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

Featured video

Events

The who, what and why of ETFs

What's next for exchange-traded funds? Jillian Delsignore of J.P. Morgan Asset Management offers her thoughts on what we can expect from "chapter two" for this growing product segment.

Latest news & opinion

House passes tax bill, focus turns to Senate

Tax reform legislation expected to have more of a challenge in upper chamber.

SEC enforcement of advisers drops in Trump era

The agency pursued 82 cases against advisers and firms in fiscal year 2017, down from 98 the previous year.

PIABA accuses Finra of conflicts of interest

Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.

Betterment launches 'free' charitable-giving platform

Robo-software provider lets investors donate directly from their accounts, and will not charge charities with less than $1 million on the platform.

Cole Capital, once part of a company coveted by Nicholas Schorsch, is being sold

Vereit, formerly American Realty Capital Properties Inc., is selling Cole Capital as it exits the nontraded REIT business.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print