Market data
RIA market data by state
As of October 2, 2026, independent RIAs based in California reported the most regulatory assets under management of any state, $1.5 trillion, and California also had the most independent RIAs, 3,221.
Include wirehouses and broker-dealer firms
Every state compared
| State | Firms | RAUM | RAUM growth, 1 year | Independent share | Median firm RAUM |
|---|---|---|---|---|---|
| California | 3,221 | $1.5 trillion | 22.0% | 92.6% | $58.5 million |
| New York | 1,331 | $851.2 billion | 17.4% | 14.4% | $64.8 million |
| Texas | 1,789 | $805.5 billion | 30.3% | 79.5% | $53.8 million |
| Illinois | 842 | $622.3 billion | 8.6% | 58.7% | $78.8 million |
| Kansas | 220 | $542.1 billion | 29.4% | 96.9% | $73.6 million |
| Florida | 1,707 | $537.9 billion | 25.9% | 35.0% | $53.9 million |
| Colorado | 746 | $420.0 billion | 24.4% | 96.5% | $64.2 million |
| Massachusetts | 779 | $406.3 billion | 20.9% | 52.9% | $76.7 million |
| Missouri | 326 | $395.5 billion | 56.7% | 15.4% | $81.7 million |
| Ohio | 837 | $374.1 billion | 28.0% | 81.1% | $81.3 million |
| Pennsylvania | 898 | $342.4 billion | 18.2% | 38.2% | $81.1 million |
| New Jersey | 693 | $326.7 billion | 17.6% | 24.8% | $62.8 million |
| Minnesota | 386 | $260.8 billion | 15.7% | 26.8% | $92.7 million |
| Georgia | 681 | $236.3 billion | 20.5% | 60.1% | $49.4 million |
| Washington | 590 | $204.6 billion | 20.5% | 98.9% | $70.0 million |
| Michigan | 636 | $190.0 billion | 18.9% | 86.6% | $68.6 million |
| Connecticut | 406 | $163.8 billion | 31.2% | 75.8% | $63.6 million |
| Virginia | 640 | $159.8 billion | 18.7% | 78.1% | $60.2 million |
| North Carolina | 608 | $134.3 billion | 44.4% | 58.8% | $60.8 million |
| Indiana | 358 | $126.2 billion | 16.9% | 92.5% | $68.7 million |
| Maryland | 436 | $115.0 billion | 9.0% | 75.3% | $74.6 million |
| Arizona | 607 | $112.1 billion | 28.0% | 30.7% | $50.1 million |
| Tennessee | 363 | $104.3 billion | 15.3% | 71.7% | $83.0 million |
| Oregon | 336 | $100.6 billion | 16.5% | 96.8% | $75.1 million |
| Nebraska | 116 | $97.7 billion | 35.5% | 87.3% | $113.4 million |
| Alabama | 151 | $94.3 billion | 40.5% | 88.5% | $57.4 million |
| Wisconsin | 307 | $94.0 billion | 18.1% | 81.7% | $99.4 million |
| Utah | 262 | $69.2 billion | 26.3% | 85.0% | $68.6 million |
| South Carolina | 283 | $58.8 billion | 33.1% | 6.5% | $46.0 million |
| Kentucky | 148 | $45.4 billion | 44.5% | 94.7% | $84.1 million |
| Idaho | 150 | $40.7 billion | 40.6% | 97.6% | $54.4 million |
| Nevada | 200 | $38.7 billion | 47.2% | 78.2% | $54.0 million |
| Louisiana | 161 | $34.7 billion | 22.8% | 44.1% | $70.5 million |
| Iowa | 150 | $33.5 billion | 1.1% | 14.1% | $120.3 million |
| New Hampshire | 197 | $32.4 billion | 24.1% | 98.5% | $77.6 million |
| Maine | 84 | $29.9 billion | 16.0% | 99.3% | $57.8 million |
| Oklahoma | 165 | $29.2 billion | -23.5% | 91.8% | $66.1 million |
| Arkansas | 115 | $27.7 billion | 22.5% | 55.8% | $66.0 million |
