Financial ADVSR data · SEC data as of October 1, 2026
RIAs by State
How many SEC-registered investment advisers are based in each state, what they manage, and the largest independent wealth managers in each.
California is home to the most wealth-focused RIAs, 1,008, ahead of New York (717) and Texas (571). By assets, New York leads with $6.74T.
Every state
Download CSV| State | Wealth-focused RIAs | All SEC RIAs | Wealth RIA assets | $1B+ firms | Largest independent firm |
|---|---|---|---|---|---|
| California | 1,008 | 1,843 | $1.91T | 194 | Edelman Financial Engines |
| New York | 717 | 2,552 | $6.74T | 150 | Cerity Partners LLC |
| Texas | 571 | 1,070 | $984B | 108 | Fisher Investments |
| Florida | 548 | 1,061 | $1.51T | 87 | Corient |
| Pennsylvania | 364 | 555 | $1.56T | 98 | Vanguard Advisers, Inc. |
| Illinois | 334 | 680 | $1.08T | 75 | Hightower Advisors, LLC |
| Ohio | 310 | 400 | $449B | 65 | MAI Capital Management, LLC |
| Massachusetts | 288 | 618 | $1.03T | 77 | SCS Capital Management LLC |
| Michigan | 243 | 304 | $211B | 46 | Plante Moran Financial Advisors |
| Colorado | 231 | 353 | $419B | 30 | Empower Advisory Group, LLC |
| New Jersey | 230 | 381 | $2.32T | 46 | Pathstone |
| Georgia | 228 | 327 | $411B | 55 | HB Wealth |
| Virginia | 206 | 297 | $187B | 42 | Cary Street Partners |
| North Carolina | 202 | 282 | $215B | 39 | Bragg Financial Advisors Inc |
| Washington | 202 | 270 | $875B | 37 | Brighton Jones LLC |
| Minnesota | 189 | 273 | $979B | 42 | Wealth Enhancement Advisory Services, LLC |
| Arizona | 165 | 207 | $354B | 28 | Foundations Investment Advisors LLC |
| Connecticut | 149 | 501 | $233B | 42 | Apella Wealth |
| Tennessee | 148 | 221 | $140B | 32 | Sagespring Wealth Partners |
| Wisconsin | 146 | 194 | $117B | 29 | Annex Wealth Management, LLC |
| Maryland | 139 | 225 | $143B | 28 | 1919 Investment Counsel, LLC |
| Missouri | 138 | 193 | $2.57T | 36 | Focus Partners Wealth, LLC |
| Oregon | 122 | 156 | $95B | 18 | Ferguson Wellman Capital Management, Inc. |
| Indiana | 117 | 144 | $131B | 23 | Oxford Financial Group, LTD |
| Utah | 101 | 150 | $76B | 19 | Soltis Investment Advisors, LLC |
| Kansas | 96 | 134 | $556B | 24 | Creative Planning |
| South Carolina | 89 | 112 | $903B | 14 | Apollon Wealth Management, LLC |
| Iowa | 78 | 89 | $236B | 15 | Avantax Planning Partners, Inc. |
| Kentucky | 69 | 84 | $47B | 14 | Meridian Wealth Management, LLC |
| Oklahoma | 67 | 83 | $30B | 8 | Retirement Investment Advisors Inc |
| Louisiana | 64 | 80 | $76B | 9 | Stokes Family Office LLC |
| New Hampshire | 63 | 76 | $26B | 4 | The Harbor Group, Inc. |
| Alabama | 62 | 90 | $105B | 14 | Waverly Advisors, LLC |
| Nebraska | 55 | 71 | $176B | 11 | CWM, LLC |
| Nevada | 49 | 76 | $40B | 6 | The Ameriflex Group |
| Arkansas | 45 | 56 | $47B | 10 | Sowell Management |
| Idaho | 42 | 53 | $39B | 8 | The Caprock Group, LLC |
| Rhode Island | 41 | 49 | $36B | 7 | Parsons Capital Management Inc |
| Vermont | 30 | 33 | $20B | 6 | Manchester Capital Management LLC |
| Mississippi | 29 | 33 | $14B | 4 | Hardy Reed, LLC |
| Maine | 28 | 32 | $28B | 4 | H.M. Payson |
| Delaware | 21 | 38 | $10B | 1 | Diversified, LLC |
| Montana | 18 | 23 | $58B | 6 | Stack Financial Management Inc |
| New Mexico | 18 | 25 | $5.6B | 1 | John Moore & Associates Inc |
| Wyoming | 15 | 25 | $6.1B | 1 | Integrity Financial Corporation |
| Hawaii | 12 | 19 | $4.2B | 1 | Cadinha & Co LLC |
| District of Columbia | 11 | 59 | $20B | 5 | Armstrong, Fleming & Moore, Inc. |
| South Dakota | 10 | 14 | $4.2B | 2 | Elgethun Capital Management |
| West Virginia | 10 | 12 | $7.8B | 3 | McKinley Carter Wealth Services, Inc. |
| North Dakota | 8 | 9 | $2.4B | 0 | Brady Martz Wealth Solutions, LLC |
| Alaska | 4 | 9 | $2.0B | 1 | Alaska Wealth Advisors |
Sorted by wealth-focused RIAs. Assets include the advisory arms of brokerage firms based in the state; the largest-firm column shows independent wealth managers only. See the 100 largest RIAs.
Cite this
Financial ADVSR, “RIAs by State,” updated October 1, 2026, https://www.financialadvsr.com/data/rias-by-state
How we built this
The SEC publishes a list of every registered investment adviser, drawn from each firm’s Form ADV. We used the list current through October 1, 2026, kept the 16,943 advisers the SEC shows as approved, and placed each in the state of its main office; 14,641 are based in the United States. Regulatory assets under management come from Item 5.F, client counts from Item 5.D.
Wealth-focused RIAs manage at least half of their assets for individuals and high-net-worth clients, the same test as our RIA Custody Tracker; there are 8,130 in the US. Rankings and each state’s largest-firms list show independent wealth managers only: wealth-focused firms that offer financial planning, are not themselves broker-dealers, and hold less than half their assets in wrap programs they sponsor or manage. That leaves out wirehouse and broker-dealer advisory arms and managed-account platforms, which still count in each state’s totals.
What it doesn’t show
- State-registered advisers, most of which manage less than $100 million, register with their state regulator and aren’t in SEC data.
- A firm counts only in its main office state, though many have offices in several.
- Figures are as of each adviser’s latest annual Form ADV update, usually its December 31 fiscal year-end, so they lag recent deals.
- Firms that file under more than one registration (an RIA and a separate institutional arm, for example) appear as separate advisers.
The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.
Questions
Which state has the most RIAs?
California, with 1,008 wealth-focused SEC-registered RIAs (1,843 SEC-registered advisers in all), followed by New York with 717 and Texas with 571, according to Financial ADVSR’s count of the SEC’s registered-adviser list as of October 1, 2026.
Which state’s RIAs manage the most money?
New York. Its wealth-focused RIAs report $6.74T in regulatory assets under management, followed by Missouri at $2.57T. Totals include the advisory arms of large brokerage firms headquartered in the state.
How many SEC-registered RIAs are there in the United States?
14,641 SEC-registered investment advisers are based in the US, of which 8,130 manage at least half of their assets for individuals and high-net-worth clients. Smaller advisers, most with under $100 million, register with their state instead and aren’t counted here.