State market data

Wealth management firms in Arkansas

As of October 2, 2026, 123 wealth management firms, including broker-dealer firms, based in Arkansas reported $49.7 billion in regulatory assets under management; the largest by assets was Stephens, with $18.0 billion.

Showing all wealth firms, including wirehouses and broker-dealer firms. Independent RIAs only

Wealth management firms: 123
SEC-registered: 47
State-registered: 76
Regulatory assets under management: $49.7 billion
Client accounts: 94,063
Median firm size: $68.5 million
Of which broker-dealer affiliated: 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 wealth firms by assets under management, including broker-dealer firms

Largest wealth firms by assets under management, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	RAUM
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	$18.0 billion
2	Sowell Management	North Little Rock	$4.8 billion
3	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	$3.4 billion
4	Greenwood Gearhart, LLC	Fayetteville	$2.0 billion
5	Naviter Wealth, LLC	Little Rock	$1.9 billion
6	Stephens Group Asset Management, LLC	Little Rock	$1.7 billion
7	Legacy Capital Wealth Partners, LLC	Little Rock	$1.5 billion
8	Foundation Resource Management, Inc.	Little Rock	$1.1 billion
9	Bass and Bell, Inc.	Little Rock	$1.0 billion
10	Lathrop Investment Management Company	Little Rock	$1.0 billion

Top 100 in Arkansas

Fastest-growing wealth firms over one year, including broker-dealer firms

Fastest-growing wealth firms over one year, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Growth	Starting value
1	Forest Hill Capital, LLC	Little Rock	69.6%	$146.7 million
2	Thrasher & Chambers Wealth Management, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Bentonville	51.0%	$100.0 million
3	Brown Capital Management, LLC	Little Rock	34.0%	$161.3 million
4	MACH-1 Financial Group, LLC	Rogers	31.1%	$416.9 million
5	Naviter Wealth, LLC	Little Rock	28.7%	$1.5 billion
6	Family Legacy Planning	Bentonville	24.7%	$135.6 million
7	Foundation Resource Management, Inc.	Little Rock	23.9%	$918.4 million
8	New Wave Wealth Advisors	Springdale	22.8%	$315.0 million
9	Applied Capital LLC	Little Rock	21.9%	$293.4 million
10	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	21.8%	$2.8 billion

Top 100 in Arkansas

Fastest-growing wealth firms over three years, including broker-dealer firms

Fastest-growing wealth firms over three years, including broker-dealer firms in Arkansas, top 10
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 wealth firms over five years, including broker-dealer firms

Fastest-growing wealth firms over five years, including broker-dealer firms in Arkansas, top 10
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

Wealth firms with the biggest asset gains over one year, including broker-dealer firms

Wealth firms with the biggest asset gains over one year, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Increase
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	$2.4 billion
2	TMB Capital Partners, LLC	Little Rock	$867.8 million
3	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	$614.9 million
4	Sowell Management	North Little Rock	$577.2 million
5	Naviter Wealth, LLC	Little Rock	$418.0 million
6	Greenwood Gearhart, LLC	Fayetteville	$335.1 million
7	Stephens Group Asset Management, LLC	Little Rock	$293.9 million
8	Foundation Resource Management, Inc.	Little Rock	$219.4 million
9	Legacy Capital Wealth Partners, LLC	Little Rock	$198.1 million
10	Bass and Bell, Inc.	Little Rock	$150.3 million

Top 100 in Arkansas

Wealth firms with the most clients, including broker-dealer firms

Wealth firms with the most clients, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Most clients
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	22,161
2	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	6,811
3	Sowell Management	North Little Rock	6,624
4	MACH-1 Financial Group, LLC	Rogers	1,566
5	Greenwood Gearhart, LLC	Fayetteville	1,101
6	Thrasher & Chambers Wealth Management, LLC Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Bentonville	800
7	St. Bernard Financial Services, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Russellville	798
8	Mustard Seed Wealth Management	Magnolia	758
9	Whiterock Wealth Design, LLC	Fayetteville	739
10	Applied Capital LLC	Little Rock	687

Top 100 in Arkansas

Wealth firms with the fastest client growth over one year, including broker-dealer firms

