Notable Digital Advisers (Robo-Advisers) Registered with the SEC (2026)

208 SEC-registered investment advisers register as internet advisers, 1.2% of all SEC-registered advisers, and most are small: the median one that reports regulatory assets manages $921,000, according to SEC Form ADV data for September 1, 2026. Together they report $15.4 billion in regulatory assets, and Gusto Investment Services alone reports $12.7 billion, 82% of that total, according to SEC data. Gusto Investment Services also checks Item 2.A.(1), which makes it eligible to register as a large advisory firm without the exemption, according to its Form ADV.

An internet adviser, on Form ADV, is an adviser that checks Item 2.A.(11): it relies on rule 203A-2(e), the SEC's exemption for advisers that give advice only through an interactive website. That is a basis for registering with the SEC, not a description of a business, so many digital advice providers are not on this list. According to SEC data, 84 of the 208 report no regulatory assets at all, and they are listed in the full dataset rather than ranked.

The 50 largest SEC-registered internet advisers

Ranked by regulatory assets under management (Item 5.F.(2)(c)) among advisers that check Item 2.A.(11). "Individual clients" adds individuals and high net worth individuals in Item 5.D, counted the way each firm counts them. The last two columns show whether the adviser also checks the large advisory firm box and portfolio management for individuals.

Rank	Adviser	Headquarters	Regulatory assets	Individual clients	Also a large advisory firm (Item 2.A.(1))	Portfolio management for individuals (Item 5.G.(2))	Source
1	Gusto Investment Services, LLC	San Francisco, CA	$12.7 billion	none reported	Yes	Yes	SEC
2	M1 Advisory	Chicago, IL	$1.5 billion	11,400	No	Yes	SEC
3	Fiduciary Capital Management LLC	Cheyenne, WY	$150 million	74	Yes	Yes	SEC
4	Dasta Investments LLC	New York, NY	$82 million	27,037	No	No	SEC
5	EKO	Not published	$75 million	68,370	No	Yes	SEC
6	Alinea Advisory Services LLC	New York, NY	$67 million	115,693	No	Yes	SEC
7	Backer	San Francisco, CA	$63 million	14,482	No	No	SEC
8	Iqcio LLC	New York, NY	$61 million	0	No	No	SEC
9	Qapital Invest, LLC	New York, NY	$52 million	38,446	No	Yes	SEC
10	Insights Investments	Palo Alto, CA	$46 million	33,896	No	Yes	SEC
11	Heron Finance	San Francisco, CA	$38 million	272	No	Yes	SEC
12	Evestia Financial	Not published	$33 million	26	No	Yes	SEC
13	Tifin Give	Boulder, CO	$31 million	none reported	No	No	SEC
14	Parrot Finance, Inc.	Not published	$30 million	10,134	No	Yes	SEC
15	Octavewealth	San Francisco, CA	$30 million	8,400	No	Yes	SEC
16	Bunker	San Francisco, CA	$29 million	138	No	Yes	SEC
17	Global Beta Advisors	West Chester, PA	$29 million	none reported	No	No	SEC
18	Cleveralpha	Hawthorne, CA	$28 million	55	No	Yes	SEC
19	Quantbase	New York, NY	$27 million	5,887	No	Yes	SEC
20	Beagle Invest	Not published	$26 million	2,512	No	Yes	SEC
21	Wealth2b	Not published	$26 million	32,225	No	Yes	SEC
22	Iqvestment, LLC	Not published	$22 million	235	No	Yes	SEC
23	Icon Financial Services LLC	Portland, OR	$20 million	4,178	No	Yes	SEC
24	Public Advisors LLC	New York, NY	$19 million	4,521	No	Yes	SEC
25	Bloom Investment Advisors, LLC	San Francisco, CA	$18 million	71,486	No	Yes	SEC
26	Ursa Financial, LLC	Not published	$17 million	118	No	Yes	SEC
27	Beanstox	Montreal, Quebec, Canada	$15 million	10,048	No	Yes	SEC
28	MoneyLion	New York, NY	$12 million	732,776	No	Yes	SEC
29	Balance Cash Management Inc.	San Francisco, CA	$12 million	none reported	No	No	SEC
30	Advisors Crypto, Inc.	Austin, TX	$11 million	74	No	Yes	SEC
31	Gravity Capital Partners, LLC	Not published	$11 million	fewer than 5	No	Yes	SEC
32	Trustee Empowerment & Protection, Inc.	Troy, MI	$10 million	3	No	No	SEC
33	Tinderwealth	Not published	$10 million	0	No	Yes	SEC
34	Benjamins Money	McLean, VA	$9 million	5	No	Yes	SEC
35	Concreit Fund Management LLC	Seattle, WA	$9 million	16,757	No	Yes	SEC
36	Bluevine Advisory LLC	Jersey City, NJ	$9 million	0	No	Yes	SEC
37	U.S. Cherry LLC	St. Petersburg, FL	$8 million	153	No	Yes	SEC
38	Access Softek Advisory Services	Naperville, IL	$7 million	2,223	No	Yes	SEC
39	Caltier Advisors, LLC	Poway, CA	$7 million	2,304	No	No	SEC
40	Xantos Labs, LLC	Not published	$6 million	101	No	Yes	SEC
41	Revolut Wealth Inc.	New York, NY	$6 million	8,441	No	Yes	SEC
42	Alphaai Capital Management	Not published	$5 million	205	No	Yes	SEC
43	Streetbeat LLC	Wilmington, DE	$5 million	853	No	Yes	SEC
44	Marketocracy Masters Capital Management LLC	Northville, MI	$5 million	18	No	Yes	SEC
45	Berilium	Lake Forest, CA	$4 million	39	No	Yes	SEC
46	Clarivor	Not published	$4 million	fewer than 5	No	Yes	SEC
47	Tradingvalley Inc.	Taipei, Taiwan, Republic of China	$4 million	168	No	Yes	SEC
48	Finn	San Francisco, CA	$4 million	1,898	No	Yes	SEC
49	Meta Investment Management Company LLC	Brooklyn, NY	$4 million	7	No	Yes	SEC
50	Save Advisers LLC	Houston, TX	$4 million	200	No	Yes	SEC

