Highest Paying States for Financial Advisors (2026): Where FAs Earn the Most
The highest paying state for financial advisors is New York at $168,671 average median salary in 2026, based on BLS OEWS data across 52 states and 1679+ metro areas. FA pay varies from Puerto Rico ($51,082) to New York ($168,671) — driven by wirehouse vs RIA vs bank channel, HNW / UHNW market depth, and book-of-business equity.
Best States for Financial Advisor Salary: 2026 Rankings
Financial advisor pay variance is driven by wirehouse (Merrill, Morgan Stanley, UBS, Wells Fargo Advisors) vs RIA (Creative Planning, Edelman, Mariner) vs bank channel (JPM, BoA, Chase Private Client) vs career agent (NW Mutual, NY Life) channel mix, HNW / UHNW market depth, book-of-business equity, COL, and state income tax. New York leads at $168,671, Puerto Rico sits at $51,082.
Top-Tier States
- New York ($130,000-$220,000) — NYC wirehouse + private wealth (Goldman PWM, JPM Private Bank, Morgan Stanley Private Wealth).
- Connecticut ($120,000-$200,000) — Stamford / Greenwich UHNW + hedge fund client base.
- New Jersey ($115,000-$180,000) — Bergen / Morris HNW + commuter premium.
- California ($115,000-$185,000) — SF Bay Area UHNW (tech wealth) + LA entertainment + SoCal HNW.
- Massachusetts ($108,000-$165,000) — Boston wealth management + Fidelity HQ.
- Illinois ($100,000-$155,000) — Chicago wirehouse + RIA.
Mid-Tier Markets
- Florida ($95,000-$155,000) — Palm Beach / Naples / Sarasota UHNW retiree + Miami crypto + no state income tax.
- Texas ($95,000-$150,000) — Houston energy wealth + Dallas + no state income tax.
- Washington ($95,000-$148,000) — Seattle tech wealth + no state income tax.
- Virginia ($88,000-$135,000) — DC federal + NoVA tech wealth.
- Georgia ($82,000-$125,000) — Atlanta corporate.
- Colorado ($85,000-$130,000) — Denver / Aspen UHNW + Boulder tech.
- Pennsylvania ($82,000-$125,000) — Philadelphia + Pittsburgh.
Specialty Premium Markets
- HNW / UHNW Private Wealth (Goldman PWM, JPM Private Bank, Morgan Stanley Private Wealth) — premier $250,000-$1M+ for established.
- Wirehouse (Merrill, Morgan Stanley, UBS, Wells Fargo Advisors) — premium.
- Mega-RIA (Creative Planning, Edelman, Mariner, Hightower) — premium fee-only.
- Independent broker-dealer (LPL, Raymond James, Ameriprise, Cetera) — premium with book.
- Bank channel (JPM, BoA, Chase Private Client) — premium with warm leads.
- CFP fiduciary RIA — premium fee-only.
- Career agent (NW Mutual, NY Life, MassMutual) — premium long-term residual.
- Family office — premium UHNW niche.
2026 State Ranking Methodology
Rankings reflect 2026 projected median from BLS OEWS 2025. Book-of-business equity + HNW / UHNW market depth materially shift ceiling. Top advisors at wirehouse / private wealth exceed median substantially.
2019 BLS
$87,850
2025 BLS
$105,070
2026 Current Est.
$108,537
2019–2027 Growth
+27.6%
National Average for Context
2019–2025: BLS OEWS actual data. 2026+: CAGR 3.30% projection.
| Year | Median Annual Salary | Status |
|---|---|---|
| 2019 | $87,850 | Actual |
| 2020 | $89,330 | Actual |
| 2021 | $94,170 | Actual |
| 2022 | $95,390 | Actual |
| 2023 | $99,580 | Actual |
| 2024 | $102,140 | Actual |
| 2025 | $105,070 | Actual |
| 2026(current) | $108,537 | Estimated |
| 2027 | $112,119 | Projected |
Understanding the national salary trend helps contextualize state-level differences. The national median provides a baseline for comparing how each state's financial advisor pay stacks up.
Note: BLS actual data is sourced from the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey. Estimated and projected values are calculated using a 3.30% historical CAGR. Actual compensation may vary based on employer, experience, certifications, and local market conditions.
Top 10 Highest Paying States for Financial Advisors
What Drives State-Level Financial Advisor Pay Differences
Five primary factors explain financial advisor state-level pay variance.
1. HNW / UHNW Market Depth (30-40%)
- NYC / SF Bay Area / Greenwich UHNW concentration — premier.
- Palm Beach / Naples / Sarasota / Aspen retiree UHNW — premium niche.
- Boston wealth management — premium.
