Dallas surpasses New York in financial jobs share

Financial activities now account for 10.1% of all employment in Dallas, topping New York City's 9.9% share as of June, based on Federal Reserve Bank of Dallas data reported by InvestmentNews. Dallas has added 23.2% more financial-activities jobs since February 2020, versus 6% in New York. Dallas still trails New York in total workforce size — 317,000 financial-activities workers, less than half of New York's — but its share is the highest of any U.S. metro.

RIA principals should view this as a structural move of wealth-management talent and client money toward Texas. Andrew Herzog, an advisor at Plano-based The Watchman Group, told InvestmentNews that CFP recruitment in the area is 'fierce' and that back-office operations are expanding to handle the influx. The Dallas Fed counted 125 companies relocating headquarters to Dallas from 2015 to 2024, 47% from California, further intensifying competition for advisory talent in the region.