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Independent RIAs in Alabama

As of October 2, 2026, 151 independent wealth management RIAs based in Alabama reported $94.3 billion in regulatory assets under management; the largest by assets was Waverly Advisors, LLC, with $29.9 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
151
SEC-registered
58
State-registered
93
Regulatory assets under management
$94.3 billion
Client accounts
172,596
Median firm size
$57.4 million
Broker-dealer affiliated firms, not included
8, with $12.3 billion

Alabama has not adopted IAR continuing education. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Alabama.

Top firms in Alabama

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Waverly Advisors, LLC Birmingham $29.9 billion
2 Aptus Capital Advisors, LLC Fairhope $14.1 billion
3 RFG Advisory, LLC Vestavia Hills $8.0 billion
4 Eversource Wealth Advisors, LLC Birmingham $5.1 billion
5 The Welch Group, LLC Birmingham $3.7 billion
6 Oneascent Financial Services LLC Birmingham $3.5 billion
7 Leavell Investment Management, Inc. Mobile $3.4 billion
8 Mitchell, McLeod, Pugh & Williams, Inc. Mobile $2.7 billion
9 Jackson Thornton Wealth Management, LLC Montgomery $2.0 billion
10 Southern Financial Group, LLC Birmingham $1.1 billion

Top 100 in Alabama

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Waverly Advisors, LLC Birmingham 85.2% $16.1 billion
2 RFG Advisory, LLC Vestavia Hills 61.4% $4.9 billion
3 Mainsail Asset Management, LLC Birmingham 46.0% $410.1 million
4 Aptus Capital Advisors, LLC Fairhope 43.5% $9.9 billion
5 Blalock Williams, LLC Alexander City 37.7% $176.2 million
6 Brown Financial Advisory Fairhope 36.1% $344.0 million
7 Oneascent Financial Services LLC Birmingham 35.5% $2.6 billion
8 Cloud Investments, LLC Huntsville 34.8% $299.8 million
9 BCR Wealth Strategies Vestavia 30.6% $404.5 million
10 Eversource Wealth Advisors, LLC Birmingham 28.9% $4.0 billion

Top 100 in Alabama

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Oneascent Financial Services LLC Birmingham 97.9% $456.4 million
2 Waverly Advisors, LLC Birmingham 72.9% $5.8 billion
3 Aptus Capital Advisors, LLC Fairhope 49.3% $4.2 billion
4 Mayfair Advisory Group, LLC Birmingham 42.2% $280.5 million
5 Eversource Wealth Advisors, LLC Birmingham 41.3% $1.8 billion
6 RFG Advisory, LLC Vestavia Hills 38.5% $3.0 billion
7 Mainsail Asset Management, LLC Birmingham 28.8% $280.2 million
8 Navigate Wealth Management, LLC Birmingham 23.8% $226.6 million
9 Brown Financial Advisory Fairhope 23.1% $251.1 million
10 Tucker Financial Group Montgomery 22.6% $183.9 million

Top 100 in Alabama

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Oneascent Financial Services LLC Birmingham 74.8% $216.7 million
2 Eversource Wealth Advisors, LLC Birmingham 70.4% $355.1 million
3 Waverly Advisors, LLC Birmingham 55.4% $3.3 billion
4 Aptus Capital Advisors, LLC Fairhope 41.5% $2.5 billion
5 RFG Advisory, LLC Vestavia Hills 35.2% $1.8 billion
6 BMSS Wesson Wealth Solutions Birmingham 30.1% $188.9 million
7 Truewealth Advisors, LLC Hoover 29.9% $148.2 million
8 Mayfair Advisory Group, LLC Birmingham 28.0% $234.8 million
9 Mainsail Asset Management, LLC Birmingham 21.4% $227.2 million
10 JMF Capstone Wealth Management Tuscaloosa 18.2% $180.5 million

Top 100 in Alabama

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Waverly Advisors, LLC Birmingham $13.7 billion
2 Aptus Capital Advisors, LLC Fairhope $4.3 billion
3 RFG Advisory, LLC Vestavia Hills $3.0 billion
4 Eversource Wealth Advisors, LLC Birmingham $1.1 billion
5 Marble Wealth, LLC Montgomery $1.0 billion
6 Oneascent Financial Services LLC Birmingham $927.0 million
7 Oakworth Asset Management, LLC Birmingham $846.3 million
8 The Welch Group, LLC Birmingham $470.4 million
9 Leavell Investment Management, Inc. Mobile $437.6 million
10 Mitchell, McLeod, Pugh & Williams, Inc. Mobile $390.9 million

