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

RIAs in Arizona

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

Arizona is home to 165 wealth-focused RIAs managing $354B, 17th of 51 states and DC. The largest is Foundations Investment Advisors LLC in Phoenix, with $10B.

Wealth-focused RIAs
165
17th of 51
Their assets
$354B
17th of 51
$1B+ firms
28
Median $262M
All SEC RIAs
207
13,015 employees

Largest independent wealth managers in Arizona

Largest independent wealth managers headquartered in Arizona
#FirmHeadquartersRegulatory AUMIndividual clientsEmployees
1Foundations Investment Advisors LLCSEC recordPhoenix$10B29,615353
2Ashton Thomas Private WealthSEC recordScottsdale$6.0B3,18193
3DynamicSEC recordPhoenix$5.6B5,509130
4TCI Wealth Advisors, Inc.SEC recordTucson$5.4B3,18972
5TFO Family Office PartnersSEC recordPhoenix$5.0B24588
6Stoker Ostler, A Part of BMO Financial GroupSEC recordScottsdale$3.7B1,57930
7PFG AdvisorsSEC recordPhoenix$3.3B7,527112
8Trek FinancialSEC recordScottsdale$2.8B4,53955
9Xcelsior Advisor Partners LLCSEC recordScottsdale$2.5B1,45025
10Verus Capital Partners, LLCSEC recordScottsdale$2.3B5,08668
11Versant Capital Management, Inc.SEC recordPhoenix$1.8B46626
12Ironwood Investment Counsel, LLCSEC recordScottsdale$1.8B54922
13AWM Capital, LLCSEC recordPhoenix$1.5B45538
14Total Investment Management, Inc.SEC recordScottsdale$1.4B1,18412
15MSH Capital Advisors LLCSEC recordScottsdale$1.3B2,25735

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 Arizona?

207 SEC-registered investment advisers have their main office in Arizona, and 165 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Arizona 17th 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 Arizona?

Foundations Investment Advisors LLC, based in Phoenix, is the largest independent wealth manager headquartered in Arizona, with $10B in regulatory assets under management and 29,615 individual clients on its latest Form ADV.

How much do Arizona RIAs manage?

Wealth-focused RIAs based in Arizona report $354B in regulatory assets under management, 17th among the states. 28 of them manage $1 billion or more; the median manages $262M.

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