{"type":"ria_industry","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":"RIA industry data: independent wealth management RIAs","lead":"As of October 2, 2026, 22,889 independent wealth management RIAs reported $10.1 trillion in regulatory assets under management; SEC-registered independent RIAs' assets were up 20.5% from September 2, 2025.","as_of":"2026-10-02","facts":{"population":"Independent wealth management RIAs: firms whose individual and high net worth clients hold at least half of their regulatory assets and that offer financial planning or portfolio management for individuals, leaving out broker-dealers, banks and their advisory arms. Asset managers, private fund managers and pension consultants are not in the directory.","latest":{"independent":{"accounts":26290847,"firms":22889,"median_raum":64548291,"raum":10066173687765,"advisory_employees":100131,"avg_account":382877.496786809,"band_100m_250m":3450,"band_100m_250m_raum":554109499802,"band_10b_plus":109,"band_10b_plus_raum":4533549517357,"band_1b_5b":1089,"band_1b_5b_raum":2129591100088,"band_250m_500m":2025,"band_250m_500m_raum":714859842965,"band_500m_1b":1307,"band_500m_1b_raum":913300309420,"band_5b_10b":128,"band_5b_10b_raum":889028153970,"band_lt100m":11381,"band_lt100m_raum":331735264163,"bd_affiliated_share":0.0150727423653283,"cfp_professionals":29206,"clients":20651033,"custody_share":0.283935514876141,"employees":161252,"fee_aum_pct_share":0.916597492245183,"fee_commissions_share":0.0209270828782385,"fee_fixed_share":0.597273799641749,"fee_hourly_share":0.504652890034514,"fee_other_share":0.0886015116431474,"fee_performance_share":0.0716064485123859,"fee_subscription_share":0.0142863384158329,"financial_planning_share":0.759535147887632,"firms_with_raum":19489,"iars":98286,"mean_raum":516505397.288984,"new_firms":2453,"p25_raum":15288000,"p75_raum":234841969,"p90_raum":682533061.8,"raum_discretionary":8968645306326,"top100_share":0.441279005791749,"top10_share":0.214471967534205},"independent_sec":{"accounts":24146667,"firms":8687,"median_raum":286055234,"raum":9726824240383,"advisory_employees":81467,"avg_account":402822.643820077,"band_100m_250m":3177,"band_100m_250m_raum":524149395353,"band_10b_plus":109,"band_10b_plus_raum":4533549517357,"band_1b_5b":1089,"band_1b_5b_raum":2129591100088,"band_250m_500m":2024,"band_250m_500m_raum":714521893841,"band_500m_1b":1305,"band_500m_1b_raum":911960035152,"band_5b_10b":128,"band_5b_10b_raum":889028153970,"band_lt100m":555,"band_lt100m_raum":24024144622,"bd_affiliated_share":0.0329227581443536,"cfp_professionals":24147,"clients":19871766,"custody_share":0.490963508691148,"employees":139012,"fee_aum_pct_share":0.971796937953263,"fee_commissions_share":0.022907793254288,"fee_fixed_share":0.66225394267296,"fee_hourly_share":0.484632209048003,"fee_other_share":0.085645216990906,"fee_performance_share":0.0804650627374237,"fee_subscription_share":0.0122021411304248,"financial_planning_share":0.807758719926327,"firms_with_raum":8387,"iars":79300,"mean_raum":1159750118.08549,"new_firms":1006,"p25_raum":157616769,"p75_raum":638218642,"p90_raum":1500855524.6,"raum_discretionary":8673827828498,"raum_growth_1y":0.205294410820578,"successions":11,"top100_share":0.456674347894775,"top10_share":0.221954465609938},"state":{"accounts":2144180,"firms":14202,"median_raum":20333233.5,"raum":339349447382,"advisory_employees":18664,"avg_account":158265.372954696,"band_100m_250m":273,"band_100m_250m_raum":29960104449,"band_10b_plus":0,"band_10b_plus_raum":0,"band_1b_5b":0,"band_1b_5b_raum":0,"band_250m_500m":1,"band_250m_500m_raum":337949124,"band_500m_1b":2,"band_500m_1b_raum":1340274268,"band_5b_10b":0,"band_5b_10b_raum":0,"band_lt100m":10826,"band_lt100m_raum":307711119541,"bd_affiliated_share":0.00415434445852697,"cfp_professionals":5059,"clients":779267,"custody_share":0.157301788480496,"employees":22240,"fee_aum_pct_share":0.882833403745951,"fee_commissions_share":0.0197155330235178,"fee_fixed_share":0.557527108857907,"fee_hourly_share":0.516899028305872,"fee_other_share":0.0904098014364174,"fee_performance_share":0.066187860864667,"fee_subscription_share":0.0155611885649908,"financial_planning_share":0.730038022813688,"firms_with_raum":11102,"iars":18986,"mean_raum":30566514.8065213,"new_firms":1447,"p25_raum":6325284.25,"p75_raum":47922249.75,"p90_raum":77174466,"raum_discretionary":294817477828,"top100_share":0.0395516355383696,"top10_share":0.00854482015035044}},"broker_dealer_affiliated_not_included":{"firms":982,"raum":13956942384477},"series":{"firms":{"segment":"independent_sec","unit":"count","points":[{"as_of":"2018-10-01","value":5717},{"as_of":"2019-10-01","value":5930},{"as_of":"2020-10-01","value":6281},{"as_of":"2021-10-04","value":6914},{"as_of":"2022-10-03","value":7364},{"as_of":"2023-10-05","value":7413},{"as_of":"2024-10-01","value":7740},{"as_of":"2025-09-02","value":8079},{"as_of":"2026-10-02","value":8687}]},"raum":{"segment":"independent_sec","unit":"usd","points":[{"as_of":"2018-10-01","value":3356499722171},{"as_of":"2019-10-01","value":3417268812883},{"as_of":"2020-10-01","value":3889735214733},{"as_of":"2021-10-04","value":4624277656375},{"as_of":"2022-10-03","value":5654462648637},{"as_of":"2023-10-05","value":5459081494416},{"as_of":"2024-10-01","value":6766136538951},{"as_of":"2025-09-02","value":8070081594223},{"as_of":"2026-10-02","value":9726824240383}]},"accounts":{"segment":"independent_sec","unit":"count","points":[{"as_of":"2018-10-01","value":7882262},{"as_of":"2019-10-01","value":8819363},{"as_of":"2020-10-01","value":11361711},{"as_of":"2021-10-04","value":14544589},{"as_of":"2022-10-03","value":15808709},{"as_of":"2023-10-05","value":18067684},{"as_of":"2024-10-01","value":20991888},{"as_of":"2025-09-02","value":21885844},{"as_of":"2026-10-02","value":24146667}]},"median_raum":{"segment":"independent_sec","unit":"usd","points":[{"as_of":"2018-10-01","value":220710947},{"as_of":"2019-10-01","value":211437431},{"as_of":"2020-10-01","value":234015850.5},{"as_of":"2021-10-04","value":244818123},{"as_of":"2022-10-03","value":267219904.5},{"as_of":"2023-10-05","value":239054392.5},{"as_of":"2024-10-01","value":261429276.5},{"as_of":"2025-09-02","value":278223104},{"as_of":"2026-10-02","value":286055234}]}},"sec_raum_growth_1y":0.20529441082057787,"sec_raum_growth_from":"2025-09-02","measures":{"firms":"Firms (count): Number of firms in the scope and segment: independent wealth management RIAs, or all wealth firms including broker-dealer affiliated firms, as the segment says. Snapshots before the latest cover SEC-registered firms only, from the October 2018 snapshot, the first in which the firm classes can be applied. First written for the snapshot of October 1, 2018.","firms_with_raum":"Firms reporting RAUM (count): Firms reporting regulatory assets under management above zero (Form ADV Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","raum":"Regulatory assets under management (usd): Total RAUM (Form ADV Item 5.F(2)(c)) as reported in each firm's latest filing, usually as of its last fiscal year end. Snapshots before the latest cover SEC-registered firms only, from the October 2018 snapshot, the first in which the firm classes can be applied. First written for the snapshot of October 1, 2018.","raum_discretionary":"Discretionary RAUM (usd): Total RAUM managed on a discretionary basis (Item 5.F(2)(a)). First written for the snapshot of October 1, 2018.","accounts":"Accounts (count): Total accounts in RAUM (Item 5.F(2)(f)). First written for the snapshot of October 1, 2018.","clients":"Clients (count): Total clients: clients by type (Item 5.D(a) to (n)) plus clients with no RAUM (Item 5.C(1)), approximate as firms report them. Earlier versions of Form ADV report small client counts as ranges, so this is written only for snapshots in which at least 95 percent of firms report an exact count. First written for the snapshot of October 1, 2018.","employees":"Employees (count): Total employees (Item 5.A). Written only for snapshots in which at least 95 percent of firms report an exact number; the pre-2011 Form ADV reports ranges. First written for the snapshot of October 1, 2018.","advisory_employees":"Advisory employees (count): Employees who perform investment advisory functions, including research (Item 5.B(1)). Written only for snapshots in which at least 95 percent of firms report an exact number. First written