Top 100 in Alabama

Independent RIAs with the most clients

Rank Firm City Most clients
1 RFG Advisory, LLC Vestavia Hills 17,422
2 Waverly Advisors, LLC Birmingham 13,758
3 Aptus Capital Advisors, LLC Fairhope 12,740
4 Oneascent Financial Services LLC Birmingham 5,294
5 Eversource Wealth Advisors, LLC Birmingham 4,389
6 Leavell Investment Management, Inc. Mobile 3,034
7 Tucker Financial Group Montgomery 2,436
8 The Welch Group, LLC Birmingham 1,450
9 Southern Financial Group, LLC Birmingham 1,146
10 Meld Financial, Inc. Birmingham 1,130

Top 100 in Alabama

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Cloud Investments, LLC Huntsville 122.6% 447
2 Blalock Williams, LLC Alexander City 40.5% 195
3 RFG Advisory, LLC Vestavia Hills 36.5% 12,760
4 Aptus Capital Advisors, LLC Fairhope 35.7% 9,387
5 Waverly Advisors, LLC Birmingham 35.5% 10,154
6 Williams Financial Group Mobile 26.3% 521
7 Oneascent Financial Services LLC Birmingham 26.0% 4,203
8 Tucker Financial Group Montgomery 22.9% 1,982
9 Mainsail Asset Management, LLC Birmingham 22.9% 153
10 Magnolia Wealth Management LLC Dothan 21.5% 317

Top 100 in Alabama

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Waverly Advisors, LLC Birmingham 35,709
2 RFG Advisory, LLC Vestavia Hills 29,833
3 Oneascent Financial Services LLC Birmingham 16,009
4 Eversource Wealth Advisors, LLC Birmingham 13,689
5 Aptus Capital Advisors, LLC Fairhope 12,707
6 The Welch Group, LLC Birmingham 4,528
7 Tucker Financial Group Montgomery 3,950
8 Leavell Investment Management, Inc. Mobile 3,023
9 Oneascent Wealth Management Birmingham 2,616
10 Southern Financial Group, LLC Birmingham 2,597

Top 100 in Alabama

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Waverly Advisors, LLC Birmingham 197
2 RFG Advisory, LLC Vestavia Hills 178
3 Eversource Wealth Advisors, LLC Birmingham 76
4 Oneascent Financial Services LLC Birmingham 74
5 The Welch Group, LLC Birmingham 26
5 Aptus Capital Advisors, LLC Fairhope 26
7 Leavell Investment Management, Inc. Mobile 24
8 Oakworth Asset Management, LLC Birmingham 19
9 Truewealth Advisors, LLC Hoover 13
10 Oneascent Wealth Management Birmingham 12

Top 100 in Alabama

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Waverly Advisors, LLC Birmingham 4,302
2 Aptus Capital Advisors, LLC Fairhope 2,358
3 Eversource Wealth Advisors, LLC Birmingham 1,540
4 RFG Advisory, LLC Vestavia Hills 1,256
5 Oneascent Financial Services LLC Birmingham 804
6 The Welch Group, LLC Birmingham 690
7 Leavell Investment Management, Inc. Mobile 536
8 Mitchell, McLeod, Pugh & Williams, Inc. Mobile 397
9 Jackson Thornton Wealth Management, LLC Montgomery 355
10 Southern Financial Group, LLC Birmingham 352

Top 100 in Alabama

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Waverly Advisors, LLC Birmingham 81
2 RFG Advisory, LLC Vestavia Hills 60
3 Oneascent Financial Services LLC Birmingham 27
4 The Welch Group, LLC Birmingham 25
4 Eversource Wealth Advisors, LLC Birmingham 25
6 Oakworth Asset Management, LLC Birmingham 8
7 Leavell Investment Management, Inc. Mobile 6
7 BMSS Wesson Wealth Solutions Birmingham 6
9 Meld Financial, Inc. Birmingham 5
9 Kassouf Wealth Advisors, LLC Birmingham 5

Top 100 in Alabama

Newest independent RIAs

Rank Firm City Amount
1 Axient Investment Advisors LLC Huntsville $454.0 million
2 Naviant Partners, LLC Fairhope $177.3 million
3 Infinity Tax & Financial Planning Huntsville $100.0 million
4 Clark Planning & Investment Advisory Birmingham $10.7 million
5 Capstone Global Advisors, LLC Wedowee $9.7 million
6 Still Waters Investment Strategies LLC Birmingham $2.3 million
7 Retirement Plans, LLC Auburn $1.7 million
8 Legacy Capital Partners LLC Birmingham $920,000
9 Aston Sandel Auburn $579,985
10 Cork Tree Wealth Partners, LLC Auburn $0

