RIA rundown 2019: Top fee-only RIAs by state
States where fee-only RIAs are headquartered, ranked by total assets
| State/top 3 firms | # of fee-only RIAs | Total assets ($M)/market share | Discretionary assets ($M)/ market share |
Nondiscretionary assets ($M)/market share | ||
|---|---|---|---|---|---|---|
| 1 | CA | California | 357 | $271,694.9 | $222,410.8 | $49,284.1 |
| 1 | $36,253,881,136.0 | Hall Capital Partners | 13.3% | 5.4% | 49.2% | |
| 2 | $14,175,031,522.0 | Comprehensive Financial Management | 5.2% | 6.4% | 0.0% | |
| 3 | $11,669,979,000.0 | Aspiriant | 4.3% | 4.5% | 3.6% | |
| 2 | NY | New York | 127 | $167,378.0 | $124,021.5 | $43,356.4 |
| 1 | $19,032,237,664.0 | Silvercrest Asset Management Group | 11.4% | 11.5% | 11.0% | |
| 2 | $15,886,200,000.0 | Bbr Partners | 9.5% | 11.1% | 4.9% | |
| 3 | $13,920,631,060.0 | Tiedemann Advisors | 8.3% | 9.3% | 5.4% | |
| 3 | MA | Massachusetts | 119 | $121,351.0 | $105,937.8 | $15,413.2 |
| 1 | $9,650,758,503.0 | Appleton Partners | 8.0% | 9.1% | 0.0% | |
| 2 | $7,242,359,482.0 | Loring, Wolcott & Coolidge Fiduciary Advisors | 6.0% | 6.7% | 1.2% | |
| 3 | $6,789,176,351.0 | Boston Private Wealth | 5.6% | 6.0% | 2.5% | |
| 4 | TX | Texas | 139 | $84,044.6 | $73,675.4 | $10,369.2 |
| 1 | $20,001,675,594.0 | Jasper Ridge Partners | 23.8% | 26.2% | 6.9% | |
| 2 | $3,857,118,299.0 | Rgt Wealth Advisors | 4.6% | 4.8% | 3.1% | |
| 3 | $3,385,226,552.0 | South Texas Money Management | 4.0% | 4.5% | 0.5% | |
| 5 | IL | Illinois | 85 | $66,978.3 | $46,154.2 | $20,824.1 |
| 1 | $10,892,864,000.0 | Brownson, Rehmus & Foxworth | 16.3% | 0.0% | 52.3% | |
| 2 | $5,382,962,097.0 | Savant Capital Management | 8.0% | 11.7% | 0.0% | |
| 3 | $4,404,369,221.0 | Altair Advisers | 6.6% | 2.6% | 15.3% | |
| 6 | OH | Ohio | 90 | $66,863.1 | $59,552.2 | $7,310.9 |
| 1 | $11,524,531,262.0 | Bahl & Gaynor Inc | 17.2% | 18.0% | 10.7% | |
| 2 | $10,661,232,987.0 | Johnson Investment Counsel | 15.9% | 17.9% | 0.0% | |
| 3 | $2,731,503,548.0 | Truepoint | 4.1% | 4.5% | 0.4% | |
| 7 | PA | Pennsylvania | 100 | $54,722.4 | $47,076.5 | $7,645.9 |
| 1 | $5,623,049,466.0 | Mill Creek Capital Advisors | 10.3% | 10.8% | 7.1% | |
| 2 | $2,439,958,910.0 | Miller Investment Management | 4.5% | 3.0% | 13.3% | |
| 3 | $2,328,322,693.0 | Wharton Business Group | 4.3% | 4.5% | 3.0% | |
| 8 | VA | Virginia | 89 | $46,682.1 | $39,721.1 | $6,961.0 |
| 1 | $3,518,350,523.0 | Sullivan, Bruyette, Speros & Blayney | 7.5% | 8.8% | 0.5% | |
