Financial ADVSR data · SEC Form ADV data as of October 1, 2026
RIA Statistics 2026
How many registered investment advisers there are, what they manage, where they are and who holds their clients’ assets, counted from every SEC-registered adviser’s Form ADV.
There are 17,210 SEC-registered investment advisers managing $177.87T. 8,915 are wealth managers, and 5,390 manage $1 billion or more.
How many RIAs are there?
17,210
17,210 investment advisers are registered with the SEC as of October 1, 2026, by Financial ADVSR’s count of the SEC’s Form ADV data. Smaller advisers registered only with their state securities regulator are not included.
How many RIAs are wealth managers?
8,915
8,915 of them (52%) are wealth managers, serving mainly individuals and high-net-worth clients. The rest: 4,686 private fund advisers, 3,218 asset managers, 391 broker-dealer firms.
How much do RIAs manage?
$177.87T
SEC-registered advisers report $177.87T in regulatory assets under management. The total includes the largest asset managers, so the typical firm is far smaller: the median adviser reports $416M.
How many RIAs manage $1 billion or more?
5,390
5,390 SEC-registered advisers (31%) report $1 billion or more in regulatory assets under management.
What is the largest RIA?
$11.09T
Vanguard Group Inc reports the most regulatory assets of any SEC-registered adviser, $11.09T. Among independent wealth managers, the largest is Fisher Investments, with $387B.
Which state has the most RIAs?
New York
New York is home to 2,591 SEC-registered advisers, more than any other state, followed by California (1,873) and Florida (1,090).
Which custodian do most RIAs use?
67%
Charles Schwab is named as a custodian by 5,774 wealth-focused RIAs, about 67% of those that report one, followed by Fidelity (1,999). 1,890 use more than one custodian. Form ADV filings from October 2025 to September 2026.
How many RIAs are hybrids?
3,733
3,733 SEC-registered advisers (22%) report employees who are also registered representatives of a broker-dealer, the usual mark of a hybrid RIA.
Counts cover advisers registered with the SEC in its monthly Form ADV data; firm type follows each firm’s own Form ADV answers. Regulatory assets under management are as each firm reports them in Item 5.F. Custodian figures cover wealth-focused RIAs naming a custodian in Schedule D 5.K(3).
Cite this
Financial ADVSR, “RIA Statistics 2026,” updated October 1, 2026, https://www.financialadvsr.com/data/ria-statistics