Top 100 in Alabama

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Alabama, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
020406020182020202120232024202658October 1, 2018: 38October 1, 2019: 38October 1, 2020: 42October 4, 2021: 46October 3, 2022: 48October 5, 2023: 50October 1, 2024: 50September 2, 2025: 52October 2, 2026: 58
Data table
As ofFirms
October 1, 201838
October 1, 201938
October 1, 202042
October 4, 202146
October 3, 202248
October 5, 202350
October 1, 202450
September 2, 202552
October 2, 202658
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$25B$50B$75B$100B201820202021202320242026$91.9BOctober 1, 2018: $18.5 billionOctober 1, 2019: $18.6 billionOctober 1, 2020: $17.7 billionOctober 4, 2021: $28.7 billionOctober 3, 2022: $42.3 billionOctober 5, 2023: $44.2 billionOctober 1, 2024: $49.4 billionSeptember 2, 2025: $65.4 billionOctober 2, 2026: $91.9 billion
Data table
As ofRegulatory assets under management
October 1, 2018$18.5 billion
October 1, 2019$18.6 billion
October 1, 2020$17.7 billion
October 4, 2021$28.7 billion
October 3, 2022$42.3 billion
October 5, 2023$44.2 billion
October 1, 2024$49.4 billion
September 2, 2025$65.4 billion
October 2, 2026$91.9 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050K100K150K200K201820202021202320242026164KOctober 1, 2018: 51,573October 1, 2019: 38,153October 1, 2020: 49,113October 4, 2021: 55,315October 3, 2022: 71,008October 5, 2023: 94,509October 1, 2024: 101,364September 2, 2025: 129,947October 2, 2026: 164,086
Data table
As ofClient accounts
October 1, 201851,573
October 1, 201938,153
October 1, 202049,113
October 4, 202155,315
October 3, 202271,008
October 5, 202394,509
October 1, 2024101,364
September 2, 2025129,947
October 2, 2026164,086
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$200M$400M$600M201820202021202320242026$437MOctober 1, 2018: $260.6 millionOctober 1, 2019: $257.2 millionOctober 1, 2020: $196.9 millionOctober 4, 2021: $233.7 millionOctober 3, 2022: $303.1 millionOctober 5, 2023: $319.8 millionOctober 1, 2024: $343.9 millionSeptember 2, 2025: $368.4 millionOctober 2, 2026: $436.7 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$260.6 million
October 1, 2019$257.2 million
October 1, 2020$196.9 million
October 4, 2021$233.7 million
October 3, 2022$303.1 million
October 5, 2023$319.8 million
October 1, 2024$343.9 million
September 2, 2025$368.4 million
October 2, 2026$436.7 million

The market in Alabama now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms1515893
Regulatory assets under management$94.3 billion$91.9 billion$2.4 billion
Accounts172,596164,0868,510
Clients85,88580,4275,458
Employees1,6551,506149
Advisory employees968848120
Investment adviser representatives1,058927131
Median RAUM$57.4 million$436.7 million$20.7 million
Average RAUM$688.1 million$1.6 billion$29.6 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million80179
RAUM of firms under $100 million$2.2 billion$28,974$2.2 billion
Firms $100 million to $250 million16142
RAUM of firms $100 million to $250 million$2.6 billion$2.4 billion$208.7 million
Firms $250 million to $500 million19190
RAUM of firms $250 million to $500 million$7.2 billion$7.2 billion$0
Firms $500 million to $1 billion11110
RAUM of firms $500 million to $1 billion$7.8 billion$7.8 billion$0
Firms $1 billion to $5 billion770
RAUM of firms $1 billion to $5 billion$17.4 billion$17.4 billion$0
Firms $5 billion to $10 billion220
RAUM of firms $5 billion to $10 billion$13.1 billion$13.1 billion$0
Firms $10 billion and up220
RAUM of firms $10 billion and up$44.0 billion$44.0 billion$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 77.9%
Top 100 share of RAUM 99.7%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM77.9%79.9%35.1%
Top 100 share of RAUM99.7%No dataNo data

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Charge a percentage of assets 96.7%
Charge hourly fees 55.0%
Charge subscription fees 1.3%
Charge fixed fees 61.6%
Receive commissions 0.7%
Charge performance-based fees 4.0%
Other compensation 4.6%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets96.7%98.3%95.7%
Charge hourly fees55.0%56.9%53.8%
Charge subscription fees1.3%0.0%2.2%
Charge fixed fees61.6%74.1%53.8%
Receive commissions0.7%0.0%1.1%
Charge performance-based fees4.0%3.4%4.3%
Other compensation4.6%1.7%6.5%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

MeasureIndependent RIAsSEC-registeredState-registered
Have custody31.1%63.8%10.8%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated0.7%1.7%0.0%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

MeasureIndependent RIAsSEC-registeredState-registered
New registrations17512
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM1375681
Discretionary RAUM$85.0 billion$82.9 billion$2.1 billion
CFP professionals35732433
25th percentile RAUM$15.6 million$238.8 million$9.5 million
75th percentile RAUM$339.0 million$797.2 million$44.8 million
90th percentile RAUM$799.0 million$3.5 billion$68.4 million
Average account size$546,222$559,944$281,636
Offer financial planning75.5%79.3%73.1%
RAUM growth, one yearNo data40.5%No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Cities with at least five independent RIAs.

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.