# 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).

As of: 2026-10-02
Address: https://advisoriq.com/ria/benchmarks/fee-arrangements/

## Facts

- Question: How do independent RIAs charge fees?
- Answer: 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).
- Population: 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.
- Period: 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.
- Minimum firms per group: 30
- Measures: Key: fee_aum_pct, Label: Charge a percentage of assets, Definition: 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., Unit: pct; Key: fee_fixed, Label: Charge fixed fees, Definition: 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., Unit: pct; Key: fee_hourly, Label: Charge hourly fees, Definition: 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., Unit: pct; Key: fee_performance, Label: Charge performance-based fees, Definition: 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., Unit: pct; Key: fee_commissions, Label: Receive commissions, Definition: 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., Unit: pct; Key: fee_aum_pct_only, Label: Charge only a percentage of assets, Definition: 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., Unit: pct
- By size band: Fee AUM pct: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.916601204503797; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.96333421260881; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.975340876124166; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.986666666666667; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.983932670237184; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.988062442607897; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.984375; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.981651376146789; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.608847497089639, Fee fixed: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.597931395653312; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.523168908819133; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.619089062953293; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.677530864197531; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.722264728385616; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.750229568411387; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.8671875; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.889908256880734; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.662398137369034, Fee hourly: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.504233219865584; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.485360063307834; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.506527415143603; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.519012345679012; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.514154552410099; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.459136822773186; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.4609375; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.559633027522936; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.566065192083818, Fee performance: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.0716156061796282; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.0721005891145696; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.0496083550913838; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.0641975308641975; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.0711553175210406; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.129476584022039; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.2265625; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.293577981651376; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.0654831199068684, Fee commissions: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.0209478921183556; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.0177613646355403; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.0200174064403829; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.0246913580246914; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.0336648814078041; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.0220385674931129; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.0078125; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.00917431192660551; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.0259022118742724, Fee AUM pct only: Group: All sizes, Firms in group: 22914, Firms with value: 22914, Share: 0.230863227721044; Group: Under $100 million, Firms in group: 11373, Firms with value: 11373, Share: 0.281192297546821; Group: $100 million to $250 million, Firms in group: 3447, Firms with value: 3447, Share: 0.232085871772556; Group: $250 million to $500 million, Firms in group: 2025, Firms with value: 2025, Share: 0.191604938271605; Group: $500 million to $1 billion, Firms in group: 1307, Firms with value: 1307, Share: 0.174445294567712; Group: $1 billion to $5 billion, Firms in group: 1089, Firms with value: 1089, Share: 0.164370982552801; Group: $5 billion to $10 billion, Firms in group: 128, Firms with value: 128, Share: 0.078125; Group: $10 billion and up, Firms in group: 109, Firms with value: 109, Share: 0.055045871559633; Group: No AUM reported, Firms in group: 3436, Firms with value: 3436, Share: 0.139988358556461
- By state all sizes: Fee AUM pct: State: California, Firms with value: 3220, Share: 0.899689440993789; State: Texas, Firms with value: 1802, Share: 0.928967813540511; State: Florida, Firms with value: 1707, Share: 0.937316930287053; State: New York, Firms with value: 1332, Share: 0.90990990990991; State: Pennsylvania, Firms with value: 898, Share: 0.903118040089087; State: Illinois, Firms with value: 845, Share: 0.917159763313609; State: Ohio, Firms with value: 837, Share: 0.921146953405018; State: Massachusetts, Firms with value: 778, Share: 0.897172236503856; State: Colorado, Firms with value: 749, Share: 0.909212283044059; State: New Jersey, Firms with value: 691, Share: 0.901591895803184
- 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.

## Notes

- A group with fewer than 30 firms reporting is not shown.
- 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.

## Sources

- SEC, Information About Registered Investment Advisers (ia100226.zip), checked 2026-10-02: https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip
- IAPD compilation reports (IA_FIRM_STATE_Feed_10_20_2026.xml.gz), checked 2026-10-20: https://adviserinfo.sec.gov/compilation

## Related

- [RIA practice benchmarks](https://advisoriq.com/ria/benchmarks/)
- [How much AUM does an independent RIA manage per advisor?](https://advisoriq.com/ria/benchmarks/aum-per-advisor/)
- [How many clients does an advisor at an independent RIA serve?](https://advisoriq.com/ria/benchmarks/clients-per-advisor/)
- [How much AUM does an independent RIA hold per client?](https://advisoriq.com/ria/benchmarks/aum-per-client/)
- [How many people work at an independent RIA?](https://advisoriq.com/ria/benchmarks/firm-size/)
- [RIA industry data](https://advisoriq.com/ria/industry/)
- [How the directory is built](https://advisoriq.com/ria/methodology/#benchmarks)

## Cite as

AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/benchmarks/fee-arrangements/

License: https://advisoriq.com/license/