Name: Where the money is: assets managed by RIAs, by state
Creator: Advicer.bio

Every state

#	State	For individuals	Share	Avg client	Firms	All assets	Biggest firm for individuals
1	New York	$6.64T	24%	$518K	3,017	$37.64T	Morgan Stanley
2	Missouri	$2.43T	8.9%	$385K	342	$3.58T	Edward Jones
3	New Jersey	$2.14T	7.8%	$728K	649	$6.11T	Managed Account Advisors LLC
4	California	$2.02T	7.4%	$151K	3,790	$23.81T	Charles Schwab Investment Management, Inc
5	Massachusetts	$1.66T	6.1%	$429K	963	$19.28T	Strategic Advisers LLC
6	Pennsylvania	$1.56T	5.7%	$374K	872	$27.21T	Envestnet Pmc
7	Florida	$1.39T	5.1%	$783K	1,807	$4.34T	Raymond James & Associates, Inc.
8	Illinois	$1.27T	4.6%	$626K	993	$7.82T	Cetera Investment Advisers LLC
9	Minnesota	$957.05B	3.5%	$533K	407	$2.43T	Ameriprise Financial Services, LLC
10	Texas	$943.44B	3.4%	$799K	2,193	$4.56T	Fisher Investments
11	South Carolina	$865.94B	3.2%	$406K	212	$959.12B	Lpl Financial LLC
12	Washington	$566.32B	2.1%	$1.6M	491	$1.24T	Parametric Portfolio Associates
13	Kansas	$470.03B	1.7%	$1.1M	233	$824.95B	Creative Planning
14	Ohio	$425.07B	1.6%	$567K	722	$1.1T	Mai Capital Management, LLC
15	Colorado	$387.52B	1.4%	$791K	646	$1.31T	Empower Advisory Group, LLC
16	Georgia	$378.69B	1.4%	$739K	608	$1.5T	Truist Advisory Services, Inc.
17	Arizona	$348.94B	1.3%	$461K	487	$518.7B	Osaic Wealth, Inc.
18	North Carolina	$321.75B	1.2%	$621K	471	$3.04T	Captrust
19	Wisconsin	$299.41B	1.1%	$733K	321	$1.26T	Robert W. Baird & Co. Incorporated
20	Connecticut	$241.88B	0.9%	$1.1M	748	$3.34T	Steward Partners Investment Advisory, LLC
21	Iowa	$229.55B	0.8%	$301K	151	$991.16B	Cambridge Investment Research Advisors, Inc.
22	Michigan	$209.9B	0.8%	$721K	580	$574.47B	Plante Moran Financial Advisors
23	Tennessee	$206.37B	0.8%	$897K	362	$1.04T	Alliancebernstein L.P.
24	Maryland	$201.63B	0.7%	$1.8M	394	$3.1T	Brown Advisory
25	Virginia	$188.25B	0.7%	$1.1M	536	$590B	Davenport & Company LLC
26	Nebraska	$150.98B	0.6%	$442K	116	$252.08B	Cwm, LLC
27	Indiana	$118.55B	0.4%	$1M	299	$232.04B	Oxford Financial Group, Ltd
28	Oregon	$95.69B	0.3%	$530K	267	$222.58B	Kingsview Wealth Management, LLC
29	Alabama	$85.46B	0.3%	$878K	160	$181B	Waverly Advisors, LLC
30	Louisiana	$69.45B	0.3%	$868K	162	$100.79B	Newedge Advisors
31	Utah	$68.79B	0.3%	$253K	282	$229.13B	Soltis Investment Advisors, LLC
32	Montana	$52.42B	0.2%	$629K	63	$64.58B	D.A. Davidson & Co.
33	Kentucky	$44.75B	0.2%	$643K	136	$81.85B	Meridian Wealth Management, LLC
34	Arkansas	$42.05B	0.2%	$774K	102	$64.5B	Stephens
35	Nevada	$38.01B	0.1%	$312K	202	$93.25B	The Ameriflex Group
36	Idaho	$37.75B	0.1%	$850K	111	$53.86B	The Caprock Group, LLC
37	Rhode Island	$34.79B	0.1%	$434K	79	$426.82B	Citizens Securities, Inc.
38	Oklahoma	$29.74B	0.1%	$631K	172	$91.95B	Tom Johnson Investment Management, LLC
39	New Hampshire	$29.34B	0.1%	$471K	150	$60.93B	Prime Buchholz LLC
40	Vermont	$18.6B	0.1%	$815K	51	$77.19B	Esi Financial Advisors
41	Maine	$18.23B	0.1%	$1.3M	56	$24.08B	R M Davis Inc
42	Washington, DC	$17.42B	0.1%	$39K	92	$549.76B	Missionsquare Retirement
43	Mississippi	$12.73B	0.0%	$720K	48	$25.23B	Hardy Reed, LLC
44	Delaware	$11.63B	0.0%	$1.2M	69	$314.03B	Diversified, LLC
45	New Mexico	$8.25B	0.0%	$851K	55	$66.3B	Thornburg Investment Management Inc
46	West Virginia	$7.7B	0.0%	$719K	32	$9.12B	Mckinley Carter Wealth Services, Inc.
47	Wyoming	$7.04B	0.0%	$218K	62	$44.14B	Golden State Wealth Management, LLC
48	Puerto Rico	$6.16B	0.0%	$574K	142	$56.3B	Talon LLC
49	South Dakota	$5.69B	0.0%	$519K	39	$8.14B	Compass Financial Group, Inc
50	Hawaii	$4.98B	0.0%	$1.3M	37	$9.29B	Cadinha & Co LLC
51	North Dakota	$3.1B	0.0%	$643K	28	$4.46B	Brady Martz Wealth Solutions, LLC
52	Alaska	$2.31B	0.0%	$1.1M	17	$8.78B	Alaska Wealth Advisors
	United States	$27.36T	100%	$451K	25,024	$161.52T

How we counted

For individuals: the regulatory assets under management each firm reports for individual and high-net-worth clients in its latest Form ADV (Item 5D). This is the money in wealth management and financial planning.
All assets adds what firms manage for pensions, funds, foundations and other institutions, which is why a few financial-center states look much bigger there.
By state: each firm counts in the state of its main office, even when its clients and advisors are spread across the country. A large national firm can lift its home state a lot.
Average client is assets for individuals divided by the number of individual and high-net-worth clients the firms report. In the “biggest average” list, only states with at least 1,000 clients are ranked.
Some money is counted twice. When one firm hires another to run part of a portfolio (a managed-account program or a sub-adviser), both can report the same assets. That's why platforms like Managed Account Advisors and Envestnet appear among the biggest firms.
SEC- and state-registered advisers are counted. Venture and private equity fund managers that only file as exempt reporting advisers, and brokers, aren't. Updated weekly.
You're welcome to cite or chart these numbers. Please credit and link to Advicer.bio.

Looking for an advisor? Find one in your state, or get a free financial plan.

Where the money is.

The biggest firm for individuals in the top 5

Biggest average client account

Every state

Each state's share

How we counted