Where the wealth is
Rank State # of fee-only RIAs Total AUM ($M) Discretionary AUM ($M) Nondiscretionary…
| 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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