{"type":"ria_report","disclaimer":"Firm-level data as reported on Form ADV to the SEC and state regulators; corrections are made on Form ADV and appear after the next monthly reload.","title":"The RIA industry, Q4 2026","lead":"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.","as_of":"2026-10-02","facts":{"report":{"slug":"2026-q4","title":"The RIA industry, Q4 2026","period":"Q4 2026","snapshot":"2026-10-02","written_from_snapshot":"2026-10-02"},"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."],"figures":{"as_of":"2026-10-02","one_year_earlier":"2025-09-02","five_years_earlier":"2021-10-04","independent_rias":{"firms":22889,"sec_registered":8687,"state_registered":14202,"raum":10066173687765,"median_raum":64548291,"new_registrations":2453,"new_state_registrations":1447},"sec_registered_independent_rias":{"firms":8687,"firms_one_year_earlier":8079,"raum":9726824240383,"raum_one_year_earlier":8070081594223,"raum_five_years_earlier":4624277656375,"median_raum":286055234,"median_raum_one_year_earlier":278223104,"firms_at_or_above":1000000000,"firms_at_or_above_count":1326,"firms_at_or_above_one_year_earlier":1144,"firms_at_or_above_five_years_earlier":804,"top10_share":0.221954465609938,"top10_share_one_year_earlier":0.209955251504137,"top100_share":0.456674347894775,"top100_share_one_year_earlier":0.436657722642305,"new_registrations":1006,"successions":11,"fee_aum_pct_share":0.971796937953263,"fee_fixed_share":0.66225394267296,"fee_hourly_share":0.484632209048003,"fee_commissions_share":0.022907793254288,"financial_planning_share":0.807758719926327,"financial_planning_share_five_years_earlier":0.76945328319352},"all_wealth_firms":{"note":"Independent RIAs plus broker-dealer affiliated wealth firms (wirehouses, broker-dealers and their advisory arms, banks).","firms":23871,"raum":24023116072242,"sec_registered_raum":23675038876155,"sec_registered_raum_one_year_earlier":19772527852237,"sec_registered_raum_five_years_earlier":13115546602446}},"series_from":"2018-10-01","series":{"firms":{"segment":"independent_sec","unit":"count","points":[{"as_of":"2018-10-01","value":5717},{"as_of":"2019-10-01","value":5930},{"as_of":"2020-10-01","value":6281},{"as_of":"2021-10-04","value":6914},{"as_of":"2022-10-03","value":7364},{"as_of":"2023-10-05","value":7413},{"as_of":"2024-10-01","value":7740},{"as_of":"2025-09-02","value":8079},{"as_of":"2026-10-02","value":8687}]},"raum":{"segment":"independent_sec","unit":"usd","points":[{"as_of":"2018-10-01","value":3356499722171},{"as_of":"2019-10-01","value":3417268812883},{"as_of":"2020-10-01","value":3889735214733},{"as_of":"2021-10-04","value":4624277656375},{"as_of":"2022-10-03","value":5654462648637},{"as_of":"2023-10-05","value":5459081494416},{"as_of":"2024-10-01","value":6766136538951},{"as_of":"2025-09-02","value":8070081594223},{"as_of":"2026-10-02","value":9726824240383}]},"accounts":{"segment":"independent_sec","unit":"count","points":[{"as_of":"2018-10-01","value":7882262},{"as_of":"2019-10-01","value":8819363},{"as_of":"2020-10-01","value":11361711},{"as_of":"2021-10-04","value":14544589},{"as_of":"2022-10-03","value":15808709},{"as_of":"2023-10-05","value":18067684},{"as_of":"2024-10-01","value":20991888},{"as_of":"2025-09-02","value":21885844},{"as_of":"2026-10-02","value":24146667}]},"median_raum":{"segment":"independent_sec","unit":"usd","points":[{"as_of":"2018-10-01","value":220710947},{"as_of":"2019-10-01","value":211437431},{"as_of":"2020-10-01","value":234015850.5},{"as_of":"2021-10-04","value":244818123},{"as_of":"2022-10-03","value":267219904.5},{"as_of":"2023-10-05","value":239054392.5},{"as_of":"2024-10-01","value":261429276.5},{"as_of":"2025-09-02","value":278223104},{"as_of":"2026-10-02","value":286055234}]}},"population":"Independent wealth management RIAs, with one comparison against all wealth firms. Asset managers and other firms outside wealth management are not counted.","size_bands":[{"band":"Under $100 million","independent_rias":11381,"independent_rias_raum":331735264163,"sec_registered":555,"sec_registered_one_year_earlier":560,"sec_registered_five_years_earlier":575,"share_of_sec_registered_raum":0.0024698857538988524},{"band":"$100 