Largest SEC-Registered RIAs in Each State (2026)

In at least 21 of 54 US states and territories, the largest SEC-registered investment adviser is not the firm that manages the most money for individual clients. In New York, for example, J.P. Morgan Investment Management reports the most regulatory assets, $3.52 trillion, while Morgan Stanley reports the most for individual and high-net-worth clients, $1.77 trillion, according to SEC Form ADV data. The largest adviser in a state by total assets can be a fund or institutional investment firm, so the table names both leaders for every state.

The table covers the 50 states, the District of Columbia, and 3 territories (Guam, Puerto Rico and the US Virgin Islands), from the SEC's Form ADV data for September 1, 2026. Each adviser is placed in the state of its headquarters, the principal office and place of business it reports on Form ADV (Item 1.F). New York is home to the most SEC-registered advisers, 2,579.

The largest SEC-registered adviser in each state

Each row is one state or territory, in alphabetical order. "Largest by regulatory AUM" ranks advisers by total regulatory assets under management (Item 5.F(2)(c)). "Largest for individual clients" ranks them by the part of those assets each attributes to individual and high-net-worth clients (Item 5.D), and says "Same" when it is the same firm. Each row is one registered legal entity, as filed.

† The number after the mark is how many SEC-registered advisers with no published address report more than this firm. The SEC's file gives no address for an adviser whose headquarters is a private residence, so any of them could be based in this state.

