That does not mean, however, that every city is the same, or that you will be equally successful no matter where you settle down. If you are thinking about moving to a new location, it pays to do your homework, just as you would with any other investment.
Finding a perfect place to set up a financial practice means investing in yourself and the skills you have developed. The ideal location for independent financial advisors is a city with lots of wealthy clients, but that only half of the equation.
The other half is finding a city where the market is not already saturated with financial professionals. With that in mind, here is our look at the ten wealthiest cities with the lowest number of financial advisors.
Miami, FloridaThe Miami metro area has a lot to recommend it, from the stunning ocean vistas to the wonderfully warm weather. If you love the sun and the sand, you might want to make Miami your destination. When you get there, you will find a highly-skilled, and highly-paid workforce - Miami residents have an average annual income more than $162,000. The region also has one of the lowest advisor populations, with just one for every 233 of its 23,000 households.
Carmel, IndianaWhen you think of financial powerhouses, Indiana is probably not at the top of your list. Even so, the town of Carmel offers plenty of opportunity for financial advisors, with a surprisingly affluent populace and a dearth of financial advisors. The town of 15,000 has an advisor to household ratio of 1 to 125, so there is lots of room to grow here. Better yet, with an average annual income of more than $100,000, there will be plenty of wealthy clients who need your services.
Los Angeles, CaliforniaThe Los Angeles area has been undergoing enormous growth, with a revitalized downtown and a host of new cultural institutions. The region is also home to some very wealthy clients, with an average income of more than $170,000. Better still, there is currently a dearth of financial advisors in the L.A. area, with just one advisor for each of its 100,000+ households.
Chicago, IllinoisChicago has gotten a lot of bad press lately, but the Chicagoland area is more than just the inner city. In fact, the workers in Chicago and its suburbs are among the wealthiest in the country, with an average annual income of more than $166,000. With more than 184,000 households to serve and a current household to advisor ratio of 176 to 1, Chicago should be a welcoming place for any financial professional.
Dallas, TexasIf you have been paying attention, you have probably heard that Texas is growing rapidly, with plentiful jobs, a skilled labor force and a growing number of national and international employers. Those statistics also make the Dallas area a great place for financial advisors, and with a current ratio of 1 advisor for every 157 households, there is plenty of room to grow. The Dallas metro region also has a strong average annual income of nearly $140,000, one more reason to call the Lone Star State your home.
Seattle, WashingtonSeattle is one of the most beautiful cities in the country, and one of the fastest growing. This jewel of the Pacific Northwest has many things going for it, from an educated, diverse workforce to a large number of startups and small business employers. The residents of Seattle have an average annual income of more than $123,000, but there is currently only one financial advisor for each of its 116,000 households. You can change all that, and build a solid client base when you relocate to the Emerald City.
San Francisco, CaliforniaSan Francisco is not a cheap place to live or own a business, so you will need to weigh the costs of setting up a practice against the money you can make here. Even so, San Francisco has the highest household to advisor ratio on our list, with a single advisor for every 363 households in the city and its suburbs. That provides enterprising advisors with plenty of room for growth, and the average annual income of more than $136,000 means there is plenty of money just waiting to be managed.
Bryn Mawr, PennsylvaniaBryn Mawr is another small town with big promise. This Philadelphia suburb has a wealthy workforce, with an average annual income of more than $148,000. That means lots of opportunity for financial advisors, especially since there is currently only one advisor for every one of Bryn Mawr's 10,000+ households. If you are looking for a small-town lifestyle with big-city amenities, Bryn Mawr will be a great home for your practice.
Houston, TexasHouston is another city on the move, and lots of educated professional workers are moving to the area. The workforce here is diverse, with blue collar oil field workers to high-tech executives, What those workers have in common is their high income, with an average annual compensation of more than $140,000. But the best news for financial professionals is that there is currently only one advisor for every 308 of the 63,000 households in the Houston metroplex.
Potomac, MarylandIt should come as no surprise that a great deal of wealth is concentrated in Washington, D.C. It is, after all, the place where our tax dollars eventually end up. Even so, many are surprised to learn that Potomac, Maryland, a popular suburb of D.C., is one of the most advisor-friendly places in the country. With an average annual income of more than $140,000 and a current household to advisor ratio of 260 to 1, there is plenty of room for growth here, and lots of chances to advise those wealth politicians.
The financial industry provides enterprising entrepreneurs and practice owners with enormous opportunities for growth and expansion. If your firm has outgrown its current footprint, opening a branch office in the ten growing cities on our list could help you earn more money and enhance your brand identity. If you are a solo operation in search of a new home, each of the ten wealthy cities listed above will give you room to grow, thrive and serve the best interests of your clients.