| 2 | $2,848,662,345.0 | Wilbanks, Smith & Thomas Asset Management | 6.1% | 7.0% | 0.7% | |
| 3 | $2,159,257,350.0 | Palladium Registered Investment Advisors | 4.6% | 5.4% | 0.4% | |
| 9 | GA | Georgia | 65 | $44,908.6 | $38,583.1 | $6,325.5 |
| 1 | $5,457,259,462.0 | Homrich Berg | 12.2% | 12.8% | 8.5% | |
| 2 | $3,494,180,457.0 | Signaturefd | 7.8% | 7.2% | 11.4% | |
| 3 | $3,335,519,000.0 | Brightworth | 7.4% | 8.6% | 0.0% | |
| 10 | FL | Florida | 94 | $43,319.9 | $28,444.0 | $14,875.9 |
| 1 | $7,402,699,857.0 | We Family Offices | 17.1% | 0.0% | 49.8% | |
| 2 | $5,064,489,201.0 | Cv Advisors | 11.7% | 1.8% | 30.6% | |
| 3 | $1,974,181,688.0 | Water Oak Advisors | 4.6% | 6.4% | 1.0% | |
| 11 | WA | Washington | 69 | $43,244.2 | $38,726.9 | $4,517.3 |
| 1 | $5,299,273,672.0 | Brighton Jones | 12.3% | 13.3% | 3.0% | |
| 2 | $3,405,849,216.0 | Cornerstone Advisors | 7.9% | 8.8% | 0.0% | |
| 3 | $2,636,476,973.0 | Badgley Phelps Wealth Managers | 6.1% | 6.3% | 4.1% | |
| 12 | NJ | New Jersey | 69 | $39,964.5 | $30,285.6 | $9,678.9 |
| 1 | $8,534,379,588.0 | Pathstone | 21.4% | 12.3% | 49.6% | |
| 2 | $3,597,790,767.0 | Regentatlantic | 9.0% | 11.7% | 0.4% | |
| 3 | $2,975,554,906.0 | Massey Quick Simon & Co. | 7.4% | 6.6% | 10.1% | |
| 13 | CO | Colorado | 67 | $35,022.1 | $29,692.3 | $5,329.8 |
| 1 | $10,687,217,357.0 | Mercer Global Advisors | 30.5% | 34.8% | 6.8% | |
| 2 | $1,992,744,728.0 | Iwp Wealth Management | 5.7% | 0.7% | 33.4% | |
| 3 | $1,569,961,106.0 | Colorado Financial Management | 4.5% | 5.3% | 0.1% | |
| 14 | MO | Missouri | 23 | $33,395.2 | $18,547.5 | $14,847.7 |
| 1 | $20,257,468,937.0 | Moneta Group Investment Advisors | 60.7% | 49.7% | 74.4% | |
| 2 | $3,670,437,507.0 | Plancorp | 11.0% | 18.9% | 1.1% | |
| 3 | $2,428,409,909.0 | Matter Family Office | 7.3% | 0.5% | 15.8% | |
| 15 | MI | Michigan | 60 | $32,201.8 | $27,069.8 | $5,132.0 |
| 1 | $2,712,917,102.0 | Zhang Financial | 8.4% | 5.1% | 26.2% | |
| 2 | $2,512,170,637.0 | Advance Capital Management | 7.8% | 9.2% | 0.6% | |
| 3 | $2,485,893,458.0 | Mainstay Capital Management | 7.7% | 8.5% | 3.7% | |
| 16 | MD | Maryland | 54 | $27,670.8 | $23,374.4 | $4,296.4 |
| 1 | $3,679,834,880.0 | Wms Partners | 13.3% | 11.2% | 24.7% | |
| 2 | $2,321,727,367.0 | Heritage Investors Management Corp | 8.4% | 9.9% | 0.4% | |
| 3 | $1,954,331,836.0 | Pinnacle Advisory Group | 7.1% | 8.4% | 0.0% | |
| 17 | MN | Minnesota | 46 | $26,807.2 | $20,812.1 | $5,995.1 |
| 1 | $5,751,115,655.0 | Fiduciary Counselling | 21.5% | 11.9% | 54.7% | |
