Cold email software for financial advisors
Acqro gives financial and investment advisory firms cold email that researches each prospect's company before writing. Below: verified federal data on the industry across all 50 states, the buyers it sells to, and a playbook for outreach that earns replies.
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How many financial advisors are in the United States?
The United States had 23,359 establishments in NAICS 523930, investment advice, in 2023, employing 110,125 people. The largest markets by establishments were California, Florida and Texas. Source: U.S. Census Bureau County Business Patterns.
Financial advisors in the US by the numbers
- US establishments
- 23,359−3.9% vs 2022Census CBP 2023, NAICS 523930
- Paid employees
- 110,125Census CBP 2023
- Average annual pay
- $167,820Census CBP 2023
- Firms under 10 employees
- 93.9%Census CBP 2023
- Largest state
- CaliforniaBy establishments, CBP 2023
Census does not publish a separate category for financial and investment advisory firms; figures use NAICS 523930, Investment Advice, the closest official industry. 93.9% of establishments have fewer than 10 employees, so most firms in the industry run outbound with a founder or a very small sales team. The 1,372 firms with 10 to 249 employees are the ones most likely to be building a repeatable outbound process.
The five largest states hold 39.2% of all establishments. Among states with at least 100 establishments, the fastest growth between 2022 and 2023 was in Arkansas (+4.4%), Georgia (+4.1%) and Kansas (+3.0%). Growing markets bring new competitors and new buyers at the same time, which rewards outreach that is specific rather than volume-driven.
Financial advisors by state
All states and DC ranked by number of establishments, with the change since 2022.
| Rank | State | Establishments | Employees | Change vs 2022 |
|---|---|---|---|---|
| 1 | California | 3,029 | 12,655 | −4.4% |
| 2 | Florida | 1,950 | 6,205 | −3.5% |
| 3 | Texas | 1,764 | 8,147 | −6.1% |
| 4 | New York | 1,518 | 15,649 | −7.1% |
| 5 | Illinois | 886 | 7,189 | −4.8% |
| 6 | Pennsylvania | 879 | 4,463 | −1.9% |
| 7 | Ohio | 788 | 2,737 | −6.0% |
| 8 | North Carolina | 741 | 2,272 | −2.2% |
| 9 | Colorado | 708 | 3,376 | −2.3% |
| 10 | Georgia | 657 | 3,045 | +4.1% |
| 11 | New Jersey | 633 | 2,542 | −7.6% |
| 12 | Arizona | 616 | 2,915 | −4.2% |
| 13 | Massachusetts | 607 | 5,240 | −6.8% |
| 14 | Minnesota | 583 | 3,365 | −6.9% |
| 15 | Michigan | 572 | 2,083 | −5.1% |
| 16 | Virginia | 535 | 2,199 | −3.9% |
| 17 | Washington | 524 | 2,434 | −4.6% |
| 18 | Wisconsin | 450 | 1,892 | −2.0% |
| 19 | Maryland | 408 | 1,887 | −1.0% |
| 20 | Missouri | 408 | 1,790 | −0.2% |
| 21 | Indiana | 373 | 1,171 | −0.8% |
| 22 | Connecticut | 362 | 1,475 | −6.2% |
| 23 | Utah | 347 | 933 | −1.1% |
| 24 | Kansas | 307 | 1,594 | +3.0% |
| 25 | Iowa | 292 | 756 | +1.4% |
| 26 | Oregon | 281 | 976 | −8.2% |
| 27 | Tennessee | 278 | 1,948 | −7.3% |
| 28 | Louisiana | 238 | 692 | +1.3% |
| 29 | South Carolina | 238 | 699 | −6.7% |
| 30 | Nebraska | 218 | 954 | −1.4% |
| 31 | Kentucky | 208 | 710 | −1.4% |
| 32 | Oklahoma | 192 | 680 | +1.1% |
| 33 | Alabama | 187 | 510 | 0.0% |
| 34 | Nevada | 187 | 615 | −10.5% |
| 35 | Idaho | 160 | 362 | +2.6% |
| 36 | Arkansas | 143 | 316 | +4.4% |
| 37 | Delaware | 131 | 590 | −5.8% |
| 38 | New Hampshire | 109 | 529 | −9.2% |
| 39 | Mississippi | 91 | 255 | −4.2% |
| 40 | Maine | 90 | — | −3.2% |
| 41 | Montana | 80 | 148 | −4.8% |
| 42 | New Mexico | 75 | 189 | +8.7% |
| 43 | North Dakota | 71 | — | +9.2% |
| 44 | Rhode Island | 71 | 284 | −10.1% |
| 45 | South Dakota | 69 | 218 | −2.8% |
| 46 | Hawaii | 62 | 138 | −6.1% |
| 47 | District of Columbia | 60 | 439 | +5.3% |
| 48 | Vermont | 53 | 174 | +10.4% |
| 49 | Wyoming | 48 | 81 | +2.1% |
| 50 | West Virginia | 46 | 130 | −6.1% |
| 51 | Alaska | 36 | 131 | −7.7% |
Who financial advisors sell to
Common buyer industries for financial and investment advisory firms, with US establishment counts and how many have 10 to 249 employees.