- Chicago wirehouse + RIA — premium.
- Houston energy wealth — premium specialty.
- Seattle tech wealth — premium emerging.
- Miami crypto + Latin American wealth — premium emerging.
2. Channel Mix: Wirehouse / RIA / Bank (20-30%)
- Wirehouse training program (Merrill, Morgan Stanley, UBS, Wells) — premium structured.
- Mega-RIA (Creative Planning, Edelman, Mariner, Hightower) — premium fee-only.
- HNW / UHNW Private Wealth (Goldman, JPM, MS PWM) — premier.
- Bank channel (JPM, BoA, Chase Private Client) — premium with warm leads.
- Independent broker-dealer (LPL, Raymond James, Ameriprise) — premium with book.
- CFP fiduciary RIA — premium fee-only.
- Career agent (NW Mutual, NY Life) — long-term residual.
- Edward Jones — premium ramp + book equity.
3. State Income Tax (5-10% take-home)
- No state income tax — AK, WA, TX, FL, TN, NV, SD, WY, NH. Substantial for FAs serving HNW.
- High state income tax — CA, NY, OR, NJ, MN, HI.
- NYC + Philadelphia local — additional.
- FA clients in low-tax states (FL, TX) — domicile shift trend.
- Self-employment SE tax (independent) — 15.3%.
4. CFP + Specialty Credentials (10-15%)
- CFP (premium) — fiduciary fee-only standard.
- CFA (investment management gold-standard) — premium.
- ChFC alternative to CFP — premium.
- CPWA / CIMA (HNW / UHNW) — premium specialty.
- RICP (Retirement Income Certified Professional) — premium retirement.
- Series 65 / 66 (RIA path) — required fee-only.
- Series 7 (general securities) — required broker-dealer.
5. Book-of-Business Equity (10-15%)
- Wirehouse to RIA breakaway path — premium AUM portability.
- Book buyout / book inheritance (retiring advisor) — premier wealth transfer.
- Independent / mega-RIA partner equity — premium.
- Renewal commission (career agent) — long-term residual.
- AUM growth + recurring fee structure — major long-term wealth.
- HNW / UHNW specialization ($25M+ households) — premier AUM.
Where Do Financial Advisors Get Paid the Most?
Complete ranking of all 52 states by average financial advisor salary. Click any state to see city-level breakdowns and detailed data.
| Rank | State | Avg Salary |
|---|---|---|
| 1 | New York | $168,671 |
| 2 | Connecticut | $136,421 |
| 3 | California | $135,266 |
| 4 | New Jersey | $132,070 |
| 5 | Vermont | $131,024 |
| 6 | Massachusetts | $130,875 |
| 7 | Wisconsin | $126,154 |
| 8 | South Dakota | $119,156 |
| 9 | Pennsylvania | $118,312 |
| 10 | Illinois | $117,276 |
| 11 | Missouri | $114,324 |
| 12 | Washington | $114,188 |
| 13 | Oregon | $110,553 |
| 14 | District of Columbia | $109,736 |
| 15 | Florida | $109,356 |
| 16 | Delaware | $107,402 |
| 17 | Georgia | $107,351 |
| 18 | Virginia | $106,842 |
| 19 | New Mexico | $104,773 |
| 20 | Minnesota | $103,311 |
| 21 | Alaska | $103,236 |
| 22 | Nevada | $103,233 |
| 23 | Maryland | $103,007 |
| 24 | Maine | $101,258 |
| 25 | Montana | $100,910 |
| 26 | North Carolina | $100,547 |
| 27 | South Carolina | $100,497 |
| 28 | Idaho | $99,634 |
| 29 | Iowa | $99,279 |
| 30 | Colorado | $98,932 |
| 31 | Texas | $97,264 |
| 32 | Arizona | $96,070 |
| 33 | Indiana | $95,425 |
| 34 | Kansas | $91,833 |
| 35 | Tennessee | $90,948 |
| 36 | West Virginia | $90,207 |
| 37 | New Hampshire | $89,151 |
| 38 | Rhode Island | $88,142 |
| 39 | Hawaii | $88,022 |
| 40 | Ohio | $86,012 |
| 41 | Michigan | $85,787 |
| 42 | Arkansas | $85,062 |
| 43 | Alabama | $82,688 |
| 44 | Nebraska | $82,607 |
| 45 | Mississippi | $82,396 |
| 46 | Wyoming | $80,307 |
| 47 | North Dakota | $80,154 |
| 48 | Utah | $79,084 |
| 49 | Oklahoma | $77,266 |
| 50 | Kentucky | $75,883 |
| 51 | Louisiana | $73,580 |
| 52 | Puerto Rico | $51,082 |
Lowest Paying States for Financial Advisors
Even the lowest-paying states offer financial advisor salaries well above the national average for all occupations. Here are the 5 lowest-paying states:
Top Earner Potential by State
The 90th percentile represents what experienced, highly-skilled financial advisors earn in each state. These are the 10 states with the highest earning ceilings:
| # | State | Top Earner (P90) |
|---|---|---|
| 1 | Maine | $581,670 |
| 2 | Tennessee | $430,075 |
| 3 | New York | $424,477 |
| 4 | Wisconsin | $419,119 |
| 5 | Maryland | $403,720 |
| 6 | Connecticut | $402,812 |
| 7 | District of Columbia | $402,281 |
| 8 | Pennsylvania | $399,034 |
| 9 | Florida | $395,003 |
| 10 | Washington | $392,169 |
How to Move to a Higher-Paying State for Financial Advisor Work
Relocating for financial advisor pay requires balancing nominal salary against channel (wirehouse vs RIA vs bank), HNW / UHNW market depth, book portability, state tax, and CFP / CFA progression.
