In the age of accessible data, it can be surprising how often financial advisors neglect a data-driven approach to practice growth. For financial professionals in Central Florida, there is currently no better example of this oversight than Volusia County. The growth in both population and wealth seems to have gone completely unnoticed, particularly by financial advisors in nearby Seminole County. After analyzing recent statistics on advisor density, population, and income growth, I am tempted to shift my focus from marketing coaching to practicing as a financial advisor.

Advisor Density: A Stark Contrast

Let’s start with Seminole County. There are currently 604 financial professionals headquartered in Seminole County, serving an estimated adult population of 494,600. This produces an advisor-to-adult ratio of approximately 1:818 — relatively dense coverage that is indicative of a mature and competitive market.

Now, let’s look at Volusia County. There are currently just 296 financial professionals headquartered in Volusia County, serving a similar adult population of about 497,000. The advisor-to-adult ratio here stands at 1:1,679 — more than double that of Seminole. To be clear, this means that Volusia has nearly the same number of adult residents as Seminole, but less than half the financial professional presence! I understand Volusia County’s past reputation as a blue-collar area (I’m being kind), but such a disparity merits a look beyond reputation.

Income Growth Signals Rising Demand

Naturally, I next looked at income trends, and this is where things became very interesting. While Seminole County enjoys higher median household incomes—$80,698 in 2023, up 20% from $67,187 in 2018—Volusia is catching up rapidly. From 2018 to 2023, Volusia’s median household income surged from $50,285 to $66,111, a remarkable 31% increase.

Though still trailing Seminole in absolute income levels, Volusia’s faster income growth rate implies expanding financial needs and increasing wealth accumulation in a population that remains largely underserved by financial professionals.

Why Are Advisors Missing the Opportunity?

Given these numbers, Volusia County seems to offer a no-brainer opportunity—a large adult population with growing income levels and a comparatively low ratio of financial advisors. In the Volusia city of Debary, one neighborhood totaling 708 homes was recently completed and another totaling more than 980 homes is nearing completion. As this author can attest, the current median income was not sufficient for purchase of any of these new homes. Therefore, we should expect rapid growth in the median household income to continue as these new residents are added to the count.

Despite all of this, many advisors remain concentrated in Seminole County, not even taking into consideration the oversaturation in nearby Orange and Lake Counties. Perhaps, this is due to familiarity and existing networks. Perhaps, it’s due to an industry that shifts marketing strategies with the speed of a two-legged turtle. Whatever the reason, Central Florida financial professionals would be wise to take notice.

Conclusion: Time to Look Past Reputation

If you’re a native Floridian like me, your first thought when someone says Volusia County is either of Bike Week or beach-rusted cars parked on sparse lawns in front of small, old-Florida block homes. Neither thought screams wealth, yet I still moved here three years ago despite what my friends thought. I even had the audacity to bring my wife, daughter and nearly 30-pound West Highland Terrier (he’s stocky) with me. What I found is a vibrant, growing community that provides anecdotal validation to the data mentioned above. This community remains underserved from a variety of professionals, but the widening gap between financial professional availability and population size is most glaring.

Interested in chatting more about the opportunities? Don’t hesitate to connect; I’d love to chat.

**Data Sources:**

- ISS Data

- U.S. Census Population Estimates

- Federal Reserve Economic Data (FRED) Income Statistics

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Media Contact: 

Zachary Covert

Director, Business Development

CFD Companies

Zachary.covert@cfdinvestments.com

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