# How the RIA directory is built

As of October 2, 2026, the AdvisorIQ RIA directory covers 22,889 independent wealth management RIAs, built from the SEC's monthly Form ADV data and the IAPD feed for state-registered advisers, with SEC history from 2007.

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

## Facts

- load: as_of: 2026-10-02, sec_file: ia100226.zip, sec_file_inner: ia09012026.csv, sec_url: https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip, 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, state_feed: IA_FIRM_STATE_Feed_10_07_2026.xml.gz, state_feed_as_of: 2026-10-07, sec_feed: IA_FIRM_SEC_Feed_10_07_2026.xml.gz, indvl_feed: IA_INDVL_Feed_10_07_2026.xml.zip, indvl_as_of: 2026-10-07, iapd_manifest_url: https://reports.adviserinfo.sec.gov/reports/CompilationReports/CompilationReports.manifest.json, history_from: 2007, 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}], history_skipped: [], 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., 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., 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., growth_snapshots: {"y1":"2025-09-02","y3":"2023-10-05","y5":"2021-10-04"}, 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., 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}, 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., 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., 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., 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., 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., 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."}, 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)., class_rules: ["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.","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.","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.","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.","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.","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."], class_counts: {"as_of":"2026-10-02","independent":{"sec":8687,"state":14202},"bd_affiliated":{"dual_registrant":{"sec":297,"state":103,"label":"The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1))."},"bank_affiliate":{"sec":96,"state":5,"label":"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)."},"bd_reps":{"sec":247,"state":217,"label":"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."},"public_group":{"sec":8,"state":0,"label":"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))."},"bank":{"sec":5,"state":4,"label":"The firm is a bank, or a separately identifiable department or division of a bank (Item 6.A(7))."}},"excluded":{"private_funds":{"sec":4769,"state":291,"raum_sec":47256743439688,"label":"Mostly private funds and other pooled investment vehicles"},"institutional":{"sec":1149,"state":241,"raum_sec":19237201063694,"label":"Mostly other institutions: banks, insurance companies, charities, governments, corporations and others"},"no_individual_services":{"sec":240,"state":786,"raum_sec":12908905727,"label":"No financial planning and no portfolio management for individuals"},"registered_funds":{"sec":912,"state":22,"raum_sec":77770064772956,"label":"Mostly registered funds: advisers whose largest client type is mutual funds, ETFs, other registered investment companies or business development companies"},"retirement_plans":{"sec":401,"state":177,"raum_sec":4650757367959,"label":"Mostly retirement plans: pension consultants and plan advisers"},"platform":{"sec":190,"state":86,"raum_sec":4123125067364,"label":"Portfolio, model and separate account managers that reach individuals through other firms' platforms"},"sub_advisory":{"sec":207,"state":45,"raum_sec":1126255685908,"label":"Mostly other advisers' clients: sub-advisers"},"earlier_form":{"sec":2,"state":0,"raum_sec":17205905495,"label":"No Form ADV filing on the October 2017 or a later version, so the rules cannot be applied (in the latest snapshot: a stale registration)"}}}, class_fallbacks: Each yearly snapshot is classed from its own Form ADV answers. Records filed 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: their ria_history.firm_class is NULL, and segment statistics are written only for snapshots in which at least 95 percent of SEC-registered firms are classed (from 2018-10-01). The SEC files carry the public-company control count (Schedule D 10.A) from 2023 on and the IAPD state feed never does: without it, the bank test relies on Item 7.A alone and the public-group test does not apply. Classified records per snapshot: {"2007":{"classified":0,"firms":10782},"2008":{"classified":0,"firms":11294},"2009":{"classified":0,"firms":11452},"2010":{"classified":0,"firms":11888},"2011":{"classified":0,"firms":11702},"2012":{"classified":0,"firms":11002},"2013":{"classified":0,"firms":10899},"2014":{"classified":0,"firms":11474},"2015":{"classified":0,"firms":11986},"2016":{"classified":0,"firms":12201},"2017":{"classified":0,"firms":12616},"2018":{"classified":13146,"firms":13222},"2019":{"classified":13414,"firms":13458},"2020":{"classified":13774,"firms":13810},"2021":{"classified":14715,"firms":14723},"2022":{"classified":15411,"firms":15419},"2023":{"classified":15561,"firms":15565},"2024":{"classified":15985,"firms":15987},"2025":{"classified":16357,"firms":16359}}., 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"]}], 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., 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"}], 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., user_agent: AdvisorIQ RIA data loader (+https://advisoriq.com/), loaded_at: 2026-10-07T12:15:32.213Z