Wealth firms with the fastest client growth over one year, including broker-dealer firms in Arkansas, top 10
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

Wealth firms with the most accounts, including broker-dealer firms

Wealth firms with the most accounts, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Most accounts
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	21,991
2	Sowell Management	North Little Rock	16,763
3	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	8,453
4	MACH-1 Financial Group, LLC	Rogers	3,255
5	Greenwood Gearhart, LLC	Fayetteville	3,101
6	Legacy Capital Wealth Partners, LLC	Little Rock	2,626
7	Applied Capital LLC	Little Rock	2,200
8	Whiterock Wealth Design, LLC	Fayetteville	1,892
9	The Arkansas Financial Group, Inc.	Little Rock	1,661
10	White McGowan	Little Rock	1,625

Top 100 in Arkansas

Wealth firms with the most advisory staff, including broker-dealer firms

Wealth firms with the most advisory staff, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Most advisory staff
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	247
2	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	173
3	Sowell Management	North Little Rock	94
4	St. Bernard Financial Services, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Russellville	30
5	Crews & Associates, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	18
6	Legacy Capital Wealth Partners, LLC	Little Rock	17
7	Greenwood Gearhart, LLC	Fayetteville	14
8	Naviter Wealth, LLC	Little Rock	13
9	Aptus Financial, LLC	Little Rock	11
10	Mustard Seed Wealth Management	Magnolia	9

Top 100 in Arkansas

Wealth firms with the most high net worth clients, including broker-dealer firms

Wealth firms with the most high net worth clients, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Most high net worth clients
1	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	3,088
2	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	589
3	Greenwood Gearhart, LLC	Fayetteville	483
4	Sowell Management	North Little Rock	400
5	Legacy Capital Wealth Partners, LLC	Little Rock	304
6	Naviter Wealth, LLC	Little Rock	253
7	The Arkansas Financial Group, Inc.	Little Rock	248
8	Bass and Bell, Inc.	Little Rock	220
9	Hexagon Capital Partners, LLC	Rogers	203
10	Whiterock Wealth Design, LLC	Fayetteville	173

Top 100 in Arkansas

Wealth firms with the most CFP professionals, including broker-dealer firms

Wealth firms with the most CFP professionals, including broker-dealer firms in Arkansas, top 10
Rank	Firm	City	Most CFP professionals
1	Arvest Wealth Management Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Lowell	24
2	Sowell Management	North Little Rock	21
3	Stephens Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Little Rock	9
4	Ifrah Financial Services, Inc.	Little Rock	7
5	Aptus Financial, LLC	Little Rock	6
6	The Arkansas Financial Group, Inc.	Little Rock	5
6	Naviter Wealth, LLC	Little Rock	5
8	Legacy Capital Wealth Partners, LLC	Little Rock	4
8	Rivertree Wealth	Little Rock	4
10	St. Bernard Financial Services, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Russellville	3

Top 100 in Arkansas

Newest wealth firms, including broker-dealer firms

Newest wealth firms, including broker-dealer firms in Arkansas, top 10
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 wealth firms based in Arkansas, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Firms
As of	Firms
October 1, 2018	22
October 1, 2019	22
October 1, 2020	28
October 4, 2021	29
October 3, 2022	31
October 5, 2023	38
October 1, 2024	44
September 2, 2025	46
October 2, 2026	47

Regulatory assets under managementSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Regulatory assets under management
As of	Regulatory assets under management
October 1, 2018	$19.3 billion
October 1, 2019	$20.9 billion
October 1, 2020	$23.9 billion
October 4, 2021	$28.7 billion
October 3, 2022	$29.3 billion
October 5, 2023	$30.9 billion
October 1, 2024	$34.4 billion
September 2, 2025	$39.9 billion
October 2, 2026	$47.4 billion

Client accountsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Client accounts
As of	Client accounts
October 1, 2018	54,277
October 1, 2019	63,839
October 1, 2020	69,747
October 4, 2021	65,322
October 3, 2022	62,633
October 5, 2023	68,752
October 1, 2024	73,333
September 2, 2025	75,733
October 2, 2026	82,902

