How the RIA directory is built

What it covers

How firms are classed

Independent wealth management RIAs: the main lists

Firms that mostly serve individuals and high net worth individuals, offer financial planning or portfolio management for individuals, and are not a broker-dealer, a bank or part of one. Every ranking, market figure, lead sentence and report counts these firms unless a page says otherwise. An independent RIA can own a small broker-dealer and stay independent.

Broker-dealer affiliated wealth firms: the all wealth firms view

Wealth firms that are themselves broker-dealers (the wirehouses, regional and independent broker-dealers), the advisory arms of broker-dealers whose advisers are mostly registered representatives, and banks and bank-owned wealth firms. They have firm pages, marked broker-dealer affiliated, and appear when a page's toggle includes wirehouses and broker-dealer firms.

Left out

Asset managers (mutual fund, ETF and institutional managers), private fund managers, pension consultants, sub-advisers, platform managers that reach individuals through other firms' programs, and firms with no advice for individuals. They file Form ADV, but they are not wealth managers: no firm page, no ranking, not in any figure.

The rules, in order

1. Wealth management: individual and high net worth clients hold at least 50 percent of the firm's regulatory assets under management (Form ADV Item 5.D(a)(3) plus 5.D(b)(3), over 5.F(2)(c)). A firm that reports no assets by client type is measured by its client counts by type (5.D(a)(1) plus 5.D(b)(1)); a firm with neither is judged on its services alone. A firm that fails is left out, under the client type that holds the most of its assets.
2. Advice for individuals: the firm offers financial planning (5.G(1)) or portfolio management for individuals and small businesses (5.G(2)). A firm with neither is left out.
3. Platform managers are left out: firms that manage money for individuals reached through other firms' programs and platforms, when any of these holds: no financial planning, and at least 20 percent of RAUM managed as a portfolio manager in wrap fee programs (Item 5.I(2)(b)); no financial planning, and portfolio management for registered investment companies or business development companies (Item 5.G(3)); portfolio management for registered funds (5.G(3)), with at least half of RAUM managed as a wrap program portfolio manager; no financial planning, at least 1,000 accounts per advisory employee (5.F(2)(f) over 5.B(1)) and an average account of $100,000 or more: a managed account platform; no financial planning, at least $1 billion of RAUM per advisory employee and an average account of $1 million or more: institutional-scale separate accounts.
4. Broker-dealer affiliated, when any of these holds: the firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1)); the firm is a bank, or a separately identifiable department or division of a bank (Item 6.A(7)); the firm is affiliated with a bank (Item 7.A(8)) that is part of a group with a broker-dealer (Item 7.A(1)) or controlled by a public company (Schedule D, Item 10.A); the firm is affiliated with a broker-dealer (Item 7.A(1)), at least half of its advisory staff are registered representatives of a broker-dealer (Item 5.B(2) against 5.B(1)), and its advisers manage less than $100 million each on average (5.F(2)(c) over 5.B(1)), the pattern of a broker-dealer's advisory arm rather than an adviser that owns a small broker-dealer; the firm is controlled by a public company (Schedule D, Item 10.A) and affiliated with a broker-dealer (Item 7.A(1)) whose registered representatives are among its advisory staff (Item 5.B(2)). These firms are in the all wealth firms view, not in the main lists.
5. Independent wealth management RIA: every other firm that passes the first three tests. An independent RIA can own a small broker-dealer, or have a related one, and stay independent.
6. Firms left out are not stored: no firm page, no ranking, not in any figure. A firm on a Form ADV version older than October 2017 cannot be classed and is left out.

Counts, as of October 2, 2026

22,889 independent wealth management RIAs (8,687 SEC-registered and 14,202 state-registered), 982 broker-dealer affiliated wealth firms, and 9,518 firms left out.

Firms left out, by the first rule each failed.

Broker-dealer affiliated wealth firms, by the first rule that applies.

History: each yearly snapshot is classed from its own Form ADV answers. Filings on Form ADV versions before October 2017 report client types as percentage ranges and wrap programs without amounts, so the rules cannot be applied to them, and figures by class start with the October 2018 snapshot. The public-company control count (Schedule D, Item 10.A) is in the SEC files from 2023 on and never in the state feed; without it, the bank rule relies on Item 7.A alone and the public-company rule does not apply.