- rankings: slug: largest, title: Largest independent RIAs by assets under management, unit: usd, description: 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.; slug: fastest-growing, title: Fastest-growing independent RIAs over one year, unit: pct, description: 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.; slug: fastest-growing-3-year, title: Fastest-growing independent RIAs over three years, unit: pct, description: 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.; slug: fastest-growing-5-year, title: Fastest-growing independent RIAs over five years, unit: pct, description: 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.; slug: biggest-asset-gains, title: Independent RIAs with the biggest asset gains over one year, unit: usd, description: 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.; slug: most-clients, title: Independent RIAs with the most clients, unit: count, description: 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.; slug: client-growth, title: Independent RIAs with the fastest client growth over one year, unit: pct, description: 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.; slug: most-accounts, title: Independent RIAs with the most accounts, unit: count, description: 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.; slug: most-advisory-staff, title: Independent RIAs with the most advisory staff, unit: count, description: 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.; slug: most-hnw-clients, title: Independent RIAs with the most high net worth clients, unit: count, description: 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.; slug: most-cfp-professionals, title: Independent RIAs with the most CFP professionals, unit: count, description: 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.; slug: newest, title: Newest independent RIAs, unit: usd, description: 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.
- measures: key: firms, label: Firms, unit: count, description: 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.; key: firms_with_raum, label: Firms reporting RAUM, unit: count, description: Firms reporting regulatory assets under management above zero (Form ADV Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.; key: raum, label: Regulatory assets under management, unit: usd, description: 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.; key: raum_discretionary, label: Discretionary RAUM, unit: usd, description: Total RAUM managed on a discretionary basis (Item 5.F(2)(a)). First written for the snapshot of October 1, 2018.; key: accounts, label: Accounts, unit: count, description: Total accounts in RAUM (Item 5.F(2)(f)). First written for the snapshot of October 1, 2018.; key: clients, label: Clients, unit: count, description: 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.; key: employees, label: Employees, unit: count, description: 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.; key: advisory_employees, label: Advisory employees, unit: count, description: 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.; key: iars, label: Investment adviser representatives, unit: count, description: 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.; key: cfp_professionals, label: CFP professionals, unit: count, description: 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.; key: median_raum, label: Median RAUM, unit: usd, description: Median RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.; key: mean_raum, label: Average RAUM, unit: usd, description: Mean RAUM among firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.; key: p25_raum, label: 25th percentile RAUM, unit: usd, description: RAUM at the 25th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.; key: p75_raum, label: 75th percentile RAUM, unit: usd, description: RAUM at the 75th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.; key: p90_raum, label: 90th percentile RAUM, unit: usd, description: RAUM at the 90th percentile of firms reporting RAUM above zero. First written for the snapshot of October 1, 2018.; key: avg_account, label: Average account size, unit: usd, description: Total RAUM divided by total accounts, over firms reporting both above zero. First written for the snapshot of October 1, 2018.; key: top10_share, label: Top 10 share of RAUM, unit: pct, description: 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.; key: top100_share, label: Top 100 share of RAUM, unit: pct, description: 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.; key: new_firms, label: New registrations, unit: count, description: 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.; key: successions, label: Successions, unit: count, description: 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.; key: financial_planning_share, label: Offer financial planning, unit: pct, description: Share of firms that provide financial planning services (Item 5.G(1)). First written for the snapshot of October 1, 2018.; key: custody_share, label: Have custody, unit: pct, description: 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.; key: bd_affiliated_share, label: Broker-dealer affiliated, unit: pct, description: 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.; key: raum_growth_1y, label: RAUM growth, one year, unit: pct, description: 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.; key: band_lt100m, label: Firms under $100 million, unit: count, description: Firms with RAUM above zero and under $100 million (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.; key: band_lt100m_raum, label: RAUM of firms under $100 million, unit: usd, description: Total RAUM of firms with RAUM above zero and under $100 million. First written for the snapshot of October 1, 2018.; key: band_100m_250m, label: Firms $100 million to $250 million, unit: count, description: 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.; key: band_100m_250m_raum, label: RAUM of firms $100 million to $250 million, unit: usd, description: Total RAUM of firms with RAUM of at least $100 million and under $250 million. First written for the snapshot of October 1, 2018.; key: band_250m_500m, label: Firms $250 million to $500 million, unit: count, description: 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.; key: band_250m_500m_raum, label: RAUM of firms $250 million to $500 million, unit: usd, description: Total RAUM of firms with RAUM of at least $250 million