State market data

Independent RIAs in Massachusetts

As of October 2, 2026, 779 independent wealth management RIAs based in Massachusetts reported $406.3 billion in regulatory assets under management; the largest by assets was SCS Capital Management LLC, with $48.7 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs: 779
SEC-registered: 300
State-registered: 479
Regulatory assets under management: $406.3 billion
Client accounts: 430,871
Median firm size: $76.7 million
Broker-dealer affiliated firms, not included: 22, with $361.9 billion

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

Top firms in Massachusetts

Largest independent RIAs by assets under management

Largest independent RIAs by assets under management in Massachusetts, top 10
Rank	Firm	City	RAUM
1	SCS Capital Management LLC	Boston	$48.7 billion
2	Integrated Wealth Concepts LLC	Waltham	$23.6 billion
3	Rwa Wealth Partners	Boston	$19.8 billion
4	Ballentine Partners	Waltham	$15.3 billion
5	CW Advisors, LLC	Boston	$15.2 billion
6	Loring, Wolcott & Coolidge Fiduciary Advisors, LLP	Boston	$12.8 billion
7	Choate Investment Advisors	Boston	$10.0 billion
8	Welch & Forbes LLC	Boston	$9.9 billion
9	F L Putnam Investment Management Co.	Lynnfield	$9.7 billion
10	Battery Global Advisors, LLC	Boston	$8.4 billion

Top 100 in Massachusetts

Fastest-growing independent RIAs over one year

Fastest-growing independent RIAs over one year in Massachusetts, top 10
Rank	Firm	City	Growth	Starting value
1	J.R. Prunier Capital Management LLC	Holden	222.5%	$126.2 million
2	Bluedoor Private Wealth, LLC	Beverly	218.4%	$105.9 million
3	GC Wealth Management RIA, LLC	Cambridge	170.9%	$2.2 billion
4	Castle Rock Advisors LLC	Boston	141.9%	$1.6 billion
5	Apex Investment Group	Hudson	107.8%	$101.6 million
6	New England Private Wealth Advisors, LLC	Wellesley	69.7%	$3.0 billion
7	Mindoro Capital Partners LLC	Concord	68.6%	$134.3 million
8	Catalyst Financial Partners	Boston	68.5%	$1.0 billion
9	Colrain Capital LLC	Boston	67.3%	$132.8 million
10	CW Advisors, LLC	Boston	63.7%	$9.3 billion

Top 100 in Massachusetts

Fastest-growing independent RIAs over three years

Fastest-growing independent RIAs over three years in Massachusetts, top 10
Rank	Firm	City	Growth	Starting value
1	Mayport Wealth Management	Newton	48.2%	$213.3 million
2	Integrated Wealth Concepts LLC	Waltham	46.7%	$7.5 billion
3	Catalyst Financial Partners	Boston	46.5%	$547.3 million
4	Rwa Wealth Partners	Boston	45.6%	$6.4 billion
5	Pension & Wealth Management Advisors	Waltham	45.5%	$172.1 million
6	CW Advisors, LLC	Boston	43.6%	$5.1 billion
7	Pallas Capital Advisors, LLC	Braintree	41.0%	$1.5 billion
8	Flagship Wealth Advisors, LLC.	Wakefield	37.4%	$288.7 million
9	Penobscot Investment Management Company, Inc.	Boston	33.1%	$693.2 million
10	F L Putnam Investment Management Co.	Lynnfield	31.2%	$4.3 billion

Top 100 in Massachusetts

Fastest-growing independent RIAs over five years

Fastest-growing independent RIAs over five years in Massachusetts, top 10
Rank	Firm	City	Growth	Starting value
1	Pallas Capital Advisors, LLC	Braintree	43.0%	$720.1 million
2	Mayport Wealth Management	Newton	40.6%	$126.6 million
3	Empirical Asset Management, LLC	Wellesley	39.1%	$107.5 million
4	CW Advisors, LLC	Boston	38.0%	$3.0 billion
5	Integrated Wealth Concepts LLC	Waltham	36.3%	$5.0 billion
6	Pension & Wealth Management Advisors	Waltham	32.8%	$128.1 million
7	Trevian Wealth Management, LLC	Weston	31.2%	$158.5 million
8	Battery Global Advisors, LLC	Boston	27.5%	$2.5 billion
9	SHP Wealth Management, LLC	Plymouth	25.0%	$629.7 million
10	Rwa Wealth Partners	Boston	24.8%	$6.5 billion