Sources

Snapshot date

October 2, 2026

SEC file

ia100226.zip

SEC source page

https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip

IAPD state-registered adviser feed

IA_FIRM_STATE_Feed_10_07_2026.xml.gz

IAPD individual feed (counted, never stored per person)

IA_INDVL_Feed_10_07_2026.xml.zip

SEC history starts

2007

Loaded

October 7, 2026

clients_rule

clients is the sum of clients by type (Item 5.D(a) to (n), number of clients) plus clients with no RAUM (Item 5.C(1)), approximate as reported. A type marked fewer than 5 clients without a number adds nothing; a firm whose only types are marked that way has clients NULL.

excluded_rules

Not stored (NULL, or left out of a total), and listed in excluded_values: employee counts above 250,000; client or account counts of at least 1,000,000 that are within 5 percent of the firm's RAUM or more than 1,000 times its accounts and other client counts (a dollar amount in a count box); RAUM of at least $100 billion that is at least 1,000 times the firm's RAUM in the previous yearly snapshot, with 1,000 accounts or fewer, and not repeated in the next snapshot.

excluded_values

[{"crd":122337,"as_of":"2010-10-01","source":"ia100110.zip","field":"5F(2)(f) accounts","reported":50000000,"reason":"count looks like a dollar amount"},{"crd":283107,"as_of":"2018-10-01","source":"ia100118_.zip","field":"5C(1) clients without RAUM","reported":555728358,"reason":"count looks like a dollar amount"},{"crd":220519,"as_of":"2018-10-01","source":"ia100118_.zip","field":"5C(1) clients without RAUM","reported":1100000000,"reason":"count looks like a dollar amount"},{"crd":105939,"as_of":"2018-10-01","source":"ia100118_.zip","field":"5C(1) clients without RAUM","reported":283617389,"reason":"count looks like a dollar amount"},{"crd":108618,"as_of":"2018-10-01","source":"ia100118_.zip","field":"5C(1) clients without RAUM","reported":526548789,"reason":"count looks like a dollar amount"},{"crd":314373,"as_of":"2021-10-04","source":"ia100421.zip","field":"5D pooled_vehicles clients","reported":269608106,"reason":"count looks like a dollar amount"},{"crd":129898,"as_of":"2021-10-04","source":"ia100421.zip","field":"5C(1) clients without RAUM","reported":25000000,"reason":"count looks like a dollar amount"},{"crd":297517,"as_of":"2022-10-03","source":"ia100322.zip","field":"5C(1) clients without RAUM","reported":292654956,"reason":"count looks like a dollar amount"},{"crd":297976,"as_of":"2022-10-03","source":"ia100322.zip","field":"5C(1) clients without RAUM","reported":305000000,"reason":"count looks like a dollar amount"},{"crd":282577,"as_of":"2022-10-03","source":"ia100322.zip","field":"5C(1) clients without RAUM","reported":100000000,"reason":"count looks like a dollar amount"},{"crd":130023,"as_of":"2022-10-03","source":"ia100322.zip","field":"5C(1) clients without RAUM","reported":45636716,"reason":"count looks like a dollar