Which states have the most independent RIAs?
As of October 2, 2026, California has the most AUM among independent RIAs, $1.5 trillion, followed by New York and Texas.
| State | Firms | AUM |
|---|---|---|
| California | 3,222 | $1.5 trillion |
| New York | 1,331 | $851.2 billion |
| Texas | 1,794 | $805.6 billion |
| Illinois | 843 | $622.3 billion |
| Kansas | 220 | $542.1 billion |
| Florida | 1,707 | $537.9 billion |
| Colorado | 749 | $420.0 billion |
| Massachusetts | 780 | $406.3 billion |
| Missouri | 328 | $395.5 billion |
| Ohio | 837 | $374.2 billion |
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 are placed in the state of their main office. Top 10 states by independent RIAs' total AUM, as reported on Form ADV, as of October 2, 2026.
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.