State	SEC-registered advisers	Largest by regulatory AUM	Regulatory AUM	Next two	Largest for individual clients	Assets for individuals	Source
Alabama	91	Waverly Advisors, LLC	$29.9 billion	Highland Associates; Regions Investment Management	Same	$21.2 billion	SEC
Alaska	9	Alaska Permanent Capital Management, LLC †13	$4.4 billion	Latash Investments; Alaska Wealth Advisors	Alaska Wealth Advisors †8	$1.1 billion	SEC
Arizona	211	Osaic Wealth, Inc.	$235 billion	Voya Investments; GI Partners	Same	$227 billion	SEC
Arkansas	57	Stephens †2	$18.0 billion	Stephens Investment Management Group; Sowell Management	Same	$14.2 billion	SEC
California	1,865	Capital Research and Management Company	$4.32 trillion	BlackRock Fund Advisors; Pacific Investment Management Company	Charles Schwab Investment Management, Inc.	$215 billion	SEC
Colorado	357	Janus Henderson Investors	$380 billion	Empower Advisory Group; PTMA Investment Advisors	Empower Advisory Group, LLC	$166 billion	SEC
Connecticut	504	AQR Capital Management, LLC	$312 billion	Point72 Asset Management; Bridgewater Associates	Steward Partners Investment Advisory, LLC	$34.7 billion	SEC
Delaware	39	BlackRock Capital Management, Inc.	$173 billion	BlackRock Capital Investment Advisors; Wilmington Trust Investment Advisors	Diversified, LLC †2	$2.7 billion	SEC
District of Columbia	59	The Carlyle Group	$284 billion	MissionSquare Investments; Calvert Research and Management	MissionSquare Retirement †1	$5.7 billion	SEC
Florida	1,085	Citadel Advisors LLC	$571 billion	Raymond James & Associates; Raymond James Financial Services Advisors	Raymond James & Associates, Inc.	$405 billion	SEC
Georgia	330	Invesco Advisers, Inc.	$750 billion	Truist Advisory Services; Earnest Partners	Truist Advisory Services, Inc.	$70.7 billion	SEC
Guam	2	BG Investment Services, LLC †96	$868 million	Asia Pacific Financial Management Group	Same	$362 million	SEC
Hawaii	20	CKW Financial Group, LLC †20	$2.5 billion	Asset Management Group of Bank of Hawaii; Cadinha & Co.	Cadinha & Co. LLC †9	$1.0 billion	SEC
Idaho	53	The Caprock Group, LLC †4	$12.5 billion	Clearwater Advisors; Inspire Investing	Same	$11.3 billion	SEC
Illinois	680	Northern Trust Investments, Incorporated	$1.25 trillion	Invesco Capital Management; First Trust Advisors	Cetera Investment Advisers LLC	$245 billion	SEC
Indiana	145	40/86 Advisors, Inc.	$30.5 billion	OneAmerica Asset Management; Oxford Financial Group	Oxford Financial Group, Ltd.	$13.9 billion	SEC
Iowa	91	Principal Asset Management	$428 billion	Cambridge Investment Research Advisors; Sammons Financial Group Asset Management	Cambridge Investment Research Advisors, Inc.	$135 billion	SEC
Kansas	133	Creative Planning	$296 billion	Onedigital; Mariner	Same	$184 billion	SEC
Kentucky	85	River Road Asset Management, LLC †5	$9.9 billion	Todd Asset Management; Meridian Wealth Management	Meridian Wealth Management, LLC †1	$4.4 billion	SEC
Louisiana	82	Newedge Advisors	$43.2 billion	Bernhard Capital Partners Management; Maritime Partners	Same	$39.7 billion	SEC
Maine	32	H.M. Payson †7	$9.1 billion	R M Davis; Greenbacker Capital Management	R M Davis Inc.	$7.6 billion	SEC
Maryland	226	T. Rowe Price Associates, Inc.	$2.20 trillion	T.rowe Price Investment Management; Brown Advisory	Brown Advisory	$48.8 billion	SEC
Massachusetts	627	Fidelity Management & Research Company LLC	$5.69 trillion	Geode Capital Management; Wellington Management Company	Strategic Advisers LLC	$561 billion	SEC
Michigan	305	Jackson National Asset Management, LLC	$246 billion	Plante Moran Financial Advisors; OA Private Capital	Plante Moran Financial Advisors	$26.7 billion	SEC
Minnesota	276	Ameriprise Financial Services, LLC	$660 billion	U.S. Bancorp Asset Management; Garda Capital Partners	Same	$647 billion	SEC
Mississippi	34	Smith Shellnut Wilson †7	$6.9 billion	Hardy Reed; The Molpus Woodlands Group	Hardy Reed, LLC †4	$1.6 billion	SEC
Missouri	196	Edward Jones	$1.01 trillion	Wells Fargo Advisors; NISA Investment Advisors	Same	$994 billion	SEC
Montana	24	D.A. Davidson & Co.	$41.8 billion	Investment Management Group; Davidson Investment Advisors	Same	$37.6 billion	SEC
Nebraska	71	Orion Portfolio Solutions, LLC	$64.8 billion	CWM; Ameritas Investment Partners	CWM, LLC	$45.8 billion	SEC
Nevada	77	Keystate Advisory, LLC †2	$16.6 billion	Simplify Asset Management; The Ameriflex Group	The Ameriflex Group	$8.6 billion	SEC
New Hampshire	78	Prime Buchholz LLC †4	$14.1 billion	Impax Asset Management; Global Forest Partners	Same	$2.7 billion	SEC
New Jersey	391	PGIM, Inc.	$1.13 trillion	Managed Account Advisors; UBS Financial Services	Managed Account Advisors LLC	$899 billion	SEC
New Mexico	25	Thornburg Investment Management Inc.	$54.5 billion	Ulrich Investment Consultants; John Moore & Associates	Same	$1.3 billion	SEC
New York	2,579	J.P. Morgan Investment Management Inc.	$3.52 trillion	Goldman Sachs Asset Management; Morgan Stanley	Morgan Stanley	$1.77 trillion	SEC
North Carolina	288	CAPTRUST	$1.24 trillion	Allspring Global Investments; Barings	Same	$96.0 billion	SEC
North Dakota	9	Viking Fund Management LLC †65	$1.1 billion	Brady Martz Wealth Solutions; Prairiewood Wealth Management	Brady Martz Wealth Solutions, LLC †28	$790 million	SEC
Ohio	400	Fort Washington Investment Advisors Inc.	$93.5 billion	Nationwide Fund Advisors; Meeder Public Funds	MAI Capital Management, LLC	$34.3 billion	SEC
Oklahoma	83	Exchange Traded Concepts, LLC †2	$23.0 billion	Cavanal Hill Investment Management; CE Investment Management	Tom Johnson Investment Management, LLC †4	$1.5 billion	SEC
Oregon	156	Government Portfolio Advisors LLC	$35.1 billion	Stancorp Investment Advisers; Ferguson Wellman Capital Management	Kingsview Wealth Management, LLC	$8.5 billion	SEC
Pennsylvania	563	Vanguard Group Inc.	$11.09 trillion	Vanguard Capital Management; Vanguard Portfolio Management	Envestnet PMC	$579 billion	SEC
Puerto Rico	49	Catalyst Capital Advisors LLC †5	$10.3 billion	Applied Finance Capital Management; Popular Asset Management	Talon LLC †9	$1.1 billion	SEC
Rhode Island	49	FIAM LLC	$348 billion	Providence Equity Partners; Nautic Partners	Citizens Securities, Inc.	$12.6 billion	SEC
South Carolina	116	LPL Financial LLC	$819 billion	Greystar Investment Group; LPL Enterprise	Same	$784 billion	SEC
South Dakota	14	Compass Financial Group, Inc. †35	$1.5 billion	Elgethun Capital Management; Standard Family Office	Same	$1.5 billion	SEC
Tennessee	226	AllianceBernstein L.P.	$763 billion	&Partners; Arcline Investment Management	Same	$77.3 billion	SEC
Texas	1,079	Dimensional Fund Advisors LP	$1.02 trillion	Fisher Investments; Victory Capital Management	Fisher Investments	$331 billion	SEC
US Virgin Islands	2	Black Diamond Capital Management †5	$10.7 billion	Southern Equity Advisors	Southern Equity Advisors LLC †91	$366 million	SEC
Utah	151	Bridge Investment Group	$49.3 billion	Wasatch Advisors; Townsquare Capital	Soltis Investment Advisors, LLC	$6.9 billion	SEC
Vermont	33	NLG Capital LLC	$46.5 billion	Champlain Investment Partners; Manchester Capital Management	ESI Financial Advisors †2	$2.6 billion	SEC
Virginia	298	Vest Financial LLC	$51.8 billion	Sands Capital Management; Investure	Davenport & Company LLC	$17.9 billion	SEC
Washington	271	Parametric Portfolio Associates	$685 billion	Russell Investments; Russell Investments	Same	$383 billion	SEC
West Virginia	12	Mckinley Carter Wealth Services, Inc. †22	$2.3 billion	Security Capital Management; NTV Asset Management	Same	$2.2 billion	SEC
Wisconsin	195	Robert W. Baird & Co. Incorporated	$394 billion	Northwestern Mutual Investment Management Company; Artisan Partners	Same	$168 billion	SEC
Wyoming	25	HRTG GPE, LLC	$27.1 billion	Frontier Asset Management; Golden State Wealth Management	Golden State Wealth Management, LLC †2	$2.2 billion	SEC