amount"},{"crd":109357,"as_of":"2023-10-05","source":"ia100523.xlsx","field":"5C(1) clients without RAUM","reported":5204979,"reason":"count looks like a dollar amount"},{"crd":127200,"as_of":"2023-10-05","source":"ia100523.xlsx","field":"5C(1) clients without RAUM","reported":12070000,"reason":"count looks like a dollar amount"},{"crd":146629,"as_of":"2023-10-05","source":"ia100523.xlsx","field":"5C(1) clients without RAUM","reported":300000000,"reason":"count looks like a dollar amount"},{"crd":282577,"as_of":"2023-10-05","source":"ia100523.xlsx","field":"5C(1) clients without RAUM","reported":92000000,"reason":"count looks like a dollar amount"},{"crd":316306,"as_of":"2023-10-05","source":"ia100523.xlsx","field":"5F(2)(c) RAUM","reported":11491898634658,"reason":"at least 1000 times the RAUM of 10000000000 in the previous yearly snapshot, with 32 accounts, and not repeated in the next snapshot"},{"crd":127200,"as_of":"2024-10-01","source":"ia100124.xlsx","field":"5C(1) clients without RAUM","reported":12070000,"reason":"count looks like a dollar amount"},{"crd":282577,"as_of":"2024-10-01","source":"ia100124.xlsx","field":"5C(1) clients without RAUM","reported":88400000,"reason":"count looks like a dollar amount"},{"crd":110453,"as_of":"2025-09-02","source":"ia09022025.xlsx","field":"5C(1) clients without RAUM","reported":1908037333,"reason":"count looks like a dollar amount"},{"crd":112487,"as_of":"2025-09-02","source":"ia09022025.xlsx","field":"5C(1) clients without RAUM","reported":90900000,"reason":"count looks like a dollar amount"},{"crd":282577,"as_of":"2025-09-02","source":"ia09022025.xlsx","field":"5C(1) clients without RAUM","reported":88400000,"reason":"count looks like a dollar amount"},{"crd":284827,"as_of":"2025-09-02","source":"ia09022025.xlsx","field":"5C(1) clients without RAUM","reported":96103304,"reason":"count looks like a dollar amount"},{"crd":110453,"as_of":"2026-10-02","source":"ia100226.zip","field":"5C(1) clients without RAUM","reported":2356471235,"reason":"count looks like a dollar amount"},{"crd":282577,"as_of":"2026-10-02","source":"ia100226.zip","field":"5C(1) clients without RAUM","reported":88400000,"reason":"count looks like a dollar amount"},{"crd":155504,"as_of":"2026-10-07","source":"IA_FIRM_STATE_Feed_10_07_2026.xml.gz","field":"5A employees","reported":231946911,"reason":"more than 250000 employees"},{"crd":131477,"as_of":"2026-10-07","source":"IA_FIRM_STATE_Feed_10_07_2026.xml.gz","field":"5A employees","reported":42888630,"reason":"more than 250000 employees"},{"crd":332457,"as_of":"2026-10-07","source":"IA_FIRM_STATE_Feed_10_07_2026.xml.gz","field":"5C(1) clients without RAUM","reported":1000001,"reason":"count looks like a dollar amount"},{"crd":299406,"as_of":"2026-10-07","source":"IA_FIRM_STATE_Feed_10_07_2026.xml.gz","field":"5C(1) clients without RAUM","reported":38328347,"reason":"count looks like a dollar amount"}]

