Understanding The RIA Channel®Data as of December 31, 2023

 
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
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 25,248 Firms $180,327,069,014
Firms With Assets $50M to $100M 2,964 Firms $204,626,272,472
Firms With Assets $100M to $200M 3,343 Firms $440,940,999,808
Firms With Assets $200M to $500M 3,788 Firms $1,077,608,786,432
Firms With Assets $500M to $1B 2,022 Firms $1,258,516,242,816
Firms With Assets $1B to $2B 1,471 Firms $1,829,007,898,944
Firms With Assets $2B to $3B 606 Firms $1,347,320,718,720
Firms With Assets More Than $3B 2,423 Firms $91,495,166,617,856
Total Market Aggregate Assets for Firms
Total RIA Market Growth
Discretionary AUM
Total AUM

$126.4TTotal AUM

69,773,947Total Accounts

$3BAverage AUM

$116.3TDiscretionary AUM

53,378,501Discretionary Accounts

$2.7BAverage Discretionary AUM

$3.4TTotal ETF assets (12/31/23)

$3TTotal ETF assets (9/30/23)

$20.8TTotal Equities (12/31/23)

$16TTotal Equities (9/30/23)

$108.2TFunds, 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
 

20,063Firms

$5.5TTotal Assets Under Management (AUM)

$273MAverage Assets Under Management (AUM)

$4.4TFixed Income, Funds, SMAs, Other Investments

$567BTotal Stocks, REITs, ADRs

$685BTotal ETF Assets

Wealth Manager Firms by Assets Under Management (AUM)
Firms With Assets $0 to $50M 10,698 Firms $180,327,069,014
Firms With Assets $50M to $100M 2,505 Firms $204,626,272,472
Firms With Assets $100M to $200M 2,544 Firms $440,940,999,808
Firms With Assets $200M to $500M 2,405 Firms $1,077,608,786,432
Firms With Assets $500M to $1B 978 Firms $1,258,516,242,816
Firms With Assets $1B to $2B 479 Firms $1,829,007,898,944
Firms With Assets $2B to $3B 151 Firms $1,347,320,718,720
Firms With Assets More Than $3B 303 Firms $91,495,166,617,856
Wealth Manager Aggregate Assets for Firms

13,203Firms under $100M

$338.3BTotal AUM of Firms under $100M

5,927Firms $100M – $1B

$1.8TTotal AUM of Firms $100M – $1B

933Firms over $1B

$3.3TTotal AUM of Firms over $1B

Total Market ETF Ownership for Firms5,609 Total Firms
Firms With Assets $0 to $50M 281 Firms $180,327,069,014
Firms With Assets $50M to $100M 87 Firms $204,626,272,472
Firms With Assets $100M to $200M 579 Firms $440,940,999,808
Firms With Assets $200M to $500M 1,515 Firms $1,077,608,786,432
Firms With Assets $500M to $1B 1,000 Firms $1,258,516,242,816
Firms With Assets $1B to $2B 678 Firms $1,829,007,898,944
Firms With Assets $2B to $3B 274 Firms $1,347,320,718,720
Firms With Assets More Than $3B 1,195 Firms $91,495,166,617,856
Total Market ETF Ownership for Firms by ETF Assets

TAMPs (Turnkey Asset Management Platforms)

$1.1TTotal Assets Under Management (AUM)

$18.8BAverage Assets Under Management (AUM)

4,024,811Total Accounts

$274.8BTotal ETF assets (09/30/23)

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

41,388Total Active RIA Firms

200-300New RIA Firms Register Each Month

What Investment Products Are Advisors Using?

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