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Independent RIAs in Indiana

As of October 2, 2026, 358 independent wealth management RIAs based in Indiana reported $126.2 billion in regulatory assets under management; the largest by assets was Oxford Financial Group, Ltd, with $23.3 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
358
SEC-registered
121
State-registered
237
Regulatory assets under management
$126.2 billion
Client accounts
227,269
Median firm size
$68.7 million
Broker-dealer affiliated firms, not included
12, with $10.3 billion

Indiana has adopted IAR continuing education, with the first requirement applying in 2027. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Indiana.

Top firms in Indiana

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Oxford Financial Group, Ltd Carmel $23.3 billion
2 Sapient Capital LLC Indianapolis $13.8 billion
3 Valeo Financial Advisors, LLC Carmel $13.0 billion
4 Sym Financial Advisors Winona Lake $5.8 billion
5 CX Institutional, LLC Auburn $4.5 billion
6 Donaldson Capital Management LLC Evansville $3.5 billion
7 Bedel Financial Consulting Inc Indianapolis $2.9 billion
8 Phillips Financial Fort Wayne $2.6 billion
9 Woodley Farra Indianapolis $2.3 billion
10 Elser Financial Planning, Inc. Indianapolis $2.1 billion

Top 100 in Indiana

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 The Wellington GRP LLC Indianapolis 247.2% $136.4 million
2 Corevision Financial Group Shelbyville 227.6% $352.3 million
3 Daviman Financial, LLC Noblesville 53.1% $152.8 million
4 Werner Financial Indianapolis 48.4% $102.7 million
5 Halter Ferguson Financial Inc Carmel 44.5% $487.8 million
6 Mindset Wealth Management, LLC Indianapolis 37.8% $323.4 million
7 Comprehensive Financial Consultants Cicero 33.8% $140.0 million
8 CX Institutional, LLC Auburn 33.8% $3.3 billion
9 Elevated Financial Group Indianapolis 33.2% $399.3 million
10 Financial Plans & Strategies, Inc. Greenwood 32.6% $460.5 million

Top 100 in Indiana

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Corevision Financial Group Shelbyville 61.4% $274.4 million
2 Halter Ferguson Financial Inc Carmel 38.3% $266.7 million
3 Teeple Snyder Newsome Wealth & Tax Management Brownsburg 31.3% $126.8 million
4 Quantum Financial Services Inc. Indianapolis 30.5% $329.1 million
5 Gimbal Financial, LLC Carmel 29.0% $135.0 million
6 Hendershott Wealth Management, LLC Fishers 29.0% $142.5 million
7 Lji Wealth Management, LLC Indianapolis 28.5% $647.2 million
8 Sapient Capital LLC Indianapolis 28.2% $6.5 billion
9 Vestia Personal Wealth Advisors Fort Wayne 27.3% $514.0 million
10 CX Institutional, LLC Auburn 26.2% $2.2 billion

Top 100 in Indiana

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Elser Financial Planning, Inc. Indianapolis 33.3% $500.3 million
2 CX Institutional, LLC Auburn 30.6% $1.2 billion
3 Maripau Wealth Management LLC Fort Wayne 28.0% $106.0 million
4 FI3 Financial Advisors, LLC Indianapolis 27.6% $336.9 million
5 Lji Wealth Management, LLC Indianapolis 26.1% $431.2 million
6 Quantum Financial Services Inc. Indianapolis 23.7% $252.1 million
7 Hendershott Wealth Management, LLC Fishers 22.0% $113.1 million
8 Gimbal Financial, LLC Carmel 21.5% $109.5 million
9 Phillips Financial Fort Wayne 19.0% $1.1 billion
10 Howard Bailey Securities, LLC Fort Wayne 18.8% $246.5 million

Top 100 in Indiana

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Oxford Financial Group, Ltd Carmel $3.7 billion
2 Valeo Financial Advisors, LLC Carmel $2.3 billion
3 Sapient Capital LLC Indianapolis $2.3 billion
4 CX Institutional, LLC Auburn $1.1 billion
5 Sym Financial Advisors Winona Lake $933.6 million
6 Corevision Financial Group Shelbyville $802.0 million
7 Bedel Financial Consulting Inc Indianapolis $449.1 million
8 Phillips Financial Fort Wayne $421.6 million
9 Donaldson Capital Management LLC Evansville $367.1 million
10 The Wellington GRP LLC Indianapolis $337.2 million