Download this table (CSV), free. The full dataset, every SEC-registered adviser with its headquarters state, rank in its state, regulatory assets and SEC record, is one email away.

Two kinds of leader

Regulatory assets under management, as the SEC defines them on Form ADV, are the securities portfolios an adviser continuously supervises or manages. That counts the mutual funds, ETFs and institutional mandates a fund firm runs, so the adviser with the most regulatory assets in a state can be a fund or institutional investment firm rather than a wealth firm. The part of those assets an adviser attributes to individual and high-net-worth clients is the closest the form comes to measuring a wealth business, which is why the table ranks on both.

• In 35 of the 54, the two leaders are different firms as filed. In 21 of them, neither could be outranked by an adviser with no published address, which is why the lead says "at least".
• In 16 states and territories the largest adviser by regulatory AUM is marked †, because an adviser with no published state reports more; in 17 the leader for individual clients is marked. The largest adviser with no published state reports $26.7 billion, according to SEC data.
• 8 states and territories have fewer than 25 SEC-registered advisers.

What this means for technology buyers

Whether an advisory firm leads its state or is one of many there, it runs on the same core systems. These guides compare them side by side:

• CRM for financial services: the client record an advisory practice is built around.
• Portfolio rebalancing tools for RIAs: keeping more accounts on model as a firm grows.
• Estate planning software: the advice high-net-worth clients ask for.
• Goal-based planning tools: planning around what a client wants the money to do.

