Original data
RIA practice benchmarks
As of October 2, 2026, the median independent wealth management RIA manages $38.0 million of AUM per advisory employee, has 45 clients per advisory employee and has 2 employees. 91.7% of firms charge a percentage of assets (22,914 firms, from Form ADV).
For advisors running a practice: how independent wealth management RIAs compare on AUM per advisor, clients per advisor, staff size and fee arrangements, by firm size, from Form ADV. Each figure is a median with the middle 50% of firms beside it, or a share of firms. A group with fewer than 30 firms is not shown.
The typical firm, all sizes
| Measure | Median | Middle 50% | Firms with a value |
|---|---|---|---|
| AUM per advisory employee | $38.0 million | $12.4 million to $83.8 million | 19,376 |
| Clients per advisory employee | 45 | 21 to 83 | 19,915 |
| AUM per individual or high net worth client | $801,000 | $385,000 to $1.6 million | 18,044 |
| Employees | 2 | 1 to 4 | 22,791 |
| Advisory employees | 1 | 1 to 3 | 22,705 |
Independent wealth management RIAs in the US (SEC- and state-registered), 22,914 firms, Form ADV data as of October 2, 2026. Advisory employees are the employees who perform investment advisory functions (Item 5.B(1)).
How firms charge, all sizes
| Fee arrangement | Share of firms |
|---|---|
| Percentage of assets | 91.7% |
| Fixed fees | 59.8% |
| Hourly fees | 50.4% |
| Performance fees | 7.2% |
| Commissions | 2.1% |
| Only a percentage of assets | 23.1% |
Share of independent wealth management RIAs that answered Item 5.E, Form ADV data as of October 2, 2026. A firm can use more than one arrangement. Form ADV reports which arrangements a firm uses, not its rates.
By question
- How much AUM does an independent RIA manage per advisor?
Median AUM per advisory employee, with the middle half of firms, by firm size.
- How many clients does an advisor at an independent RIA serve?
Median clients per advisory employee, by firm size.
- How much AUM does an independent RIA hold per client?
Median AUM per individual and per high net worth client, by firm size.
- How many people work at an independent RIA?
Median employees and advisory employees per firm, by firm size.
- How do independent RIAs charge fees?
The share of firms charging a percentage of assets, hourly or fixed fees, performance fees or commissions, by firm size.
What these figures count
- Who is counted
- Independent wealth management RIAs, SEC-registered and state-registered: firms whose individual and high net worth clients hold at least half of their AUM and that offer financial planning or portfolio management for individuals. Broker-dealers, banks and their advisory arms, asset managers, private fund managers and pension consultants are not counted.
- When
- Form ADV data as of the date above. Each firm's figures are as it last reported them, mostly as of its fiscal year end, which is usually December 31 of the previous year.
- Middle 50%
- The middle 50% runs from the 25th to the 75th percentile: a quarter of firms are below it, half are inside it and a quarter are above it. The median is the firm in the middle.
Affiliated advisers can report the same assets on their own Form ADV, so totals here may double count across firms, as the SEC's own totals do. How the benchmarks are built.
Compiled October 21, 2026 from SEC Form ADV data as of October 2, 2026 and state data as of October 20, 2026. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.