With the U.S. economy slowly mending itself, ThinkAdvisor thought it would be interesting to look at which states offer the best chance for financial advisors to get the most from their salaries.
To determine the 12 Best States for Adjusted Advisor Pay, we looked at a couple of websites. One, O*Net OnLine, compiles salary data for various occupations. The second, Top 50 States, has data on cost of living by state. The cost of living for the U.S. is rated at 100%, with any state ranking below that percentage mark meaning it’s cheaper to live there than most other states. We cross-referenced the data to figure out the best states as far as salary is concerned. (For the record, the median U.S. salary for financial advisors is $75,300.)
That data was used to figure out how much bang for every compensation buck an advisor received in each state. The pay, adjusted for cost of living, left us with what we call “Bang for the Buck”: the adjusted amount over the national median an advisor earns.