Over the past 20 years, the number of personal financial advisors has more than tripled and wages have increased significantly. During this same time, the “average American” has changed substantially due to a variety of factors, including immigration and increased life expectancy. This paper explores the demographic changes that have occurred over the years, the variation in the number of financial advisors across states, and how this information can be useful to financial advisors as they look to maintain and/or grow their business in the future.
Jill Bisco, PhD, is an assistant professor of finance at the University of Akron. She earned a BS in finance from UW-Platteville and an MSM and PhD in risk management and insurance from Florida State University. She is a CIC and CRM and is past president of the Wisconsin Federation of Insurance Companies.
Cassandra Cole, PhD, is the William T. Hold professor in risk management and insurance at Florida State University. She serves as the chair of the risk management/insurance, real estate, and legal studies department and is the director of the master’s of science in risk management and insurance (MS-RMI). Dr. Cole earned a BBA from Howard University and PhD from the University of Georgia.