| 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! |
Recruited assets, organic growth both powered ahead
Goldman Sachs' Padi Raphael, Global Co-Head of Third-Party Wealth, said the "door is always open" regarding a potential RIA referral program, as the firm looks to serve the "mega trend" of growing wealth from independent advisors.
UBS research finds lack of planning and communication as key challenges for high-net-worth widows and next-generation women in navigating inheritances.
The proposed "all markets" fund is structured to enable quarterly redemptions, driven by investments in public equities, fixed income, and private market assets.
The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.
From direct lending to asset-based finance to commercial real estate debt.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
