Thursday, October 22, 2026The Morning EditionOpen AtlasSign inJoin free
FinancialADVSR

Est. 2026The front page of wealth managementNew York

The Morning EditionFree · 6:30 AM ETSubscribe
RB An Amazon intern in 2020, Nevis CEO Mark Swan is the unlikely dream weaver for Focus Financial and other big RIA rollups with 'nightmare' integration issues -- with help from Schwab, Fidelity, OpenAI and AnthropicIN SpaceX’s AI segment now drives more than half its revenue. Here’s what advisors should watch nextFP Why AI might recommend your competitor instead of youFP Why clients are choosing phased retirement — and what advisors should know4K SPARK Forum Offering Scholarships for Retirement Plan AdvisorsFP What Schwab's new ETF platform fees mean for clients, advisorsWM RIA Platform Leaders Ask ‘What’s the Advantage in Having Your Own Form ADV?’IN Fake e-vite phishing scams put high-net-worth clients at riskRB Rick Wurster says Schwab is tackling its forced rationing of long/short SMAs with proprietary 'offering' to stretch balance sheet, but it may be more about a fee upside, a long/short manager saysIN Fintech bytes: 55ip, Vise, Syntax push tax-smart tools for RIAs

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

RIAs in Massachusetts

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

Massachusetts is home to 288 wealth-focused RIAs managing $1.03T, 8th of 51 states and DC. The largest is SCS Capital Management LLC in Boston, with $49B.

Wealth-focused RIAs
288
8th of 51
Their assets
$1.03T
8th of 51
$1B+ firms
77
Median $405M
All SEC RIAs
618
66,203 employees

Largest independent wealth managers in Massachusetts

Largest independent wealth managers headquartered in Massachusetts
#FirmHeadquartersRegulatory AUMIndividual clientsEmployees
1SCS Capital Management LLCSEC recordBoston$49B491213
2Integrated Wealth Concepts LLCSEC recordWaltham$24B29,187493
3RWA Wealth PartnersSEC recordBoston$20B5,951178
4Ballentine PartnersSEC recordWaltham$15B342125
5CW Advisors, LLCSEC recordBoston$15B6,426152
6Loring, Wolcott & Coolidge Fiduciary Advisors, LLPSEC recordBoston$13B3,214109
7Choate Investment AdvisorsSEC recordBoston$10B61434
8Welch & Forbes LLCSEC recordBoston$9.9B64355
9F L Putnam Investment Management Co.SEC recordLynnfield$9.7B2,823160
10Battery Global Advisors, LLCSEC recordBoston$8.4B6538
11Cambridge Associates Limited, LLCSEC recordBoston$8.2B2015
12Crestwood AdvisorsSEC recordBoston$8.0B1,10664
13Fiduciary Trust International, LLCSEC recordLincoln$7.7B6250
14The Bollard Group LLCSEC recordBoston$6.7B1429
15Grimes & CompanySEC recordWestborough$6.3B3,66069

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 Massachusetts?

618 SEC-registered investment advisers have their main office in Massachusetts, and 288 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Massachusetts 8th 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 Massachusetts?

SCS Capital Management LLC, based in Boston, is the largest independent wealth manager headquartered in Massachusetts, with $49B in regulatory assets under management and 491 individual clients on its latest Form ADV.

How much do Massachusetts RIAs manage?

Wealth-focused RIAs based in Massachusetts report $1.03T in regulatory assets under management, 8th among the states. 77 of them manage $1 billion or more; the median manages $405M.

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