RIA industry snapshot suggests AI-forward firms are adding, not cutting jobs

RIAs that disclose meaningful use of artificial intelligence are hiring faster than firms that have not adopted the technology, according to new research, challenging the narrative of AI shrinking payrolls and leading to layoffs across wealth management.

The 2026 RIA Market Monitor report from wealth infrastructure provider Astraeus, produced in collaboration with strategic advisory firm Pirker Partners, analyzed Form ADV filings from more than 6,000 independent RIAs. 

The study, billed as the first industry-wide snapshot of its kind, found just 6% of RIAs reviewed disclosed use of artificial intelligence, machine learning, or algorithmic tools as of March 2026. Those 370 firms tended to be larger operators, Astraeus said, as they collectively managed about 11% of industry assets under management while outgrowing the industry at large.

Andrew Lasky, head of go-to-market and strategy at Astraeus, argued that the 6% figure "almost certainly" understates industry reality, given how disclosures are motivated by legal risk aversion rather than marketing incentive.

"[D]isclosures should be viewed as a floor rather than a scorecard for AI adoption," Lasky said. "The firms that disclose are communicating under a legal standard of accuracy. That makes the data especially valuable for understanding how firms are thinking about AI."

In one finding that may help ease fears of AI job displacement in the wealth space, firms disclosing AI use increased total headcount by 15% between April 2025 and April 2026, compared with 8% growth among firms that didn't declare AI use. Among enterprise and large RIAs – those with more than $5 billion in AUM – non-advisory staffing at AI adopters grew 14.2%, more than double the 6.7% growth in advisory headcount at those same firms.

"Much of the public conversation around AI assumes that the technology will reduce headcount, but that's not what we're seeing in the wealth management industry," said Jon Stevenson, co-founder and president of Astraeus. "The firms moving fastest with AI are hiring people, investing in operational infrastructure, and building the capabilities necessary to support more sophisticated businesses."

Read more: Next-gen advisors share concerns as AI looms over entry-level career pathways

While the report acknowledged "short-term efficiencies" from what it called "wave 1" of AI adoption, it also suggested that operating leverage overall has yet to go up meaningfully as firms "are hiring people to operate the tools they bought to reduce the work."

A growth story that predates AI

Astraeus noted that AI adopters had been outgrowing their peers even before the current wave of deployment began. The adopter cohort posted median four-year asset growth of 11% since 2022, versus 9% for non-adopters, indicating that firms with the financial wherewithal to invest in AI were already ahead.

The report found that among enterprise and large RIAs, adopters grew assets under management per advisor by 22% over the past year, compared with 12% at non-adopters in the same weight class. Still, the researchers behind the report said it's too soon to say how much of the outperformance is due to AI rather than other underlying factors that had already been at play.

"The industry narrative often suggests AI is everywhere, but the disclosure record paints a more nuanced picture," said Alois Pirker, founder and chief executive of Pirker Partners. "Meaningful adoption is occurring primarily among firms with the scale, resources, and operational complexity to invest in enterprise initiatives."

Read more: Independent RIA AI use soars, but most firms still at the start of the journey

AI use skews toward back-office and research functions rather than portfolio construction. Nearly half of disclosing firms cited administrative efficiency, such as meeting summaries and CRM updates, as a use case, while only 4% described AI as a direct input into investment decisions. Tellingly, almost 40% of firms explicitly stated in their brochures that AI does not make investment decisions.

Those findings echo insights from Schwab's most recent RIA benchmarking research, where 83% of firms with at least $250 million in assets under management reported using some form of AI. Among those firms, the most common use cases were administrative tasks, developing client correspondence, and generating marketing content.

Schwab also found AI is permeating the recruiting process, with roughly a third of firms relying on AI tools to help write job descriptions and draft interview questions as they staff up.

Risk concerns remain in focus

From a risk management perspective, Astraeus found smaller RIAs – those with less than $1 billion in AUM – were more likely to cite risks tied to third-party technology providers than to their own systems, since they typically rely on outside platforms rather than building AI infrastructure in-house.

That tracks with the 2026 Investment Management Compliance Testing Survey published earlier this summer, which found 85% of firms now name AI as their top compliance concern. It also found that just 48% of firms have formal policies for human oversight of AI outputs, and only 37% have procedures to test and validate those outputs before they reach clients.

"Investment advisers are taking the challenge of AI governance seriously, and this survey captures that shift in real time," Karen Barr, president and chief executive of the Investment Adviser Association, said at the time. "At the same time, the consistency we see in SEC examination focus areas – advertising, books and records, conflicts of interest – is a reminder that firms must address emerging technology risks while continuing to deliver on their core compliance obligations."