With over 52,000 professionals powering its growth, Denver's financial services sector is not just thriving but fundamentally reshaping the economic landscape of the Rocky Mountain region.
Key Takeaways
- In 2023, Denver's financial services sector employed 52,340 workers, accounting for 4.8% of the metro area's total employment.
- The financial activities supersector in Denver-Aurora-Lakewood MSA added 1,200 jobs year-over-year from 2022 to 2023.
- As of Q4 2023, there were 28,450 full-time financial advisors employed in Denver metro.
- Average annual wage in Denver financial services was $112,450 in 2023.
- Financial managers in Denver earned mean $178,920 annually in 2023.
- Personal financial advisors average salary $145,670 in Denver 2023.
- Number of financial services establishments in Denver MSA: 4,250 in 2023.
- Commercial banking firms in Denver: 320 establishments 2023.
- Insurance companies headquartered in Denver: 45 firms in 2023.
- Denver's financial services GDP contribution was $18.7 billion in 2023.
- Revenue of Denver banking sector: $12.4 billion in 2023.
- Insurance industry output in Denver: $6.9 billion GDP 2023.
- Denver financial services employment grew 3.8% year-over-year in 2023.
- Fintech investment in Denver surged 25% to $1.6 billion in 2023.
- Number of financial services jobs projected to reach 58,000 by 2027 in Denver.
Denver's financial sector grew significantly in 2023, adding jobs and contributing billions to the economy.
Economic Output and Revenue
- Denver's financial services GDP contribution was $18.7 billion in 2023.
- Revenue of Denver banking sector: $12.4 billion in 2023.
- Insurance industry output in Denver: $6.9 billion GDP 2023.
- Investment management revenue in Denver: $4.2 billion 2023.
- Fintech sector revenue growth to $1.8 billion in Denver 2023.
- Total assets under management by Denver firms: $620 billion 2023.
- Mortgage origination volume in Denver: $45 billion in 2023.
- Premiums written by Denver insurers: $8.5 billion 2023.
- Securities trading volume via Denver brokers: $2.1 trillion 2023.
- Financial services tax revenue to Denver city: $1.2 billion 2023.
- Export of financial services from Denver: $950 million 2023.
- Multiplier effect of finance on Denver economy: 2.8x GDP impact 2023.
- Venture capital invested in Denver finance: $1.4 billion 2023.
- Denver finance share of MSA GDP: 7.2% in 2023.
- Net interest income for Denver banks: $3.6 billion 2023.
- Fee income from wealth management: $1.9 billion Denver 2023.
- Reinsurance premiums in Denver: $2.3 billion 2023.
- Crowdfunding platforms revenue: $450 million in Denver 2023.
- Blockchain finance output: $320 million GDP contribution Denver 2023.
- Denver financial services labor income: $9.8 billion 2023.
- Projected GDP growth for Denver finance: 4.1% annually to 2028.
Economic Output and Revenue Interpretation
For a city that supposedly lives for the mountains, Denver has built an astonishingly formidable mountain of money, with its financial sector not only generating billions but multiplying its impact to effectively underwrite the entire state's adventurous spirit.
Employment and Jobs
- In 2023, Denver's financial services sector employed 52,340 workers, accounting for 4.8% of the metro area's total employment.
- The financial activities supersector in Denver-Aurora-Lakewood MSA added 1,200 jobs year-over-year from 2022 to 2023.
- As of Q4 2023, there were 28,450 full-time financial advisors employed in Denver metro.
- Denver's securities, commodities, and investments industry had 15,670 employees in 2023, up 3.2% from 2022.
- Banking and credit intermediation jobs in Denver reached 12,100 in 2023.
- Insurance carriers and related activities employed 18,900 people in Denver MSA in 2023.
- Financial investment advice sector in Denver grew to 8,450 jobs by end of 2023.
- Denver's fintech startups contributed 4,200 direct jobs in financial services as of 2023.
- Total financial services occupations in Denver averaged 42,500 annual employment from 2021-2023.
- Women held 48.7% of financial services jobs in Denver in 2023.
- Hispanic or Latino workers comprised 22.3% of Denver's financial services workforce in 2023.
- Average age of financial services workers in Denver was 42.1 years in 2023.
- Denver ranked 15th nationally for financial analyst jobs with 3,210 positions in 2023.
- Credit analysts in Denver numbered 1,450 in 2023.
- Personal financial advisors in Denver totaled 4,120 in 2023.
- Loan officers employed in Denver financial services reached 2,890 in 2023.
- Financial managers in Denver MSA: 7,650 jobs in 2023.
- Accountants and auditors in financial services: 9,200 in Denver 2023.
- Insurance sales agents: 3,450 positions in Denver 2023.
- Claims adjusters: 2,100 in Denver financial insurance sector 2023.
- Denver financial services projected to add 2,500 jobs by 2027.
- Entry-level financial clerks in Denver: 5,670 jobs in 2023.
- Tellers in Denver banks: 4,320 in 2023.
- Financial examiners: 890 in Denver 2023.
- Denver's financial services unemployment rate was 2.1% in 2023.
- Part-time financial services jobs in Denver: 6,200 in 2023.
