Financial Advisor Salary by State (2026): CFP / CFA Pay Compared Across All 50 States

Financial advisor salary by state varies more than for almost any other professional services occupation because state-level employer mix, client demographics, and high-net-worth (HNW) population concentration differ dramatically. The national median for Financial Advisors sits at $108,537, but state-by-state pay across the 52 states tracked here ranges widely — from $51,082 in Puerto Rico to $168,671 in New York. That spread reflects state-level cost of living, the regional density of wirehouse offices (Morgan Stanley, Merrill Lynch, UBS, Wells Fargo Advisors), RIA (Registered Investment Adviser) HQ concentration, private banking and trust company presence, HNW/UHNW client populations, and state income tax variation.

This page compares the average financial advisor salary by state across 1679+ metropolitan and non-metropolitan areas — drawing on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey for SOC 13-2052 (Personal Financial Advisors). Important caveat: BLS data captures W-2 wage-and-salary advisor pay more cleanly than fee-based RIA owner income, commission-based wirehouse FA distributions including production payouts, or trail commission income — true state-level take-home for established RIA owners and top-producer wirehouse FAs routinely exceeds BLS percentile figures. If you're a CFP / CFA evaluating relocation, a Series 7 candidate planning your first advisor role, or an RIA founder benchmarking pay across states, the state-level comparison below is the central reference point.

How Financial Advisor Salary by State Is Measured

The BLS reports state-level financial advisor salary through three numbers:

• Annual median (50th percentile) — used to rank state-level pay in the table below. May undercount commission-only and RIA owner income.
• Annual mean (average) — typically runs 20–35% above median; advisor compensation is heavy-tail. Top producers and RIA owners drive mean significantly above median.
• Percentile distribution (P10 / P25 / P75 / P90) — P10 reflects entry-level FAs at smaller broker-dealers in early-career book building; P90 reflects established wirehouse senior VPs and managing directors with mature $200M+ books, RIA principals at established firms, CIMA / CFA / CFP / CPWA-credentialed senior wealth advisors, private bankers at JPM PB / Goldman PWM / Northern Trust / Bessemer / Bank of America Private Bank, and family office wealth advisors. Top wirehouse FAs and RIA principals reach $1,000,000–$5,000,000+ in mature markets.

The state-comparison table below applies BEA Regional Price Parity (RPP) adjustment so both nominal pay and real purchasing power are visible.

1. State HNW / UHNW Client Population Concentration

State HNW / UHNW client population concentration is the single largest driver of state-level FA pay:

• California (Bay Area + LA) — highest U.S. concentration of UHNW households (Bay Area tech wealth, LA entertainment / real estate, San Diego biotech). HNW concentration in Silicon Valley, Pacific Heights SF, Beverly Hills, Palo Alto, Atherton, Newport Beach, Malibu. Drives top-of-distribution FA pay.
• New York (NYC + Westchester + Long Island) — Wall Street finance wealth, hedge fund principals, PE / VC wealth, real estate moguls. Greenwich / Stamford / Fairfield CT spillover. Westchester, Long Island North Shore. Top-tier wirehouse and private bank concentration.
• Connecticut (Fairfield County — Greenwich, Stamford, Westport) — hedge fund principal concentration. Tudor, Bridgewater, AQR, Point72, Lone Pine, Viking Global, others. Highest HNW per capita in the U.S.
• Florida (Miami + Palm Beach + Naples) — rapidly growing UHNW migration from California, New York, Illinois due to tax advantages. Miami fintech / PE / family office hub. Palm Beach / Naples / Marco Island retirees. No state income tax accelerates HNW migration.
• Texas (Houston + Dallas + Austin) — energy wealth (Houston), corporate executive wealth (Dallas), tech / private equity wealth (Austin). No state income tax. Rapid UHNW growth.
• Massachusetts (Boston + Cambridge + Wellesley) — life sciences wealth, finance wealth, university / endowment wealth, family office concentration.
• Other strong markets — Washington (Seattle Microsoft / Amazon wealth, no income tax), Illinois (Chicago Gold Coast / North Shore), Colorado (Denver / Aspen / Vail), New Jersey (Bergen / Morris / Somerset bedroom communities), Maryland (Bethesda / Potomac DC suburbs), Tennessee (Nashville HNW migration).

2. State Wirehouse vs RIA Mix

The mix of wirehouse, RIA, broker-dealer, and bank-trust employment drives state-level FA pay distribution:

• Wirehouse offices — Morgan Stanley Wealth Management, Merrill Lynch (Bank of America), UBS Wealth Management Americas, Wells Fargo Advisors. Major wirehouse branches concentrate at HNW markets (NY, CA, FL, TX, MA, CT, IL, NJ, MD, WA).
• RIA (Registered Investment Adviser) concentration — Edelman Financial Engines, Mariner Wealth Advisors, Creative Planning (KS), Mercer Advisors, Mercer Global Advisors, Beacon Pointe, Hightower, Captrust, Cerity Partners, EP Wealth, Wealth Enhancement Group, Aspiriant, others. RIA principal compensation often exceeds wirehouse FA at equivalent AUM.
• Private banking — JP Morgan Private Bank, Goldman Sachs Private Wealth Management, Bank of America Private Bank, Northern Trust, Bessemer Trust, Brown Brothers Harriman, Wilmington Trust, BNY Mellon Wealth. Concentrate at top HNW markets.
• Multi-family office concentration — Rockefeller, Pathstone, Pitcairn, Bessemer, Tiedemann, others. Concentrate at NY, CA, FL.
• Independent broker-dealers — LPL Financial, Raymond James, Edward Jones, Cetera, Commonwealth. Broad geographic distribution. Edward Jones uniquely covers small-town and suburban markets nationally.
• Fee-only fiduciary RIA trend — accelerated migration from wirehouse to RIA channel as fiduciary regulation evolves. RIA M&A consolidation through Mercer / Hightower / Captrust / Wealth Enhancement / Cerity / Mariner active in all major HNW states.

