RIA industry report, Q4 2026
The RIA industry, Q4 2026
As of October 2, 2026, 22,889 independent wealth management RIAs reported $10.1 trillion in regulatory assets under management, and SEC-registered independent RIAs' assets were up 20.5% from September 2, 2025, according to AdvisorIQ's RIA industry report for Q4 2026.
A quarterly look at independent wealth management RIAs in the US, from the Form ADV filings in the AdvisorIQ RIA directory. Asset managers and other firms outside wealth management are not counted, and broker-dealer affiliated firms appear only in the comparison with all wealth firms. Every figure is read from the directory's database, and the history covers SEC-registered firms. Free to read and cite.
Key findings
- As of October 2, 2026, 22,889 independent wealth management RIAs, 8,687 registered with the SEC and 14,202 with the states, reported $10.1 trillion in regulatory assets under management.
- SEC-registered independent RIAs' regulatory assets rose 20.5%, from $8.1 trillion on September 2, 2025 to $9.7 trillion on October 2, 2026, and their number rose 7.5% to 8,687.
- Including wirehouses and broker-dealer firms, 23,871 wealth management firms reported $24.0 trillion in regulatory assets under management as of October 2, 2026; independent RIAs held 41.1% of SEC-registered wealth firms' assets, up from 40.8% on September 2, 2025.
- As of October 2, 2026, the median SEC-registered independent RIA managed $286.1 million, up from $278.2 million on September 2, 2025; 1,326 SEC-registered independent RIAs managed $1 billion or more, against 1,144 on September 2, 2025 and 804 on October 4, 2021.
- As of October 2, 2026, the 10 largest SEC-registered independent RIAs held 22.2% of SEC-registered independent RIAs' regulatory assets, up from 21.0% on September 2, 2025; the 100 largest held 45.7%, up from 43.7%.
- In the 12 months to October 2, 2026, 2,453 new registrations of independent wealth management RIAs took effect, 1,006 with the SEC and 1,447 with the states; as of that date, 11 SEC-registered independent RIAs reported on Form ADV that they were succeeding to the business of another registered adviser.
- As of October 2, 2026, 97.2% of SEC-registered independent RIAs were paid a percentage of assets under management, 66.2% fixed fees, 48.5% hourly fees and 2.3% commissions, and 80.8% offered financial planning, up from 76.9% on October 4, 2021.
Cite as: AdvisorIQ, "The RIA industry, Q4 2026," data as of October 2, 2026. https://advisoriq.com/ria/reports/2026-q4/
Assets and firms over time
From October 1, 2018 to October 2, 2026, SEC-registered independent RIAs' regulatory assets rose from $3.4 trillion to $9.7 trillion, a compound annual rate of 14.2%, and their number rose from 5,717 to 8,687.
The series start with the snapshot of October 1, 2018, the first in which nearly every firm filed on the October 2017 Form ADV, which the firm classes need. Each snapshot is classed from its own Form ADV answers, so firms enter and leave the count as their business changes. See how firms are classed.
Data table
| As of | Firms |
|---|---|
| October 1, 2018 | 5,717 |
| October 1, 2019 | 5,930 |
| October 1, 2020 | 6,281 |
| October 4, 2021 | 6,914 |
| October 3, 2022 | 7,364 |
| October 5, 2023 | 7,413 |
| October 1, 2024 | 7,740 |
| September 2, 2025 | 8,079 |
| October 2, 2026 | 8,687 |
Data table
| As of | Regulatory assets under management |
|---|---|
| October 1, 2018 | $3.4 trillion |
| October 1, 2019 | $3.4 trillion |
| October 1, 2020 | $3.9 trillion |
| October 4, 2021 | $4.6 trillion |
| October 3, 2022 | $5.7 trillion |
| October 5, 2023 | $5.5 trillion |
| October 1, 2024 | $6.8 trillion |
| September 2, 2025 | $8.1 trillion |
| October 2, 2026 | $9.7 trillion |
Data table
| As of | Client accounts |
|---|---|
| October 1, 2018 | 7,882,262 |
| October 1, 2019 | 8,819,363 |
| October 1, 2020 | 11,361,711 |
| October 4, 2021 | 14,544,589 |
| October 3, 2022 | 15,808,709 |
| October 5, 2023 | 18,067,684 |
| October 1, 2024 | 20,991,888 |
| September 2, 2025 | 21,885,844 |
| October 2, 2026 | 24,146,667 |
Data table
| As of | Median firm size (RAUM) |
|---|---|
| October 1, 2018 | $220.7 million |
| October 1, 2019 | $211.4 million |
| October 1, 2020 | $234.0 million |
| October 4, 2021 | $244.8 million |
| October 3, 2022 | $267.2 million |
| October 5, 2023 | $239.1 million |
| October 1, 2024 | $261.4 million |
| September 2, 2025 | $278.2 million |
| October 2, 2026 | $286.1 million |
Size bands
As of October 2, 2026, 58.4% of independent wealth management RIAs reporting assets (11,381) managed under $100 million, while the 109 with $10 billion and up held 45.0% of all independent wealth management RIAs' regulatory assets.
