SEC-registered registered investment advisers (RIAs) oversaw a record $176.8 trillion in regulatory assets across 16,544 firms at year-end 2025, serving 73.7 million clients and employing roughly 1.1 million people. Assets rose 22.3% in a single year, the largest annual gain in the series, while consolidation set records: DeVoe & Company counted 322 M&A deals and Fidelity tracked 276 transactions worth $796 billion. The figures below are current as of the 2026 Investment Adviser Industry Snapshot, the 26th edition of the channel’s annual census.
Key RIA industry statistics for 2026 (at a glance)
As of year-end 2025, the SEC-registered RIA channel reached record highs across every major measure: 16,544 firms (up 4.2%), $176.8 trillion in regulatory assets (up 22.3%), 73.7 million clients (up 7.7%), and about 1.1 million non-clerical employees (up 7.5%). A separate population of 16,575 state-registered firms held $361.8 billion at year-end 2024, per NASAA.
- 16,544 SEC-registered advisers in 2025, a record high, up 4.2% from 15,870 in 2024. Source: IAA and Comply, 2026 Investment Adviser Industry Snapshot.
- $176.8 trillion in regulatory assets under management (RAUM) in 2025, up 22.3% from $144.6 trillion. Source: IAA and Comply, 2026 Snapshot.
- 73.7 million total clients in 2025, up 7.7% year over year. Source: IAA and Comply, 2026 Snapshot.
- ~1.1 million non-clerical employees in 2025, up 7.5%. Source: IAA and Comply, 2026 Snapshot.
- 92.8% of advisers employed 100 or fewer staff in 2025, and 67.4% managed less than $1 billion. Source: IAA and Comply, 2026 Snapshot.
- The largest 260 firms (each above $100B) held 72.3% of all RAUM in 2025, about 1.6% of firms controlling nearly three-quarters of reported assets. Source: InvestmentNews on the 2026 Snapshot.
- 322 announced RIA M&A deals in 2025 (DeVoe), a record, up 18.4% from 272 in 2024. Source: DeVoe & Company RIA Deal Book.
- 276 completed deals worth $796 billion in 2025 (Fidelity), with private equity backing 88% of transactions. Source: Fidelity Wealth Management M&A Report.
- Top-performing firms posted 12.5% net organic growth in 2024, versus a 5% median for firms above $250M. Source: Charles Schwab 2025 RIA Benchmarking Study.
- Median AUM fee on the first $1M was about 1.02%, declining on larger balances. Source: Kitces Research on Advisor Pricing.
A note on definitions: “RIA” in headline statistics almost always means SEC-registered firms, which generally hold $100M or more in regulatory assets. Smaller firms register with state securities regulators and are tracked separately by NASAA. The two populations should not be added or averaged without care, a distinction covered in detail below.
How many RIAs are there? Industry size, firms and assets
SEC-registered advisers numbered 16,544 at year-end 2025, a record and a 4.2% gain over 15,870 in 2024. Regulatory assets reached $176.8 trillion, up 22.3% year over year and up from $128.4 trillion in 2023. Over roughly 25 years, adviser count has compounded near 3.7% annually while assets have compounded near 9.1%, per InvestmentNews on the Snapshot.
Growth in 2025 was concentrated in private-fund assets, with hedge fund assets managed by SEC-registered advisers rising 18.5% on the year, per the 2026 Snapshot. This helps explain why the RAUM total climbs faster than firm or client counts.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| SEC-registered advisers | 15,396 | 15,870 | 16,544 |
| Regulatory AUM | $128.4T | $144.6T | $176.8T |
| Total clients | ~64.1M | 68.4M | 73.7M |
| Non-clerical employees | ~1.006M | 1,032,455 | ~1.1M |
Sources: IAA and Comply 2024, 2025, and 2026 Snapshots; SEC Investment Adviser Statistics (Form ADV) for the 2023 adviser count. The 2023 client and employee cells are derived from reported year-over-year growth rates and are marked approximate.
Important caveat on RAUM. Regulatory AUM is a gross figure that can double-count leveraged private-fund assets and sub-advised assets across multiple firms. At $176.8 trillion it far exceeds total U.S. household wealth, because it measures regulatory scope rather than unique investor money. Source: SEC Form ADV instructions.
