# 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.

As of: 2026-10-02
Address: https://advisoriq.com/ria/reports/2026-q4/

## 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: not stated, sec_all_wealth_firms_raum_growth_1y: not stated, 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: not stated; as_of: 2019-10-01, new_sec_registrations: 536, sec_successions: not stated; as_of: 2020-10-01, new_sec_registrations: 621, sec_successions: not stated; as_of: 2021-10-04, new_sec_registrations: 963, sec_successions: not stated; as_of: 2022-10-03, new_sec_registrations: 799, sec_successions: not stated; 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 financial planning, sec_registered: 2018-10-01: 0.736050376071366, 2021-10-04: 0.76945328319352, 2025-09-02: 0.800470355241985, 2026-10-02: 0.807758719926327, all_independent_rias: 0.759535147887632; measure: Charge a percentage of assets, sec_registered: 2018-10-01: 0.977435718033934, 2021-10-04: 0.975846109343361, 2025-09-02: 0.974254239386063, 2026-10-02: 0.971796937953263, all_independent_rias: 0.916597492245183; measure: Charge hourly fees, sec_registered: 2018-10-01: 0.526324995627077, 2021-10-04: 0.517645357246167, 2025-09-02: 0.492882782522589, 2026-10-02: 0.484632209048003, all_independent_rias: 0.504652890034514; measure: Charge subscription fees, sec_registered: 2018-10-01: 0.00822109497988456, 2021-10-04: 0.00940121492623662, 2025-09-02: 0.0116351033543755, 2026-10-02: 0.0122021411304248, all_independent_rias: 0.0142863384158329; measure: Charge fixed 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/

## 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.

## 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

## Related

- [All RIA industry reports](https://advisoriq.com/ria/reports/)
- [RIA industry data](https://advisoriq.com/ria/industry/)
- [RIA market data by state](https://advisoriq.com/ria/states/)
- [RIA rankings](https://advisoriq.com/ria/rankings/)
- [How the directory is built](https://advisoriq.com/ria/methodology/)

## Cite as

AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/reports/2026-q4/

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