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Independent RIAs in Iowa

As of October 2, 2026, 150 independent wealth management RIAs based in Iowa reported $33.5 billion in regulatory assets under management; the largest by assets was Foster Group, Inc., with $4.8 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
150
SEC-registered
68
State-registered
82
Regulatory assets under management
$33.5 billion
Client accounts
100,087
Median firm size
$120.3 million
Broker-dealer affiliated firms, not included
17, with $204.5 billion

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

Top firms in Iowa

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Foster Group, Inc. West Des Moines $4.8 billion
2 Steele Capital Management, Inc. Dubuque $3.5 billion
3 Gilbert & Cook, Inc. West Des Moines $1.7 billion
4 Accel Wealth Management Waverly $1.1 billion
5 Legacy Financial Group Des Moines $1.0 billion
6 Syverson Strege West Des Moines $910.8 million
7 DMKC Advisory Services, LLC Des Moines $902.5 million
8 Basepoint Wealth, LLC Cedar Rapids $883.8 million
9 Rda Financial Network Akron $675.2 million
10 West Financial Advisors, L.L.C. Des Moines $674.2 million

Top 100 in Iowa

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Friday Financial Dubuque 94.5% $210.5 million
2 Beacon Capital, LLC Cedar Rapids 57.9% $176.2 million
3 DMKC Advisory Services, LLC Des Moines 35.0% $668.7 million
4 Foster Group, Inc. West Des Moines 34.8% $3.5 billion
5 Merkle Retirement Planning Grimes 32.7% $428.5 million
6 LSB Wealth Management Ankeny 32.2% $173.0 million
7 Arnold and Mote Wealth Management Hiawatha 31.1% $128.3 million
8 Paladin Wealth Partners Clive 31.0% $213.6 million
9 Legacy Bridge Private Family Offices West Des Moines 30.6% $325.9 million
10 Des Moines Investments, LLC Des Moines 29.5% $190.0 million

Top 100 in Iowa

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Vivid Wealth Management, LLC West Des Moines 32.0% $126.3 million
2 Merkle Retirement Planning Grimes 29.7% $260.6 million
3 Beacon Capital, LLC Cedar Rapids 28.1% $132.3 million
4 Peterson Financial Group, Inc. Des Moines 26.3% $148.5 million
5 Wealthspan Partners, LLC Davenport 26.2% $224.5 million
6 Wealth Advisors Group, LLC Coralville 24.8% $143.3 million
7 DMKC Advisory Services, LLC Des Moines 23.7% $476.8 million
8 Mokosak Advisory Group, LLC Urbandale 21.9% $228.3 million
9 Nikulski Financial, Inc. Bettendorf 21.2% $252.1 million
10 Independent Wealth Network, Inc. Urbandale 21.0% $292.8 million

Top 100 in Iowa

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Matheson & Rock Wealth Management, LLC Davenport 25.5% $170.0 million
2 Merkle Retirement Planning Grimes 25.0% $186.3 million
3 Peterson Financial Group, Inc. Des Moines 22.3% $109.5 million
4 Wealthspan Partners, LLC Davenport 19.4% $185.9 million
5 Beacon Capital, LLC Cedar Rapids 19.3% $115.0 million
6 Valiant Wealth, LLC West Des Moines 17.5% $188.6 million
7 Independent Wealth Network, Inc. Urbandale 16.7% $239.8 million
8 Gilbert & Cook, Inc. West Des Moines 16.4% $793.2 million
9 Kane Company Wealth Management, Inc. Johnston 16.3% $134.1 million
10 AO Wealth Advisory Urbandale 16.2% $100.5 million

Top 100 in Iowa

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Foster Group, Inc. West Des Moines $1.2 billion
2 Steele Capital Management, Inc. Dubuque $516.7 million
3 Gilbert & Cook, Inc. West Des Moines $336.5 million
4 Oasis Advisors Forest City $277.7 million
5 DMKC Advisory Services, LLC Des Moines $233.8 million
6 Friday Financial Dubuque $198.8 million
7 Accel Wealth Management Waverly $173.8 million
8 Legacy Financial Group Des Moines $167.2 million
9 Merkle Retirement Planning Grimes $140.3 million
10 RIA Advisory Group, LLC Des Moines $111.9 million