3. State Cost of Living and Income Tax

State cost of living and income tax dramatically affect FA take-home at top-producer levels:

• State cost of living — New York, California, Massachusetts, Connecticut, New Jersey, Hawaii, Washington lead nominal FA pay rankings.
• State income tax variation — at top-producer FA income levels ($500,000–$3,000,000+), state income tax differences are very large:
• California 13.3% top rate: $60,000–$400,000 annual tax burden vs no-tax states.
• New York 10.9% top + NYC 3.876% local: $80,000–$450,000 annual burden vs no-tax states.
• No-tax states (Texas, Florida, Tennessee, Nevada, Washington, Wyoming, South Dakota, Alaska, New Hampshire): zero state income tax.
• HNW migration driving FA migration — UHNW client migration to Florida (Miami / Palm Beach), Texas (Austin / Houston / Dallas), Tennessee (Nashville), Wyoming (Jackson Hole) drives FA migration to those states. Established RIAs increasingly open Florida / Texas / Tennessee offices to capture relocating clients.

4. Credentials and State-Level FA Pay Distribution

Professional designations shape upper-percentile state FA pay:

• CFP (Certified Financial Planner) — most widely held planning designation. Strong client trust marker.
• CFA (Chartered Financial Analyst) — investment-focused; concentrate at institutional investment management, private banking, family office. NY, IL, MA, CA, CT heavy.
• ChFC (Chartered Financial Consultant) — alternative to CFP.
• CIMA (Certified Investment Management Analyst) — institutional investment consulting; concentrate at major wirehouse and consulting firms.
• CPWA (Certified Private Wealth Advisor) — HNW specialty; concentrate at HNW markets.
• CIMC (Certified Investment Management Consultant) — additional consulting credential.
• CTFA (Certified Trust and Fiduciary Advisor) — trust and fiduciary specialty.
• FINRA Series licenses — Series 7 + Series 66 / 65 base; Series 24 supervisory; Series 3 for futures.
• State insurance licenses — Life, Health, Variable annuity. Cross-license advisors capture more product revenue.

How to Compare Financial Advisor Salary by State Effectively

When comparing the average financial advisor salary by state, work through this checklist:

• Account for production / AUM-driven income — BLS may undercount commission and fee-based income. True state-level take-home for established wirehouse FAs and RIA owners exceeds BLS percentile figures.
• Compare nominal and real (cost-adjusted) pay together — a state with the highest nominal median can have lower real purchasing power if its cost of living is higher.
• Check state income tax — at top-producer FA levels, no-tax states deliver $60,000–$450,000+ annual savings vs California / New York. Major driver of FA migration.
• Verify HNW / UHNW market density — California (Bay Area, LA), New York (NYC, Westchester, Long Island), Connecticut (Fairfield County), Florida (Miami, Palm Beach, Naples), Texas (Houston, Dallas, Austin), Massachusetts (Boston), Washington (Seattle), Illinois (Chicago) drive top-of-distribution FA pay.
• Compare percentile distribution, not just median — heavy-tail distribution. P75–P90 spread typically very wide in HNW markets.
• Factor in employer channel — wirehouse (NY, CA, FL, TX, MA, CT, IL); RIA principal (broad); private bank (top HNW markets); independent broker-dealer (broad, especially small-town Edward Jones); multi-family office (NY, CA, FL).
• Match credential to channel — CFP for retail planning; CFA for institutional; CPWA / CIMA for HNW; CTFA for trust.
• Consider RIA founding / partnership path — RIA partner / owner economics at maturity typically exceed wirehouse FA total comp.

2026 State-Level Financial Advisor Salary Outlook

Financial advisor pay has grown at a compound annual rate of 3.30% nationally over the past five years — driven by structural HNW / UHNW wealth growth, the great wealth transfer from boomers to younger generations, ongoing wirehouse-to-RIA migration, aggressive RIA M&A consolidation (Hightower, Captrust, Mercer, Wealth Enhancement, Cerity, Mariner), accelerating HNW client migration to no-tax states (Florida, Texas, Tennessee, Wyoming), and growing demand for tax-advantaged wealth planning under SALT / 2025 tax sunset uncertainty. States with rapid HNW migration (Florida, Texas, Tennessee, Nevada, Wyoming), established HNW concentration states (California, New York, Connecticut, Massachusetts, Illinois, New Jersey, Washington, Colorado, Maryland), and high RIA M&A activity states are seeing the fastest state-level FA pay growth through 2026. The BLS projects Financial Advisors employment growth at 13% through 2033 — much faster than average — keeping strong upward pressure on state-level wages.

Browse the state-by-state comparison table below to see the $108,537-baseline state ranking, top 10 and bottom 10 states by projected median, regional groupings (Northeast / Midwest / South / West), and direct links to per-state pages for deeper city-level breakdown.