| 2 | $3,237,445,009.0 | Meristem Family Wealth | 12.1% | 7.2% | 28.8% | |
| 3 | $1,869,377,862.0 | Accredited Investors Wealth Management | 7.0% | 8.6% | 1.3% | |
| 18 | NC | North Carolina | 60 | $23,385.0 | $20,882.0 | $2,503.0 |
| 1 | $1,624,180,633.0 | Colony Family Offices | 6.9% | 7.6% | 1.9% | |
| 2 | $1,584,499,773.0 | Biltmore Family Office | 6.8% | 4.3% | 27.8% | |
| 3 | $1,377,889,908.0 | Smith, Salley & Associates | 5.9% | 6.6% | 0.0% | |
| 19 | WI | Wisconsin | 45 | $22,149.7 | $20,914.4 | $1,235.4 |
| 1 | $4,191,363,849.0 | Orgel Wealth Management | 18.9% | 20.0% | 0.0% | |
| 2 | $1,577,049,019.0 | North Star Asset Management | 7.1% | 7.4% | 2.1% | |
| 3 | $1,404,184,629.0 | Pegasus Partners | 6.3% | 6.3% | 7.2% | |
| 20 | OR | Oregon | 40 | $20,735.7 | $20,068.4 | $667.3 |
| 1 | $4,965,805,899.0 | Ferguson Wellman Capital Management | 23.9% | 24.7% | 0.0% | |
| 2 | $3,962,352,799.0 | Becker Capital Management | 19.1% | 19.7% | 0.0% | |
| 3 | $1,340,404,949.0 | Vista Capital Partners | 6.5% | 6.7% | 0.0% | |
| 21 | KS | Kansas | 31 | $19,968.8 | $17,928.8 | $2,040.0 |
| 1 | $8,613,083,544.0 | Fci Advisors | 43.1% | 41.8% | 55.0% | |
| 2 | $1,530,433,045.0 | Meritage Portfolio Management | 7.7% | 8.2% | 2.6% | |
| 3 | $1,376,475,446.0 | Rocky Mountain Advisers | 6.9% | 7.7% | 0.0% | |
| 22 | CT | Connecticut | 39 | $19,446.9 | $16,566.9 | $2,880.0 |
| 1 | $3,440,594,013.0 | Bradley Foster & Sargent | 17.7% | 20.7% | 0.1% | |
| 2 | $2,661,623,147.0 | Northeast Financial | 13.7% | 15.3% | 4.6% | |
| 3 | $1,589,986,385.0 | Beirne Wealth Consulting Services | 8.2% | 2.1% | 42.9% | |
| 23 | IN | Indiana | 37 | $19,084.1 | $16,948.9 | $2,135.2 |
| 1 | $3,750,482,809.0 | Valeo Financial Advisors | 19.7% | 15.0% | 56.6% | |
| 2 | $1,613,067,772.0 | Donaldson Capital Management | 8.5% | 9.1% | 3.4% | |
| 3 | $1,521,447,216.0 | Goelzer Investment Management | 8.0% | 8.4% | 4.7% | |
| 24 | TN | Tennessee | 44 | $15,812.3 | $13,900.3 | $1,912.0 |
| 1 | $1,225,200,390.0 | Legacy Wealth Management | 7.7% | 8.2% | 4.1% | |
| 2 | $927,944,531.0 | Reliant Investment Management | 5.9% | 5.1% | 11.2% | |
| 3 | $918,444,748.0 | Capwealth Advisors | 5.8% | 6.4% | 1.5% | |
| 25 | AZ | Arizona | 41 | $13,952.3 | $12,582.6 | $1,369.8 |
| 1 | $2,464,227,049.0 | Tci Wealth Advisors | 17.7% | 19.1% | 4.1% | |
| 2 | $1,451,242,875.0 | Dynamic Wealth Advisors | 10.4% | 10.3% | 11.1% | |
| 3 | $1,088,194,136.0 | Wall Capital Group | 7.8% | 2.8% | 53.8% | |