for the snapshot of October 1, 2018.","iars":"Investment adviser representatives (count): People with a current investment adviser representative registration at firms in the scope, from the SEC's IAPD individual file. A person registered with two firms counts at each. Latest snapshot only. First written for the snapshot of October 2, 2026.","cfp_professionals":"CFP professionals (count): Investment adviser representatives whose IAPD record lists the Certified Financial Planner designation, counted at each firm they are registered with. Latest snapshot only. First written for the snapshot of October 2, 2026.","median_raum":"Median RAUM (usd): Median RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.","mean_raum":"Average RAUM (usd): Mean RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.","p25_raum":"25th percentile RAUM (usd): RAUM at the 25th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.","p75_raum":"75th percentile RAUM (usd): RAUM at the 75th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.","p90_raum":"90th percentile RAUM (usd): RAUM at the 90th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.","avg_account":"Average account size (usd): Total RAUM divided by total accounts, over firms reporting both above zero. First written for the snapshot of October 1, 2018.","top10_share":"Top 10 share of RAUM (pct): Share of the scope's RAUM held by its 10 largest firms. Written when more than 10 firms report RAUM. First written for the snapshot of October 1, 2018.","top100_share":"Top 100 share of RAUM (pct): Share of the scope's RAUM held by its 100 largest firms. Written when more than 100 firms report RAUM. First written for the snapshot of October 1, 2018.","new_firms":"New registrations (count): Firms whose current registration took effect in the 12 months before the snapshot: the SEC status effective date for SEC-registered firms (a move from state to SEC registration counts) and the earliest approved state registration for state-registered firms.  First written for the snapshot of October 1, 2018.","successions":"Successions (count): Firms answering yes to Form ADV Item 4.A: succeeding to the business of another registered investment adviser. Only in SEC files from 2023 on; not in the state feed. First written for the snapshot of October 5, 2023.","financial_planning_share":"Offer financial planning (pct): Share of firms that provide financial planning services (Item 5.G(1)). First written for the snapshot of October 1, 2018.","custody_share":"Have custody (pct): Share of firms with custody of client cash, bank accounts or securities (Item 9.A(1)(a) or (b)). First written for the snapshot of October 1, 2018.","bd_affiliated_share":"Broker-dealer affiliated (pct): Share of firms with a related person that is a broker-dealer, municipal securities dealer, or government securities broker or dealer (Item 7.A(1)). A related broker-dealer alone does not make a firm broker-dealer affiliated, so independent RIAs can have one (see the methodology). First written for the snapshot of October 1, 2018.","raum_growth_1y":"RAUM growth, one year (pct): Change in the segment's total RAUM from the previous yearly snapshot, as a fraction. Segments independent_sec and wealth_sec only. It compares the firms in the segment at each date, so firms entering and leaving registration, or changing class, move it. First written for the snapshot of October 1, 2019.","band_lt100m":"Firms under $100 million (count): Firms with RAUM above zero and under $100 million (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_lt100m_raum":"RAUM of firms under $100 million (usd): Total RAUM of firms with RAUM above zero and under $100 million. First written for the snapshot of October 1, 2018.","band_100m_250m":"Firms $100 million to $250 million (count): Firms with RAUM of at least $100 million and under $250 million (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_100m_250m_raum":"RAUM of firms $100 million to $250 million (usd): Total RAUM of firms with RAUM of at least $100 million and under $250 million. First written for the snapshot of October 1, 2018.","band_250m_500m":"Firms $250 million to $500 million (count): Firms with