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Independent RIAs in Arkansas

As of October 2, 2026, 115 independent wealth management RIAs based in Arkansas reported $27.7 billion in regulatory assets under management; the largest by assets was Sowell Management, with $4.8 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
115
SEC-registered
40
State-registered
75
Regulatory assets under management
$27.7 billion
Client accounts
61,980
Median firm size
$66.0 million
Broker-dealer affiliated firms, not included
8, with $22.0 billion

Arkansas requires IAR continuing education, in effect since 2023. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Arkansas.

Top firms in Arkansas

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Sowell Management North Little Rock $4.8 billion
2 Greenwood Gearhart, LLC Fayetteville $2.0 billion
3 Naviter Wealth, LLC Little Rock $1.9 billion
4 Stephens Group Asset Management, LLC Little Rock $1.7 billion
5 Legacy Capital Wealth Partners, LLC Little Rock $1.5 billion
6 Foundation Resource Management, Inc. Little Rock $1.1 billion
7 Bass and Bell, Inc. Little Rock $1.0 billion
8 Lathrop Investment Management Company Little Rock $1.0 billion
9 The Arkansas Financial Group, Inc. Little Rock $971.1 million
10 Hexagon Capital Partners, LLC Rogers $965.0 million

Top 100 in Arkansas

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Forest Hill Capital, LLC Little Rock 69.6% $146.7 million
2 Brown Capital Management, LLC Little Rock 34.0% $161.3 million
3 MACH-1 Financial Group, LLC Rogers 31.1% $416.9 million
4 Naviter Wealth, LLC Little Rock 28.7% $1.5 billion
5 Family Legacy Planning Bentonville 24.7% $135.6 million
6 Foundation Resource Management, Inc. Little Rock 23.9% $918.4 million
7 New Wave Wealth Advisors Springdale 22.8% $315.0 million
8 Applied Capital LLC Little Rock 21.9% $293.4 million
9 Stephens Group Asset Management, LLC Little Rock 20.9% $1.4 billion
10 Greenwood Gearhart, LLC Fayetteville 20.5% $1.6 billion

Top 100 in Arkansas

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Naviter Wealth, LLC Little Rock 33.6% $785.9 million
2 Greenwood Gearhart, LLC Fayetteville 31.0% $877.8 million
3 New Wave Wealth Advisors Springdale 29.9% $176.4 million
4 MACH-1 Financial Group, LLC Rogers 26.4% $270.6 million
5 Gutierrez Wealth Advisory, LLC Little Rock 25.4% $167.1 million
6 Sowell Management North Little Rock 19.6% $2.8 billion
7 Bass and Bell, Inc. Little Rock 19.5% $600.2 million
8 Stephens Group Asset Management, LLC Little Rock 19.1% $1.0 billion
9 Mendel Capital Management, LLC Little Rock 16.0% $174.4 million
10 Applied Capital LLC Little Rock 15.2% $233.8 million

Top 100 in Arkansas

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Naviter Wealth, LLC Little Rock 29.1% $521.7 million
2 Greenwood Gearhart, LLC Fayetteville 26.7% $603.6 million
3 Legacy Capital Wealth Partners, LLC Little Rock 24.1% $514.4 million
4 MACH-1 Financial Group, LLC Rogers 23.6% $189.2 million
5 Bass and Bell, Inc. Little Rock 16.1% $486.8 million
6 Foundation Resource Management, Inc. Little Rock 12.5% $631.4 million
7 Stephens Group Asset Management, LLC Little Rock 12.0% $966.6 million
8 Hexagon Capital Partners, LLC Rogers 10.1% $597.2 million
9 Millennium Capital Advisors, LLC Little Rock 9.8% $145.4 million
10 Mustard Seed Wealth Management Magnolia 9.5% $285.0 million

Top 100 in Arkansas

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 TMB Capital Partners, LLC Little Rock $867.8 million
2 Sowell Management North Little Rock $577.2 million
3 Naviter Wealth, LLC Little Rock $418.0 million
4 Greenwood Gearhart, LLC Fayetteville $335.1 million
5 Stephens Group Asset Management, LLC Little Rock $293.9 million
6 Foundation Resource Management, Inc. Little Rock $219.4 million
7 Legacy Capital Wealth Partners, LLC Little Rock $198.1 million
8 Bass and Bell, Inc. Little Rock $150.3 million
9 MACH-1 Financial Group, LLC Rogers $129.5 million
10 The Arkansas Financial Group, Inc. Little Rock $109.8 million

Top 100 in Arkansas

Independent RIAs with the most clients

Rank Firm City Most clients
1 Sowell Management North Little Rock 6,624
2 MACH-1 Financial Group, LLC Rogers 1,566
3 Greenwood Gearhart, LLC Fayetteville 1,101
4 Mustard Seed Wealth Management Magnolia 758
5 Whiterock Wealth Design, LLC Fayetteville 739
6 Applied Capital LLC Little Rock 687
7 Legacy Capital Wealth Partners, LLC Little Rock 680
8 Aptus Financial, LLC Little Rock 634
9 Ifrah Financial Services, Inc. Little Rock 598
10 Retirepath Wealth, LLC Little Rock 518

Top 100 in Arkansas

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Financial Legacy Management, NC. Little Rock 50.7% 300
2 Hexagon Capital Partners, LLC Rogers 39.9% 318
3 Strongtower Wealth Management, PLC Hot Springs 21.8% 312
4 MACH-1 Financial Group, LLC Rogers 21.1% 1,293
5 Bass and Bell, Inc. Little Rock 14.8% 325
6 New Wave Wealth Advisors Springdale 12.4% 459
7 Aptus Financial, LLC Little Rock 12.2% 565
8 Corkern & Co., Inc. Little Rock 11.8% 152
9 Legacy Capital Wealth Partners, LLC Little Rock 11.7% 609
10 Willow Rogers 11.1% 108

Top 100 in Arkansas

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Sowell Management North Little Rock 16,763
2 MACH-1 Financial Group, LLC Rogers 3,255
3 Greenwood Gearhart, LLC Fayetteville 3,101
4 Legacy Capital Wealth Partners, LLC Little Rock 2,626
5 Applied Capital LLC Little Rock 2,200
6 Whiterock Wealth Design, LLC Fayetteville 1,892
7 The Arkansas Financial Group, Inc. Little Rock 1,661
8 White McGowan Little Rock 1,625
9 Mustard Seed Wealth Management Magnolia 1,621
10 Ifrah Financial Services, Inc. Little Rock 1,432

Top 100 in Arkansas

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Sowell Management North Little Rock 94
2 Legacy Capital Wealth Partners, LLC Little Rock 17
3 Greenwood Gearhart, LLC Fayetteville 14
4 Naviter Wealth, LLC Little Rock 13
5 Aptus Financial, LLC Little Rock 11
6 Mustard Seed Wealth Management Magnolia 9
6 Ifrah Financial Services, Inc. Little Rock 9
8 Applied Capital LLC Little Rock 8
8 MACH-1 Financial Group, LLC Rogers 8
10 Whiterock Wealth Design, LLC Fayetteville 7

Top 100 in Arkansas

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Greenwood Gearhart, LLC Fayetteville 483
2 Sowell Management North Little Rock 400
3 Legacy Capital Wealth Partners, LLC Little Rock 304
4 Naviter Wealth, LLC Little Rock 253
5 The Arkansas Financial Group, Inc. Little Rock 248
6 Bass and Bell, Inc. Little Rock 220
7 Hexagon Capital Partners, LLC Rogers 203
8 Whiterock Wealth Design, LLC Fayetteville 173
9 MACH-1 Financial Group, LLC Rogers 161
10 Lexington Research and Capital Group, LLC Fayetteville 160

Top 100 in Arkansas

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Sowell Management North Little Rock 21
2 Ifrah Financial Services, Inc. Little Rock 7
3 Aptus Financial, LLC Little Rock 6
4 The Arkansas Financial Group, Inc. Little Rock 5
4 Naviter Wealth, LLC Little Rock 5
6 Legacy Capital Wealth Partners, LLC Little Rock 4
6 Rivertree Wealth Little Rock 4
8 Greenwood Gearhart, LLC Fayetteville 3
8 Mustard Seed Wealth Management Magnolia 3
8 MACH-1 Financial Group, LLC Rogers 3

Top 100 in Arkansas

Newest independent RIAs

Rank Firm City Amount
1 Whiterock Wealth Design, LLC Fayetteville $632.9 million
2 Hulsey Capital Management, Inc. Heber Springs $113.2 million
3 Fountain Financial & Tax Harrison $12.2 million
4 FIVE8 Financial LLC Rogers $4.7 million
5 Crystal Oak Wealth Management, LLC Rogers $118,916
6 Tekton Wealth Advisors Lowell $0
6 Ironclad Income Strategies LLC Gravette $0
6 Rainbrook Capital LLC Little Rock $0
6 Asheri Grove Financial Planning Conway $0
6 Reframe Wealth Strategies Harrison $0

