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How much AUM does an independent RIA hold per client?

As of October 2, 2026, the median independent wealth management RIA holds $801,000 of AUM per individual or high net worth client, and the middle half of firms hold between $385,000 and $1.6 million (18,044 firms, from Form ADV). The median firm holds $2.2 million per high net worth client and $291,000 per other individual client. By size, the median is lowest at firms managing under $100 million ($523,000) and highest at firms managing $5 billion to $10 billion ($3.0 million).

By AUM size band

AUM per individual or high net worth client

AUM size bandMedianMiddle 50%Firms with a valueFirms in group
All sizes$801,000$385,000 to $1.6 million18,04422,914
Under $100 million$523,000$250,000 to $1.0 million10,05511,373
$100 million to $250 million$992,000$578,000 to $1.7 million3,3733,447
$250 million to $500 million$1.3 million$765,000 to $2.1 million2,0022,025
$500 million to $1 billion$1.6 million$928,000 to $2.8 million1,3001,307
$1 billion to $5 billion$2.1 million$1.1 million to $3.9 million1,0781,089
$5 billion to $10 billion$3.0 million$1.4 million to $8.6 million127128
$10 billion and up$2.8 million$1.3 million to $7.3 million109109

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.

StateMedianMiddle 50%Firms with a value
California$968,000$465,000 to $1.9 million2,470
Texas$819,000$384,000 to $1.7 million1,400
Florida$771,000$354,000 to $1.6 million1,339
New York$859,000$397,000 to $1.9 million1,020
Pennsylvania$807,000$382,000 to $1.5 million705
Ohio$658,000$327,000 to $1.2 million671
Illinois$898,000$446,000 to $1.7 million649
Massachusetts$1.1 million$546,000 to $2.1 million617
Colorado$849,000$416,000 to $1.5 million583
Georgia$764,000$368,000 to $1.5 million535

AUM per individual client

AUM size bandMedianMiddle 50%Firms with a valueFirms in group
All sizes$291,000$186,000 to $416,00017,38922,914
Under $100 million$240,000$142,000 to $376,0009,82711,373
$100 million to $250 million$318,000$232,000 to $429,0003,2263,447
$250 million to $500 million$338,000$260,000 to $437,0001,9162,025
$500 million to $1 billion$362,000$277,000 to $474,0001,2301,307
$1 billion to $5 billion$374,000$285,000 to $481,0009861,089
$5 billion to $10 billion$418,000$293,000 to $571,000112128
$10 billion and up$431,000$330,000 to $589,00092109

AUM per high net worth client

AUM size bandMedianMiddle 50%Firms with a valueFirms in group
All sizes$2.2 million$1.4 million to $3.3 million15,76722,914
Under $100 million$1.6 million$1.0 million to $2.4 million7,78811,373
$100 million to $250 million$2.3 million$1.8 million to $3.2 million3,3673,447
$250 million to $500 million$2.8 million$2.1 million to $3.9 million2,0032,025
$500 million to $1 billion$3.3 million$2.4 million to $4.8 million1,2941,307
$1 billion to $5 billion$3.9 million$2.7 million to $6.2 million1,0801,089
$5 billion to $10 billion$5.1 million$3.3 million to $12.0 million127128
$10 billion and up$5.2 million$3.4 million to $10.9 million108109

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; 18,044 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 individual or high net worth client (US dollars)
AUM from individual clients and high net worth individual clients (Item 5.D(a)(3) plus 5.D(b)(3)) divided by the number of those clients (Item 5.D(a)(1) plus 5.D(b)(1)). Individuals here are people who are not high net worth, as the Form ADV glossary defines the term. One value per firm. A client type counts only when its AUM and its client count are both reported; a firm with AUM for a type but a count of fewer than five clients (or the reverse) is left out.
AUM per individual client (US dollars)
AUM from individual clients who are not high net worth (Item 5.D(a)(3)) divided by the number of those clients (Item 5.D(a)(1)). One value per firm. A client type counts only when its AUM and its client count are both reported; a firm with AUM for a type but a count of fewer than five clients (or the reverse) is left out.
AUM per high net worth client (US dollars)
AUM from high net worth individual clients (Item 5.D(b)(3)) divided by the number of those clients (Item 5.D(b)(1)). One value per firm. A client type counts only when its AUM and its client count are both reported; a firm with AUM for a type but a count of fewer than five clients (or the reverse) is left out.

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.

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