1. Stack Series 7 / 66 + CFP
- SIE (Securities Industry Essentials) — pre-hire if possible.
- Series 7 (General Securities Representative) — broker-dealer.
- Series 66 (Uniform Combined State Law) — IAR registration.
- Series 65 (alternative for fee-only RIA) — RIA representative.
- Life & Health insurance license — required for VA / VUL / annuity sales.
- CFP (premium fiduciary) — fee-only standard.
- CFA (investment gold-standard) — premium.
- CPWA / CIMA (HNW / UHNW) — premium specialty.
2. Calculate Real Take-Home, Not Nominal
- COL-adjusted income — Florida FA at $130,000 may exceed NY FA at $160,000 net.
- State + local income tax — effective rate at $150K+.
- Property + sales tax — TX, NJ tradeoff.
- Self-employment SE tax (independent) — 15.3%.
- Health + benefits — wirehouse vs independent.
- 401(k) + bonus + book equity — long-term.
- Recurring fee revenue (RIA) — long-term wealth.
- UHNW client domicile shift to FL / TX — book follows.
3. Target HNW / UHNW Private Wealth + Wirehouse
- HNW / UHNW Private Wealth (Goldman PWM, JPM Private Bank, MS Private Wealth) — premier.
- Wirehouse (Merrill, Morgan Stanley, UBS, Wells Fargo Advisors) — premium structured.
- Mega-RIA (Creative Planning, Edelman, Mariner, Hightower) — premium fee-only.
- Bank channel (JPM, BoA, Chase Private Client) — premium with warm leads.
- Independent broker-dealer (LPL, Raymond James) — premium with book.
- CFP fiduciary RIA — premium fee-only.
- Career agent (NW Mutual, NY Life) — long-term residual.
- Family office — premium UHNW niche.
4. Negotiate Sign-On + Book Portability
- Sign-on bonus / retention package ($25,000-$250,000+) — common at wirehouse for established FAs.
- Relocation assistance ($10,000-$50,000) — standard.
- Book portability + Broker Protocol — verify book transition rules.
- Wirehouse training program (salary guarantee year 1-2) — premium.
- RIA equity partner buy-in — premium long-term.
- Bank warm-lead pipeline — premium.
- HNW / UHNW client transition support — major.
- Trail commission + recurring AUM fee — long-term wealth.
5. Choose Channel Based on Career Plan
- HNW / UHNW Private Wealth (premier) — top income + UHNW clientele.
- Wirehouse to RIA breakaway path — premium AUM portability.
- Mega-RIA partner equity — premium long-term.
- Independent broker-dealer (book ownership) — equity premium.
- Bank channel (warm leads) — premium.
- Career agent (NW Mutual, NY Life) — long-term residual.
- Family office (UHNW specialization) — premium niche.
- RIA + CFP fiduciary firm — premium fee-only.
- Robo-advisor / hybrid (Betterment, Wealthfront) — emerging.
- Estate planning / tax + JD/LLM (HNW) — premium specialty.
More Salary Resources
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Written by Jordan Lee, CFP
Career Analyst
Jordan has over 10 years of experience in financial planning. They specialize in retirement planning for individuals. They work at a financial services firm in New York City.
Methodology & Data Source
State salary rankings on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. A 3.30% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to each state's average salary. Cost-of-living adjustments use BEA Regional Price Parity data. Individual pay varies by city, employer, certifications, and experience.
Data Sources & Methodology
Source: BLS, OEWS , released .
Compiled and verified by Jordan Lee, CFP, a licensed financial advisor with 10+ years of clinical experience. · View source data at BLS.gov