Top 100 in Iowa

Independent RIAs with the most clients

Rank Firm City Most clients
1 Oasis Advisors Forest City 5,051
2 Aegis Wealth Management, Inc. Guthrie Center 2,350
3 Foster Group, Inc. West Des Moines 2,110
4 RIA Advisory Group, LLC Des Moines 1,996
5 Steele Capital Management, Inc. Dubuque 1,644
6 Rda Financial Network Akron 1,521
7 Independent Wealth Network, Inc. Urbandale 1,472
8 Legacy Financial Group Des Moines 1,452
9 Des Moines Investments, LLC Des Moines 1,400
10 Accel Wealth Management Waverly 1,381

Top 100 in Iowa

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Altitude Capital Management LLC Des Moines 65.4% 295
2 Friday Financial Dubuque 65.1% 175
3 Aegis Wealth Management, Inc. Guthrie Center 52.8% 1,538
4 Des Moines Investments, LLC Des Moines 27.3% 1,100
5 RIA Advisory Group, LLC Des Moines 23.4% 1,618
6 Merkle Retirement Planning Grimes 17.8% 866
7 Foster Group, Inc. West Des Moines 15.0% 1,834
8 Nikulski Financial, Inc. Bettendorf 13.9% 418
9 TFP Management, LLC Bettendorf 13.4% 613
10 Wealth Advisors of Iowa, LLC West Des Moines 13.3% 510

Top 100 in Iowa

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Foster Group, Inc. West Des Moines 7,346
2 Oasis Advisors Forest City 5,052
3 Steele Capital Management, Inc. Dubuque 4,418
4 Legacy Financial Group Des Moines 4,146
5 Gilbert & Cook, Inc. West Des Moines 3,792
6 Basepoint Wealth, LLC Cedar Rapids 3,715
7 RIA Advisory Group, LLC Des Moines 3,228
8 Merkle Retirement Planning Grimes 2,896
9 Independent Wealth Network, Inc. Urbandale 2,881
10 Accel Wealth Management Waverly 2,819

Top 100 in Iowa

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Foster Group, Inc. West Des Moines 45
2 Independent Wealth Network, Inc. Urbandale 30
3 Aegis Wealth Management, Inc. Guthrie Center 27
4 Altitude Capital Management LLC Des Moines 26
5 RIA Advisory Group, LLC Des Moines 25
6 Oasis Advisors Forest City 22
7 Stackstone Wealth, LLC Dubuque 18
8 Rda Financial Network Akron 17
8 Gilbert & Cook, Inc. West Des Moines 17
10 Bradford Financial Center Clarion 14

Top 100 in Iowa

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Foster Group, Inc. West Des Moines 715
2 Steele Capital Management, Inc. Dubuque 582
3 Gilbert & Cook, Inc. West Des Moines 421
4 Compass Financial Services West Des Moines 317
5 Legacy Financial Group Des Moines 314
6 Syverson Strege West Des Moines 296
7 Merkle Retirement Planning Grimes 287
8 Independent Wealth Network, Inc. Urbandale 262
9 Basepoint Wealth, LLC Cedar Rapids 261
10 DMKC Advisory Services, LLC Des Moines 254

Top 100 in Iowa

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Foster Group, Inc. West Des Moines 35
2 Syverson Strege West Des Moines 13
3 Gilbert & Cook, Inc. West Des Moines 12
4 Basepoint Wealth, LLC Cedar Rapids 8
5 Steele Capital Management, Inc. Dubuque 5
5 Independent Wealth Network, Inc. Urbandale 5
5 Friday Financial Dubuque 5
5 Stackstone Wealth, LLC Dubuque 5
9 West Financial Advisors, L.L.C. Des Moines 4
10 Bradford Financial Center Clarion 3

Top 100 in Iowa

Newest independent RIAs

Rank Firm City Amount
1 Van Diest Capital Polk City $144.1 million
2 Lane Family Wealth Management North Liberty $142.7 million
3 BSC Capital Partners, LLC West Des Moines $125.8 million
4 Visionx Wealth Partners Fort Dodge $110.2 million
5 Taber Asset Management L.L.C. Des Moines $110.0 million
6 Blackoak Advisors LLC Des Moines $0
6 DRG Financial, LLC Clear Lake $0
6 True Wealth, LLC Carroll $0
6 Apexedge LLC Grimes $0
6 Polson Wealth Management Des Moines $0