Download this table (CSV), free. The full dataset, every internet adviser with its client counts, services and registration boxes, is one email away.

What the internet adviser flag means

According to the SEC's small entity compliance guide, advisers with less than $100 million in assets under management are generally prohibited from registering with the SEC, subject to exceptions. The internet adviser exemption is one of them. Under amendments the SEC adopted on March 27, 2024, described in its fact sheet, an adviser relying on it must:

• at all times have an operational interactive website through which it gives investment advice on an ongoing basis to more than one client;
• give advice to all of its clients exclusively through that website. The earlier exception, which allowed fewer than 15 other clients in a year, was eliminated;
• represent on Section 2.A.(11) of Schedule D that it is eligible, which advisers relying on the exemption had to do by March 31, 2025, according to the SEC.

An adviser that no longer qualified and had no other basis for SEC registration had to register with one or more states and withdraw its SEC registration, according to the SEC's fact sheet.

Why many digital advisers are not on this list

• Large firms do not need the exemption. A digital adviser with $100 million or more in regulatory assets can register as a large advisory firm under Item 2.A.(1) instead, according to Form ADV. According to SEC data, two of the 208 internet advisers also check that box.
• Advice from a person rules it out. A firm that advises any client other than through its website cannot rely on the exemption, so a digital service with human advisers registers on another basis or with the states.
• State-registered advisers are not in the SEC's file. A small online adviser registered only with one or more states does not appear here.

Among the 208 that do rely on it, 156 check portfolio management for individuals and small businesses (Item 5.G.(2)) and 30 check financial planning services, according to Form ADV. Together they report 1,366,392 individual clients, and MoneyLion reports the most, 732,776, according to SEC data. Nine of them have a registration still in the SEC's 120-day approval status, according to SEC data.