exempt_reporting_advisers

Left out: 5396 state exempt reporting advisers and 173 firms with no approved state registration in the state feed; the SEC exempt reporting adviser files are not read.

growth_snapshots

{"y1":"2025-09-02","y3":"2023-10-05","y5":"2021-10-04"}

history_partial

Snapshots 2007, 2008, 2009 are firm lists only: those SEC files have no Form ADV Item 5 data (no assets, clients or staff), so they give firm counts, locations and registration dates but no RAUM.

history_scope

Yearly snapshots before the latest cover SEC-registered firms only: the SEC monthly files list SEC-registered advisers, and the IAPD state-registered firm feed is current only. State-registered firms appear only in the latest snapshot, and have no growth figures.

history_skipped

[]

history_snapshots

[{"year":2007,"as_of":"2007-09-12","file":"ia091207.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia091207.zip","inner":"3723205_10044_00050000_00050000.txt","firms":10782,"partial":true,"offset_days":-20},{"year":2008,"as_of":"2008-10-01","file":"ia100108.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100108.zip","inner":"5123851_10044_00050000_00050000.txt","firms":11294,"partial":true,"offset_days":-1},{"year":2009,"as_of":"2009-10-01","file":"ia100109.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100109.zip","inner":"FOIA IA Download 10-1-2009.csv","firms":11452,"partial":true,"offset_days":-1},{"year":2010,"as_of":"2010-10-01","file":"ia100110.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100110.zip","inner":"IA FOIA Download 10-1-2010.CSV","firms":11888,"partial":false,"offset_days":-1},{"year":2011,"as_of":"2011-10-03","file":"ia100311.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100311.zip","inner":"IA FOIA Download 10-2011.xlsx","firms":11702,"partial":false,"offset_days":1},{"year":2012,"as_of":"2012-10-01","file":"ia100112.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100112.zip","inner":"SEC Registered Investment Adviser Report 2012-10-1.xlsx","firms":11002,"partial":false,"offset_days":-1},{"year":2013,"as_of":"2013-10-01","file":"ia100113.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100113.zip","inner":"SEC Registered Investment Adviser Report 2013-10-1.xlsx","firms":10899,"partial":false,"offset_days":-1},{"year":2014,"as_of":"2014-10-01","file":"ia100114.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100114.zip","inner":"SEC Registered Investment Adviser Report 2014-10-1.xlsx","firms":11474,"partial":false,"offset_days":-1},{"year":2015,"as_of":"2015-10-01","file":"ia100115.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100115.zip","inner":"SEC Registered Investment Adviser Report 2015-10-1.xlsx","firms":11986,"partial":false,"offset_days":-1},{"year":2016,"as_of":"2016-10-03","file":"ia100316.zip","url":"https://www.sec.gov/files/data/frequently-requested-foia-document-information-about-registered-investment-advisers-and-exempt/ia100316.zip","inner":"SEC Registered Investment Adviser Report 2016-10-3.xlsx","firms":12201,"partial":false,"offset_days":1},{"year":2017,"as_of":"2017-10-02","file":"ia100217.zip","url":"https://www.sec.gov/files/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100217.zip","inner":"SEC Registered Investment Adviser Report 2017-10-2.xlsx","firms":12616,"partial":false,"offset_days":0},{"year":2018,"as_of":"2018-10-01","file":"ia100118_.zip","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100118_.zip","inner":"SEC Registered Investment Adviser Report 2018-10-1.xlsx","firms":13222,"partial":false,"offset_days":-1},{"year":2019,"as_of":"2019-10-01","file":"ia100119.zip","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100119.zip","inner":"SEC Registered Investment Adviser Report 2019-10-1.xlsx","firms":13458,"partial":false,"offset_days":-1},{"year":2020,"as_of":"2020-10-01","file":"ia100120.zip","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100120.zip","inner":"ia100120.xlsx","firms":13810,"partial":false,"offset_days":-1},{"year":2021,"as_of":"2021-10-04","file":"ia100421.zip","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100421.zip","inner":"ia100421.csv","firms":14723,"partial":false,"offset_days":2},{"year":2022,"as_of":"2022-10-03","file":"ia100322.zip","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-and-exempt-reporting-advisers/ia100322.zip","inner":"ia100322.csv","firms":15419,"partial":false,"offset_days":1},{"year":2023,"as_of":"2023-10-05","file":"ia100523.xlsx","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100523.xlsx","inner":"ia100523.xlsx","firms":15565,"partial":false,"offset_days":3},{"year":2024,"as_of":"2024-10-01","file":"ia100124.xlsx","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100124.xlsx","inner":"ia100124.xlsx","firms":15987,"partial":false,"offset_days":-1},{"year":2025,"as_of":"2025-09-02","file":"ia09022025.xlsx","url":"https://www.sec.gov/files/investment/data/information-about-registered-investment-advisers-exempt-reporting-advisers/ia09022025.xlsx","inner":"ia09022025.xlsx","firms":16359,"partial":false,"offset_days":-30},{"year":2026,"as_of":"2026-10-02","file":"ia100226.zip","url":"https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip","inner":"ia09012026.csv","firms":17210,"partial":false,"offset_days":0}]

iapd_manifest_url

https://reports.adviserinfo.sec.gov/reports/CompilationReports/CompilationReports.manifest.json

indvl_as_of

2026-10-07

location_counts

{"sec_main_office":8181,"sec_iapd":816,"sec_notice":57,"sec_none":75,"sec_foreign":211,"state_main_office":6989,"state_iapd":7404,"state_registration":137,"state_foreign":1,"state_dropped_sec":172}

location_rules

city and state are the main office from the SEC file or the state feed. Where the SEC withholds a main office address (firms based in a private residence), the city and state come from the firm's main office as recorded on its representatives' IAPD employment records (location_basis main_office). Failing that, an SEC-registered firm with exactly one state notice filing, or a state-registered firm, is placed in its registration state with no city (location_basis registration): its only approved state, else its state of organization when registered there, else its earliest approved state.

rank_segments

Every ranking is computed twice: segment independent (independent wealth management RIAs, the main lists) and segment wealth (independent plus broker-dealer affiliated firms, the all wealth firms view).

raum_timing

RAUM, clients and accounts are as reported in each firm's latest Form ADV filing on the snapshot date. Most firms update them once a year in an annual amendment due within 90 days of fiscal year end, so an October snapshot mostly reflects figures as of the previous December 31.