Top 100 in Massachusetts

Independent RIAs with the biggest asset gains over one year

Independent RIAs with the biggest asset gains over one year in Massachusetts, top 10
Rank	Firm	City	Increase
1	Integrated Wealth Concepts LLC	Waltham	$8.4 billion
2	CW Advisors, LLC	Boston	$5.9 billion
3	SCS Capital Management LLC	Boston	$5.5 billion
4	GC Wealth Management RIA, LLC	Cambridge	$3.7 billion
5	Ballentine Partners	Waltham	$3.3 billion
6	Rwa Wealth Partners	Boston	$2.5 billion
7	Cambridge Associates Limited, LLC	Boston	$2.4 billion
8	Castle Rock Advisors LLC	Boston	$2.3 billion
9	New England Private Wealth Advisors, LLC	Wellesley	$2.1 billion
10	F L Putnam Investment Management Co.	Lynnfield	$2.0 billion

Top 100 in Massachusetts

Independent RIAs with the most clients

Independent RIAs with the most clients in Massachusetts, top 10
Rank	Firm	City	Most clients
1	Integrated Wealth Concepts LLC	Waltham	30,723
2	Flagship Harbor Advisors, LLC	Boston	7,395
3	St. Germain Investment Management	Springfield	6,722
4	CW Advisors, LLC	Boston	6,589
5	Rwa Wealth Partners	Boston	6,042
6	Savvi Financial LLC	Waltham	5,166
7	Stackwell	Boston	4,709
8	Grimes & Company	Westborough	3,764
9	Loring, Wolcott & Coolidge Fiduciary Advisors, LLP	Boston	3,331
10	F L Putnam Investment Management Co.	Lynnfield	3,135

Top 100 in Massachusetts

Independent RIAs with the fastest client growth over one year

Independent RIAs with the fastest client growth over one year in Massachusetts, top 10
Rank	Firm	City	Growth	Starting value
1	CW Advisors, LLC	Boston	99.1%	3,310
2	Zevin Asset Management, LLC	Boston	89.2%	406
3	GC Wealth Management RIA, LLC	Cambridge	71.5%	144
4	Rheeco, Inc.	Natick	67.4%	193
5	Stackwell	Boston	51.6%	3,107
6	Apex Investment Group	Hudson	42.8%	502
7	Pension & Wealth Management Advisors	Waltham	40.6%	372
8	Alta Wealth Advisors LLC	Woburn	35.5%	575
9	Great Point Wealth Advisors, LLC	Boston	34.3%	344
10	Wincap Financial LLC	Boston	32.4%	204

Top 100 in Massachusetts

Independent RIAs with the most accounts

Independent RIAs with the most accounts in Massachusetts, top 10
Rank	Firm	City	Most accounts
1	Integrated Wealth Concepts LLC	Waltham	65,563
2	CW Advisors, LLC	Boston	23,756
3	Rwa Wealth Partners	Boston	19,649
4	Flagship Harbor Advisors, LLC	Boston	12,815
5	Grimes & Company	Westborough	9,842
6	F L Putnam Investment Management Co.	Lynnfield	7,901
7	SHP Wealth Management, LLC	Plymouth	7,457
8	Ballentine Partners	Waltham	7,401
9	St. Germain Investment Management	Springfield	6,722
10	Crestwood Advisors	Boston	6,710

Top 100 in Massachusetts

Independent RIAs with the most advisory staff

Independent RIAs with the most advisory staff in Massachusetts, top 10
Rank	Firm	City	Most advisory staff
1	Integrated Wealth Concepts LLC	Waltham	491
2	SCS Capital Management LLC	Boston	99
3	F L Putnam Investment Management Co.	Lynnfield	90
4	CW Advisors, LLC	Boston	89
5	Ballentine Partners	Waltham	87
6	Rwa Wealth Partners	Boston	63
7	Flagship Harbor Advisors, LLC	Boston	57
8	Crestwood Advisors	Boston	56
9	Grimes & Company	Westborough	36
10	GC Wealth Management RIA, LLC	Cambridge	34

Top 100 in Massachusetts

Independent RIAs with the most high net worth clients

Independent RIAs with the most high net worth clients in Massachusetts, top 10
Rank	Firm	City	Most high net worth clients
1	Integrated Wealth Concepts LLC	Waltham	10,429
2	Rwa Wealth Partners	Boston	3,545
3	CW Advisors, LLC	Boston	3,257
4	Loring, Wolcott & Coolidge Fiduciary Advisors, LLP	Boston	3,214
5	Flagship Harbor Advisors, LLC	Boston	2,556
6	St. Germain Investment Management	Springfield	1,909
7	Grimes & Company	Westborough	1,783
8	F L Putnam Investment Management Co.	Lynnfield	1,488
9	Crestwood Advisors	Boston	870
10	Bay Colony Advisors	Concord	864