Top 100 in Indiana

Independent RIAs with the most clients

Rank Firm City Most clients
1 CX Institutional, LLC Auburn 4,563
2 Asset Management Strategies, Inc. Indianapolis 4,220
3 Vestia Personal Wealth Advisors Fort Wayne 3,987
4 Valeo Financial Advisors, LLC Carmel 3,042
5 Invst, LLC Indianapolis 2,801
6 Korhorn Financial Group Granger 2,516
7 Sym Financial Advisors Winona Lake 1,991
8 Donaldson Capital Management LLC Evansville 1,845
9 Howard Bailey Securities, LLC Fort Wayne 1,756
10 Woodley Farra Indianapolis 1,652

Top 100 in Indiana

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Corevision Financial Group Shelbyville 69.9% 771
2 Provider Financial, Inc. Indianapolis 67.8% 301
3 Elevated Financial Group Indianapolis 67.7% 427
4 Deerfield Indianapolis 59.1% 220
5 Elser Financial Planning, Inc. Indianapolis 40.0% 430
6 Forum Private Client Group Fishers 39.2% 523
7 CX Institutional, LLC Auburn 32.9% 3,434
8 Financial Plans & Strategies, Inc. Greenwood 30.7% 827
9 Mindset Wealth Management, LLC Indianapolis 30.7% 212
10 Integrated Planning & Wealth Management, LLC Westfield 24.0% 167

Top 100 in Indiana

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Valeo Financial Advisors, LLC Carmel 22,812
2 CX Institutional, LLC Auburn 13,723
3 Invst, LLC Indianapolis 6,818
4 Sapient Capital LLC Indianapolis 6,681
5 Sym Financial Advisors Winona Lake 6,673
6 Oxford Financial Group, Ltd Carmel 6,593
7 Korhorn Financial Group Granger 5,880
8 Bedel Financial Consulting Inc Indianapolis 5,435
9 Howard Bailey Securities, LLC Fort Wayne 4,056
10 Vestia Personal Wealth Advisors Fort Wayne 3,987

Top 100 in Indiana

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Valeo Financial Advisors, LLC Carmel 119
2 CX Institutional, LLC Auburn 73
3 Sym Financial Advisors Winona Lake 49
4 Korhorn Financial Group Granger 42
5 Invst, LLC Indianapolis 39
6 Oxford Financial Group, Ltd Carmel 36
6 Donaldson Capital Management LLC Evansville 36
8 Sapient Capital LLC Indianapolis 30
9 Financial Enhancement Group Anderson 22
10 Cfci Bloomington 21

Top 100 in Indiana

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Vestia Personal Wealth Advisors Fort Wayne 3,105
2 Valeo Financial Advisors, LLC Carmel 2,257
3 CX Institutional, LLC Auburn 1,556
4 Woodley Farra Indianapolis 955
5 Sym Financial Advisors Winona Lake 848
6 Bedel Financial Consulting Inc Indianapolis 741
7 Donaldson Capital Management LLC Evansville 711
8 Sapient Capital LLC Indianapolis 691
9 Oxford Financial Group, Ltd Carmel 551
10 Galecki Financial Management Inc Fort Wayne 530

Top 100 in Indiana

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Valeo Financial Advisors, LLC Carmel 101
2 CX Institutional, LLC Auburn 27
3 Korhorn Financial Group Granger 23
4 Sym Financial Advisors Winona Lake 21
5 Oxford Financial Group, Ltd Carmel 19
6 Donaldson Capital Management LLC Evansville 12
7 Bedel Financial Consulting Inc Indianapolis 11
7 Vestia Personal Wealth Advisors Fort Wayne 11
9 Invst, LLC Indianapolis 9
10 Wealth Advisors Group Fort Wayne 8

Top 100 in Indiana

Newest independent RIAs

Rank Firm City Amount
1 Storen Financial Zionsville $438.3 million
2 Nearside Advisors, LLC Indianapolis $188.6 million
3 Henthorn Agency, Inc. Beech Grove $130.0 million
4 Titan Investment Management LLC Indianapolis $123.9 million
5 Genesis Advisors, LLC Fishers $121.2 million
6 Private Counsel Group, Ltd. Indianapolis $116.0 million
7 Precedent Financial Strategies Indianapolis $111.5 million
8 CFG Wealth Management Services Inc Indianapolis $110.2 million
9 Integrated Investment Strategies,inc. Carmel $104.5 million
10 Affinity Financial - the Walker Group LLC Zionsville $42.1 million