Mapping what a wealth firm does before choosing the systems? The Wealth Management Business Capabilities Model lays out the capabilities an advisory business runs on.

More from Finantrix Atlas

• Largest registered investment advisers, ranked by assets
• Fastest-growing RIAs
• Where RIAs hold client assets: custodian market share

How this list was built

The universe is every adviser in the SEC's monthly file of registered investment advisers with data as of September 1, 2026, published October 2, 2026: 17,142 SEC-registered advisers, of which 14,858 are headquartered in a US state or territory, 887 are outside the US, and 1,397 have no published address. Each adviser is placed in the state of the principal office and place of business it files, and ranked within that state twice: by total regulatory assets under management (Item 5.F(2)(c)), and by the regulatory assets it attributes to individual and high-net-worth clients (Item 5.D). Exempt reporting advisers file only part of Form ADV and are not included. 68 advisers whose latest Form ADV filing is more than fifteen months older than the file are left out, because they have missed an annual amendment and their figures describe the firm as it was; the largest by the assets it still lists, Bernard L. Madoff Investment Securities LLC, last filed in January 2008, according to SEC data.

Every adviser with no published address carries the private-residence flag in the same file, and each of them is compared with every state's leader. A state's leader is marked when one of them reports more. The count in the lead uses only states where neither leader is marked.

Limits

• SEC-registered advisers only. Under the Investment Advisers Act, an adviser generally registers with the SEC once it has $100 million or more in regulatory assets, and with its state securities regulator below that, with some exceptions. State-registered advisers are not in this file, so a state's smaller advisory firms are missing here, and the adviser counts are counts of SEC-registered firms only.
• Headquarters, not where clients are. A firm is counted once, in the state of the headquarters it filed. Its advisers and clients can be anywhere.
• Advisers with no published address. 1,397 SEC-registered advisers have a private residence as their headquarters, and the SEC's file publishes no address for them. They are in the dataset but not in any state.
• One legal entity per row. Large groups register several advisers, and their assets can overlap, so rows from one group should not be added together. A group's largest registration can lead a state where its holding company is not based.
• Regulatory assets are a regulatory measure. They follow the SEC's Form ADV instructions, not a firm's own count of client assets, and each figure is as of the adviser's latest annual amendment, so the dates differ by firm. 462 advisers report no regulatory assets; they are counted in their state but cannot lead it. The file is the SEC's data as of September 1, 2026.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

In at least 21 of 54 US states and territories, the largest SEC-registered investment adviser is not the one managing the most for individual clients, according to a Finantrix Atlas analysis of SEC Form ADV data as of September 1, 2026.

New York is home to 2,579 SEC-registered investment advisers, more than any other state, according to Finantrix Atlas analysis of SEC data.

Suggested citation: Finantrix Atlas, "Largest SEC-Registered RIAs in Each State," data as of September 1, 2026, from SEC Form ADV. https://www.finantrix.com/articles/rias-by-state

Embed the chart:

<a href="https://www.finantrix.com/articles/rias-by-state"><img src="https://www.finantrix.com/atlas/rias-by-state.png" alt="The states with the most SEC-registered investment advisers, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/rias-by-state">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest RIA in my state? A: The table names the largest SEC-registered adviser headquartered in each state, by total regulatory assets and by assets for individual clients, from SEC Form ADV data as of September 1, 2026. State-registered advisers are not included.

Q: Which state has the most RIAs? A: Among SEC-registered advisers, New York, with 2,579 as of September 1, 2026, according to SEC Form ADV data. State-registered advisers are not counted.

Q: Why is the largest adviser in a state sometimes not a wealth firm? A: Regulatory assets on Form ADV include the funds and institutional accounts an adviser manages, so fund firms report large totals. The table also ranks advisers by the assets they attribute to individual and high-net-worth clients, which is closer to the size of a wealth business.

Q: What is the difference between an SEC-registered and a state-registered adviser? A: Under the Investment Advisers Act, an adviser generally registers with the SEC once it has $100 million or more in regulatory assets, and with its state securities regulator below that, with some exceptions. This page covers SEC-registered advisers only.