The financial services industry, naturally, is densest where the money is. Old-money cities like New York and Boston have, relative to their total workforce, two-thirds more financial advisers than the national average, according to the Bureau of Labor Statistics. But old money moves, and new money emerges.
InvestmentNews culled demographic data, including age structure, income levels and population growth, for hundreds of US metropolitan areas to estimate the earning power of its workers within 20 years of retirement. While the distribution of high earning, mid-career workers and the financial advisers who serve them is nearly perfectly correlated nationwide, in some cities the industry is still catching up to demographic change.
These are the next 10 cities for financial advisers – the places where our analysis of demographic data indicates that, over the coming years, there will be more demand for financial advisers than the metro area can currently supply.