RIA clients and employment
SEC-registered advisers served 73.7 million total clients in 2025, up 7.7% year over year, including 64.8 million asset-management clients (up 8.3%). Non-clerical staffing reached roughly 1.1 million, up 7.5% from 1,032,455 in 2024. Over a recent six-year window, individual clients grew about 12.8% per year while assets managed for them grew about 15.1% per year, per SEC Investment Adviser Statistics.
The pattern suggests that demand for advice has outpaced growth in adviser headcount, which may continue to pressure firm capacity and hiring. For firms marketing to this expanding client base, our lead generation statistics and customer acquisition cost benchmarks provide adjacent context.
RIA mergers and acquisitions in 2025
RIA consolidation set records in 2025 by two independent counts. DeVoe & Company logged 322 announced transactions, a record and up 18.4% from 272 in 2024, with 94 deals in the third quarter alone. Fidelity, using different inclusion rules, counted 276 completed deals worth $796 billion in acquired assets, with private equity behind 88% of transactions. The two counts diverge because of methodology, not disagreement about the trend.
| Tracker | 2024 deals | 2025 deals | 2025 assets acquired |
|---|---|---|---|
| DeVoe & Company | 272 | 322 | Not disclosed in cited release |
| Fidelity Institutional | 233 | 276 | $796 billion |
Sources: DeVoe RIA Deal Book via InvestmentNews and AdvisorHub; Fidelity Wealth Management M&A Report via AdvisorHub and InvestmentNews. Both trackers confirm 2025 as a record year.
Concentration among buyers appears to be rising. DeVoe reported 22 fewer distinct buyers completing deals in 2025 than in 2024, while Fidelity’s “Leading 20 Acquirer” cohort (all private-equity backed) participated in 156 of 276 deals (57%) and bought 55% of all acquired assets. The picture is more deals, fewer buyers, and a growing share controlled by serial acquirers.
RIA organic growth and performance
Organic growth, meaning net new client assets excluding market gains and acquisitions, is the metric RIA principals most often cite as their top concern. In the Charles Schwab 2025 RIA Benchmarking Study, median firm AUM grew 16.6% in 2024 and revenue grew 17.6%, but net organic asset growth was more modest: 5% for firms above $250M and 9.2% for smaller firms. Top-performing firms reached 12.5%.
The gap between headline AUM growth and net organic growth suggests that market appreciation, rather than new-client acquisition, drove much of 2024’s asset gains. Where organic growth is the goal, the differentiator among firms appears to be client acquisition rather than market beta, which is a marketing and business-development challenge as much as an investment one.
- Median AUM growth: 16.6% in 2024; revenue up 17.6%. Source: Schwab 2025 RIA Benchmarking Study.
- Net organic asset growth: 5% for firms above $250M (up from 4.9%); 9.2% for firms below $250M (up from 7.8%). Source: Schwab 2025 Study.
- Top-performing firms: 12.5% net organic growth in 2024. Source: Schwab 2025 Study via Citywire.
- Median client growth: 4.8% in 2024. Source: Schwab 2025 Study.
- Five-year CAGR: above 12% for both assets and revenue through 2024. Source: Schwab 2025 Study.
- Study scope: 1,288 firms representing more than $2.4 trillion in assets, fielded January to March 2025. Source: Schwab 2025 Study.
RIA advisory fee trends
The asset-based (AUM) fee remains the dominant RIA pricing model, and the data shows little sign of broad compression at the headline 1% level for smaller portfolios. Per Kitces Research, 92% of advisers incorporate AUM-based fees and 86% use AUM as their primary revenue source. The median fee on the first $1M is about 1.02%, with blended rates declining on larger balances because of tiered schedules rather than across-the-board price cuts.
| Portfolio size | Median blended AUM fee |
|---|---|
| $1 million | ~1.02% |
| $2 million | ~0.9% |
| $5 million | ~0.8% |
Source: Kitces Research on Advisor Pricing. Figures describe blended schedules, not what any single client pays.
- 62% of advisers charge 1% or more on a $1M portfolio, but only 32% charge a full 1% on a $2M portfolio. Source: Kitces Research.
- Median standalone financial-plan or flat fee: about $4,500 per year. Source: Kitces Research.
- Median hourly rate: about $300. Source: Kitces Research.
SEC-registered vs state-registered RIAs: a critical distinction
Headline RIA statistics reference SEC-registered firms only. A separate, larger-by-count population of smaller firms registers with state securities regulators and is tracked by NASAA. At year-end 2024 there were 16,575 state-registered firms holding $361.8 billion, a $18.5 billion increase, alongside 47,263 investment adviser representatives. Conflating the two tiers overstates assets or understates firm counts.
