What is the size distribution of independent RIAs by AUM?
As of October 2, 2026, most independent RIAs are small: 58.4% manage under $100 million, while 109 manage $10 billion and up.
| AUM band | Firms | Share |
|---|---|---|
| Under $100 million | 11,382 | 58.4% |
| $100 million to $250 million | 3,450 | 17.7% |
| $250 million to $500 million | 2,025 | 10.4% |
| $500 million to $1 billion | 1,307 | 6.7% |
| $1 billion to $5 billion | 1,089 | 5.6% |
| $5 billion to $10 billion | 128 | 0.7% |
| $10 billion and up | 109 | 0.6% |
Compiled October 9, 2026 from SEC Form ADV data as of October 2, 2026 and state data as of October 9, 2026. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.
Method
Firms grouped by AUM (Form ADV Item 5.F(2)(c)) as reported in the latest filing, as of October 2, 2026; share is of independent wealth management RIAs reporting AUM above zero.
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.