{"type":"ria_research","disclaimer":"Firm-level data as reported on Form ADV to the SEC and state regulators; corrections are made on Form ADV and appear after the next monthly reload.","title":"Which states have the most independent RIAs?","lead":"As of October 2, 2026, California has the most AUM among independent RIAs, $1.5 trillion, followed by New York and Texas.","as_of":"2026-10-02","facts":{"question":"Which states have the most independent RIAs?","answer":"As of October 2, 2026, California has the most AUM among independent RIAs, $1.5 trillion, followed by New York and Texas.","variables":["Independent wealth management RIAs","AUM"],"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."},"sources":[{"url":"https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip","checked":"2026-10-02","label":"SEC, Information About Registered Investment Advisers (ia100226.zip)"},{"url":"https://adviserinfo.sec.gov/compilation","checked":"2026-10-09","label":"IAPD compilation reports (IA_FIRM_STATE_Feed_10_09_2026.xml.gz)"}],"related":[{"title":"How many independent RIAs are there?","url":"https://advisoriq.com/ria/industry/how-many-rias/"},{"title":"What is the size distribution of independent RIAs by AUM?","url":"https://advisoriq.com/ria/industry/aum-by-size/"},{"title":"How concentrated is the independent RIA market?","url":"https://advisoriq.com/ria/industry/concentration/"}],"notes":["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."],"url":"https://advisoriq.com/ria/industry/by-state/","citation":"AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/industry/by-state/","license":"https://advisoriq.com/license/","publisher":"AdvisorIQ, independent education for financial advisors"}