| Buyer industry | Establishments | 10–249 employees | Employees |
|---|---|---|---|
| Legal Services | 181,092 | 23,511 | 1,190,297 |
| Offices of Physicians | 218,066 | 58,939 | 2,771,935 |
| Construction | 814,557 | 147,964 | 7,659,459 |
| Architectural, Engineering, and Related Services | 117,417 | 29,623 | 1,741,313 |
How financial advisors should run cold email
Financial and investment advisory firms sell wealth management, retirement plan and corporate advisory services to business owners and companies. These are the contacts, triggers and messages that make a first email relevant rather than generic.
Who to email
- Business owner or founder
- CFO or controller
- HR or benefits lead for retirement plans
- Managing partner at professional firms
Signals worth researching
- Business sales, acquisitions or ownership transitions
- Rapid headcount growth that triggers retirement plan decisions
- Founder liquidity events such as funding rounds
- Leadership retirement announcements
What to say
- Focus on the business event and the planning decision it creates
- Keep the tone educational and compliant
- Offer a specific, low-commitment review
What to avoid
- Performance or return promises, which raise regulatory issues
- Emailing about personal finances without a business context
Cold email for financial advisors, answered
How many financial advisors are there in the US?
There were 23,359 establishments in NAICS 523930 (Investment Advice) in 2023, employing 110,125 people. Source: U.S. Census Bureau, County Business Patterns 2023.
Which states have the most financial advisors?
By establishments in 2023: California (3,029), Florida (1,950), Texas (1,764), New York (1,518) and Illinois (886). Source: U.S. Census Bureau, County Business Patterns 2023.
Is cold email compliant for financial advisors?
Cold email to business contacts is permitted under CAN-SPAM, but advisors also operate under industry communication rules. Keep claims factual, avoid performance promises, and follow your firm's review process for outreach templates. Research-based outreach that focuses on a business event is easier to keep compliant.
Which prospects respond best to financial advisor outreach?
Business owners facing a financial decision: selling a company, adding a retirement plan as headcount grows, or managing a liquidity event. Referencing that event gives the email a clear reason to exist.
Is cold email legal in the United States?
Yes. The federal CAN-SPAM Act permits commercial email to business contacts without prior consent, provided the message identifies the sender accurately, uses a truthful subject line, includes a valid physical postal address and a working opt-out, and honours opt-out requests promptly. CAN-SPAM applies in every state and preempts most state commercial email laws, except provisions aimed at falsity or deception. This is general information, not legal advice.
Explore related pages
Financial Advisors by state
Other industries
Sources and methodology
Every figure on this page comes from a federal statistical release and is shown with its source and reference year. Figures the agencies withhold or publish with high noise are left out rather than estimated. Page updated September 17, 2026.
- U.S. Census Bureau, County Business Patterns 2023 and 2022: establishments, paid employment for the pay period including March 12, annual payroll, and establishments by employment size. Industries use NAICS 2017 codes.
- Industry definition: NAICS 523930, Investment Advice, used as the closest official category for financial and investment advisory firms.
Built for financial advisors who sell to a finite list
Acqro researches every account on your list and writes the first email from what it finds.
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