The Top RIAs: Where the wealth is

States with the most assets, ranked by total AUM
SEP 26, 2012
By  mlanche
Rank State # of fee-only RIAs Total assets ($M) Discretionary assets ($M) Nondiscretionary assets ($M)
1 California 276 $179,057.0 $132,551.4 $46,505.5
2 New York 157 $87,985.8 $56,945.1 $31,040.7
3 Massachussetts 98 $53,226.8 $37,703.9 $15,523.0
4 Ohio 73 $41,651.0 $34,357.4 $7,293.6
5 Texas 96 $33,278.2 $26,891.3 $6,386.9
6 Illinois 83 $32,294.3 $24,701.5 $7,592.8
7 Pennsylvania 80 $31,840.9 $23,321.6 $8,519.3
8 Georgia 58 $26,804.5 $22,212.0 $4,592.5
9 Maryland* 53 $26,733.3 $23,838.4 $2,894.9
10 Washington 57 $25,546.8 $18,762.2 $6,784.6
11 Virginia 75 $22,372.6 $18,529.0 $3,843.6
12 Connecticut 42 $18,961.5 $16,310.1 $2,651.4
13 Florida 81 $18,727.2 $15,537.5 $3,189.7
14 Indiana 31 $17,862.7 $6,798.4 $11,064.3
15 New Jersey 53 $17,239.5 $11,839.9 $5,399.7
16 Minnesota 34 $16,072.9 $11,034.4 $5,038.5
17 Michigan 57 $13,980.4 $11,680.9 $2,299.5
18 North Carolina 43 $12,759.6 $10,290.3 $2,469.3
19 Colorado 50 $12,509.8 $10,290.7 $2,219.1
20 Wisconsin 34 $11,526.4 $9,976.5 $1,549.8
21 Oregon 26 $10,232.6 $9,035.6 $1,197.0
22 Missouri 23 $8,864.7 $4,605.0 $4,259.6
23 Tennessee 33 $7,181.5 $6,170.9 $1,010.7
24 Arizona 35 $6,538.8 $5,678.1 $860.7
25 Kansas 17 $6,514.6 $5,995.8 $518.8
26 Maine 8 $4,665.3 $4,526.8 $138.5
27 Alabama 11 $3,855.2 $2,784.2 $1,071.0
28 Arkansas 9 $3,678.0 $3,573.9 $104.1
29 Louisiana 17 $3,481.0 $2,311.3 $1,169.8
30 Oklahoma 14 $3,306.8 $2,699.4 $607.4
31 Vermont 6 $2,821.2 $2,517.6 $303.6
32 Rhode Island 7 $2,771.7 $2,544.9 $226.7
33 Alaska 3 $2,673.7 $2,665.5 $8.2
34 South Carolina 18 $2,498.1 $2,122.9 $375.3
35 New Hampshire 15 $2,004.7 $1,907.3 $97.4
36 Mississippi 7 $1,775.0 $1,178.6 $596.3
37 New Mexico 6 $1,754.3 $1,050.7 $703.6
38 Utah 11 $1,723.5 $1,276.1 $447.5
39 Iowa 5 $1,721.2 $1,637.0 $84.2
40 Nebraska 7 $1,605.3 $1,434.5 $170.7
41 Kentucky 6 $1,189.1 $852.9 $336.2
42 Delaware 5 $1,169.7 $979.9 $189.8
43 West Virginia 4 $971.4 $853.3 $118.0
44 Idaho 5 $698.9 $526.0 $172.9
45 Montana 1 $685.1 $82.4 $602.7
46 Hawaii 4 $685.0 $508.7 $176.3
47 Nevada 6 $565.6 $415.3 $150.2
48 Wyoming 9 $413.0 $389.5 $23.5
49 South Dakota 1 $141.1 $128.8 $12.3
50 North Dakota 1 $90.3 $71.1 $19.2
  Total 1,851 $786,707.5 $594,096.6 $192,610.9
*Includes firms in District of Columbia. For more RIA rankings, visit the InvestmentNews RIA Data Center. InvestmentNews ranked and qualified firms based on data reported to the Securities and Exchange Commission as of August 1, 2012. To be ranked, a firm must have met the following criteria: (1) Provided investment advisory services to clients in its latest completed fiscal year. (2) No more than 25% of the firm's assets is attributable to pension and profit sharing plans. (3) No more than 50% of the firm's assets is attributable to pooled investment vehicles. (4) No more than 25% of the firm's assets is attributable to corporations or other businesses. (5) Is not compensated for its advisory services by commissions. (6) Offers financial planning services. (7) Does business neither as a nor as a registered representative of a broker dealer. (8) Does not have both a related person who is a broker dealer and a related person who is an insurance company or agency. (9) The state in which financial advisory business is conducted is explicitly specified. Source: InvestmentNews Data

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