WestwardAI Consulting

Local market data · Financial advisors · New York

AI for financial advisors in New York

The New York metro area had 1,747 financial advisors in 2022, the most of all 353 US metros and 7% of all in the country. They employed 16,473 people at an average of $317,013 a year. 89% have fewer than 10 staff, so the same few people answer the phone, book, follow up and do the paperwork. Those are the jobs AI tools take on today.

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Financial advisors in New York vs the US

New York metroUnited States
Businesses1,74724,303
People employed16,473110,887
Average staff per business9.44.6
Average yearly pay per employee$317,013$169,945
Share with fewer than 10 staff89%94%

Pay here is 87% higher than the national average for financial advisors, so every hour of staff time costs more to spend on admin. The average financial advisor here has 9.4 people on payroll, 107% higher than the US figure of 4.6.

How big financial advisors in New York are

Fewer than 5 staff1,367 (78%) US 84%
5 to 9186 (11%) US 10%
10 to 1980 (5%) US 4%
20 to 4966 (4%) US 2%
50 or more45 (3%) US 1%

Businesses with paid employees, by number of employees, March 2022.

Financial advisors by county in the New York area

New York County has the most, with 605 of the metro's 1,747 (35%). Among the 10 big metros on this page, New York ranks 1st for average pay and 10th for the share of small firms.

CountyBusinessesEmployeesAvg pay
New York County60512,070$383,873
Nassau County193466$173,459
Suffolk County161711$130,368
Westchester County122311$188,061
Bergen County107368$129,671
Monmouth County89385$105,712
Morris County75234$107,415
Essex County51157$112,153
Middlesex County48376$123,394
Somerset County46533$152,850
Kings County45107$74,047
Queens County3253$57,340

10 smaller counties not shown. Census withholds pay where few firms would make it identifiable.

Where AI helps a financial advisor first

A financial advisor gets the most from AI by automating what surrounds the advice: preparing for meetings, turning notes into follow-up tasks, chasing onboarding paperwork and keeping in touch with clients between reviews. The advice itself stays with the advisor. Westward can build these pieces, and a person approves anything that goes out.

What your team's admin hours cost in New York

Change any number. The starting values are the New York averages above; the hours and the share are yours to set.

Those hours cost you$547,200 a year

The share you would hand off$164,160 a year

Hours your team gets back1,080 a year

See what we would build for this

Guides for financial advisors, one job each

Financial advisors in other big metros

MetroBusinessesAvg payRank of 387
Los Angeles1,296$158,3482nd
Chicago813$233,5664th
Miami850$138,0483rd
Dallas703$186,0195th
Houston462$206,37912th
Atlanta483$197,28011th
Washington422$173,00614th
Philadelphia585$148,2927th
Boston541$181,5828th

Where these numbers come from

From the U.S. Census Bureau, County Business Patterns 2022 (released 2024), industry code NAICS 523930 (Investment advice), for the New York-Newark-Jersey City, NY-NJ metro area (22 counties). It counts businesses with paid employees in March 2022, so solo owners with no payroll are not in it. Average pay is total yearly payroll divided by employees. The calculator uses 50 working weeks and 2,080 hours a year. Page checked 2026-11-12.

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Related businesses in New York

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