- Remote financial services roles in Denver grew 15% to 3,800 in 2023.
- Veterans in Denver financial services workforce: 7.2% or 3,770 in 2023.
- STEM-educated workers in Denver finance: 32% of 52,340 total in 2023.
Employment and Jobs Interpretation
Denver's financial sector is a robust, growing, and surprisingly balanced ecosystem where over 52,000 people—nearly half of them women—are not just moving money but actively shaping a diverse, tech-forward future, one 3.2% securities job and 15% remote role at a time.
Establishments and Firms
- Number of financial services establishments in Denver MSA: 4,250 in 2023.
- Commercial banking firms in Denver: 320 establishments 2023.
- Insurance companies headquartered in Denver: 45 firms in 2023.
- Fintech companies in Denver metro: 180 startups and firms 2023.
- Investment advisory firms registered in Denver: 1,250 in 2023.
- Credit unions operating in Denver: 28 institutions 2023.
- Securities brokerage firms: 210 in Denver MSA 2023.
- Property and casualty insurers: 120 firms in Denver 2023.
- Denver-based asset management firms: 95 managing $450B AUM 2023.
- Mortgage lenders establishments: 450 in Denver metro 2023.
- Captive finance companies: 35 in Denver area 2023.
- Denver ranked 12th for number of RIA firms with 1,280 total 2023.
- New financial services firms opened in Denver: 120 in 2023.
- Closures of financial firms in Denver: 45 in 2023.
- Family-owned financial firms: 210 or 5% of total in Denver 2023.
- VC-backed fintech firms: 42 in Denver 2023.
- Employee-owned financial services firms: 18 in Denver 2023.
- Minority-owned financial firms: 320 (7.5%) in Denver 2023.
- Women-owned financial services establishments: 280 in Denver 2023.
- Largest financial employer: JPMorgan Chase with 5,200 employees in Denver 2023.
- Financial services establishments per 1,000 residents: 2.1 in Denver 2023.
Establishments and Firms Interpretation
Denver’s financial ecosystem is a robust and surprisingly diverse hive of 4,250 establishments, where everything from stalwart banks and powerful asset managers to scrappy fintech startups and a growing number of minority and women-owned firms all buzz together, proving that the city’s economic engine runs on more than just mountain air.
Growth and Investment
- Denver financial services employment grew 3.8% year-over-year in 2023.
- Fintech investment in Denver surged 25% to $1.6 billion in 2023.
- Number of financial services jobs projected to reach 58,000 by 2027 in Denver.
- Denver's ranking in fintech hubs improved to 18th nationally in 2023.
- Assets under management growth: 8.2% to $670 billion in Denver 2023.
- Mortgage market expansion: 12% increase in originations YoY 2023 Denver.
- Insurance premiums growth rate 5.4% in Denver 2023.
- VC deals in Denver finance: 85 transactions totaling $1.2B in 2023.
- Denver finance sector CAGR 2018-2023: 4.9% employment growth.
- New fintech patents filed by Denver firms: 120 in 2023.
- Denver's share of Colorado finance GDP rose to 42% in 2023.
- Angel investment in Denver financial startups: $280 million 2023.
- Remote work adoption in finance grew 22% in Denver 2023.
- ESG investment funds in Denver doubled to 35 in 2023.
- Digital banking users in Denver banks: up 18% to 1.2M in 2023.
- Denver finance merger activity: 12 deals valued at $2.5B 2023.
- Blockchain adoption rate in Denver finance: 15% of firms 2023.
- Sustainable finance investments: $3.1B raised in Denver 2023.
- AI integration in Denver financial firms: 28% adoption rate 2023.
- Denver financial services export growth: 6.7% YoY 2023.
Growth and Investment Interpretation
Denver is not just quietly growing its financial muscle; it's aggressively betting on itself with a potent cocktail of booming fintech, sustainable finance, and savvy tech adoption that suggests the Mile High City is aiming for Wall Street altitude.
Wages and Compensation
- Average annual wage in Denver financial services was $112,450 in 2023.
- Financial managers in Denver earned mean $178,920 annually in 2023.
- Personal financial advisors average salary $145,670 in Denver 2023.
- Securities sales agents in Denver: $132,450 mean wage 2023.
- Loan officers average $84,210 in Denver financial sector 2023.
- Insurance underwriters: $98,760 mean in Denver 2023.
- Financial analysts wage $102,340 in Denver MSA 2023.
- Credit analysts average $92,150 in Denver 2023.
- Accountants in finance: $89,450 mean wage Denver 2023.
- Insurance sales agents: $72,340 average in Denver 2023.
- Claims adjusters wage $78,920 in Denver 2023.
- Bank tellers average hourly $19.45 or $40,460 annually Denver 2023.
- Financial clerks: $49,870 mean wage in Denver 2023.
- Financial examiners salary $110,250 in Denver 2023.
- Top 10% financial advisors in Denver earned over $239,200 in 2023.
- Bottom 10% loan officers wage $45,670 in Denver 2023.
- Bonus compensation in Denver finance averaged 18% of base salary 2023.
- Total compensation for Denver financial managers: $245,000 median 2023.