Top 100 in Massachusetts

Independent RIAs with the most CFP professionals

Independent RIAs with the most CFP professionals in Massachusetts, top 10
Rank	Firm	City	Most CFP professionals
1	Integrated Wealth Concepts LLC	Waltham	87
2	CW Advisors, LLC	Boston	51
3	Ballentine Partners	Waltham	39
4	F L Putnam Investment Management Co.	Lynnfield	35
5	Rwa Wealth Partners	Boston	33
6	SCS Capital Management LLC	Boston	25
7	Grimes & Company	Westborough	24
8	Flagship Harbor Advisors, LLC	Boston	17
9	Crestwood Advisors	Boston	16
10	Winthrop Wealth	Boston	12

Top 100 in Massachusetts

Newest independent RIAs

Newest independent RIAs in Massachusetts, top 10
Rank	Firm	City	Amount
1	71 West Capital Partners	Boston	$5.5 billion
2	Pearson Financial Services	Dennis	$885.0 million
3	Canby Financial Advisors	Framingham	$729.4 million
4	Tyler Street Capital	Plymouth	$491.5 million
5	Arborstone Financial, LLC	Andover	$476.0 million
6	Liberty Forge LLC	Boston	$250.8 million
7	3D Advisor Group, Inc.	Hopkinton	$194.3 million
8	Ashwood Advisors	Medfield	$126.9 million
9	TQM Wealth Partners	Marblehead	$123.7 million
10	Condon Wealth Management, Inc.	Plymouth	$122.1 million

Top 100 in Massachusetts

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Massachusetts, 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.

Data table

Firms
As of	Firms
October 1, 2018	235
October 1, 2019	248
October 1, 2020	255
October 4, 2021	265
October 3, 2022	267
October 5, 2023	257
October 1, 2024	250
September 2, 2025	258
October 2, 2026	300

Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Regulatory assets under management
As of	Regulatory assets under management
October 1, 2018	$213.6 billion
October 1, 2019	$223.0 billion
October 1, 2020	$275.5 billion
October 4, 2021	$273.2 billion
October 3, 2022	$321.2 billion
October 5, 2023	$267.0 billion
October 1, 2024	$293.0 billion
September 2, 2025	$325.7 billion
October 2, 2026	$393.9 billion

Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Client accounts
As of	Client accounts
October 1, 2018	306,457
October 1, 2019	353,868
October 1, 2020	389,219
October 4, 2021	296,327
October 3, 2022	332,079
October 5, 2023	327,936
October 1, 2024	330,925
September 2, 2025	357,237
October 2, 2026	398,066

Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Median firm size (RAUM)
As of	Median firm size (RAUM)
October 1, 2018	$312.8 million
October 1, 2019	$292.7 million
October 1, 2020	$343.2 million
October 4, 2021	$347.9 million
October 3, 2022	$377.5 million
October 5, 2023	$348.4 million
October 1, 2024	$347.3 million
September 2, 2025	$381.4 million
October 2, 2026	$338.8 million

The market in Massachusetts now

Headline figures

Headline figures, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms	779	300	479
Regulatory assets under management	$406.3 billion	$393.9 billion	$12.4 billion
Accounts	430,871	398,066	32,805
Clients	201,644	178,050	23,594
Employees	4,866	4,163	703
Advisory employees	3,179	2,593	586
Investment adviser representatives	3,099	2,482	617
Median RAUM	$76.7 million	$338.8 million	$24.0 million
Average RAUM	$610.1 million	$1.4 billion	$33.1 million

Firms by size

Advisers grouped by regulatory assets under management.

Firms by size, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms under $100 million	375	10	365
RAUM of firms under $100 million	$11.8 billion	$473.2 million	$11.3 billion
Firms $100 million to $250 million	118	108	10
RAUM of firms $100 million to $250 million	$19.2 billion	$18.1 billion	$1.1 billion
Firms $250 million to $500 million	55	55	0
RAUM of firms $250 million to $500 million	$19.5 billion	$19.5 billion	$0
Firms $500 million to $1 billion	56	56	0
RAUM of firms $500 million to $1 billion	$39.5 billion	$39.5 billion	$0
Firms $1 billion to $5 billion	45	45	0
RAUM of firms $1 billion to $5 billion	$97.2 billion	$97.2 billion	$0
Firms $5 billion to $10 billion	10	10	0
RAUM of firms $5 billion to $10 billion	$73.7 billion	$73.7 billion	$0
Firms $10 billion and up	7	7	0
RAUM of firms $10 billion and up	$145.4 billion	$145.4 billion	$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Measure	Bar	Value
Top 10 share of RAUM		42.7%
Top 100 share of RAUM		85.1%