and under $500 million. First written for the snapshot of October 1, 2018.; key: band_500m_1b, label: Firms $500 million to $1 billion, unit: count, description: 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.; key: band_500m_1b_raum, label: RAUM of firms $500 million to $1 billion, unit: usd, description: Total RAUM of firms with RAUM of at least $500 million and under $1 billion. First written for the snapshot of October 1, 2018.; key: band_1b_5b, label: Firms $1 billion to $5 billion, unit: count, description: 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.; key: band_1b_5b_raum, label: RAUM of firms $1 billion to $5 billion, unit: usd, description: Total RAUM of firms with RAUM of at least $1 billion and under $5 billion. First written for the snapshot of October 1, 2018.; key: band_5b_10b, label: Firms $5 billion to $10 billion, unit: count, description: 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.; key: band_5b_10b_raum, label: RAUM of firms $5 billion to $10 billion, unit: usd, description: Total RAUM of firms with RAUM of at least $5 billion and under $10 billion. First written for the snapshot of October 1, 2018.; key: band_10b_plus, label: Firms $10 billion and up, unit: count, description: Firms with RAUM of $10 billion or more (Item 5.F(2)(c)). First written for the snapshot of October 1, 2018.; key: band_10b_plus_raum, label: RAUM of firms $10 billion and up, unit: usd, description: Total RAUM of firms with RAUM of $10 billion or more. First written for the snapshot of October 1, 2018.; key: fee_aum_pct_share, label: Charge a percentage of assets, unit: pct, description: 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.; key: fee_hourly_share, label: Charge hourly fees, unit: pct, description: 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.; key: fee_subscription_share, label: Charge subscription fees, unit: pct, description: 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.; key: fee_fixed_share, label: Charge fixed fees, unit: pct, description: 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.; key: fee_commissions_share, label: Receive commissions, unit: pct, description: 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.; key: fee_performance_share, label: Charge performance-based fees, unit: pct, description: 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.; key: fee_other_share, label: Other compensation, unit: pct, description: 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.
- classes: independent: Independent wealth management RIAs: the main lists., bd_affiliated: Broker-dealer affiliated wealth firms: the all wealth firms view., excluded: Asset managers, private fund managers, pension consultants, sub-advisers, platform managers and firms with no advice for individuals: not stored.
- class_rules: 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.; 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.; 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.; 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.; 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.; 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.
- class_counts: asOf: 2026-10-02, independent: sec: 8687, state: 14202, total: 22889, bd: key: bd_reps, label: 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., sec: 247, state: 217, total: 464; key: dual_registrant, label: The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1))., sec: 297, state: 103, total: 400; key: bank_affiliate, label: 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)., sec: 96, state: 5, total: 101; key: bank, label: The firm is a bank, or a separately identifiable department or division of a bank (Item 6.A(7))., sec: 5, state: 4, total: 9; key: public_group, label: 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))., sec: 8, state: 0, total: 8, excluded: key: private_funds, label: Mostly private funds and other pooled investment vehicles, sec: 4769, state: 291, total: 5060; key: institutional, label: Mostly other institutions: banks, insurance companies, charities, governments, corporations and others, sec: 1149, state: 241, total: 1390; key: no_individual_services, label: No financial planning and no portfolio management for individuals, sec: 240, state: 786, total: 1026; key: registered_funds, label: Mostly registered funds: advisers whose largest client type is mutual funds, ETFs, other registered investment companies or business development companies, sec: 912, state: 22, total: 934; key: retirement_plans, label: Mostly retirement plans: pension consultants and plan advisers, sec: 401, state: 177, total: 578; key: platform, label: Portfolio, model and separate account managers that reach individuals through other firms' platforms, sec: 190, state: 86, total: 276; key: sub_advisory, label: Mostly other advisers' clients: sub-advisers, sec: 207, state: 45, total: 252; key: earlier_form, label: No Form ADV filing on the October 2017 or a later version, so the rules cannot be applied (in the latest snapshot: a stale registration), sec: 2, state: 0, total: 2
- excluded: Asset managers and other firms outside wealth management (see class_counts); Exempt reporting advisers; Individual people (IAR figures are counts only); Street addresses and phone numbers
- corrections: AdvisorIQ publishes what Form ADV says. Corrections are made on Form ADV and appear after the next monthly reload.

## Sources

- SEC, Information About Registered Investment Advisers (ia100226.zip), checked 2026-10-07: 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_07_2026.xml.gz), checked 2026-10-07: https://adviserinfo.sec.gov/compilation
- SEC Release IA-3221 (the 2011 to 2012 break), checked 2026-10-05: https://www.sec.gov/rules/final/2011/ia-3221.pdf

## Related

- [RIA directory](https://advisoriq.com/ria/)
- [RIA industry data](https://advisoriq.com/ria/industry/)
- [RIA rankings](https://advisoriq.com/ria/rankings/)

## Cite as

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

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