RAUM of at least $250 million and under $500 million (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_250m_500m_raum":"RAUM of firms $250 million to $500 million (usd): Total RAUM of firms with RAUM of at least $250 million and under $500 million. First written for the snapshot of October 1, 2018.","band_500m_1b":"Firms $500 million to $1 billion (count): Firms with RAUM of at least $500 million and under $1 billion (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_500m_1b_raum":"RAUM of firms $500 million to $1 billion (usd): Total RAUM of firms with RAUM of at least $500 million and under $1 billion. First written for the snapshot of October 1, 2018.","band_1b_5b":"Firms $1 billion to $5 billion (count): Firms with RAUM of at least $1 billion and under $5 billion (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_1b_5b_raum":"RAUM of firms $1 billion to $5 billion (usd): Total RAUM of firms with RAUM of at least $1 billion and under $5 billion. First written for the snapshot of October 1, 2018.","band_5b_10b":"Firms $5 billion to $10 billion (count): Firms with RAUM of at least $5 billion and under $10 billion (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_5b_10b_raum":"RAUM of firms $5 billion to $10 billion (usd): Total RAUM of firms with RAUM of at least $5 billion and under $10 billion. First written for the snapshot of October 1, 2018.","band_10b_plus":"Firms $10 billion and up (count): Firms with RAUM of $10 billion or more (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.","band_10b_plus_raum":"RAUM of firms $10 billion and up (usd): Total RAUM of firms with RAUM of $10 billion or more. First written for the snapshot of October 1, 2018.","fee_aum_pct_share":"Charge a percentage of assets (pct): Share of firms compensated by a percentage of assets under management (Item 5.E(1)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_hourly_share":"Charge hourly fees (pct): Share of firms compensated by hourly charges (Item 5.E(2)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_subscription_share":"Charge subscription fees (pct): Share of firms compensated by subscription fees for a newsletter or periodical (Item 5.E(3)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_fixed_share":"Charge fixed fees (pct): Share of firms compensated by fixed fees other than subscription fees (Item 5.E(4)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_commissions_share":"Receive commissions (pct): Share of firms compensated by commissions (Item 5.E(5)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_performance_share":"Charge performance-based fees (pct): Share of firms compensated by performance-based fees (Item 5.E(6)). A firm can report several types. First written for the snapshot of October 1, 2018.","fee_other_share":"Other compensation (pct): Share of firms compensated by other compensation (Item 5.E(7)). A firm can report several types. First written for the snapshot of October 1, 2018."}},"sources":[{"url":"https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip","checked":"2026-10-07","label":"SEC, Information About Registered Investment Advisers (ia100226.zip)"},{"url":"https://adviserinfo.sec.gov/compilation","checked":"2026-10-07","label":"IAPD compilation reports (IA_FIRM_STATE_Feed_10_07_2026.xml.gz)"}],"related":[{"title":"RIA market data by state","url":"https://advisoriq.com/ria/states/"},{"title":"RIA rankings","url":"https://advisoriq.com/ria/rankings/"},{"title":"RIA industry reports","url":"https://advisoriq.com/ria/reports/"},{"title":"How the directory is built","url":"https://advisoriq.com/ria/methodology/"}],"notes":["History before the latest snapshot comes from the SEC's files and covers SEC-registered firms only, from October 2018, the first snapshot in which the firm classes can be applied; each snapshot is classed from its own Form ADV answers.","Percentages are shares of firms in the segment unless the measure says otherwise."],"url":"https://advisoriq.com/ria/industry/","citation":"AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/industry/","license":"https://advisoriq.com/license/","publisher":"AdvisorIQ, independent education for financial advisors"}