| 26 | ME | Maine | 11 | $10,531.0 | $10,057.6 | $473.4 |
| 1 | $3,938,594,864.0 | R M Davis | 37.4% | 39.1% | 2.0% | |
| 2 | $3,640,289,611.0 | H.M. Payson | 34.6% | 32.2% | 84.3% | |
| 3 | $1,087,176,244.0 | Vigilant Capital Management | 10.3% | 10.8% | 0.0% | |
| 27 | NE | Nebraska | 13 | $7,619.9 | $7,234.7 | $385.1 |
| 1 | $4,235,258,988.0 | Bridges Investment Management | 55.6% | 57.0% | 28.7% | |
| 2 | $963,416,713.0 | Lutz Financial | 12.6% | 11.8% | 28.7% | |
| 3 | $405,294,758.0 | Cambridge Advisors | 5.3% | 5.3% | 6.5% | |
| 28 | SC | South Carolina | 26 | $7,550.1 | $6,605.4 | $944.7 |
| 1 | $1,044,694,378.0 | Abacus Planning Group | 13.8% | 15.8% | 0.0% | |
| 2 | $769,376,576.0 | Colonial Trust Advisors | 10.2% | 10.5% | 8.1% | |
| 3 | $717,528,882.0 | Dividend Assets Capital | 9.5% | 10.8% | 0.5% | |
| 29 | AL | Alabama | 14 | $6,531.1 | $6,233.8 | $297.3 |
| 1 | $1,817,958,121.0 | Welch Hornsby | 27.8% | 29.2% | 0.0% | |
| 2 | $1,431,562,472.0 | The Welch Group | 21.9% | 23.0% | 0.0% | |
| 3 | $1,425,254,932.0 | Arlington Partners | 21.8% | 20.4% | 51.4% | |
| 30 | VT | Vermont | 10 | $6,499.1 | $5,660.8 | $838.3 |
| 1 | $3,425,674,102.0 | Manchester Capital Management | 52.7% | 46.7% | 93.1% | |
| 2 | $922,510,777.0 | Maple Capital Management | 14.2% | 16.1% | 1.6% | |
| 3 | $522,576,489.0 | Pathway Financial Advisors | 8.0% | 9.2% | 0.0% | |
| 31 | OK | Oklahoma | 12 | $6,488.4 | $5,859.3 | $629.1 |
| 1 | $2,055,168,990.0 | Exencial Wealth Advisors | 31.7% | 31.3% | 34.9% | |
| 2 | $1,191,482,234.0 | Tom Johnson Investment Management | 18.4% | 20.3% | 0.0% | |
| 3 | $662,679,901.0 | Full Sail Capital | 10.2% | 10.8% | 4.8% | |
| 32 | RI | Rhode Island | 12 | $6,306.0 | $5,617.3 | $688.7 |
| 1 | $1,191,268,867.0 | Parsons Capital Management | 18.9% | 21.2% | 0.0% | |
| 2 | $1,049,145,017.0 | Matheys Lane Capital Management | 16.6% | 10.6% | 65.6% | |
| 3 | $836,734,347.0 | Endurance Wealth Management | 13.3% | 13.4% | 12.6% | |
| 33 | LA | Louisiana | 14 | $5,890.6 | $4,917.4 | $973.2 |
| 1 | $1,532,189,675.0 | Waters, Parkerson & Co. | 26.0% | 29.1% | 10.4% | |
| 2 | $1,152,862,375.0 | Resource Management | 19.6% | 23.4% | 0.0% | |
| 3 | $617,575,329.0 | Crescent Capital Consulting | 10.5% | 6.6% | 29.9% | |
| 34 | IA | Iowa | 16 | $4,862.4 | $4,662.6 | $199.8 |
| 1 | $2,017,235,841.0 | Foster Group | 41.5% | 43.3% | 0.0% | |
| 2 | $432,992,725.0 | Syverson Strege | 8.9% | 7.3% | 45.3% | |
| 3 | $277,832,364.0 | Boyle Capital | 5.7% | 5.4% | 12.1% | |
