The RIA industry.
Wealth management RIAs manage $27.81T across 9,209 firms, up from $3.27T in 2012. Every SEC-registered adviser together, institutional managers and funds included, manages $177.81T.
Wealth management RIAs manage $27.81T across 9,209 firms, up from $3.27T in 2012. Every SEC-registered adviser together, institutional managers and funds included, manages $177.81T.
Change since Q1 2012. Wealth managers: firms with half or more of their assets managed for individuals and families.
Each year's change in assets at wealth management RIAs, as a share of where the year started. Over these 14 years, the market added +10.1% a year on average, net new money at existing firms +5.6%, and new firms +1.0%.
Market: the year's return of a 60/40 index fund (Vanguard Balanced Index) on the assets of firms filing all year. Net new money: what those firms gained beyond that (new clients, clients adding money, books recruited from broker-dealers and banks), less the assets of firms that stopped filing. Books moving from one RIA to another, and RIAs buying RIAs, cancel out. Firms that closed or were acquired before today aren't counted yet, so acquisitions show up as new money and that bar reads high.
| Year | Start | End | Market return | Market | Net new money | New firms | Firms that stopped filing | Total |
|---|---|---|---|---|---|---|---|---|
| 2025 | $22.72T | $27.63T | +13.6% | +13.6% | +7.2% | +0.8% (848) | 25 | +21.6% |
| 2024 | $18.68T | $22.72T | +14.6% | +14.6% | +6.2% | +0.8% (728) | 11 | +21.6% |
| 2023 | $15.52T | $18.68T | +17.5% | +17.5% | +2.1% | +0.7% (525) | 4 | +20.3% |
| 2022 | $16.8T | $15.52T | −16.9% | −16.9% | +8.0% | +1.3% (366) | 6 | −7.6% |
| 2021 | $13.28T | $16.8T | +14.2% | +14.2% | +10.8% | +1.5% (603) | 4 | +26.5% |
| 2020 | $11.07T | $13.28T | +16.4% | +16.4% | +2.5% | +1.1% (593) | 2 | +19.9% |
| 2019 | $9.08T | $11.07T | +21.8% | +21.5% | −0.6% | +1.0% (417) | 5 | +21.9% |
| 2018 | $8.86T | $9.08T | −2.9% | −2.9% | +4.7% | +0.8% (350) | 3 | +2.6% |
| 2017 | $7.09T | $8.86T | +13.9% | +13.9% | +9.6% | +1.4% (421) | 4 | +24.8% |
| 2016 | $6.18T | $7.09T | +8.8% | +8.8% | +5.0% | +1.1% (280) | 3 | +14.9% |
| 2015 | $5.93T | $6.18T | +0.5% | +0.5% | +2.5% | +1.2% (215) | 2 | +4.2% |
| 2014 | $5.01T | $5.93T | +10.0% | +10.0% | +7.3% | +1.1% (246) | 4 | +18.4% |
| 2013 | $4.07T | $5.01T | +18.1% | +18.1% | +4.1% | +0.7% (181) | 1 | +22.9% |
| 2012 | $3.36T | $4.07T | +11.5% | +11.5% | +8.8% | +0.9% (174) | 3 | +21.2% |
| Quarter | Total AUM | RIAs | Median RIA | Advisory staff |
|---|---|---|---|---|
| Nov 4, 2026 | $27.81T | 9,209 | $297.8M | 349,349 |
| Q3 2026 | $27.78T | 9,179 | $298M | 349,133 |
| Q2 2026 | $27.63T | 9,024 | $301.1M | 347,981 |
| Q1 2026 | $27.52T | 8,795 | $310.1M | 346,870 |
| Q4 2025 | $23.03T | 8,459 | $281M | 323,118 |
| Q3 2025 | $22.82T | 8,322 | $283.8M | 321,726 |
| Q2 2025 | $22.72T | 8,201 | $286.3M | 320,955 |
| Q1 2025 | $22.65T | 8,039 | $292.8M | 320,099 |
| Q4 2024 | $19.09T | 7,784 | $260.7M | 299,436 |
| Q3 2024 | $18.81T | 7,621 | $263.4M | 298,250 |
| Q2 2024 | $18.68T | 7,484 | $266.6M | 296,554 |
| Q1 2024 | $18.63T | 7,343 | $270.8M | 295,780 |
| Q4 2023 | $15.77T | 7,144 | $237.9M | 284,259 |
| Q3 2023 | $15.63T | 7,056 | $239.6M | 283,384 |
| Q2 2023 | $15.52T | 6,963 | $241.2M | 282,611 |
| Q1 2023 | $15.44T | 6,870 | $244.8M | 281,597 |
