How do independent RIAs charge fees?
As of October 2, 2026, of independent wealth management RIAs, 91.7% charge a percentage of assets, 59.8% charge fixed fees, 50.4% charge hourly fees, 7.2% charge performance-based fees and 2.1% receive commissions; 23.1% charge only a percentage of assets. A firm can use more than one arrangement, so the shares add to more than 100 percent (22,914 firms, from Form ADV).
By AUM size band
| AUM size band | Percentage of assets | Fixed fees | Hourly fees | Performance fees | Commissions | Only a percentage of assets | Firms answering |
|---|---|---|---|---|---|---|---|
| All sizes | 91.7% | 59.8% | 50.4% | 7.2% | 2.1% | 23.1% | 22,914 |
| Under $100 million | 96.3% | 52.3% | 48.5% | 7.2% | 1.8% | 28.1% | 11,373 |
| $100 million to $250 million | 97.5% | 61.9% | 50.7% | 5.0% | 2.0% | 23.2% | 3,447 |
| $250 million to $500 million | 98.7% | 67.8% | 51.9% | 6.4% | 2.5% | 19.2% | 2,025 |
| $500 million to $1 billion | 98.4% | 72.2% | 51.4% | 7.1% | 3.4% | 17.4% | 1,307 |
| $1 billion to $5 billion | 98.8% | 75.0% | 45.9% | 12.9% | 2.2% | 16.4% | 1,089 |
| $5 billion to $10 billion | 98.4% | 86.7% | 46.1% | 22.7% | 0.8% | 7.8% | 128 |
| $10 billion and up | 98.2% | 89.0% | 56.0% | 29.4% | 0.9% | 5.5% | 109 |
| No AUM reported | 60.9% | 66.2% | 56.6% | 6.5% | 2.6% | 14.0% | 3,436 |
By state
The 10 states with the most firms answering, by main office, all sizes. States with fewer than 30 firms answering are not shown.
| State | Percentage of assets | Fixed fees | Hourly fees | Performance fees | Commissions | Only a percentage of assets | Firms answering |
|---|---|---|---|---|---|---|---|
| California | 90.0% | 57.6% | 51.6% | 9.3% | 1.7% | 23.9% | 3,220 |
| Texas | 92.9% | 59.3% | 46.6% | 10.4% | 1.2% | 24.5% | 1,802 |
| Florida | 93.7% | 54.3% | 46.5% | 9.5% | 1.8% | 27.0% | 1,707 |
| New York | 91.0% | 55.2% | 43.0% | 12.6% | 1.7% | 24.8% | 1,332 |
| Pennsylvania | 90.3% | 63.5% | 49.8% | 4.9% | 1.7% | 21.5% | 898 |
| Illinois | 91.7% | 61.4% | 51.0% | 5.3% | 5.6% | 22.7% | 845 |
| Ohio | 92.1% | 66.3% | 48.9% | 3.8% | 2.9% | 19.8% | 837 |
| Massachusetts | 89.7% | 57.7% | 51.0% | 6.8% | 4.0% | 22.4% | 778 |
| Colorado | 90.9% | 62.8% | 49.1% | 3.3% | 2.4% | 24.6% | 749 |
| New Jersey | 90.2% | 61.2% | 46.9% | 7.5% | 2.9% | 23.6% | 691 |
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.
- 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.
- Several arrangements
- A firm can report more than one arrangement, so the shares add to more than 100 percent. Form ADV does not report fee rates, only which arrangements a firm uses.
- Small groups
- A group with fewer than 30 firms reporting is not shown, and nothing is estimated for it.
Definitions
- Charge a percentage of assets (percent)
- Share of firms that answered Item 5.E and report being compensated by a percentage of assets under management (Item 5.E(1)). A firm can report several arrangements, so these shares add to more than 100 percent.
- Charge fixed fees (percent)
- Share of firms that answered Item 5.E and report being compensated by fixed fees other than subscription fees (Item 5.E(4)). A firm can report several arrangements, so these shares add to more than 100 percent.
- Charge hourly fees (percent)
- Share of firms that answered Item 5.E and report being compensated by hourly charges (Item 5.E(2)). A firm can report several arrangements, so these shares add to more than 100 percent.
- Charge performance-based fees (percent)
- Share of firms that answered Item 5.E and report being compensated by performance-based fees, including a share of capital gains or appreciation (Item 5.E(6)). A firm can report several arrangements, so these shares add to more than 100 percent.
- Receive commissions (percent)
- Share of firms that answered Item 5.E and report being compensated by commissions (Item 5.E(5)). A firm can report several arrangements, so these shares add to more than 100 percent.
- Charge only a percentage of assets (percent)
- Share of firms that answered Item 5.E and report a percentage of assets under management (Item 5.E(1)) as their only compensation arrangement.
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
Each firm's answers to Form ADV Item 5.E (how it is compensated for advisory services) are counted, and a size band is the share of firms in it that report each arrangement. Size bands are the AUM bands used in the industry data (Item 5.F(2)(c)); firms that report no AUM are in their own row. Form ADV reports which arrangements a firm uses, not the rates it charges.
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 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.