Numbers Game

Top fee-only RIAs by state

States where fee-only RIAs are headquartered, ranked by total assets

Jun 9, 2018 @ 6:00 am

By Ellie Zhu

State/top 3 firms# of fee-only RIAsTotal assets ($M)/market shareDiscretionary assets ($M)/ market shareNondiscretionary assets ($M)/market share
1 California 343 $501,079.6 $444,786.3 $56,293.3
1 Financial Engines Advisors 33.8% 38.1% 0.0%
2 Hall Capital Partners 7.3% 2.4% 45.8%
3 Aperio Group 4.8% 5.4% 0.0%
2 New York 127 $192,365.5 $144,464.1 $47,901.4
1 Silvercrest Asset Management Group 11.1% 11.1% 11.2%
2 Rockefeller & Co. Inc. 8.2% 10.7% 0.6%
3 BBR Partners 7.4% 8.5% 4.1%
3 Washington 72 $151,274.2 $142,061.2 $9,212.9
1 Fisher Investments 63.5% 67.6% 0.0%
2 Brighton Jones 3.3% 3.4% 0.9%
3 Freestone Capital Management 2.8% 2.5% 6.8%
4 Massachusetts 120 $138,937.6 $116,669.5 $22,268.1
1 Appleton Partners Inc. 6.6% 7.8% 0.0%
2 Boston Private Wealth 5.3% 6.0% 2.1%
3 Loring Wolcott & Coolidge Fiduciary Advisors 5.2% 6.0% 0.9%
5 Illinois 92 $95,235.9 $69,256.8 $25,979.2
1 Brownson Rehmus & Foxworth Inc. 11.8% 0.0% 43.3%
2 RMB Capital Management 8.6% 10.8% 3.0%
3 Gresham Partners, LLC 7.3% 6.1% 10.5%
6 Texas 124 $83,638.4 $73,934.8 $9,703.6
1 Jasper Ridge Partners 22.0% 24.0% 6.8%
2 Tolleson Private Wealth Management 6.7% 7.3% 2.0%
3 RGT Wealth Advisors 4.8% 4.8% 4.6%
7 Virginia 89 $75,426.6 $68,203.2 $7,223.4
1 Edelman Financial Services 28.8% 31.9% 0.0%
2 Signature Family Wealth Advisors 5.8% 6.5% 0.0%
3 Sullivan Bruyette Speros & Blayney 4.6% 5.0% 0.5%
8 Ohio 82 $74,293.2 $65,602.4 $8,690.8
1 Bahl & Gaynor Inc. 15.4% 16.1% 9.9%
2 Johnson Investment Counsel Inc. 14.0% 15.9% 0.0%
3 Bartlett & Co. 5.6% 6.2% 0.6%
9 Pennsylvania 86 $67,802.4 $60,958.1 $6,844.3
1 Veritable 23.1% 25.0% 6.2%
2 Mill Creek Capital Advisors 8.6% 8.5% 8.9%
3 Miller Investment Management 4.4% 2.4% 22.0%
10 Maryland 52 $56,840.9 $53,094.1 $3,746.8
1 Chevy Chase Trust Co. 52.8% 56.5% 0.0%
2 WMS Partners 7.3% 5.7% 30.0%
3 Heritage Investors Management Corp. 4.4% 4.6% 0.5%
11 Florida 84 $56,398.9 $36,555.5 $19,843.4
1 WE Family Offices 13.1% 0.0% 37.2%
2 Global Financial Private Capital 10.3% 15.8% 0.0%
3 CV Advisors 9.9% 1.5% 25.4%
12 Missouri 26 $48,402.3 $30,164.9 $18,237.5
1 Moneta Group Investment Advisors 38.2% 22.7% 63.9%
2 Buckingham Strategic Wealth 25.4% 39.8% 1.6%
3 Plancorp 8.3% 12.7% 1.0%
13 New Jersey 70 $43,865.4 $32,001.0 $11,864.3
1 Pathstone Federal Street 19.5% 10.0% 45.1%
2 RegentAtlantic 8.6% 11.5% 0.8%
3 Massey Quick & Co. 6.9% 5.9% 9.7%
14 Georgia 61 $39,417.9 $32,983.0 $6,434.9
1 Homrich Berg 14.2% 15.0% 10.2%
2 SignatureFD 8.1% 7.6% 10.2%
3 Balentine 6.3% 5.3% 11.4%
15 Connecticut 45 $31,028.0 $27,453.2 $3,574.8
1 Symmetry Partners 14.1% 15.9% 0.0%
2 Chilton Investment Services 12.7% 14.2% 1.2%
3 Bradley Foster & Sargent Inc. 11.6% 12.8% 1.9%
16 Michigan 55 $30,872.3 $25,809.2 $5,063.1
1 Zhang Financial 9.0% 5.0% 29.5%
2 Advance Capital Management Inc. 8.4% 10.0% 0.5%
3 Brick Capital Management Inc. 8.1% 0.0% 49.6%
17 North Carolina 57 $26,662.1 $22,932.3 $3,729.8
1 Parsec Financial Management Inc. 9.6% 10.5% 4.1%
2 Salem Investment Counselors Inc. 6.0% 6.9% 0.0%
3 Colony Family Offices 5.4% 6.1% 0.8%
18 Colorado 61 $25,094.9 $20,110.8 $4,984.2
1 IWP Wealth Management 6.6% 0.4% 31.8%
2 Obermeyer Wood Investment Counsel 6.2% 7.8% 0.0%
3 Colorado Financial Management 5.8% 7.2% 0.1%
19 Minnesota 45 $24,569.4 $20,879.3 $3,690.1
1 Fiduciary Counselling Inc. 22.6% 13.8% 73.0%
2 Accredited Investors Wealth Management 7.9% 8.9% 2.1%
3 Envoi LLC 6.6% 7.8% 0.0%
20 Wisconsin 45 $23,109.7 $21,692.6 $1,417.1
1 Orgel Wealth Management 18.4% 19.6% 0.0%
2 North Star Asset Management Inc. 7.0% 7.4% 1.9%
3 Pegasus Partners 6.0% 5.9% 6.5%

InvestmentNews qualified 2,172 firms headquartered in the United States based on data reported on Form ADV to the Securities and Exchange Commission as of May 1, 2018. To qualify, firms must have met the following criteria: (1) latest ADV filing date is either on or after Jan. 1, 2017, (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.

Source: InvestmentNews Data. Visit data.InvestmentNews.com/ria for more-complete profiles and financials. Contact the InvestmentNews data team at IN-data@investmentnews.com for more information.

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