Top 100 in Iowa

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Iowa, 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.
02040608020182020202120232024202668October 1, 2018: 36October 1, 2019: 38October 1, 2020: 41October 4, 2021: 47October 3, 2022: 54October 5, 2023: 53October 1, 2024: 51September 2, 2025: 55October 2, 2026: 68
Data table
As ofFirms
October 1, 201836
October 1, 201938
October 1, 202041
October 4, 202147
October 3, 202254
October 5, 202353
October 1, 202451
September 2, 202555
October 2, 202668
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$10B$20B$30B$40B201820202021202320242026$31.4BOctober 1, 2018: $14.8 billionOctober 1, 2019: $14.3 billionOctober 1, 2020: $17.6 billionOctober 4, 2021: $21.3 billionOctober 3, 2022: $27.0 billionOctober 5, 2023: $18.9 billionOctober 1, 2024: $20.2 billionSeptember 2, 2025: $31.0 billionOctober 2, 2026: $31.4 billion
Data table
As ofRegulatory assets under management
October 1, 2018$14.8 billion
October 1, 2019$14.3 billion
October 1, 2020$17.6 billion
October 4, 2021$21.3 billion
October 3, 2022$27.0 billion
October 5, 2023$18.9 billion
October 1, 2024$20.2 billion
September 2, 2025$31.0 billion
October 2, 2026$31.4 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
025K50K75K100K20182020202120232024202691.4KOctober 1, 2018: 56,717October 1, 2019: 56,583October 1, 2020: 59,871October 4, 2021: 71,880October 3, 2022: 80,588October 5, 2023: 69,834October 1, 2024: 69,326September 2, 2025: 89,388October 2, 2026: 91,424
Data table
As ofClient accounts
October 1, 201856,717
October 1, 201956,583
October 1, 202059,871
October 4, 202171,880
October 3, 202280,588
October 5, 202369,834
October 1, 202469,326
September 2, 202589,388
October 2, 202691,424
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M201820202021202320242026$278MOctober 1, 2018: $172.7 millionOctober 1, 2019: $162.4 millionOctober 1, 2020: $206.3 millionOctober 4, 2021: $229.8 millionOctober 3, 2022: $261.4 millionOctober 5, 2023: $238.1 millionOctober 1, 2024: $282.5 millionSeptember 2, 2025: $272.9 millionOctober 2, 2026: $278.3 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$172.7 million
October 1, 2019$162.4 million
October 1, 2020$206.3 million
October 4, 2021$229.8 million
October 3, 2022$261.4 million
October 5, 2023$238.1 million
October 1, 2024$282.5 million
September 2, 2025$272.9 million
October 2, 2026$278.3 million

The market in Iowa now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms1506882
Regulatory assets under management$33.5 billion$31.4 billion$2.1 billion
Accounts100,08791,4248,663
Clients49,15743,8465,311
Employees893750143
Advisory employees615505110
Investment adviser representatives671550121
Median RAUM$120.3 million$278.3 million$32.2 million
Average RAUM$272.0 million$483.1 million$35.4 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million54054
RAUM of firms under $100 million$1.6 billion$0$1.6 billion
Firms $100 million to $250 million31274
RAUM of firms $100 million to $250 million$4.8 billion$4.4 billion$412.9 million
Firms $250 million to $500 million22220
RAUM of firms $250 million to $500 million$7.5 billion$7.5 billion$0
Firms $500 million to $1 billion11110
RAUM of firms $500 million to $1 billion$7.3 billion$7.3 billion$0
Firms $1 billion to $5 billion550
RAUM of firms $1 billion to $5 billion$12.2 billion$12.2 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 48.5%
Top 100 share of RAUM 99.6%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM48.5%51.7%44.4%
Top 100 share of RAUM99.6%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 90.7%
Charge hourly fees 60.7%
Charge subscription fees 0.7%
Charge fixed fees 64.7%
Receive commissions 2.7%
Charge performance-based fees 3.3%
Other compensation 16.0%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets90.7%98.5%84.1%
Charge hourly fees60.7%66.2%56.1%
Charge subscription fees0.7%0.0%1.2%
Charge fixed fees64.7%63.2%65.9%
Receive commissions2.7%1.5%3.7%
Charge performance-based fees3.3%5.9%1.2%
Other compensation16.0%14.7%17.1%

Custody

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

MeasureIndependent RIAsSEC-registeredState-registered
Have custody32.7%55.9%13.4%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated1.3%2.9%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 registrations1385
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM1236558
Discretionary RAUM$32.4 billion$30.5 billion$1.9 billion
CFP professionals18814840
25th percentile RAUM$34.3 million$164.6 million$7.2 million
75th percentile RAUM$279.1 million$451.1 million$49.4 million
90th percentile RAUM$539.5 million$895.0 million$84.7 million
Average account size$334,276$343,492$237,013
Offer financial planning84.7%83.8%85.4%
RAUM growth, one yearNo data1.1%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.