million to $250 million","independent_rias":3450,"independent_rias_raum":554109499802,"sec_registered":3177,"sec_registered_one_year_earlier":3019,"sec_registered_five_years_earlier":2797,"share_of_sec_registered_raum":0.053887001800328745},{"band":"$250 million to $500 million","independent_rias":2025,"independent_rias_raum":714859842965,"sec_registered":2024,"sec_registered_one_year_earlier":1938,"sec_registered_five_years_earlier":1554,"share_of_sec_registered_raum":0.07345890870264818},{"band":"$500 million to $1 billion","independent_rias":1307,"independent_rias_raum":913300309420,"sec_registered":1305,"sec_registered_one_year_earlier":1173,"sec_registered_five_years_earlier":898,"share_of_sec_registered_raum":0.09375722359265032},{"band":"$1 billion to $5 billion","independent_rias":1089,"independent_rias_raum":2129591100088,"sec_registered":1089,"sec_registered_one_year_earlier":950,"sec_registered_five_years_earlier":688,"share_of_sec_registered_raum":0.21894002065407384},{"band":"$5 billion to $10 billion","independent_rias":128,"independent_rias_raum":889028153970,"sec_registered":128,"sec_registered_one_year_earlier":113,"sec_registered_five_years_earlier":69,"share_of_sec_registered_raum":0.09139963178105025},{"band":"$10 billion and up","independent_rias":109,"independent_rias_raum":4533549517357,"sec_registered":109,"sec_registered_one_year_earlier":81,"sec_registered_five_years_earlier":47,"share_of_sec_registered_raum":0.46608732771534983}],"states_by_raum":[{"state":"California","raum":1542940353989,"firms":3221,"url":"https://advisoriq.com/ria/states/california/"},{"state":"New York","raum":851238132394,"firms":1331,"url":"https://advisoriq.com/ria/states/new-york/"},{"state":"Texas","raum":805523856897,"firms":1789,"url":"https://advisoriq.com/ria/states/texas/"},{"state":"Illinois","raum":622316417706,"firms":842,"url":"https://advisoriq.com/ria/states/illinois/"},{"state":"Kansas","raum":542094330708,"firms":220,"url":"https://advisoriq.com/ria/states/kansas/"},{"state":"Florida","raum":537934915033,"firms":1707,"url":"https://advisoriq.com/ria/states/florida/"},{"state":"Colorado","raum":420047775483,"firms":746,"url":"https://advisoriq.com/ria/states/colorado/"},{"state":"Massachusetts","raum":406328652072,"firms":779,"url":"https://advisoriq.com/ria/states/massachusetts/"},{"state":"Missouri","raum":395514333566,"firms":326,"url":"https://advisoriq.com/ria/states/missouri/"},{"state":"Ohio","raum":374106160260,"firms":837,"url":"https://advisoriq.com/ria/states/ohio/"}],"states_by_growth":{"rule":"SEC-registered independent RIAs' RAUM growth from 2025-09-02, states with at least 50 SEC-registered independent RIAs then","states":[{"state":"Missouri","raum_growth_1y":0.567030770652521,"url":"https://advisoriq.com/ria/states/missouri/"},{"state":"Kentucky","raum_growth_1y":0.445226713953266,"url":"https://advisoriq.com/ria/states/kentucky/"},{"state":"North Carolina","raum_growth_1y":0.443951121495504,"url":"https://advisoriq.com/ria/states/north-carolina/"},{"state":"Alabama","raum_growth_1y":0.405201100876649,"url":"https://advisoriq.com/ria/states/alabama/"},{"state":"South Carolina","raum_growth_1y":0.331478496753107,"url":"https://advisoriq.com/ria/states/south-carolina/"},{"state":"Connecticut","raum_growth_1y":0.312288611464572,"url":"https://advisoriq.com/ria/states/connecticut/"},{"state":"Texas","raum_growth_1y":0.302634333060163,"url":"https://advisoriq.com/ria/states/texas/"},{"state":"Kansas","raum_growth_1y":0.293956866098612,"url":"https://advisoriq.com/ria/states/kansas/"},{"state":"Ohio","raum_growth_1y":0.280167458855297,"url":"https://advisoriq.com/ria/states/ohio/"},{"state":"Arizona","raum_growth_1y":0.279943341970076,"url":"https://advisoriq.com/ria/states/arizona/"}]},"independent_vs_all_wealth_firms":[{"as_of":"2018-10-01","sec_independent_raum":3356499722171,"sec_independent_raum_growth_1y":null,"sec_all_wealth_firms_raum_growth_1y":null,"independent_share_of_sec_wealth_raum":0.3670162282541647},{"as_of":"2019-10-01","sec_independent_raum":3417268812883