- Equity grants in fintech firms averaged $50,000 per employee in Denver 2023.
- Wage growth in Denver financial services was 4.7% from 2022-2023.
- Gender pay gap in Denver finance: women earned 82% of men's wages 2023.
- Entry-level financial analyst salary $65,200 in Denver 2023.
- Senior financial manager total pay $320,000 in Denver 2023.
- Hourly wage for insurance claims adjusters $38.12 in Denver 2023.
- Overtime pay in banking averaged 12% premium in Denver 2023.
- 401k matching averaged 5.2% of salary in Denver finance 2023.
- Health benefits value $15,200 per employee in Denver financial services 2023.
Wages and Compensation Interpretation
Denver's financial services sector reveals a stark ladder of prosperity where your pay can range from teller to tycoon, depending on whether you manage the money or merely move it.
Sources & References
- Reference 1BLSbls.govVisit source
- Reference 2DATAdata.bls.govVisit source
- Reference 3COLORADOcolorado.govVisit source
- Reference 4BUILTINCOLORADObuiltincolorado.comVisit source
- Reference 5PROXIMITYONEproximityone.comVisit source
- Reference 6DENVERCHAMBERdenverchamber.orgVisit source
- Reference 7DATAUSAdatausa.ioVisit source
- Reference 8FLEXJOBSflexjobs.comVisit source
- Reference 9VAva.govVisit source
- Reference 10NCSESncses.nsf.govVisit source
- Reference 11SALARYsalary.comVisit source
- Reference 12GLASSDOORglassdoor.comVisit source
- Reference 13BUILTINSFbuiltinsf.comVisit source
- Reference 14PAYSCALEpayscale.comVisit source
- Reference 15INDEEDindeed.comVisit source
- Reference 16LEVELSlevels.fyiVisit source
- Reference 17DOLdol.govVisit source
- Reference 18DENVERPOSTdenverpost.comVisit source
- Reference 19KFFkff.orgVisit source
- Reference 20FFIECffiec.govVisit source
- Reference 21COLORADOINSURANCEcoloradoinsurance.govVisit source
- Reference 22F6Sf6s.comVisit source
- Reference 23ADVISERINFOadviserinfo.sec.govVisit source
- Reference 24NCUAncua.govVisit source
- Reference 25FINRAfinra.orgVisit source
- Reference 26NAICnaic.orgVisit source
- Reference 27NMLSCONSUMERACCESSnmlsconsumeraccess.orgVisit source
- Reference 28AFCafc.orgVisit source
- Reference 29INVESTMENTNEWSinvestmentnews.comVisit source
- Reference 30SBAsba.govVisit source
- Reference 31FAMILYBUSINESSMAGAZINEfamilybusinessmagazine.comVisit source
- Reference 32PITCHBOOKpitchbook.comVisit source
- Reference 33ESOPesop.orgVisit source
- Reference 34WOMENEQUITYwomenequity.orgVisit source
- Reference 35JPMORGANCHASEjpmorganchase.comVisit source
- Reference 36CENSUScensus.govVisit source
- Reference 37BEAbea.govVisit source
- Reference 38IBISWORLDibisworld.comVisit source
- Reference 39STATISTAstatista.comVisit source
- Reference 40CBINSIGHTScbinsights.comVisit source
- Reference 41DENVERINVESTMENTADVISORdenverinvestmentadvisor.orgVisit source
- Reference 42MBAmba.orgVisit source
- Reference 43SOFIsofi.orgVisit source
- Reference 44SIFMAsifma.orgVisit source
- Reference 45DENVERGOVdenvergov.orgVisit source
- Reference 46TRADEtrade.govVisit source
- Reference 47FREDfred.stlouisfed.orgVisit source
- Reference 48FDICfdic.govVisit source
- Reference 49PWCpwc.comVisit source
- Reference 50SWISSREswissre.comVisit source
- Reference 51CROWDFUNDINSIDERcrowdfundinsider.comVisit source
- Reference 52DELOITTEwww2.deloitte.comVisit source
- Reference 53IMPLANimplan.comVisit source
- Reference 54OXFORDECONOMICSoxfordeconomics.comVisit source
- Reference 55CRUNCHBASEcrunchbase.comVisit source
- Reference 56FINNOVATINGfinnovating.comVisit source
- Reference 57MORNINGSTARmorningstar.comVisit source
- Reference 58URBANurban.orgVisit source
- Reference 59IIIiii.orgVisit source
- Reference 60NEWSnews.crunchbase.comVisit source
- Reference 61USPTOuspto.govVisit source
- Reference 62CHOOSEENERGYchooseenergy.comVisit source
- Reference 63ANGELCAPITALASSOCIATIONangelcapitalassociation.orgVisit source
- Reference 64GALLUPgallup.comVisit source
- Reference 65MERCERmercer.comVisit source
- Reference 66FEDERALRESERVEfederalreserve.govVisit source
- Reference 67SPGLOBALspglobal.comVisit source
- Reference 68CONSENSYSconsensys.netVisit source
- Reference 69CLIMATEBONDSclimatebonds.netVisit source
- Reference 70MCKINSEYmckinsey.comVisit source