| Measure | Bar | Firms |
|---|---|---|
| Under $100 million | 11,381 | |
| $100 million to $250 million | 3,450 | |
| $250 million to $500 million | 2,025 | |
| $500 million to $1 billion | 1,307 | |
| $1 billion to $5 billion | 1,089 | |
| $5 billion to $10 billion | 128 | |
| $10 billion and up | 109 |
SEC-registered independent RIAs by size, and the changeAs of October 2, 2026; one-year change from September 2, 2025, five-year change from October 4, 2021. Share of assets: the band's share of SEC-registered independent RIAs' regulatory assets.
| Size band | Firms | Change, 1 year | Change, 5 years | Share of assets |
|---|---|---|---|---|
| Under $100 million | 555 | -5 (-0.9%) | -20 (-3.5%) | 0.2% |
| $100 million to $250 million | 3,177 | +158 (+5.2%) | +380 (+13.6%) | 5.4% |
| $250 million to $500 million | 2,024 | +86 (+4.4%) | +470 (+30.2%) | 7.3% |
| $500 million to $1 billion | 1,305 | +132 (+11.3%) | +407 (+45.3%) | 9.4% |
| $1 billion to $5 billion | 1,089 | +139 (+14.6%) | +401 (+58.3%) | 21.9% |
| $5 billion to $10 billion | 128 | +15 (+13.3%) | +59 (+85.5%) | 9.1% |
| $10 billion and up | 109 | +28 (+34.6%) | +62 (+131.9%) | 46.6% |
States
As of October 2, 2026, independent RIAs based in California reported the most regulatory assets of any state, $1.5 trillion, followed by New York ($851.2 billion) and Texas ($805.5 billion); among states with at least 50 SEC-registered independent RIAs on September 2, 2025, assets at SEC-registered independent RIAs based in Missouri grew fastest, up 56.7%.
| Measure | Bar | RAUM |
|---|---|---|
| California | $1.5 trillion | |
| New York | $851.2 billion | |
| Texas | $805.5 billion | |
| Illinois | $622.3 billion | |
| Kansas | $542.1 billion | |
| Florida | $537.9 billion | |
| Colorado | $420.0 billion | |
| Massachusetts | $406.3 billion | |
| Missouri | $395.5 billion | |
| Ohio | $374.1 billion |
| Measure | Bar | Growth |
|---|---|---|
| Missouri | 56.7% | |
| Kentucky | 44.5% | |
| North Carolina | 44.4% | |
| Alabama | 40.5% | |
| South Carolina | 33.1% | |
| Connecticut | 31.2% | |
| Texas | 30.3% | |
| Kansas | 29.4% | |
| Ohio | 28.0% | |
| Arizona | 28.0% |
Firms are placed in the state of their main office, so a firm that moves its main office takes its assets with it. Every state compared.
Independent RIAs and all wealth firms
All wealth firms adds the broker-dealer affiliated firms the rest of this report leaves out: the wirehouses, regional and independent broker-dealers and their advisory arms, and banks. As of October 2, 2026, 23,871 wealth management firms of both kinds reported $24.0 trillion in regulatory assets under management.