What this means for technology buyers

An internet adviser's website is not a channel beside the advice; under the SEC's rule it is where all of the advice has to happen. The platform therefore carries onboarding, suitability, the portfolio and every client conversation. These guides compare the options side by side:

• Robo-advisory platforms: the software that delivers automated advice.
• Portfolio rebalancing tools for RIAs: keeping many small accounts on model at once.
• CRM for financial services: the client record behind a digital service.
• Goal-based planning tools: planning a client can work through on screen.

Planning the change before choosing the vendor? The Wealth Management Business Capabilities Model maps the work of a wealth firm, from client onboarding to reporting.

More from Finantrix Atlas

• SEC-registered RIAs with the most individual clients
• Largest registered investment advisers
• Fastest-growing RIAs
• RIA custodians by market share

How this list was built

The universe is every adviser in the SEC's monthly file of registered investment advisers for September 1, 2026, published October 2, 2026, that checks Item 2.A.(11) of Form ADV Part 1A: "are an Internet adviser relying on rule 203A-2(e)". Each adviser's answer is read from the file as filed, and the file has one row per adviser. Advisers are ranked by regulatory assets under management as filed in Item 5.F.(2)(c); an adviser that reports none is not ranked and is never shown with a zero. 68 advisers whose latest Form ADV filing is more than fifteen months older than the file are left out of the universe, because they have missed an annual amendment, according to SEC data.

The flag is the SEC's own field, so no judgment goes into choosing who is on the list. There is no second publisher of the flag, so the checks are that every row answers it with a yes or a no, and that nearly every adviser in the file checks at least one registration box in Item 2.A.

Limits

• A registration basis, not a business model. The list shows advisers that rely on the internet adviser exemption. Larger digital advisers, and digital services that also offer advice from a person, register on another basis and are not here.
• SEC-registered advisers only. State-registered advisers and exempt reporting advisers are not in the SEC's file.
• Regulatory assets are one measure. An adviser can give ongoing advice through a website without managing assets continuously, so a small or missing figure does not mean a firm has few clients. Client counts are each firm's own and cannot be added into a number of people.
• One file date. The date of the data is September 1, 2026. Item 2.A and Item 5 need not be updated between annual amendments, so an answer can be up to a year older than the file.

Cite this

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

208 SEC-registered investment advisers rely on the internet adviser exemption, and the median one with regulatory assets manages $921,000, according to a Finantrix Atlas analysis of SEC Form ADV data for September 1, 2026.

Gusto Investment Services reports $12.7 billion in regulatory assets, the most of any SEC-registered internet adviser, according to Finantrix Atlas analysis of SEC data.

Suggested citation: Finantrix Atlas, "Notable Digital Advisers (Robo-Advisers) Registered with the SEC," data as of September 1, 2026, from SEC Form ADV data. https://www.finantrix.com/articles/robo-advisers-registered

Embed the chart:

<a href="https://www.finantrix.com/articles/robo-advisers-registered"><img src="https://www.finantrix.com/atlas/robo-advisers-registered.png" alt="The largest SEC-registered internet advisers by regulatory assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/robo-advisers-registered">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is an internet adviser on Form ADV? A: An SEC-registered investment adviser that checks Item 2.A.(11), relying on rule 203A-2(e). Since the SEC's amendments, it must give advice to all of its clients exclusively through an operational interactive website.

Q: How many robo-advisers are registered with the SEC? A: Form ADV has no robo-adviser field. According to SEC data for September 1, 2026, 208 SEC-registered advisers rely on the internet adviser exemption, which is the closest field the form has. Digital advisers that register on another basis are not counted.

Q: Which SEC-registered internet adviser is the largest? A: Gusto Investment Services, with $12.7 billion in regulatory assets, according to SEC Form ADV data for September 1, 2026. M1 Advisory is next, with $1.5 billion, according to SEC data.

Q: Why are some well-known robo-advisers not on this list? A: A digital adviser with $100 million or more in regulatory assets can register with the SEC as a large advisory firm without the exemption, and one that also offers advice from a person cannot rely on it. Either way it need not, or cannot, check Item 2.A.(11).