Registration generally follows the $100M regulatory-AUM threshold:
- Firms with $100M or more in regulatory AUM generally register with the SEC.
- Firms below $100M generally register with one or more state securities regulators.
- As a firm’s assets cross $100M, it typically transitions from state to SEC registration, which is one reason state firm counts can fall even as state assets rise.
Source: NASAA 2025 Annual Report and Kitces. In 2024 the state-registered firm count fell by 322 despite asset growth, consistent with firms graduating to SEC registration. Over 98% of state-registered firms had 10 or fewer employees.
| Measure | SEC-registered | State-registered |
|---|---|---|
| Number of firms | 15,870 | 16,575 |
| Assets | $144.6 trillion (RAUM) | $361.8 billion |
| Typical firm size | Mostly under 100 staff | Over 98% with 10 or fewer staff |
| Regulator | SEC | State securities regulators |
Sources: IAA and Comply 2025 Snapshot (SEC-registered, 2024 data); NASAA 2025 Annual Report (state-registered, 2024 data). SEC RAUM is a gross figure and is not directly comparable to the state AUM total.
| State | Home-state-registered advisers |
|---|---|
| California | 2,641 |
| Texas | 1,370 |
| Florida | 1,222 |
| New York | 720 |
| Illinois | 644 |
Source: NASAA 2025 Annual Report on State-Registered Investment Advisers.
Original synthesis: what the data suggests
The figures below are simple arithmetic on cited inputs, with formulas and limitations stated. They are analysis of primary data rather than new survey results, and each carries caveats because RAUM is a gross measure skewed by the largest managers.
Assets per firm grew faster than firm count
Average RAUM per SEC-registered firm rose to about $10.69 billion ($176.8T divided by 16,544) in 2025, up from about $9.11 billion in 2024 ($144.6T divided by 15,870), a 17.3% increase. Because RAUM is gross and skewed by mega-firms, this average sits far above the typical firm, whose median RAUM is well under $1 billion.
The combined U.S. RIA firm count tops 33,000
Counting both tiers, the U.S. had roughly 33,119 RIA firms: 16,544 SEC-registered (2025) plus 16,575 state-registered (2024). This total is rarely cited because the two datasets are reported separately and a year apart. It should be read as an approximate ceiling, since a small number of firms transition between tiers each year. Sources: IAA and Comply 2026 Snapshot; NASAA 2025 Annual Report.
New firm formation outpaced acquisitions
The SEC-registered population grew by a net 674 firms in 2025 (16,544 minus 15,870), while Fidelity counted 276 completed acquisitions, a ratio near 2.4 to 1 in favor of net formation. This suggests the channel is still expanding faster than it is consolidating, even at record M&A volume. The net figure blends de-registrations and new launches, so it is not a clean startup count.
Asset concentration is extreme and rising
The largest 260 firms (each above $100B) held 72.3% of all RAUM in 2025, meaning about 1.6% of SEC-registered firms controlled nearly three-quarters of reported assets. Because RAUM includes leveraged private-fund assets, this concentration reflects the largest hedge-fund and institutional managers and overstates concentration relative to retail wealth. Source: InvestmentNews on the 2026 Snapshot.
Most quotable RIA statistics
Short, sourced lines suitable for direct citation. Each pairs a headline number with its named source and year.
- “SEC-registered advisers oversaw $176.8 trillion in regulatory assets in 2025, up 22.3% in one year.” Source: IAA and Comply, 2026 Snapshot.
- “RIA M&A hit a record 322 deals in 2025 by DeVoe’s count, with private equity backing 88% of Fidelity-tracked transactions.” Sources: DeVoe; Fidelity.
- “The largest 260 firms, about 1.6% of SEC-registered advisers, controlled 72.3% of regulatory assets in 2025.” Source: 2026 Snapshot via InvestmentNews.
- “State-registered advisers (16,575 firms) outnumbered SEC-registered firms by count in 2024 but held just $361.8 billion in assets.” Sources: NASAA; IAA and Comply.
- “One hundred SEC-registered advisers reported direct crypto or digital-asset exposure in 2025, three times the prior year.” Source: IAA and Comply, 2026 Snapshot.