From October 1, 2018 to October 2, 2026, independent RIAs' share of SEC-registered wealth firms' regulatory assets rose from 36.7% to 41.1%; SEC-registered independent RIAs' assets grew at a compound annual rate of 14.2%, against 12.6% for all SEC-registered wealth firms, broker-dealer affiliated firms included.
| As of | Independent RIAs' RAUM | Growth | All wealth firms' growth | Independent share |
|---|---|---|---|---|
| October 1, 2018 | $3.4 trillion | No data | No data | 36.7% |
| October 1, 2019 | $3.4 trillion | 1.8% | 2.6% | 36.4% |
| October 1, 2020 | $3.9 trillion | 13.8% | 17.9% | 35.2% |
| October 4, 2021 | $4.6 trillion | 18.9% | 18.6% | 35.3% |
| October 3, 2022 | $5.7 trillion | 22.3% | 23.7% | 34.9% |
| October 5, 2023 | $5.5 trillion | -3.5% | -9.1% | 37.0% |
| October 1, 2024 | $6.8 trillion | 23.9% | 19.1% | 38.5% |
| September 2, 2025 | $8.1 trillion | 19.3% | 12.6% | 40.8% |
| October 2, 2026 | $9.7 trillion | 20.5% | 19.7% | 41.1% |
SEC-registered firms. Growth is the change in each group's total regulatory assets from the previous yearly snapshot, so firms entering and leaving the group move it. Independent share: independent RIAs' part of all SEC-registered wealth firms' regulatory assets.
New firms and successions
1,006 new SEC registrations of independent RIAs took effect in the 12 months to October 2, 2026, up from 803 in the 12 months to September 2, 2025; 11 SEC-registered independent RIAs reported a succession on Form ADV as of October 2, 2026, against 13 on September 2, 2025.
| Measure | Bar | New registrations |
|---|---|---|
| October 1, 2018 | 792 | |
| October 1, 2019 | 536 | |
| October 1, 2020 | 621 | |
| October 4, 2021 | 963 | |
| October 3, 2022 | 799 | |
| October 5, 2023 | 504 | |
| October 1, 2024 | 733 | |
| September 2, 2025 | 803 | |
| October 2, 2026 | 1,006 |
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.
SEC-registered independent RIAs reporting a successionForm ADV Item 4.A, at each snapshot.
| As of | Successions |
|---|---|
| October 5, 2023 | 14 |
| October 1, 2024 | 17 |
| September 2, 2025 | 13 |
| October 2, 2026 | 11 |
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.
Fees and services
How independent RIAs are paid (Form ADV Item 5.E) and whether they offer financial planning (Item 5.G). A firm can report several types of compensation, so the shares add up to more than the whole.
The share of SEC-registered independent RIAs offering financial planning rose from 73.6% on October 1, 2018 to 80.8% on October 2, 2026, while the share paid by commissions fell from 3.8% to 2.3%.
Share of independent RIAs, by type of compensation and financial planningSEC-registered independent RIAs at the snapshots of October 1, 2018, October 4, 2021, September 2, 2025 and October 2, 2026; all independent RIAs, SEC and state, at October 2, 2026.
| Measure | SEC 2018 | SEC 2021 | SEC 2025 | SEC 2026 | All 2026 |
|---|---|---|---|---|---|
| Offer financial planning | 73.6% | 76.9% | 80.0% | 80.8% | 76.0% |
| Charge a percentage of assets | 97.7% | 97.6% | 97.4% | 97.2% | 91.7% |
| Charge hourly fees | 52.6% | 51.8% | 49.3% | 48.5% | 50.5% |
| Charge subscription fees | 0.8% | 0.9% | 1.2% | 1.2% | 1.4% |
| Charge fixed fees | 65.7% | 66.1% | 66.5% | 66.2% | 59.7% |
| Receive commissions | 3.8% | 2.6% | 2.3% | 2.3% | 2.1% |
| Charge performance-based fees | 8.9% | 7.9% | 8.2% | 8.0% | 7.2% |
| Other compensation | 9.6% | 9.1% | 8.9% | 8.6% | 8.9% |
Data table
| As of | Share of firms |
|---|---|
| October 1, 2018 | 73.6% |
| October 1, 2019 | 74.7% |
| October 1, 2020 | 75.7% |
| October 4, 2021 | 76.9% |
| October 3, 2022 | 76.9% |
| October 5, 2023 | 77.7% |
| October 1, 2024 | 78.9% |
| September 2, 2025 | 80.0% |
| October 2, 2026 | 80.8% |
Data table
| As of | Share of firms |
|---|---|
| October 1, 2018 | 3.8% |
| October 1, 2019 | 3.1% |
| October 1, 2020 | 2.9% |
| October 4, 2021 | 2.6% |
| October 3, 2022 | 2.3% |
| October 5, 2023 | 2.4% |
| October 1, 2024 | 2.4% |
| September 2, 2025 | 2.3% |
| October 2, 2026 | 2.3% |
The fastest growers
Fastest-growing independent RIAs over one year
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. How it is ranked.
