What Is An RIA?
An RIA is a “registered investment advisor” registered with the SEC (U.S. Securities and Exchange Commission) or one or more U.S. States (Department of Commerce or Securities Agency) to do business as a financial advisor. RIAs manage client portfolios as fiduciaries and typically take fees based on assets managed for services versus commissions on trades or products sold.
RIA Channel Total Market Defined
The total RIA market is diverse, and includes any firm registered as a registered investment advisory firm. It consists of banks, broker/dealers, financial planners, hedge funds, family offices, asset managers, wealth managers and more. If firms want to give advice as fiduciaries for a fee, they must register as RIAs to do so. The following chart aggregates total assets for all registered firms.
Total Market Firms by Assets Under Management (AUM)
| • | Firms With Assets $0 to $50M | 26,769 Firms |
| • | Firms With Assets $50M to $100M | 3,081 Firms |
| • | Firms With Assets $100M to $200M | 3,427 Firms |
| • | Firms With Assets $200M to $500M | 4,343 Firms |
| • | Firms With Assets $500M to $1B | 2,444 Firms |
| • | Firms With Assets $1B to $2B | 1,750 Firms |
| • | Firms With Assets $2B to $3B | 808 Firms |
| • | Firms With Assets More Than $3B | 2,827 Firms |
Total Market Aggregate Assets for Firms
Total RIA Market Growth
| • Discretionary AUM |
| • Total AUM |
$177.7TTotal AUM
83,601,075Total Accounts
$3.9BAverage AUM
$164.8TDiscretionary AUM
59,949,724Discretionary Accounts
$3.6BAverage Discretionary AUM
$5.4TTotal ETF assets (03/31/26)
$6.2TTotal ETF assets (12/31/25)
$20.2TTotal Equities (03/31/26)
$29.9TTotal Equities (12/31/25)
$157.8TFunds, SMA or Other Assets
Wealth Manager Segmentation
Wealth Managers Defined
Wealth managers are a subset of the total RIA market. RIA Database defines wealth managers as firms that provide financial planning, comprehensive wealth services, manager due diligence, asset allocation and investment selection advice to clients. Wealth managers may offer holistic planning including accounting services, tax and estate planning and family office services. Many wealth managers also offer asset management services which may include portfolio management. Pure asset management firms such as fund companies, ETF sponsors or separately managed account firms are not included here.
Wealth Manager Assets and Growth
| • Discretionary AUM |
| • Total AUM |
15,098Firms
$7.6TTotal Assets Under Management (AUM)
$500.1MAverage Assets Under Management (AUM)
$5.6TFixed Income, Funds, SMAs, Other Investments
$836BTotal Stocks, REITs, ADRs
$1.1TTotal ETF Assets
Wealth Manager Firms by Assets Under Management (AUM)
| • | Firms With Assets $0 to $50M | 6,785 Firms |
| • | Firms With Assets $50M to $100M | 2,087 Firms |
| • | Firms With Assets $100M to $200M | 2,044 Firms |
| • | Firms With Assets $200M to $500M | 2,136 Firms |
| • | Firms With Assets $500M to $1B | 999 Firms |
| • | Firms With Assets $1B to $2B | 516 Firms |
| • | Firms With Assets $2B to $3B | 198 Firms |
| • | Firms With Assets More Than $3B | 333 Firms |
Wealth Manager Aggregate Assets for Firms
8,872Firms under $100M
$264BTotal AUM of Firms under $100M
5,179Firms $100M – $1B
$1.6TTotal AUM of Firms $100M – $1B
1,047Firms over $1B
$5.6TTotal AUM of Firms over $1B
Total Market ETF Ownership for Firms by ETF Assets
TAMPs (Turnkey Asset Management Platforms)
$1.5TTotal Assets Under Management (AUM)
$29.1BAverage Assets Under Management (AUM)
4,486,378Total Accounts
$423.1BTotal ETF assets (03/31/26)
New Registered Investment Advisors (RIA Firms)
The number of active SEC and state registered RIA firms includes any firm registered as an RIA (registered investment advisory). Included are some broker/dealers, asset managers, hedge funds and other firms that RIA Channel would define as an RIA “Wealth Manager.”
New RIA Firms By Year
45,449Total Active RIA Firms
200-300New RIA Firms Register Each Month
What Investment Products Are Advisors Using?
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