Data limitations
These figures come from authoritative sources but carry known limits. Regulatory AUM is gross and can double-count assets; the M&A trackers are not directly reconcilable; and the benchmarking and fee datasets are self-reported. Readers should treat cross-tier and cross-source comparisons as directional rather than exact.
- Regulatory AUM can double-count sub-advised and leveraged assets, so $176.8T far exceeds net household wealth under advice.
- M&A trackers use different inclusion criteria; DeVoe (322) and Fidelity (276) cannot be reconciled directly.
- Schwab benchmarking and Kitces fee data are self-reported and skew toward larger, growth-oriented firms, which may overstate typical performance.
- SEC and state figures are reported on different schedules, so cross-tier comparisons mix 2024 and 2025 data.
- Fee figures describe blended schedules, not what any single client pays.
Methodology and sources
Sources are selected by tier, prioritizing the primary annual census of the channel. Every statistic appears only if a named, dated, U.S.-specific source supports it, and conflicting numbers are reported with an explanation of the methodology difference. Synthesis figures are derived by simple arithmetic on cited inputs, with formulas and limitations stated.
Tier 1, primary and official: U.S. SEC Investment Adviser Statistics and Form ADV data; NASAA Annual Report on State-Registered Investment Advisers; IAA and Comply Investment Adviser Industry Snapshot (built directly on Form ADV).
Tier 2, credible market research: DeVoe & Company RIA Deal Book; Fidelity Institutional Wealth Management M&A Report; Charles Schwab RIA Benchmarking Study; Kitces Research on advisor pricing.
Tier 3, trade journalism relaying Tier 1 and Tier 2 data: InvestmentNews, WealthManagement.com, AdvisorHub, and Citywire RIA, used only to relay figures from the primary sources they cite.
Frequently asked questions
How many SEC-registered RIAs are there?
There were 16,544 SEC-registered investment advisers at year-end 2025, a record high and up 4.2% from 15,870 in 2024. Source: IAA and Comply, 2026 Investment Adviser Industry Snapshot.
How much do RIAs manage in total?
SEC-registered advisers reported $176.8 trillion in regulatory assets under management in 2025, up 22.3% year over year. This is a gross regulatory figure, not net household wealth. Source: IAA and Comply, 2026 Snapshot.
How many clients do RIAs serve?
SEC-registered advisers served 73.7 million total clients in 2025, up 7.7% year over year, including 64.8 million asset-management clients. Source: IAA and Comply, 2026 Snapshot.
How many people work in the RIA industry?
Non-clerical employment at SEC-registered advisers reached roughly 1.1 million in 2025, up 7.5% from 1,032,455 in 2024. Source: IAA and Comply, 2026 Snapshot.
How many RIA M&A deals happened in 2025?
DeVoe & Company recorded 322 announced deals, a record, while Fidelity counted 276 completed transactions worth $796 billion. The two counts differ because of tracking methodology. Sources: DeVoe; Fidelity.
How fast are RIAs growing organically?
Net organic growth in 2024 was 5% for firms above $250M and 9.2% for smaller firms, with top performers at 12.5%. Median AUM growth including market gains was 16.6%. Source: Charles Schwab 2025 RIA Benchmarking Study.
What is the difference between SEC and state-registered RIAs?
Firms with $100M or more in regulatory assets generally register with the SEC, while smaller firms register with state securities regulators. Headline statistics usually count only the SEC tier. Sources: Kitces; NASAA.
How many state-registered RIAs are there?
There were 16,575 state-registered firms holding $361.8 billion at year-end 2024, alongside 47,263 investment adviser representatives. Source: NASAA 2025 Annual Report.
What fee do RIAs typically charge?
The median AUM fee on the first $1M was about 1.02% in the most recent Kitces data, declining to roughly 0.9% at $2M and 0.8% at $5M because of tiered schedules. Source: Kitces Research on Advisor Pricing.
How concentrated is the RIA industry?
The largest 260 firms, about 1.6% of SEC-registered advisers, controlled 72.3% of regulatory assets in 2025. The concentration partly reflects large private-fund managers. Source: InvestmentNews on the 2026 Snapshot.
About the author
Christoph Olivier is the founder of CO Consulting and a fractional CMO. He has managed millions in ad spend and built an audience exceeding one million followers across social platforms, working with seven- and eight-figure businesses in tax, M&A, consulting, real estate, capital raising, and financial services. His edge is a practitioner’s command of every major marketing channel, backed by original marketing data reports published on CO Consulting. Follow on YouTube, Instagram, and LinkedIn.