,330.
SmartAsset noted that Idaho went "from hero to zero" in 2025. In last year's study, Gem State advisors led the nation in median income growth, with earnings rising by 44%, from $94,980 in 2023 to $136,440 in 2024.
In the new study, Idaho saw the largest decline in median income among advisors nationwide, with earnings falling by nearly 31%.
See the accompanying gallery for the 12 states where advisor income grew the most between 2024 and 2025.
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