| 35 | UT | Utah | 17 | $4,203.3 | $3,384.1 | $819.2 |
| 1 | $978,577,639.0 | Albion Financial Group | 23.3% | 26.5% | 9.8% | |
| 2 | $401,794,521.0 | Truenorth Wealth | 9.6% | 2.0% | 40.8% | |
| 3 | $343,818,665.0 | Capita Financial Network | 8.2% | 10.2% | 0.0% | |
| 36 | NH | New Hampshire | 17 | $4,144.2 | $3,996.3 | $147.9 |
| 1 | $650,733,868.0 | Harvest Capital Management | 15.7% | 16.3% | 0.0% | |
| 2 | $620,031,231.0 | Granite Investment Advisors | 15.0% | 14.9% | 17.3% | |
| 3 | $414,521,805.0 | Cmh Wealth Management | 10.0% | 10.4% | 0.0% | |
| 37 | ID | Idaho | 11 | $3,291.7 | $2,388.3 | $903.4 |
| 1 | $637,867,573.0 | Rathbone Warwick Investment Management | 19.4% | 23.4% | 8.8% | |
| 2 | $539,138,079.0 | Buffington Mohr Mcneal | 16.4% | 21.9% | 1.9% | |
| 3 | $497,220,386.0 | Aspen Capital Management | 15.1% | 0.0% | 55.0% | |
| 38 | AK | Alaska | 4 | $3,248.6 | $3,081.5 | $167.1 |
| 1 | $2,536,504,107.0 | Alaska Permanent Capital Management | 78.1% | 78.3% | 74.0% | |
| 2 | $361,068,662.0 | Apcm Wealth Management For Individuals | 11.1% | 11.7% | 0.0% | |
| 3 | $187,000,000.0 | Foundations Asset Management | 5.8% | 4.8% | 23.9% | |
| 39 | NV | Nevada | 11 | $3,246.2 | $2,806.4 | $439.8 |
| 1 | $1,408,485,773.0 | The Wealth Consulting Group | 43.4% | 46.1% | 25.8% | |
| 2 | $431,402,391.0 | Buckley Wealth Management | 13.3% | 14.7% | 4.2% | |
| 3 | $246,815,458.0 | Arista Wealth Management | 7.6% | 7.3% | 9.2% | |
| 40 | AR | Arkansas | 9 | $2,774.0 | $2,658.9 | $115.1 |
| 1 | $467,142,352.0 | The Arkansas Financial Group | 16.8% | 17.6% | 0.0% | |
| 2 | $463,469,114.0 | Smith Capital Management | 16.7% | 17.3% | 3.5% | |
| 3 | $462,810,348.0 | Greenwood Gearhart | 16.7% | 17.4% | 0.0% | |
| 41 | MS | Mississippi | 9 | $2,683.5 | $2,652.8 | $30.7 |
| 1 | $650,915,136.0 | Medley & Brown | 24.3% | 24.5% | 0.0% | |
| 2 | $640,984,315.0 | Ccg Asset Management | 23.9% | 24.2% | 0.0% | |
| 3 | $483,547,892.0 | Financial Concepts | 18.0% | 18.2% | 0.0% | |
| 42 | DE | Delaware | 11 | $2,423.0 | $2,210.1 | $212.9 |
| 1 | $650,000,000.0 | Lau Associates | 26.8% | 29.4% | 0.0% | |
| 2 | $395,445,707.0 | Schiavi + Dattani | 16.3% | 15.5% | 24.6% | |
| 3 | $228,861,727.0 | Westover Capital Advisors | 9.4% | 10.4% | 0.0% | |
| 43 | KY | Kentucky | 10 | $1,969.6 | $1,816.1 | $153.5 |
| 1 | $312,586,803.0 | Alphamark Advisors | 15.9% | 17.2% | 0.0% | |
| 2 | $290,300,000.0 | Landmark Financial Advisors | 14.7% | 15.1% | 10.0% | |