sec_feed

IA_FIRM_SEC_Feed_10_07_2026.xml.gz

sec_file_inner

ia09012026.csv

sec_index_url

https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers

sec_latest_filing_on

2026-10-01

segments

{"independent":"Independent wealth management RIAs, SEC-registered and state-registered: the directory's main view. Latest snapshot only, because the state-registered firm data is current only.","independent_sec":"SEC-registered independent wealth management RIAs. Every snapshot from October 2018, each classed from that snapshot's own Form ADV answers, so the series compare like with like.","state":"State-registered independent wealth management RIAs (approved by at least one state; exempt reporting advisers left out). Latest snapshot only.","wealth":"All wealth management firms: independent RIAs plus broker-dealer affiliated firms (wirehouses, broker-dealers, banks and their advisory arms), SEC-registered and state-registered. Latest snapshot only.","wealth_sec":"SEC-registered wealth management firms, independent and broker-dealer affiliated. Every snapshot from October 2018, each classed from its own Form ADV answers.","wealth_state":"State-registered wealth management firms, independent and broker-dealer affiliated. Latest snapshot only."}

stat_snapshots

[{"as_of":"2007-09-12","firms":10782,"segments":[]},{"as_of":"2008-10-01","firms":11294,"segments":[]},{"as_of":"2009-10-01","firms":11452,"segments":[]},{"as_of":"2010-10-01","firms":11888,"segments":[]},{"as_of":"2011-10-03","firms":11702,"segments":[]},{"as_of":"2012-10-01","firms":11002,"segments":[]},{"as_of":"2013-10-01","firms":10899,"segments":[]},{"as_of":"2014-10-01","firms":11474,"segments":[]},{"as_of":"2015-10-01","firms":11986,"segments":[]},{"as_of":"2016-10-03","firms":12201,"segments":[]},{"as_of":"2017-10-02","firms":12616,"segments":[]},{"as_of":"2018-10-01","firms":13222,"segments":["independent_sec","wealth_sec"]},{"as_of":"2019-10-01","firms":13458,"segments":["independent_sec","wealth_sec"]},{"as_of":"2020-10-01","firms":13810,"segments":["independent_sec","wealth_sec"]},{"as_of":"2021-10-04","firms":14723,"segments":["independent_sec","wealth_sec"]},{"as_of":"2022-10-03","firms":15419,"segments":["independent_sec","wealth_sec"]},{"as_of":"2023-10-05","firms":15565,"segments":["independent_sec","wealth_sec"]},{"as_of":"2024-10-01","firms":15987,"segments":["independent_sec","wealth_sec"]},{"as_of":"2025-09-02","firms":16359,"segments":["independent_sec","wealth_sec"]},{"as_of":"2026-10-02","firms":23871,"segments":["independent","independent_sec","state","wealth","wealth_sec","wealth_state"]}]

state_feed_as_of

2026-10-07

state_firm_gaps

The state feed has no Item 4 (successions), no Item 11 disclosure counts (disclosures is NULL, has_disclosures is set) and no private fund count.

structural_break

Between the October 2011 and October 2012 snapshots, the Dodd-Frank Act changed who registers with the SEC: most mid-sized advisers (about $25 million to $100 million in RAUM) moved from SEC to state registration, completed in mid 2012, and many advisers to private funds that had been exempt registered with the SEC by March 30, 2012. SEC firm counts fall and RAUM per firm rises across that break; growth across it describes the SEC-registered population, not the whole industry.

us_scope

Scope US in ria_stat covers every stored firm in the segment, including SEC-registered firms with a main office outside the United States. Scope US in ria_rank leaves out firms with a main office outside the United States.

user_agent

AdvisorIQ RIA data loader (+https://advisoriq.com/)

wealth_manager_rule

wealth_manager is 1 when individual plus high net worth RAUM (Item 5.D(a)(3) plus 5.D(b)(3)) is at least half of RAUM (5.F(2)(c)). In history rows before the October 2017 Form ADV it is derived from percentage ranges (Item 5.D(2)) only when the ranges decide it, else NULL; on the pre-2011 form it is NULL.

website_rule

website is the firm's own site from its Form ADV Item 1.I list (SEC firm feed or state feed, in filing order): the first address on a host carrying a distinctive word of the firm's name, else the first address that is not a social media or hosted-blog profile, else the first address. Lowercased, with http:// added when the filing has no scheme.

• SEC, Information About Registered Investment Advisers: the monthly Form ADV file for SEC-registered firms; its yearly snapshots back to the first year above give the history and growth figures.
• IAPD compilation reports: the state-registered firm feed, and the individual feed, which is counted per firm and never stored per person.

Definitions and thresholds

Regulatory assets under management (RAUM)

Form ADV Item 5.F(2)(c): securities portfolios for which the firm provides continuous and regular supervisory or management services, as the firm calculates them under the Form ADV instructions.

