How Many Financial Advisors Are in the U.S: Latest Statistics and Trends

Statistics About the Financial Advisor Industry in America

Most financial advisors in the U.S. fall into a similar demographic group. The average advisor is 44 years old, and over 60% are 40 or older. Men still dominate the field, making up 72.3% of the workforce, while women account for just 27.7%.

In terms of the trends in diversity, roughly 70–80% of advisors are white, while Asian, Latino, and Black professionals each represent only 5–10% of the total.

Annual Wage of Financial Advisors

Pay in this field is strong, especially for those with experience. According to the Bureau of Labor Statistics:

• The median annual wage in 2023 was $99,580
• Top earners can make over $200,000

The industry is projected to add about 27,000 new job openings for personal financial advisors each year through 2033. Many of these will replace retiring advisors or those switching careers, creating more demand for new professionals to step in.

Breakdown by Type of Financial Advisor

For the advisory services, different types of advisors offer different kinds of support, and knowing who does what can help you make smarter choices about your money.

Wealth Management Advisors

From 2017 to 2024, the number of advisors in the U.S. wealth management sector grew from 302,000 to nearly 322,000. However, projections show that after 2024, the number of these advisors will level off and stay around 322,800 through 2028.

Registered Investment Advisors (RIAs)

RIAs are professionals or advisory firms paid to offer advice on financial investments. Many also manage client assets and portfolios directly.

According to the SEC, there are currently 15,441 SEC-registered investment advisors across the country. These professionals often work independently and provide personalised, fee-based services to individual clients.

Fiduciary Advisors

Not all financial advisors are fiduciaries. The key difference is fiduciaries are legally required to act in your best interest, which means they must offer options that cost less and suit your specific goals.

Certified Financial Planners (CFPs)

CFPs go through a tough process to earn their title. They meet strict education, experience, and exam requirements set by the CFP Board.

These advisors can help with more than just investments. Many guide clients on budgeting, investment management, retirement planning, and debt. As of 2023, the U.S. had 98,875 CFPs, which was the largest number in the world. The total number of CFP professionals globally also grew by 5.1% that year.

State-Wise Distribution of Financial Advisors in the USA

You’ll find financial advisors in every part of the country, from big cities to small towns. However, some states and metro areas have a much higher concentration than others.

The latest data shows that California leads the states with about 32,100 financial advisor jobs, followed by New York with 27,440, and Florida ranking next with 20,920. These states have large populations, active financial sectors, and high retirement activity, making them hotspots for financial planning services.

But it’s not just about total numbers. In New Hampshire and North Carolina, financial advisors make up a higher share of the workforce than anywhere else:

• New Hampshire: 3.11 advisors per 1,000 jobs
• North Carolina: 3.02 advisors per 1,000 jobs

At the metro level, the New York–Newark–Jersey City area takes the top spot with 28,610 advisors, which is more than double the number in Los Angeles, which has 11,490.

So, if you live in or near these areas, you’re likely to have more options when choosing who to work with. But no matter where you are, there’s a good chance you can find someone local who understands your financial needs.

What Makes People Seek Financial Advice?

The number of advised relationships is projected to grow from 53 million in 2024 to 67–71 million by 2034, a 28% to 34% increase.

Here are some of the key drivers of this shift:

Income and Wealth

Higher income leads to more interest in financial advice. Households earning over $100,000 are the most likely to seek help, with 75% saying they’ve done so. That compares to:

• 60% for $80,000–$99,999
• 56% for $50,000–$79,999
• 51% for under $50,000

There is also faster growth in wealthier households. Those with at least $500,000 in investable assets are expected to grow at 4% to 5% annually.

Millennials, who are now the largest adult generation, already have 25% more wealth than Gen X and Boomers did at the same age. As they age, the demand for smart financial planning rises.

Age and Life Stage

Older Americans continue to lead in seeking professional advice. In 2023, baby boomers were the most likely to work with a financial advisor.

As of that year, the number of asset management clients hit 56.7 million, a 4.4% increase from the year before. And more investors are now looking for comprehensive help. In 2018, 29% wanted holistic advice, and by 2023, that number had jumped to 52%.

Retirement Planning

Retirement is one of the biggest reasons people look for advice. With a life expectancy of 78.5 years, outliving your savings is a real concern, and it’s also the top financial worry for 30% of retirees.

Working with an advisor can ease that fear. Americans who use financial advisors:

• Expect to retire by age 64 (versus 66 for those without advisors)
• Have saved nearly twice as much: $132,000 compared to $62,000 due to investment advisory
• Feel more confident and believe they’ll reach their financial goals faster

Sources of Financial Advice

In 2023, many Americans turned to more than one source for financial guidance. A Bankrate survey showed just how wide the range of options has become.

Here’s where people are getting their advice:

• Personal Connections: Friends and family are trusted, familiar, and often the first place people turn when they have questions about money.
• Professional Help: These are licensed professionals who provide personalised advice, especially useful for retirement, investment strategies, and estate planning.
• Banks and financial institutions: These offer formal advice, often bundled with products like retirement accounts or insurance.
• Newspapers and magazines: Many people consult these for good commentary, market insights, and trends that affect retirement planning.

Social Media and Influencers

Many users get financial tips from influencers. According to the survey:

• 14% followed influencers on Facebook
• 12% consulted Instagram
• 9% seek advice on TikTok
• 8% trust X/Twitter
• 8% get financial advice from other platforms like LinkedIn.

Future Outlook

The financial advisor landscape is on the verge of major change. By 2034, an estimated 110,000 advisors, which is 38% of today’s workforce, are expected to retire. These advisors currently manage 42% of industry assets.

According to McKinsey, if nothing changes, the industry could fall short by 90,000 to 110,000 advisors, or roughly 30–37% of the current headcount, in the next decade. That’s a big gap and one that may impact the availability of personal financial advice, especially for retirees looking for long-term support.

Rise of Robo-Advisors

To fill the gap and serve a wider group of investors, many firms are turning to robo-advisors. These automated tools already manage $1.46 trillion in assets in the U.S. as of 2024, with the market growing at over 7% annually.

Robo-advisors offer a lower-cost way to get financial guidance. They’re especially appealing to younger investors, but more seniors are using them too due to their convenience and easy-to-use platforms.

Role of Generative AI

Another shift is coming from generative AI. If 30–40% of advisors adopt AI-powered tools by 2034, they could save 6–12% of their time, allowing them to take on more clients without sacrificing quality.

That means more people, including retirees, could get faster and more personalised support even if fewer human advisors are available.

Bottom Line

The U.S. has around 300,000 financial advisors, with the industry projected to grow 17% by 2033. That’s roughly 27,000 new job openings each year.

The average advisor is 44 years old, and over 60% are 40+. Men make up 72.3% of the field; women 27.7%. The median wage is $99,580, with top advisors earning over $200,000.

California, New York, and Florida have the highest number of advisors, while New Hampshire and North Carolina lead in advisor density.

High-income households drive demand, with 75% of those earning $100,000+ seeking advice. These clients tend to retire two years earlier and with twice the savings ($132,000 vs. $62,000).

But the field is aging. 38% of current advisors may retire by 2034, taking 42% of managed assets with them.

To fill the gap, firms are turning to robo-advisors, now managing $1.46 trillion in assets, and AI tools that could boost advisor capacity by 6–12%.

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