Top 100 in Indiana

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Indiana, 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.
050100150201820202021202320242026121October 1, 2018: 73October 1, 2019: 74October 1, 2020: 82October 4, 2021: 89October 3, 2022: 97October 5, 2023: 101October 1, 2024: 106September 2, 2025: 110October 2, 2026: 121
Data table
As ofFirms
October 1, 201873
October 1, 201974
October 1, 202082
October 4, 202189
October 3, 202297
October 5, 2023101
October 1, 2024106
September 2, 2025110
October 2, 2026121
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$50B$100B$150B201820202021202320242026$120BOctober 1, 2018: $42.2 billionOctober 1, 2019: $40.7 billionOctober 1, 2020: $54.3 billionOctober 4, 2021: $69.6 billionOctober 3, 2022: $78.2 billionOctober 5, 2023: $80.4 billionOctober 1, 2024: $95.1 billionSeptember 2, 2025: $102.6 billionOctober 2, 2026: $119.9 billion
Data table
As ofRegulatory assets under management
October 1, 2018$42.2 billion
October 1, 2019$40.7 billion
October 1, 2020$54.3 billion
October 4, 2021$69.6 billion
October 3, 2022$78.2 billion
October 5, 2023$80.4 billion
October 1, 2024$95.1 billion
September 2, 2025$102.6 billion
October 2, 2026$119.9 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050K100K150K200K201820202021202320242026200KOctober 1, 2018: 90,618October 1, 2019: 101,009October 1, 2020: 117,467October 4, 2021: 151,932October 3, 2022: 152,629October 5, 2023: 160,450October 1, 2024: 172,279September 2, 2025: 183,931October 2, 2026: 199,893
Data table
As ofClient accounts
October 1, 201890,618
October 1, 2019101,009
October 1, 2020117,467
October 4, 2021151,932
October 3, 2022152,629
October 5, 2023160,450
October 1, 2024172,279
September 2, 2025183,931
October 2, 2026199,893
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M$400M201820202021202320242026$333MOctober 1, 2018: $262.2 millionOctober 1, 2019: $256.3 millionOctober 1, 2020: $275.2 millionOctober 4, 2021: $305.8 millionOctober 3, 2022: $340.2 millionOctober 5, 2023: $298.2 millionOctober 1, 2024: $343.0 millionSeptember 2, 2025: $348.5 millionOctober 2, 2026: $333.1 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$262.2 million
October 1, 2019$256.3 million
October 1, 2020$275.2 million
October 4, 2021$305.8 million
October 3, 2022$340.2 million
October 5, 2023$298.2 million
October 1, 2024$343.0 million
September 2, 2025$348.5 million
October 2, 2026$333.1 million

The market in Indiana now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms358121237
Regulatory assets under management$126.2 billion$119.9 billion$6.3 billion
Accounts227,269199,89327,376
Clients97,36780,35117,016
Employees2,2721,897375
Advisory employees1,4201,101319
Investment adviser representatives1,4591,122337
Median RAUM$68.7 million$333.1 million$20.6 million
Average RAUM$417.9 million$1.0 billion$34.1 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million1741173
RAUM of firms under $100 million$5.0 billion$34.4 million$5.0 billion
Firms $100 million to $250 million524012
RAUM of firms $100 million to $250 million$7.8 billion$6.5 billion$1.3 billion
Firms $250 million to $500 million33330
RAUM of firms $250 million to $500 million$11.4 billion$11.4 billion$0
Firms $500 million to $1 billion23230
RAUM of firms $500 million to $1 billion$15.6 billion$15.6 billion$0
Firms $1 billion to $5 billion16160
RAUM of firms $1 billion to $5 billion$30.5 billion$30.5 billion$0
Firms $5 billion to $10 billion110
RAUM of firms $5 billion to $10 billion$5.8 billion$5.8 billion$0
Firms $10 billion and up330
RAUM of firms $10 billion and up$50.0 billion$50.0 billion$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 58.5%
Top 100 share of RAUM 93.4%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM58.5%61.5%17.5%
Top 100 share of RAUM93.4%98.3%90.9%

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 88.8%
Charge hourly fees 60.1%
Charge subscription fees 0.6%
Charge fixed fees 65.1%
Receive commissions 3.9%
Charge performance-based fees 2.5%
Other compensation 10.6%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets88.8%99.2%83.5%
Charge hourly fees60.1%57.9%61.2%
Charge subscription fees0.6%0.0%0.8%
Charge fixed fees65.1%73.6%60.8%
Receive commissions3.9%8.3%1.7%
Charge performance-based fees2.5%2.5%2.5%
Other compensation10.6%9.1%11.4%

Custody

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

MeasureIndependent RIAsSEC-registeredState-registered
Have custody31.0%64.5%13.9%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated0.6%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 registrations391128
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM302117185
Discretionary RAUM$101.9 billion$96.2 billion$5.7 billion
CFP professionals51341994
25th percentile RAUM$14.5 million$188.6 million$6.9 million
75th percentile RAUM$255.9 million$636.7 million$54.4 million
90th percentile RAUM$634.2 million$1.4 billion$92.4 million
Average account size$555,268$599,714$230,738
Offer financial planning82.7%85.1%81.4%
RAUM growth, one yearNo data16.9%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.