How much AUM does an independent RIA manage per advisor?
As of October 2, 2026, the median independent wealth management RIA manages $38.0 million of AUM per advisory employee, and the middle half of firms manage between $12.4 million and $83.8 million (19,376 firms, from Form ADV). By size, the median is lowest at firms managing under $100 million ($16.0 million) and highest at firms managing $5 billion to $10 billion ($200.0 million).
By AUM size band
| AUM size band | Median | Middle 50% | Firms with a value | Firms in group |
|---|---|---|---|---|
| All sizes | $38.0 million | $12.4 million to $83.8 million | 19,376 | 22,914 |
| Under $100 million | $16.0 million | $5.4 million to $33.2 million | 11,283 | 11,373 |
| $100 million to $250 million | $67.1 million | $46.6 million to $107.0 million | 3,441 | 3,447 |
| $250 million to $500 million | $93.7 million | $64.5 million to $137.6 million | 2,022 | 2,025 |
| $500 million to $1 billion | $121.3 million | $83.2 million to $182.9 million | 1,305 | 1,307 |
| $1 billion to $5 billion | $154.9 million | $104.8 million to $251.4 million | 1,088 | 1,089 |
| $5 billion to $10 billion | $200.0 million | $115.4 million to $369.8 million | 128 | 128 |
| $10 billion and up | $197.3 million | $133.5 million to $458.4 million | 109 | 109 |
By state
The 10 states with the most firms reporting, by main office, all sizes. States with fewer than 30 firms reporting are not shown.
| State | Median | Middle 50% | Firms with a value |
|---|---|---|---|
| California | $40.1 million | $12.6 million to $93.2 million | 2,675 |
| Texas | $30.9 million | $9.4 million to $78.7 million | 1,515 |
| Florida | $33.5 million | $10.3 million to $77.9 million | 1,451 |
| New York | $37.6 million | $10.7 million to $84.7 million | 1,105 |
| Pennsylvania | $43.0 million | $14.0 million to $89.0 million | 748 |
| Ohio | $41.1 million | $12.6 million to $84.8 million | 698 |
| Illinois | $41.7 million | $17.0 million to $91.8 million | 690 |
| Massachusetts | $46.4 million | $15.5 million to $102.8 million | 660 |
| Colorado | $34.2 million | $13.0 million to $79.7 million | 634 |
| Georgia | $34.8 million | $9.4 million to $75.0 million | 581 |
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. 22,914 firms are in the data; 19,376 report what this page needs.
- 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.
- Small groups
- A group with fewer than 30 firms reporting is not shown, and nothing is estimated for it.
Definitions
- AUM per advisory employee (US dollars)
- A firm's AUM (Form ADV Item 5.F(2)(c)) divided by its advisory employees: employees who perform investment advisory functions, including research (Item 5.B(1)). One value per firm; firms reporting AUM above zero and at least one advisory employee.
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.
Method
For each firm the measure is worked out from its own Form ADV answers; a size band shows the median of those firm values and the middle 50% around it, so a few very large or very small firms do not pull the figure. Size bands are the AUM bands used in the industry data (Item 5.F(2)(c)).
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. Full methodology.
More benchmarks
- All RIA practice benchmarks
- 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.