RIA rundown 2019: Top fee-only RIAs by state

RIA rundown 2019: Top fee-only RIAs by state
States where fee-only RIAs are headquartered, ranked by total assets
JUN 01, 2019
By  Ellie Zhu
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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