| 3 | $239,104,398.0 | Saling Wealth Advisors | 12.1% | 12.4% | 8.6% | |
| 44 | HI | Hawaii | 4 | $1,943.1 | $1,801.1 | $141.9 |
| 1 | $1,432,707,520.0 | Cadinha & Co | 73.7% | 79.5% | 0.0% | |
| 2 | $278,865,319.0 | The Rice Partnership | 14.4% | 14.2% | 16.8% | |
| 3 | $118,138,233.0 | 3D Wealth Advisors | 6.1% | 0.0% | 83.2% | |
| 45 | DC | District of Columbia | 3 | $1,835.7 | $1,663.8 | $171.9 |
| 1 | $1,509,940,951.0 | Farr Miller & Washington | 82.3% | 90.5% | 2.7% | |
| 2 | $167,268,009.0 | Bryspen, Incorporated | 9.1% | 0.0% | 97.3% | |
| 3 | $158,513,000.0 | Geometric Wealth Advisors | 8.6% | 9.5% | 0.0% | |
| 46 | WV | West Virginia | 3 | $1,276.8 | $1,079.2 | $197.6 |
| 1 | $1,003,834,374.0 | Mckinley Carter Wealth Services | 78.6% | 74.9% | 98.8% | |
| 2 | $139,915,220.0 | Fort Henry Capital | 11.0% | 12.7% | 1.2% | |
| 3 | $133,050,836.0 | Ironwood Wealth Management | 10.4% | 12.3% | 0.0% | |
| 47 | MT | Montana | 2 | $1,135.2 | $257.9 | $877.3 |
| 1 | $996,006,543.0 | Bitterroot Capital Advisors | 87.7% | 46.0% | 100.0% | |
| 2 | $139,157,511.0 | Loveless Wealth Management | 12.3% | 54.0% | 0.0% | |
| 48 | NM | New Mexico | 6 | $1,020.8 | $978.1 | $42.7 |
| 1 | $293,447,262.0 | Universal Advisory Services | 28.7% | 27.8% | 51.5% | |
| 2 | $235,984,199.0 | Spence Asset Management | 23.1% | 22.3% | 41.5% | |
| 3 | $158,724,841.0 | Portfolio Wealth Advisors | 15.5% | 16.2% | 0.0% | |
| 49 | SD | South Dakota | 3 | $854.6 | $839.6 | $15.0 |
| 1 | $390,000,000.0 | Compass Financial Group | 45.6% | 44.7% | 100.0% | |
| 2 | $339,993,853.0 | Elgethun Capital Management | 39.8% | 40.5% | 0.0% | |
| 3 | $124,569,085.0 | Kahler Financial Group, Inc. | 14.6% | 14.8% | 0.0% | |
| 50 | ND | North Dakota | 2 | $233.3 | $211.4 | $21.9 |
| 1 | $122,475,734.0 | Johnson Wealth Management | 52.5% | 51.4% | 63.4% | |
| 2 | $110,858,143.0 | Wealth Forward | 47.5% | 48.6% | 36.6% | |
| 51 | WY | Wyoming | 1 | $114.8 | $114.8 | $0.0 |
| 1 | $114,827,080.0 | Cypress Capital Management | 100.0% | 100.0% | #DIV/0! |
InvestmentNews qualified 2,206 firms headquartered in the United States based on data reported on Form ADV to the Securities and Exchange Commission as of May 1, 2019. To qualify, firms must have met the following criteria: (1) latest ADV filing date is either on or after Jan. 1, 2018, (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) nor 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 [email protected] for more information.
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