# 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.

As of: 2026-10-02
Address: https://advisoriq.com/ria/industry/by-state/

## 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.

## 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.

## 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_09_2026.xml.gz), checked 2026-10-09: https://adviserinfo.sec.gov/compilation

## Related

- [How many independent RIAs are there?](https://advisoriq.com/ria/industry/how-many-rias/)
- [What is the size distribution of independent RIAs by AUM?](https://advisoriq.com/ria/industry/aum-by-size/)
- [How concentrated is the independent RIA market?](https://advisoriq.com/ria/industry/concentration/)

## Cite as

AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/industry/by-state/

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