Where the wealth is
States with the most assets, ranked by total AUM…
States with the most assets, ranked by total AUM
| Rank | State | # of fee-only RIAs | Discretionary assets ($M) | Nondiscretionary assets ($M) | Total assets ($M) |
|---|---|---|---|---|---|
| 1 | California | 334 | $129,144.8 | $44,430.9 | $173,575.6 |
| 2 | New York | 153 | $56,418.0 | $30,855.3 | $87,273.3 |
| 3 | Massachusetts | 117 | $37,752.4 | $15,640.7 | $53,393.2 |
| 4 | Ohio | 95 | $34,987.6 | $8,238.5 | $43,226.1 |
| 5 | Texas | 116 | $26,661.0 | $6,503.3 | $33,164.3 |
| 6 | Illinois | 106 | $24,046.1 | $7,527.9 | $31,574.0 |
| 7 | Pennsylvania | 94 | $22,134.9 | $8,626.8 | $30,761.7 |
| 8 | Georgia | 71 | $22,805.6 | $4,669.6 | $27,475.2 |
| 9 | Washington | 81 | $19,533.2 | $7,173.2 | $26,706.4 |
| 10 | Maryland | 65 | $23,682.3 | $2,337.2 | $26,019.4 |
| 11 | Virginia | 89 | $17,387.7 | $3,894.1 | $21,281.8 |
| 12 | Florida | 113 | $16,743.0 | $3,461.4 | $20,204.4 |
| 13 | Connecticut | 52 | $16,597.1 | $2,618.8 | $19,215.9 |
| 14 | Indiana | 39 | $7,063.4 | $11,117.2 | $18,180.6 |
| 15 | New Jersey | 67 | $12,273.0 | $5,588.5 | $17,861.4 |
| 16 | Minnesota | 44 | $11,264.8 | $5,113.3 | $16,378.1 |
| 17 | Michigan | 73 | $12,368.5 | $2,372.9 | $14,741.4 |
| 18 | Colorado | 80 | $11,538.6 | $2,410.4 | $13,949.0 |
| 19 | North Carolina | 59 | $11,054.8 | $1,700.0 | $12,754.9 |
| 20 | Wisconsin | 38 | $10,111.2 | $1,599.5 | $11,710.7 |
| 21 | Oregon | 33 | $9,271.4 | $1,292.2 | $10,563.6 |
| 22 | Kansas | 28 | $9,682.7 | $485.2 | $10,167.9 |
| 23 | Missouri | 34 | $4,985.2 | $4,355.8 | $9,341.0 |
| 24 | Tennessee | 38 | $7,035.9 | $1,034.5 | $8,070.4 |
| 25 | Arizona | 44 | $5,962.8 | $862.9 | $6,825.7 |
| 26 | Maine | 12 | $4,669.6 | $144.3 | $4,814.0 |
| 27 | Louisiana | 22 | $2,469.2 | $2,264.8 | $4,734.0 |
| 28 | Alabama | 17 | $3,003.1 | $1,209.6 | $4,212.8 |
| 29 | Arkansas | 16 | $3,845.1 | $149.7 | $3,994.8 |
| 30 | Oklahoma | 20 | $3,000.2 | $632.5 | $3,632.7 |
| 31 | Vermont | 8 | $2,629.0 | $305.0 | $2,934.0 |
| 32 | Rhode Island | 9 | $2,621.4 | $228.0 | $2,849.4 |
| 33 | South Carolina | 26 | $2,387.2 | $429.8 | $2,817.0 |
| 34 | Alaska | 3 | $2,665.5 | $8.2 | $2,673.7 |
| 35 | New Hampshire | 22 | $2,242.3 | $138.8 | $2,381.2 |
| 36 | Mississippi | 9 | $1,294.2 | $607.6 | $1,901.9 |
| 37 | Iowa | 7 | $1,738.2 | $93.4 | $1,831.6 |
| 38 | Nebraska | 12 | $1,613.1 | $179.7 | $1,792.8 |
| 39 | Utah | 13 | $1,315.0 | $448.8 | $1,763.8 |
| 40 | New Mexico | 6 | $1,006.9 | $703.6 | $1,710.4 |
| 41 | Kentucky | 10 | $971.5 | $442.1 | $1,413.6 |
| 42 | Delaware | 7 | $1,087.3 | $201.2 | $1,288.5 |
| 43 | West Viriginia | 5 | $853.3 | $190.8 | $1,044.2 |
| 44 | Montana | 4 | $236.0 | $603.7 | $839.6 |
| 45 | Hawaii | 5 | $581.5 | $176.3 | $757.8 |
| 46 | Idaho | 6 | $464.5 | $173.0 | $637.5 |
| 47 | Nevada | 7 | $391.0 | $230.7 | $621.7 |
| 48 | Wyoming | 9 | $372.2 | $15.3 | $387.5 |
| 49 | South Dakota | 2 | $192.1 | $15.2 | $207.4 |
| 50 | North Dakota | 2 | $116.6 | $25.3 | $141.8 |
| Total | $602,272.3 | $193,527.3 | $795,799.6 |
For more RIA rankings, visit the InvestmentNews RIA Data Center.
InvestmentNews ranked and qualified firms based on data reported to the Securities and Exchange Commission as of May 1, 2012. To be ranked, a firm must have met the following criteria: (1) Provided investment advisory services to clients in its latest completed fiscal year. (2) No more than 25% of the firm’s assets is attributable to pension and profit sharing plans. (3) No more than 50% of the firm’s assets is attributable to pooled investment vehicles. (4) No more than 25% of the firm’s assets is attributable to corporations or other businesses. (5) Is not compensated for its advisory services by commissions. (6) Offers financial planning services. (7) Does business neither as a nor as a registered representative of a broker-dealer. (8) Does not have both a related person who is a broker-dealer and a related person who is an insurance company or agency. (9) The state in which financial advisory business is conducted is explicitly specified.
Source: InvestmentNews Data
Learn more about reprints and licensing for this article.
