Where the wealth is

States with fee-only RIAs, ranked by total AUM

Dec 2, 2012 @ 12:01 am

Rank State # of fee-only RIAs Total AUM ($M) Discretionary AUM ($M) Nondiscretionary AUM ($M)
1 California 202 $172,695.3 $128,986.9 $43,708.4
2 New York 71 $80,748.1 $50,948.4 $29,799.7
3 Massachusetts 66 $40,691.1 $28,954.9 $11,736.2
4 Ohio 56 $36,273.5 $31,630.9 $4,642.6
7 Kansas 9 $27,888.7 $24,665.3 $3,223.4
5 Texas 69 $29,678.7 $23,775.2 $5,903.5
6 Illinois 58 $28,282.5 $21,883.1 $6,399.4
8 Washington 47 $24,605.1 $17,835.9 $6,769.2
9 Pennsylvania 47 $24,015.7 $16,399.2 $7,616.5
10 Georgia 41 $23,997.4 $20,391.2 $3,606.2
11 Maryland* 35 $23,661.3 $21,027.7 $2,633.6
12 Virginia 52 $18,330.8 $16,346.1 $1,984.7
13 Connecticut 25 $18,278.7 $14,486.4 $3,792.3
14 Indiana 24 $16,396.8 $5,533.5 $10,863.3
15 New Jersey 34 $15,098.3 $9,924.0 $5,174.3
16 Florida 44 $14,028.3 $11,298.9 $2,729.4
17 Minnesota 20 $12,996.8 $9,256.3 $3,740.5
18 Michigan 36 $12,381.1 $10,410.5 $1,970.6
19 Wisconsin 25 $10,130.0 $8,832.8 $1,297.2
20 North Carolina 26 $9,578.2 $8,001.7 $1,576.6
21 Colorado 31 $9,494.0 $7,523.2 $1,970.8
22 Oregon 17 $8,950.3 $7,913.2 $1,037.0
23 Missouri 15 $7,857.7 $4,084.3 $3,773.3
24 Tennessee 18 $5,426.5 $4,541.8 $884.7
25 Arizona 22 $5,173.0 $4,857.5 $315.5
26 Maine 6 $4,598.7 $4,460.2 $138.5
27 Alabama 7 $3,604.2 $2,562.0 $1,042.2
28 Rhode Island 7 $3,316.3 $3,099.7 $216.6
29 Arkansas 8 $3,248.6 $3,144.5 $104.1
30 Oklahoma 11 $2,993.3 $2,521.1 $472.3
31 Louisiana 12 $2,961.0 $1,891.9 $1,069.2
32 Vermont 6 $2,821.2 $2,517.6 $303.6
33 Alaska 2 $2,579.6 $2,577.9 $1.7
34 South Carolina 12 $2,019.6 $1,667.6 $352.0
35 New Hampshire 10 $1,708.1 $1,676.0 $32.2
36 Iowa 2 $1,409.5 $1,396.4 $13.1
37 New Mexico 3 $1,174.0 $605.3 $568.7
38 Delaware 4 $1,072.2 $979.9 $92.2
39 Utah 4 $1,045.3 $942.4 $102.9
40 Mississippi 4 $996.6 $964.5 $32.1
41 Idaho 4 $919.3 $704.2 $215.1
42 Nebraska 3 $881.5 $754.7 $126.8
43 West Virginia 2 $766.1 $661.8 $104.2
44 Montana 1 $685.1 $82.4 $602.7
45 Hawaii 3 $621.7 $508.7 $113.0
46 Kentucky 3 $421.3 $269.2 $152.1
47 Nevada 3 $359.0 $208.9 $150.2
48 Wyoming 1 $258.1 $258.1 $0.0
49 South Dakota 1 $141.1 $128.8 $12.3
50 North Dakota 0 $0.0 $0.0 $0.0
*Includes firms located in District of Columbia. InvestmentNews qualified 1,209 firms headquartered in the United States based on data reported on Form ADV to the Securities and Exchange Commission as of November 1, 2012. To qualify, firms must have met the following criteria: (1) latest ADV filing date is either on or after January 1, 2012, (2) total AUM is at least $100M, (3) does not have employees who are registered representatives of a broker-dealer, (4) provided investment advisory services to clients during its most recently completed fiscal year, (5) no more than 50% of amount of regulatory assets under management is attributable to pooled investment vehicles (other than investment companies), (6) no more than 25% of amount of regulatory assets under management is attributable to pension and profit-sharing plans (but not the plan participants), (7) no more than 25% of amount of regulatory assets under management is attributable to corporations or other businesses, (8) does not receive commissions, (9) provides financial planning services, (10) is not actively engaged in business as a broker-dealer (registered or unregistered), (11) is not actively engaged in business as a registered representative of a broker-dealer, (12) has neither a related person who is a broker-dealer/municipal securities dealer/government securities broker or dealer (registered or unregistered) not one who is an insurance company or agency, (13) the state in which financial advisory business is conducted is explicitly specified. Source: InvestmentNews Data

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