Median firm size (RAUM)SEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Median firm size (RAUM)
As of	Median firm size (RAUM)
October 1, 2018	$293.0 million
October 1, 2019	$320.2 million
October 1, 2020	$325.1 million
October 4, 2021	$339.1 million
October 3, 2022	$355.9 million
October 5, 2023	$270.6 million
October 1, 2024	$225.7 million
September 2, 2025	$264.7 million
October 2, 2026	$316.1 million

The market in Arkansas now

Headline figures

Headline figures, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms	123	47	76
Regulatory assets under management	$49.7 billion	$47.4 billion	$2.3 billion
Accounts	94,063	82,902	11,161
Clients	58,984	52,258	6,726
Employees	1,706	1,558	148
Advisory employees	882	761	121
Investment adviser representatives	961	836	125
Median RAUM	$68.5 million	$316.1 million	$20.8 million
Average RAUM	$436.1 million	$1.0 billion	$34.1 million

Firms by size

Advisers grouped by regulatory assets under management.

Firms by size, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms under $100 million	69	3	66
RAUM of firms under $100 million	$2.1 billion	$34.9 million	$2.1 billion
Firms $100 million to $250 million	20	18	2
RAUM of firms $100 million to $250 million	$3.1 billion	$2.9 billion	$209.9 million
Firms $250 million to $500 million	9	9	0
RAUM of firms $250 million to $500 million	$3.4 billion	$3.4 billion	$0
Firms $500 million to $1 billion	6	6	0
RAUM of firms $500 million to $1 billion	$4.6 billion	$4.6 billion	$0
Firms $1 billion to $5 billion	9	9	0
RAUM of firms $1 billion to $5 billion	$18.5 billion	$18.5 billion	$0
Firms $5 billion to $10 billion	0	0	0
RAUM of firms $5 billion to $10 billion	$0	$0	$0
Firms $10 billion and up	1	1	0
RAUM of firms $10 billion and up	$18.0 billion	$18.0 billion	$0

Concentration

How much of the market the largest advisers hold.

Concentration: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Top 10 share of RAUM		73.5%
Top 100 share of RAUM		100.0%

Concentration, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Top 10 share of RAUM	73.5%	77.1%	39.4%
Top 100 share of RAUM	100.0%	No data	No 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: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Charge a percentage of assets		95.1%
Charge hourly fees		47.2%
Charge subscription fees		0.8%
Charge fixed fees		48.0%
Receive commissions		2.4%
Charge performance-based fees		4.1%
Other compensation		5.7%

How advisers are paid, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Charge a percentage of assets	95.1%	95.7%	94.7%
Charge hourly fees	47.2%	44.7%	48.7%
Charge subscription fees	0.8%	0.0%	1.3%
Charge fixed fees	48.0%	48.9%	47.4%
Receive commissions	2.4%	4.3%	1.3%
Charge performance-based fees	4.1%	8.5%	1.3%
Other compensation	5.7%	6.4%	5.3%

Custody

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

Custody, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Have custody	25.2%	51.1%	9.2%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

Broker-dealer and other affiliations, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Broker-dealer affiliated	7.3%	14.9%	2.6%

New firms and successions

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

New firms and successions, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
New registrations	10	2	8
Successions	No data	0	No data

Other measures

Other measures, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms reporting RAUM	114	46	68
Discretionary RAUM	$41.5 billion	$39.3 billion	$2.1 billion
CFP professionals	132	109	23
25th percentile RAUM	$10.6 million	$145.1 million	$4.7 million
75th percentile RAUM	$207.4 million	$940.7 million	$56.9 million
90th percentile RAUM	$935.8 million	$1.8 billion	$83.3 million
Average account size	$528,545	$571,725	$207,810
Offer financial planning	73.2%	80.9%	68.4%
RAUM growth, one year	No data	18.8%	No data

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

Cities

Little Rock 40 independent RIAs, $15.0 billion
North Little Rock 6 independent RIAs, $5.3 billion
Fayetteville 8 independent RIAs, $3.0 billion
Rogers 9 independent RIAs, $1.7 billion
Bentonville 8 independent RIAs, $334.5 million
Hot Springs 5 independent RIAs, $277.1 million

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.