Wealth manager test

Individual and high net worth clients account for at least half of the firm's RAUM (Form ADV Item 5.D). Every firm in the directory passes it, or has no RAUM by client type and passes on client counts or services.

Growth

Change in RAUM between the latest snapshot and the SEC snapshot one, three or five years earlier, as a percentage (three- and five-year figures are annual rates). Left blank when the firm is not in both snapshots or the figures are not comparable.

Successor

A firm that reported on Form ADV Item 4 that it is succeeding to the business of another registered investment adviser. Rankings mark these firms; their growth is shown as reported, not adjusted.

Disclosures

The number of Form ADV Item 11 questions a firm answered yes to. The directory gives the count only, links to IAPD for the detail, and never scores, flags or ranks firms by disclosures.

Segments

Market figures are given for independent wealth management RIAs (the main view) and for all wealth firms (independent RIAs plus broker-dealer affiliated firms), each split into SEC-registered and state-registered firms. The history covers the SEC-registered part, from October 2018.

Rankings

Largest independent RIAs by assets under management (US dollars)

SEC-registered and state-registered firms that report RAUM, ranked by RAUM. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). RAUM is regulatory assets under management (Form ADV Item 5.F(2)(c)) as reported in each firm's latest Form ADV filing in the data of October 2, 2026, usually as of the firm's last fiscal year end. Firms reporting no RAUM are not ranked. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Fastest-growing independent RIAs over one year (percent)

SEC-registered firms ranked by the change in RAUM between the SEC snapshots of September 2, 2025 and October 2, 2026, for firms with at least $100 million in RAUM in the earlier snapshot. The value is a fraction (0.25 is 25 percent) and base_value is the starting RAUM. Firms whose figure grew more than 300 percent are left out: on Form ADV that almost always reflects a merger, an acquisition or assets moved from an affiliated adviser rather than growth, and each firm's own page still shows the change. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). Only SEC-registered firms are ranked: the state-registered firm data is current only, with no earlier snapshots. Growth includes market movement, net new assets and acquisitions. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Fastest-growing independent RIAs over three years (percent)

SEC-registered firms ranked by compound annual growth in RAUM over the three years between the SEC snapshots of October 5, 2023 and October 2, 2026, for firms with at least $100 million in RAUM at the start. The value is a fraction per year and base_value is the starting RAUM. Firms growing more than 100 percent a year are left out: on Form ADV that almost always reflects a merger, an acquisition or assets moved from an affiliated adviser rather than growth, and each firm's own page still shows the change. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). Only SEC-registered firms are ranked: the state-registered firm data is current only, with no earlier snapshots. Growth includes market movement, net new assets and acquisitions. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Fastest-growing independent RIAs over five years (percent)

SEC-registered firms ranked by compound annual growth in RAUM over the five years between the SEC snapshots of October 4, 2021 and October 2, 2026, for firms with at least $100 million in RAUM at the start. The value is a fraction per year and base_value is the starting RAUM. Firms growing more than 100 percent a year are left out: on Form ADV that almost always reflects a merger, an acquisition or assets moved from an affiliated adviser rather than growth, and each firm's own page still shows the change. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). Only SEC-registered firms are ranked: the state-registered firm data is current only, with no earlier snapshots. Growth includes market movement, net new assets and acquisitions. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the biggest asset gains over one year (US dollars)

SEC-registered firms ranked by the dollar increase in RAUM between the SEC snapshots of September 2, 2025 and October 2, 2026. Only firms whose RAUM rose are ranked; base_value is the starting RAUM. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). Only SEC-registered firms are ranked: the state-registered firm data is current only, with no earlier snapshots. Growth includes market movement, net new assets and acquisitions. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the most clients (count)

Firms ranked by number of clients: the clients counted by type in Form ADV Item 5.D(a) to (n) plus clients for whom the firm has no RAUM (Item 5.C(1)), as reported in the latest filing in the data of October 2, 2026. Counts are approximate as firms report them; a client type marked "fewer than 5 clients" without a number adds nothing. SEC-registered and state-registered firms are both ranked. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the fastest client growth over one year (percent)

