Top fee-only RIAs in 2023

Here's a list of the biggest fee-only registered investment advisors, based on the data firms report to the SEC on their Form ADV.

Top fee-only RIAs 2023

Rank	Firm	City	Total		Discretionary		Nondiscretionary		Employees
			Assets ($M)	Accounts	Assets ($M)	Accounts	Assets ($M)	Accounts
1	Cambridge Associates, LLC	Boston, MA	276031	586	78909	182	197122	404	1154
2	Fisher Asset Management, LLC	Plano, TX	192398	269289	192398	269289			3349
3	Hall Capital Partners LLC	San Francisco, CA	46676	187	20520	90	26156	97	203
4	Jasper Ridge Partners, L.P.	Fort Worth, TX	33066	51	33021	50	45	1	109
5	Moneta Group Investment Advisors, LLC	St. Louis, MO	30651	37339	18845	16306	11806	21033	460
6	Silvercrest Asset Management Group LLC	New York, NY	28905	1289	20851	1266	8054	23	154
7	Pathstone Family Office, LLC	Englewood, NJ	24836	18943	16476	11728	8360	7215	297
8	BBR Partners, LLC	New York, NY	24082	4300	21909	4200	2173	100	165
9	IEQ Capital, LLC	Foster City, CA	18536	1124	17720	1095	815	29	120
10	Bahl & Gaynor Inc	Cincinnati, OH	17458	2711	17117	2663	341	48	41
11	EP Wealth Advisors, LLC.	Torrance, CA	17057	32050	16831	31600	226	450	375
12	Savant Capital, LLC	Rockford, IL	17005	10992	17005	10992			333
13	Comprehensive Financial Management LLC	Los Gatos, CA	16572	29	16572	29			34
14	Johnson Investment Counsel, Inc.	Cincinnati, OH	16314	14346	16130	14323	184	23	131
15	Oxford Financial Group, Ltd	Carmel, IN	15588	5947	6537	4531	9051	1416	159
16	Jordan Park Group LLC	San Francisco, CA	13733	3757	13733	3757			121
17	Aspiriant, LLC	Los Angeles, CA	13118	10745	10540	8211	2578	2534	197
18	Lido Advisors, LLC	Los Angeles, CA	13102	12641	12643	12459	460	182	191
19	Financial Counselors Inc	Overland Park, KS	12844	13818	11673	12890	1171	928	67
20	HB Wealth Management, LLC	Atlanta, GA	12528	15429	10833	15279	1696	150	171
21	Appleton Partners, Inc.	Boston, MA	12143	6827	12143	6827			58
22	W.E. Family Offices, LLC	Miami, FL	12056	106			12056	106	49
23	Fiduciary Counselling Inc	St Paul, MN	11564	1667	3258	1446	8306	221	84
24	Evoke Wealth, LLC	Los Angeles, CA	10205	8511	9904	7777	301	734	46
25	Loring, Wolcott & Coolidge Fiduciary Advisors, LLP	Boston, MA	9688	3288	9624	3276	64	12	104
26	Brighton Jones LLC	Seattle, WA	9458	2681	9375	2676	83	5	224
27	Ballentine Partners, LLC	Waltham, MA	9287	5764	7046	3344	2241	2420	89
28	Gryphon Advisors, LLC	San Francisco, CA	8992	19	8992	19			138
29	The Mather Group, LLC	Chicago, IL	8719	16761	7832	12123	887	4638	167
30	CV Advisors LLC	Aventura, FL	8415	1806	529	179	7886	1627	45
31	Tag Associates LLC	New York, NY	8071	1263	310	98	7762	1165	73
32	Mill Creek Capital Advisors, LLC	Conshohocken, PA	7876	385	7803	383	73	2	39
33	Smith Shellnut Wilson LLC	Ridgeland, MS	7758	649	1098	599	6661	50	15
34	Churchill Management Corp	Los Angeles, CA	7150	19055	7027	18004	123	1051	59
35	Ferguson Wellman Capital Management, Inc.	Portland, OR	7146	3808	7146	3808			55
36	Valeo Financial Advisors, LLC	Carmel, IN	7104	15757	5491	11639	1612	4118	161
37	Modera Wealth Management, LLC	Westwood, NJ	6801	10050	6755	9951	46	99	111
38	Seven Post Investment Office Lp	San Francisco, CA	6745	212	6438	202	308	10	21
39	CPWM, LLC	Seattle, WA	6692	6489	5345	5081	1348	1408	44
40	Signature Financial Management Inc.	Norfolk, VA	6607	1888	6361	1782	246	106	45
41	Pinnacle Associates, Ltd.	New York, NY	6595	5378	6595	5378			58
42	Circle Wealth Management, LLC	Summit, NJ	6551	1235	1469	596	5082	639	16
43	Wetherby Asset Management LLC	San Francisco, CA	6531	3790	6253	3660	278	130	89
44	Sapient Capital LLC	Indianapolis, IN	6529	3828	5143	3072	1385	756	35
45	Ropes Wealth Advisors LLC	Boston, MA	6468	3632	6220	3573	248	59	41
46	Adviser Investments LLC	Newton, MA	6418	11734	6418	11733	0	1	109
47	Prowell Financial Management, LLC	Exton, PA	6407	271	946	205	5461	66	4
48	Orgel Wealth Management, LLC	Altoona, WI	6255	9697	6253	9695	2	2	75
49	H. M. Payson & Co.	Portland, ME	6183	3724	5732	3522	451	202	32
50	Coho Partners, Ltd.	Berwyn, PA	6165	1323	6165	1323			33

Methodology: InvestmentNews qualified 3,023 firms headquartered in the United States based on data reported on Form ADV to the Securities and Exchange Commission. To qualify, firms must have met the following criteria: (1) latest ADV filing date is either on or after July 1, 2022, (2) total AUM is at least $100M, (3) does not have employees who are registered representatives of a broker-dealer, (4) managed assets for individual U.S. 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.

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