| Rank | Firm | City and state | Growth | Starting value |
|---|---|---|---|---|
| 1 | Vise AI Advisors | New York City, NY | 291.8% | $2.2 billion |
| 2 | Xypn Sapphire | Bozeman, MT | 290.4% | $321.0 million |
| 3 | Savvy | New York, NY | 286.1% | $1.3 billion |
| 4 | Tempo Wealth | Independence, OH | 272.4% | $216.0 million |
| 5 | Spartan Wealth Management | Bingham Farms, MI | 265.0% | $406.6 million |
| 6 | Bluespring Wealth Management, LLC | Austin, TX | 264.8% | $1.5 billion |
| 7 | Arax Advisory Partners | New York, NY | 262.4% | $7.3 billion |
| 8 | Salem Partners Wealth Management, LLC | Los Angeles, CA | 262.2% | $413.3 million |
| 9 | Triad Wealth Partners, LLC | Lawrence, KS | 259.2% | $425.0 million |
| 10 | The Wellington GRP LLC | Indianapolis, IN | 247.2% | $136.4 million |
Independent RIAs with the biggest asset gains over one year
SEC-registered firms ranked by the dollar increase in RAUM between the SEC snapshots of September 2, 2025 and October 2, 2026. How it is ranked.
| Rank | Firm | City and state | Increase |
|---|---|---|---|
| 1 | Fisher Investments | Plano, TX | $87.9 billion |
| 2 | Focus Partners Wealth, LLC | St. Louis, MO | $86.0 billion |
| 3 | Creative Planning | Overland Park, KS | $78.2 billion |
| 4 | Cerity Partners LLC | New York, NY | $38.8 billion |
| 5 | Empower Advisory Group, LLC | Greenwood Village, CO | $36.3 billion |
| 6 | Hightower Advisors, LLC | Chicago, IL | $33.8 billion |
| 7 | Edelman Financial Engines | Santa Clara, CA | $33.4 billion |
| 8 | Wealth Enhancement Advisory Services, LLC | Plymouth, MN | $27.6 billion |
| 9 | Mariner | Overland Park, KS | $26.8 billion |
| 10 | Savant Wealth Management | Rockford, IL | $26.0 billion |
Every ranking, nationally and in each state.
Methodology and sources
- Data as of October 2, 2026: the SEC's monthly Form ADV file for SEC-registered advisers and the IAPD feed for state-registered advisers, as loaded into the AdvisorIQ RIA directory. The report counts independent wealth management RIAs; broker-dealer affiliated wealth firms appear only in the comparison with all wealth firms, and asset managers, private fund managers, pension consultants and exempt reporting advisers are left out (how firms are classed).
- The history comes from the SEC's yearly files, so it covers SEC-registered firms only, and each snapshot is classed from its own Form ADV answers. Every change over time compares SEC-registered independent RIAs; figures for all independent RIAs, SEC and state, are for October 2, 2026 only.
- One-year changes compare October 2, 2026 with the yearly snapshot of September 2, 2025, 13 months earlier; five-year changes, with October 4, 2021.
- Regulatory assets, clients and accounts are as each firm reported them in its latest Form ADV. Most firms update them once a year, so a snapshot mostly reflects the previous year end. Growth includes market movement, net new assets and acquisitions.
- Affiliated advisers can report the same assets, so totals double count across firms, as the SEC's own totals do.
- Definitions of every measure, and how the rankings are built: methodology. The series break: the 2011 to 2012 break.
All RIA industry reports ยท RIA industry data
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.