How concentrated is the independent RIA market?
As of October 2, 2026, independent RIAs' AUM is concentrated at the top: the 10 largest hold 22.2%; the 50 largest hold 38.6%; the 100 largest hold 45.7%.
| Largest firms | Share of AUM |
|---|---|
| Top 10 | 22.2% |
| Top 50 | 38.6% |
| Top 100 | 45.7% |
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
Share of SEC-registered independent RIAs' total AUM held by the 10, 50 and 100 firms with the most AUM, as reported on Form ADV, as of October 2, 2026. Affiliated advisers can report the same assets, so this, like the underlying totals, may double count across firms.
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.