,"sec_independent_raum_growth_1y":0.018104899669914,"sec_all_wealth_firms_raum_growth_1y":0.0259583264175827,"independent_share_of_sec_wealth_raum":0.36420682070847593},{"as_of":"2020-10-01","sec_independent_raum":3889735214733,"sec_independent_raum_growth_1y":0.138258482934914,"sec_all_wealth_firms_raum_growth_1y":0.178684241603764,"independent_share_of_sec_wealth_raum":0.3517154879835414},{"as_of":"2021-10-04","sec_independent_raum":4624277656375,"sec_independent_raum_growth_1y":0.188841245249754,"sec_all_wealth_firms_raum_growth_1y":0.185926706778887,"independent_share_of_sec_wealth_raum":0.35257986544858066},{"as_of":"2022-10-03","sec_independent_raum":5654462648637,"sec_independent_raum_growth_1y":0.222777494954654,"sec_all_wealth_firms_raum_growth_1y":0.23652907169957,"independent_share_of_sec_wealth_raum":0.348658785718717},{"as_of":"2023-10-05","sec_independent_raum":5459081494416,"sec_independent_raum_growth_1y":-0.0345534432468303,"sec_all_wealth_firms_raum_growth_1y":-0.0913990621739889,"independent_share_of_sec_wealth_raum":0.3704722393961854},{"as_of":"2024-10-01","sec_independent_raum":6766136538951,"sec_independent_raum_growth_1y":0.239427648382235,"sec_all_wealth_firms_raum_growth_1y":0.191271763923033,"independent_share_of_sec_wealth_raum":0.3854481826662193},{"as_of":"2025-09-02","sec_independent_raum":8070081594223,"sec_independent_raum_growth_1y":0.19271633786364,"sec_all_wealth_firms_raum_growth_1y":0.12638651074924,"independent_share_of_sec_wealth_raum":0.4081461740517906},{"as_of":"2026-10-02","sec_independent_raum":9726824240383,"sec_independent_raum_growth_1y":0.205294410820578,"sec_all_wealth_firms_raum_growth_1y":0.197370364228693,"independent_share_of_sec_wealth_raum":0.41084723413821517}],"new_registrations_and_successions":[{"as_of":"2018-10-01","new_sec_registrations":792,"sec_successions":null},{"as_of":"2019-10-01","new_sec_registrations":536,"sec_successions":null},{"as_of":"2020-10-01","new_sec_registrations":621,"sec_successions":null},{"as_of":"2021-10-04","new_sec_registrations":963,"sec_successions":null},{"as_of":"2022-10-03","new_sec_registrations":799,"sec_successions":null},{"as_of":"2023-10-05","new_sec_registrations":504,"sec_successions":14},{"as_of":"2024-10-01","new_sec_registrations":733,"sec_successions":17},{"as_of":"2025-09-02","new_sec_registrations":803,"sec_successions":13},{"as_of":"2026-10-02","new_sec_registrations":1006,"sec_successions":11}],"fees_and_services":[{"measure":"Offer 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fees","sec_registered":{"2018-10-01":0.656987930732902,"2021-10-04":0.660688458200752,"2025-09-02":0.664933778933036,"2026-10-02":0.66225394267296},"all_independent_rias":0.597273799641749},{"measure":"Receive commissions","sec_registered":{"2018-10-01":0.0381318873535071,"2021-10-04":0.0258894995660978,"2025-09-02":0.0227750959277138,"2026-10-02":0.022907793254288},"all_independent_rias":0.0209270828782385},{"measure":"Charge performance-based fees","sec_registered":{"2018-10-01":0.0892076263774707,"2021-10-04":0.0791148394561759,"2025-09-02":0.0816932788711474,"2026-10-02":0.0804650627374237},"all_independent_rias":0.0716064485123859},{"measure":"Other compensation","sec_registered":{"2018-10-01":0.0960293860416302,"2021-10-04":0.0905409314434481,"2025-09-02":0.0891199405867063,"2026-10-02":0.085645216990906},"all_independent_rias":0.0886015116431474}],"fastest_growing":[{"rank":1,"crd":301761,"firm":"Vise AI Advisors","state":"NY","value":2.91759495231291,"base_value":2176414941,"url":"https://advisoriq.com/ria/firms/301761/"},{"rank":2,"crd":285967,"firm":"Xypn Sapphire","state":"MT","value":2.90439305675239,"base_value":321042677,"url":"https://advisoriq.com/ria/firms/285967/"},{"rank":3,"crd":318493,"firm":"Savvy","state":"NY","value":2.86086185199406,"base_value":1295318161,"url":"https://advisoriq.com/ria/firms/318493/"},{"rank":4,"crd":336316,"firm":"Tempo Wealth","state":"OH","value":2.72423029817093,"base_value":215954924,"url":"https://advisoriq.com/ria/firms/336316/"},{"rank":5,"crd":331719,"firm":"Spartan Wealth