SEC-registered firms ranked by the change in their number of clients (counted as in the most clients ranking) between the SEC snapshots of September 2, 2025 and October 2, 2026, for firms with at least 100 clients in the earlier snapshot. The value is a fraction and base_value is the starting client count. Firms whose client count grew more than 300 percent are left out, since that almost always reflects a merger or acquisition, and each firm's own page still shows the change. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). Only SEC-registered firms are ranked: the state-registered firm data is current only, with no earlier snapshots. Growth includes market movement, net new assets and acquisitions. State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the most accounts (count)

Firms ranked by the number of accounts in their RAUM (Form ADV Item 5.F(2)(f)), discretionary and non-discretionary, in the data of October 2, 2026. SEC-registered and state-registered firms are both ranked. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the most advisory staff (count)

Firms ranked by employees who perform investment advisory functions, including research (Form ADV Item 5.B(1)), in the data of October 2, 2026. SEC-registered and state-registered firms are both ranked. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the most high net worth clients (count)

Firms ranked by number of high net worth individual clients (Form ADV Item 5.D(b)(1)) in the data of October 2, 2026. SEC-registered and state-registered firms are both ranked. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Independent RIAs with the most CFP professionals (count)

Firms ranked by the number of people with a current investment adviser representative registration at the firm whose IAPD record lists the Certified Financial Planner designation, from the SEC's IAPD individual file of October 7, 2026. Only designations the SEC records in IAPD are counted. SEC-registered and state-registered firms are both ranked. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Newest independent RIAs (US dollars)

Firms whose current registration took effect in the 12 months before October 2, 2026, ranked by RAUM (firms with no RAUM rank last). The registration date is the SEC status effective date for SEC-registered firms, so a firm that moved from state to SEC registration counts as new to the SEC, and the earliest approved state registration for state-registered firms. Independent wealth management RIAs are ranked: 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. The all wealth firms view ranks the same way with those broker-dealer affiliated firms added. Asset managers, private fund managers, pension consultants and platform managers are never ranked (see the methodology). State lists use each firm's main office state, or its registration state when the main office is not public. The US list leaves out firms whose main office is outside the United States. Equal values share a rank and are listed by CRD number.

Each ranking lists the top 100, nationally and in each state.

Market measures

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 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.

Regulatory assets under management (US dollars)

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.

Discretionary RAUM (US dollars)

Total RAUM managed on a discretionary basis (Item 5.F(2)(a)). First written for the snapshot of October 1, 2018.

Accounts (count)

Total accounts in RAUM (Item 5.F(2)(f)). First written for the snapshot of October 1, 2018.

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 (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 (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.

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 (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 (US dollars)

Median RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.

Average RAUM (US dollars)

Mean RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.

25th percentile RAUM (US dollars)

RAUM at the 25th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.

75th percentile RAUM (US dollars)

RAUM at the 75th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.

90th percentile RAUM (US dollars)

RAUM at the 90th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.

Average account size (US dollars)

Total RAUM divided by total accounts, over firms reporting both above zero. First written for the snapshot of October 1, 2018.

Top 10 share of RAUM (percent)

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.

Top 100 share of RAUM (percent)

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 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 (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.

Offer financial planning (percent)

Share of firms that provide financial planning services (Item 5.G(1)). First written for the snapshot of October 1, 2018.

Have custody (percent)

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.

Broker-dealer affiliated (percent)

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, one year (percent)

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.

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.

RAUM of firms under $100 million (US dollars)

Total RAUM of firms with RAUM above zero and under $100 million. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $100 million to $250 million (US dollars)

Total RAUM of firms with RAUM of at least $100 million and under $250 million. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $250 million to $500 million (US dollars)

Total RAUM of firms with RAUM of at least $250 million and under $500 million. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $500 million to $1 billion (US dollars)

Total RAUM of firms with RAUM of at least $500 million and under $1 billion. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $1 billion to $5 billion (US dollars)

Total RAUM of firms with RAUM of at least $1 billion and under $5 billion. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $5 billion to $10 billion (US dollars)

Total RAUM of firms with RAUM of at least $5 billion and under $10 billion. First written for the snapshot of October 1, 2018.

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.

RAUM of firms $10 billion and up (US dollars)

Total RAUM of firms with RAUM of $10 billion or more. First written for the snapshot of October 1, 2018.

Charge a percentage of assets (percent)

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.

Charge hourly fees (percent)

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.

Charge subscription fees (percent)

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.

Charge fixed fees (percent)

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.

Receive commissions (percent)

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.

Charge performance-based fees (percent)

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.

Other compensation (percent)

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.

History

The 2011 to 2012 break in the series

Corrections