Concentration, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Top 10 share of RAUM	42.7%	44.0%	8.9%
Top 100 share of RAUM	85.1%	87.7%	61.5%

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.
Measure	Bar	Value
Charge a percentage of assets		89.6%
Charge hourly fees		51.1%
Charge subscription fees		1.0%
Charge fixed fees		57.9%
Receive commissions		4.0%
Charge performance-based fees		6.8%
Other compensation		8.6%

How advisers are paid, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Charge a percentage of assets	89.6%	96.7%	85.2%
Charge hourly fees	51.1%	45.3%	54.7%
Charge subscription fees	1.0%	0.3%	1.5%
Charge fixed fees	57.9%	66.7%	52.4%
Receive commissions	4.0%	1.7%	5.4%
Charge performance-based fees	6.8%	7.7%	6.3%
Other compensation	8.6%	7.7%	9.2%

Custody

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

Custody, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Have custody	29.1%	57.0%	11.7%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

Broker-dealer and other affiliations, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Broker-dealer affiliated	2.2%	4.0%	1.0%

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	Independent RIAs	SEC-registered	State-registered
New registrations	72	35	37
Successions	No data	0	No data

Other measures

Other measures, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms reporting RAUM	666	291	375
Discretionary RAUM	$361.0 billion	$350.4 billion	$10.6 billion
CFP professionals	890	719	171
25th percentile RAUM	$18.2 million	$183.2 million	$9.0 million
75th percentile RAUM	$278.0 million	$831.0 million	$49.7 million
90th percentile RAUM	$890.6 million	$2.6 billion	$86.0 million
Average account size	$943,040	$989,528	$378,938
Offer financial planning	75.6%	80.3%	72.7%
RAUM growth, one year	No data	20.9%	No data

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

Cities

Boston 110 independent RIAs, $222.5 billion
Waltham 12 independent RIAs, $46.4 billion
Braintree 17 independent RIAs, $11.8 billion
Lynnfield 5 independent RIAs, $9.8 billion
Wellesley 22 independent RIAs, $8.8 billion
Needham 21 independent RIAs, $8.2 billion
Westborough 6 independent RIAs, $8.1 billion
Cambridge 19 independent RIAs, $7.4 billion
Hingham 10 independent RIAs, $3.3 billion
Concord 16 independent RIAs, $3.2 billion
Plymouth 12 independent RIAs, $3.0 billion
Beverly 10 independent RIAs, $2.9 billion
Woburn 10 independent RIAs, $2.8 billion
Walpole 6 independent RIAs, $2.8 billion
Worcester 6 independent RIAs, $2.7 billion
Winchester 6 independent RIAs, $2.3 billion
Lexington 10 independent RIAs, $2.0 billion
Framingham 10 independent RIAs, $1.5 billion
Andover 10 independent RIAs, $1.5 billion
Norwell 10 independent RIAs, $1.4 billion
Burlington 9 independent RIAs, $1.4 billion
Dedham 5 independent RIAs, $1.3 billion
Newton 15 independent RIAs, $1.3 billion
Duxbury 8 independent RIAs, $1.2 billion
Westwood 5 independent RIAs, $1.2 billion
Marshfield 5 independent RIAs, $1.0 billion
Acton 5 independent RIAs, $968.4 million
Danvers 7 independent RIAs, $944.5 million
Weston 5 independent RIAs, $802.8 million
North Andover 9 independent RIAs, $735.6 million
Westford 6 independent RIAs, $625.9 million
Salem 9 independent RIAs, $595.0 million
Medfield 9 independent RIAs, $532.5 million
Southborough 5 independent RIAs, $507.6 million
Dover 5 independent RIAs, $486.1 million
Marblehead 7 independent RIAs, $349.8 million
Marlborough 7 independent RIAs, $253.1 million
Charlestown 6 independent RIAs, $221.9 million
Natick 6 independent RIAs, $198.8 million
Arlington 7 independent RIAs, $133.8 million
Milton 5 independent RIAs, $85.2 million
Brookline 8 independent RIAs, $70.9 million
Pittsfield 5 independent RIAs, $46.6 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.