# 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%.

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

## Facts

- Question: How concentrated is the independent RIA market?
- Answer: 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%.
- Variables: Top 10 share of AUM; Top 50 share of AUM; Top 100 share of AUM
- 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.

## 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/)
- [Which states have the most independent RIAs?](https://advisoriq.com/ria/industry/by-state/)

## Cite as

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

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