Management","state":"MI","value":2.65009005951676,"base_value":406619437,"url":"https://advisoriq.com/ria/firms/331719/"},{"rank":6,"crd":152667,"firm":"Bluespring Wealth Management, LLC","state":"TX","value":2.64781783456107,"base_value":1488809873,"url":"https://advisoriq.com/ria/firms/152667/"},{"rank":7,"crd":133535,"firm":"Arax Advisory Partners","state":"NY","value":2.62408113084082,"base_value":7319089239,"url":"https://advisoriq.com/ria/firms/133535/"},{"rank":8,"crd":131359,"firm":"Salem Partners Wealth Management, LLC","state":"CA","value":2.62199821712424,"base_value":413344561,"url":"https://advisoriq.com/ria/firms/131359/"},{"rank":9,"crd":326523,"firm":"Triad Wealth Partners, LLC","state":"KS","value":2.59206204878023,"base_value":424994398,"url":"https://advisoriq.com/ria/firms/326523/"},{"rank":10,"crd":332803,"firm":"The Wellington GRP LLC","state":"IN","value":2.47190454802094,"base_value":136422525,"url":"https://advisoriq.com/ria/firms/332803/"}],"biggest_asset_gains":[{"rank":1,"crd":107342,"firm":"Fisher Investments","state":"TX","value":87940295138,"base_value":298729428900,"url":"https://advisoriq.com/ria/firms/107342/"},{"rank":2,"crd":159289,"firm":"Focus Partners Wealth, LLC","state":"MO","value":85972111574,"base_value":95889888426,"url":"https://advisoriq.com/ria/firms/159289/"},{"rank":3,"crd":105348,"firm":"Creative Planning","state":"KS","value":78169278090,"base_value":217399324981,"url":"https://advisoriq.com/ria/firms/105348/"},{"rank":4,"crd":151559,"firm":"Cerity Partners LLC","state":"NY","value":38826831090,"base_value":122848693051,"url":"https://advisoriq.com/ria/firms/151559/"},{"rank":5,"crd":112058,"firm":"Empower Advisory Group, LLC","state":"CO","value":36305990988,"base_value":159120330491,"url":"https://advisoriq.com/ria/firms/112058/"},{"rank":6,"crd":145323,"firm":"Hightower Advisors, LLC","state":"IL","value":33787537732,"base_value":164789471551,"url":"https://advisoriq.com/ria/firms/145323/"},{"rank":7,"crd":104510,"firm":"Edelman Financial Engines","state":"CA","value":33382273623,"base_value":292902969770,"url":"https://advisoriq.com/ria/firms/104510/"},{"rank":8,"crd":116407,"firm":"Wealth Enhancement Advisory Services, LLC","state":"MN","value":27554696604,"base_value":94632028506,"url":"https://advisoriq.com/ria/firms/116407/"},{"rank":9,"crd":140195,"firm":"Mariner","state":"KS","value":26805256087,"base_value":98603233201,"url":"https://advisoriq.com/ria/firms/140195/"},{"rank":10,"crd":107271,"firm":"Savant Wealth Management","state":"IL","value":25960114288,"base_value":29647673271,"url":"https://advisoriq.com/ria/firms/107271/"}]},"sources":[{"url":"https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip","checked":"2026-10-07","label":"SEC, Information About Registered Investment Advisers (ia100226.zip)"},{"url":"https://adviserinfo.sec.gov/compilation","checked":"2026-10-07","label":"IAPD compilation reports (IA_FIRM_STATE_Feed_10_07_2026.xml.gz)"}],"related":[{"title":"All RIA industry reports","url":"https://advisoriq.com/ria/reports/"},{"title":"RIA industry data","url":"https://advisoriq.com/ria/industry/"},{"title":"RIA market data by state","url":"https://advisoriq.com/ria/states/"},{"title":"RIA rankings","url":"https://advisoriq.com/ria/rankings/"},{"title":"How the directory is built","url":"https://advisoriq.com/ria/methodology/"}],"notes":["The report counts independent wealth management RIAs. Changes over time compare SEC-registered independent RIAs, each snapshot classed from its own Form ADV answers: the state-registered firm data is current only, so figures for all independent RIAs are for the report's snapshot only.","Series start with the snapshot of 2018-10-01, the first in which the firm classes can be applied, well after the Dodd-Frank break in the series (https://www.sec.gov/rules/final/2011/ia-3221.pdf).","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."],"url":"https://advisoriq.com/ria/reports/2026-q4/","citation":"AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/reports/2026-q4/","license":"https://advisoriq.com/license/","publisher":"AdvisorIQ, independent education for financial advisors"}