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

RIAs in District of Columbia

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

District of Columbia is home to 11 wealth-focused RIAs managing $20B, 47th of 51 states and DC. The largest is Armstrong, Fleming & Moore, Inc. in Washington, with $1.3B.

Wealth-focused RIAs: 11
Their assets: $20B
$1B+ firms: 5
All SEC RIAs: 59

Largest independent wealth managers in District of Columbia

Largest independent wealth managers headquartered in District of Columbia
#	Firm	Headquarters	Regulatory AUM	Individual clients	Employees
1	Armstrong, Fleming & Moore, Inc.SEC record	Washington	$1.3B	539	27
2	Lynx Investment Advisory, LLC SEC record	Washington	$1.1B	214	13
3	Capital Investment AdvisorsSEC record	Washington D.C.	$374M	428	11
4	Bryspen, IncorporatedSEC record	Washington	$329M	58	2
5	Burkholder & Associates, LLCSEC record	Washington	$287M	93	4
6	Graham Capital Wealth Management, LLCSEC record	Washington	$251M	705	8

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 District of Columbia?

59 SEC-registered investment advisers have their main office in District of Columbia, and 11 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks District of Columbia 47th 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 District of Columbia?

Armstrong, Fleming & Moore, Inc., based in Washington, is the largest independent wealth manager headquartered in District of Columbia, with $1.3B in regulatory assets under management and 539 individual clients on its latest Form ADV.

How much do District of Columbia RIAs manage?

Wealth-focused RIAs based in District of Columbia report $20B in regulatory assets under management, 41st among the states. 5 of them manage $1 billion or more; the median manages $797M.

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.