| Rhode Island | 72 | $20.5 billion | 9.4% | 59.1% | $124.5 million |
| Vermont | 59 | $17.8 billion | 16.5% | 85.3% | $111.3 million |
| Mississippi | 58 | $14.9 billion | 23.5% | 97.7% | $125.5 million |
| Delaware | 59 | $11.2 billion | -42.2% | 95.5% | $57.1 million |
| Montana | 77 | $10.9 billion | 46.0% | 20.5% | $33.7 million |
| District of Columbia | 40 | $7.7 billion | 47.6% | 51.9% | $65.4 million |
| Wyoming | 50 | $6.7 billion | 90.4% | 99.3% | $40.0 million |
| New Mexico | 66 | $6.4 billion | 4.4% | 100.0% | $36.7 million |
| West Virginia | 31 | $6.4 billion | -1.5% | 78.3% | $29.5 million |
| Hawaii | 58 | $5.6 billion | 27.5% | 100.0% | $32.7 million |
| South Dakota | 42 | $5.0 billion | 29.9% | 100.0% | $41.7 million |
| Puerto Rico | 35 | $4.6 billion | 104.4% | 100.0% | $59.0 million |
| North Dakota | 29 | $3.0 billion | 24.3% | 98.0% | $71.6 million |
| Alaska | 23 | $2.3 billion | -10.7% | 100.0% | $29.2 million |
| U.S. Virgin Islands | 7 | $98.0 million | No data | 100.0% | $9.0 million |
| Guam | 0 | No data | No data | No data | No data |
As of October 2, 2026. Independent wealth management RIAs, placed in the state of their main office. Growth: SEC-registered independent RIAs' assets, September 2, 2025 to October 2, 2026. Independent share: independent RIAs' part of the regulatory assets of every wealth firm based in the state, broker-dealer affiliated firms included.
Regulatory assets by state
| 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 | |
| Pennsylvania | $342.4 billion | |
| New Jersey | $326.7 billion | |
| Minnesota | $260.8 billion | |
| Georgia | $236.3 billion | |
| Washington | $204.6 billion | |
| Michigan | $190.0 billion | |
| Connecticut | $163.8 billion | |
| Virginia | $159.8 billion | |
| North Carolina | $134.3 billion | |
| Indiana | $126.2 billion | |
| Maryland | $115.0 billion | |
| Arizona | $112.1 billion | |
| Tennessee | $104.3 billion | |
| Oregon | $100.6 billion | |
| Nebraska | $97.7 billion | |
| Alabama | $94.3 billion | |
| Wisconsin | $94.0 billion | |
| Utah | $69.2 billion | |
| South Carolina | $58.8 billion | |
| Kentucky | $45.4 billion | |
| Idaho | $40.7 billion | |
| Nevada | $38.7 billion | |
| Louisiana | $34.7 billion | |
| Iowa | $33.5 billion | |
| New Hampshire | $32.4 billion | |
| Maine | $29.9 billion | |
| Oklahoma | $29.2 billion | |
| Arkansas | $27.7 billion | |
| Rhode Island | $20.5 billion | |
| Vermont | $17.8 billion | |
| Mississippi | $14.9 billion | |
| Delaware | $11.2 billion | |
| Montana | $10.9 billion | |
| District of Columbia | $7.7 billion | |
| Wyoming | $6.7 billion | |
| New Mexico | $6.4 billion | |
| West Virginia | $6.4 billion | |
| Hawaii | $5.6 billion | |
| South Dakota | $5.0 billion | |
| Puerto Rico | $4.6 billion | |
| North Dakota | $3.0 billion | |
| Alaska | $2.3 billion | |
| U.S. Virgin Islands | $98.0 million |
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.