Top 100 in Arkansas

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Arkansas, 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.
01020304020182020202120232024202640October 1, 2018: 18October 1, 2019: 19October 1, 2020: 25October 4, 2021: 24October 3, 2022: 26October 5, 2023: 32October 1, 2024: 36September 2, 2025: 37October 2, 2026: 40
Data table
As ofFirms
October 1, 201818
October 1, 201919
October 1, 202025
October 4, 202124
October 3, 202226
October 5, 202332
October 1, 202436
September 2, 202537
October 2, 202640
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$10B$20B$30B201820202021202320242026$25.4BOctober 1, 2018: $6.6 billionOctober 1, 2019: $8.1 billionOctober 1, 2020: $10.8 billionOctober 4, 2021: $11.9 billionOctober 3, 2022: $13.6 billionOctober 5, 2023: $14.5 billionOctober 1, 2024: $17.7 billionSeptember 2, 2025: $20.7 billionOctober 2, 2026: $25.4 billion
Data table
As ofRegulatory assets under management
October 1, 2018$6.6 billion
October 1, 2019$8.1 billion
October 1, 2020$10.8 billion
October 4, 2021$11.9 billion
October 3, 2022$13.6 billion
October 5, 2023$14.5 billion
October 1, 2024$17.7 billion
September 2, 2025$20.7 billion
October 2, 2026$25.4 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
020K40K60K20182020202120232024202650.8KOctober 1, 2018: 21,087October 1, 2019: 30,801October 1, 2020: 38,724October 4, 2021: 32,529October 3, 2022: 31,018October 5, 2023: 37,238October 1, 2024: 41,546September 2, 2025: 43,099October 2, 2026: 50,847
Data table
As ofClient accounts
October 1, 201821,087
October 1, 201930,801
October 1, 202038,724
October 4, 202132,529
October 3, 202231,018
October 5, 202337,238
October 1, 202441,546
September 2, 202543,099
October 2, 202650,847
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M$400M201820202021202320242026$355MOctober 1, 2018: $293.0 millionOctober 1, 2019: $309.0 millionOctober 1, 2020: $324.1 millionOctober 4, 2021: $339.1 millionOctober 3, 2022: $380.8 millionOctober 5, 2023: $271.3 millionOctober 1, 2024: $286.6 millionSeptember 2, 2025: $286.9 millionOctober 2, 2026: $354.5 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$293.0 million
October 1, 2019$309.0 million
October 1, 2020$324.1 million
October 4, 2021$339.1 million
October 3, 2022$380.8 million
October 5, 2023$271.3 million
October 1, 2024$286.6 million
September 2, 2025$286.9 million
October 2, 2026$354.5 million

The market in Arkansas now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms1154075
Regulatory assets under management$27.7 billion$25.4 billion$2.3 billion
Accounts61,98050,84711,133
Clients27,98621,2756,711
Employees585439146
Advisory employees407288119
Investment adviser representatives442319123
Median RAUM$66.0 million$354.5 million$21.6 million
Average RAUM$261.5 million$651.7 million$34.4 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million66165
RAUM of firms under $100 million$2.1 billion$7.2 million$2.1 billion
Firms $100 million to $250 million17152
RAUM of firms $100 million to $250 million$2.6 billion$2.4 billion$209.9 million
Firms $250 million to $500 million990
RAUM of firms $250 million to $500 million$3.4 billion$3.4 billion$0
Firms $500 million to $1 billion660
RAUM of firms $500 million to $1 billion$4.6 billion$4.6 billion$0
Firms $1 billion to $5 billion880
RAUM of firms $1 billion to $5 billion$15.0 billion$15.0 billion$0
Firms $5 billion to $10 billion000
RAUM of firms $5 billion to $10 billion$0$0$0
Firms $10 billion and up000
RAUM of firms $10 billion and up$0$0$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 61.3%
Top 100 share of RAUM 100.0%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM61.3%66.8%39.6%
Top 100 share of RAUM100.0%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 94.8%
Charge hourly fees 47.8%
Charge subscription fees 0.9%
Charge fixed fees 49.6%
Receive commissions 1.7%
Charge performance-based fees 3.5%
Other compensation 6.1%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets94.8%95.0%94.7%
Charge hourly fees47.8%45.0%49.3%
Charge subscription fees0.9%0.0%1.3%
Charge fixed fees49.6%52.5%48.0%
Receive commissions1.7%2.5%1.3%
Charge performance-based fees3.5%7.5%1.3%
Other compensation6.1%7.5%5.3%

Custody

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

MeasureIndependent RIAsSEC-registeredState-registered
Have custody26.1%57.5%9.3%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated1.7%2.5%1.3%

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 registrations1028
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM1063967
Discretionary RAUM$26.6 billion$24.5 billion$2.1 billion
CFP professionals967323
25th percentile RAUM$10.4 million$157.5 million$4.6 million
75th percentile RAUM$204.4 million$916.4 million$57.4 million
90th percentile RAUM$750.4 million$1.6 billion$83.3 million
Average account size$447,282$499,862$207,137
Offer financial planning74.8%85.0%69.3%
RAUM growth, one yearNo data22.5%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.