Many financial advisors opened shops in their hometown. Others, especially those who work for large national brokerages, flock to big cities like New York, San Francisco, Los Angeles and Chicago, where high populations provide a healthy crop of potential clients.
Besides those big cities, what are the best places in the US for financial advisors to find leads and grow organically?
The list may surprise you. For example, Dayton, Ohio, landed in the top spot for the highest number of people seeking counselors relative to its population. Based on the first number of firsts coming from the city, Dayton is ranked 47thth from 339 cities.
The list was compiled by SmartAsset, based on data from the financial technology company Advisory Marketing PlatformAMP, launched earlier this year. This represents people who asked to be matched with an advisor through the SmartAsset tool.
SmartAsset listed 339 US cities with populations of 100,000 or more for which data was available. Ranking the 10 cities here are those with the highest number of trends relative to local population size.
The company also ranked the top cities by number of incoming leaders, with Houston taking the top spot on that list, followed by New York, Chicago and San Diego, California.
Income data from the US Census Bureau's American Community Survey (2022).