6 Cities With the Highest Demand for Financial Advisors
Written by
Chris Adam
Edited by
Ashley Barnett
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If you’ve lived in different cities and tried to find a financial advisor, you may know the demand can vary greatly based on where you live. It’s not always the biggest cities that have the highest demand for financial advisors.
While remote advisors may help level the playing field a bit, it can still be a challenge in some areas to find one. You may have experienced this if you’ve been searching for professional help to deal with finances as the country has dealt with inflation, higher prices and economic uncertainty.
Here’s a look at six cities in the United States with the highest demand for financial advisors.
Houston
Houston shares the crown for having the highest demand for financial advisors. That’s according to SmartAsset, which examined its data to see where the most people seeking financial advisors live and where the rate of demand is highest relative to the local population.
Houston took the top spot for raw leads. The distinction comes even as Houston maintains a relatively low cost of living. In fact, per RentCafe, the cost of living in Houston is 6% lower than the national average.
Dayton, OH
This Midwest city had the highest rate of demand for financial advisors.
“The number of people seeking advisors in Dayton was highest relative to the city’s population,” according to SmartAsset. “For the raw number of leads, the city still punched above its weight, ranking 47th out of 339 cities.”
The cost of living in Dayton is relatively low. According to RentCafe, it’s 4% lower than the national average.
Minneapolis
We stay around the middle of the country for the next city on the list. Minneapolis was the only city to rank in the top 10 of both demand metrics. It had a high raw number of leads and ranked high for rate of demand.
New York City
Given its size, you may not be surprised that New York City made the list for the highest demand for financial advisors. The SmartAsset analysis for the New York City area made an interesting note: Demand from Booklyn and The Bronx outpaced that from Manhattan when normalized for population size.
Chicago
You may have noticed a few Midwest cities on this list. Chicago also saw high demand for financial advisors. It can be among the most expensive big cities in the middle part of the country. In fact, RentCafe noted the cost of living in Chicago is 14% higher than the national average.
San Diego
Let’s head west for the final city on our list. San Diego was among the top cities with the highest number of leads seeking financial advisors.
Here’s an interesting note from the SmartAsset analysis: More leads came from Southern California cities than the Bay Area. “Despite having some of the highest median incomes in the country, San Jose and San Francisco yielded fewer leads than San Diego and Los Angeles,” per SmartAsset. “The rate of demand relative to population was nearly identical in San Diego, San Jose and San Francisco, but was considerably lower in Los Angeles.”
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