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RIAs by state · SEC data as of October 1, 2026

RIAs in Alabama

The SEC-registered investment advisers based in Alabama, what they manage, and the largest independent wealth managers.

Alabama is home to 62 wealth-focused RIAs managing $105B, 33rd of 51 states and DC. The largest is Waverly Advisors, LLC in Birmingham, with $30B.

Wealth-focused RIAs
62
33rd of 51
Their assets
$105B
28th of 51
$1B+ firms
14
Median $449M
All SEC RIAs
90
2,497 employees

Largest independent wealth managers in Alabama

Largest independent wealth managers headquartered in Alabama
#FirmHeadquartersRegulatory AUMIndividual clientsEmployees
1Waverly Advisors, LLCSEC recordBirmingham$30B12,923414
2Aptus Capital Advisors, LLCSEC recordFairhope$14B12,69340
3RFG Advisory, LLCSEC recordVestavia Hills$8.0B17,207360
4Eversource Wealth Advisors, LLCSEC recordBirmingham$5.1B3,25576
5Stonex Advisors Inc.SEC recordBirmingham$5.1B9,741220
6The Welch Group, LLCSEC recordBirmingham$3.7B1,41628
7Oneascent Financial Services LLCSEC recordBirmingham$3.5B5,128161
8Leavell Investment Management, Inc.SEC recordMobile$3.4B2,85036
9Mitchell, McLeod, Pugh & Williams, Inc.SEC recordMobile$2.7B93517
10Southern Financial Group, LLCSEC recordBirmingham$1.1B1,1408
11Oakworth Asset Management, LLCSEC recordBirmingham$846M53920
12Sunburst Financial Group, LLCSEC recordVestavia Hills$808M8659
13Mayfair Advisory Group, LLCSEC recordBirmingham$806M3894
14Meld Financial, Inc.SEC recordBirmingham$776M1,11415
15Porter White Investment Advisors, Inc.SEC recordBirmingham$748M907

Ranked by regulatory assets under management on each firm’s latest Form ADV. Excludes broker-dealers’ advisory arms and managed-account platforms. Nationally: the 100 largest RIAs.

Questions

How many RIAs are there in Alabama?

90 SEC-registered investment advisers have their main office in Alabama, and 62 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Alabama 33rd of 51 states and DC, according to Financial ADVSR’s count of SEC data as of October 1, 2026.

What is the largest RIA in Alabama?

Waverly Advisors, LLC, based in Birmingham, is the largest independent wealth manager headquartered in Alabama, with $30B in regulatory assets under management and 12,923 individual clients on its latest Form ADV.

How much do Alabama RIAs manage?

Wealth-focused RIAs based in Alabama report $105B in regulatory assets under management, 28th among the states. 14 of them manage $1 billion or more; the median manages $449M.

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.

Other states