| Q4 2022 | $16.74T | 6,742 | $264.1M | 267,127 |
| Q3 2022 | $16.8T | 6,684 | $265.8M | 266,978 |
| Q2 2022 | $16.8T | 6,603 | $268.1M | 266,228 |
| Q1 2022 | $16.75T | 6,458 | $272.7M | 265,532 |
| Q4 2021 | $13.68T | 6,236 | $238.9M | 258,566 |
| Q3 2021 | $13.41T | 6,132 | $240.1M | 257,617 |
| Q2 2021 | $13.28T | 6,004 | $243.4M | 256,775 |
| Q1 2021 | $13.18T | 5,814 | $250M | 255,582 |
| Q4 2020 | $11.3T | 5,573 | $223.7M | 249,309 |
| Q3 2020 | $11.11T | 5,482 | $224.5M | 247,674 |
| Q2 2020 | $11.07T | 5,413 | $225.4M | 246,953 |
| Q1 2020 | $10.98T | 5,311 | $229.2M | 247,622 |
| Q4 2019 | $9.28T | 5,171 | $203.4M | 242,347 |
| Q3 2019 | $9.15T | 5,078 | $205.5M | 241,622 |
| Q2 2019 | $9.08T | 5,001 | $207.1M | 240,325 |
| Q1 2019 | $9.05T | 4,919 | $208.6M | 239,773 |
| Q4 2018 | $8.98T | 4,806 | $207.5M | 229,970 |
| Q3 2018 | $8.88T | 4,727 | $209.1M | 228,225 |
| Q2 2018 | $8.86T | 4,654 | $209.3M | 227,784 |
| Q1 2018 | $8.85T | 4,525 | $212.2M | 226,928 |
| Q4 2017 | $7.28T | 4,368 | $193.8M | 215,036 |
| Q3 2017 | $7.15T | 4,303 | $193.6M | 211,957 |
| Q2 2017 | $7.09T | 4,237 | $193.8M | 211,295 |
| Q1 2017 | $7.03T | 4,147 | $195.1M | 210,393 |
| Q4 2016 | $6.25T | 4,048 | $180M | 199,318 |
| Q3 2016 | $6.18T | 4,009 | $179.9M | 198,533 |
| Q2 2016 | $6.18T | 3,960 | $180.4M | 197,875 |
| Q1 2016 | $6.13T | 3,918 | $181.6M | 196,253 |
| Q4 2015 | $5.95T | 3,841 | $183.5M | 192,304 |
| Q3 2015 | $5.92T | 3,804 | $184.6M | 190,005 |
| Q2 2015 | $5.93T | 3,747 | $186.1M | 189,552 |
| Q1 2015 | $6.05T | 3,682 | $186.9M | 188,990 |
| Q4 2014 | $5.1T | 3,597 | $173.4M | 186,535 |
| Q3 2014 | $5.04T | 3,555 | $173.8M | 185,641 |
| Q2 2014 | $5.01T | 3,505 | $174.2M | 185,216 |
| Q1 2014 | $4.97T | 3,458 | $175M | 185,098 |
| Q4 2013 | $4.14T | 3,385 | $155.3M | 176,057 |
| Q3 2013 | $4.11T | 3,347 | $155.5M | 175,635 |
| Q2 2013 | $4.07T | 3,325 | $155M | 174,717 |
| Q1 2013 | $3.86T | 3,290 | $153.3M | 167,852 |
| Q4 2012 | $3.43T | 3,233 | $141M | 149,134 |
| Q3 2012 | $3.38T | 3,193 | $141M | — |
| Q2 2012 | $3.36T | 3,154 | $141.1M | — |
| Q1 2012 | $3.27T | 2,964 | $142.9M | — |
Every SEC-registered investment adviser files Form ADV at least once a year, reporting its regulatory assets under management (Item 5.F), employees and advisory staff. For the end of each quarter, we take each firm's most recent filing up to that date (within 18 months) and add them up. Firms usually update their assets once a year, so the line climbs in steps.
Wealth managers are firms with half or more of their assets managed for individuals and high-net-worth clients (Item 5.D), as of their latest filing. All RIAs adds institutional managers, hedge funds and private equity managers, which is why that total is so much bigger.
Two things to know. These are regulatory assets, which count some assets more than once when firms sub-advise each other. And the history covers firms registered today: firms that closed or were acquired aren't in it, so earlier years read somewhat low and growth looks a little higher than it was. State-registered firms (generally under $100M) aren't included.
Updated monthly. Last updated November 4, 2026. Source: SEC Form ADV filings (adviserinfo.sec.gov). See any firm's own history on its page in the RIA directory.
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