Top Hybrid RIAs 2023

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

50 Hybrid RIAs 2023

Rank	Firm	City	Total		Discretionary		Nondiscretionary		Employees
			Assets ($M)	Accounts	Assets ($M)	Accounts	Assets ($M)	Accounts
1	CI Private Wealth	Miami, FL	94617	79738	81942	71765	12675	7973	825
2	Cambridge Investment Research Advisors Inc.	Fairfield, IA	82428	461370	71799	417620	10628	43750	3352
3	Fort Washington Investment Advisors Inc.	Cincinnati, OH	71038	1405	70711	1354	327	51	151
4	Mercer Global Advisors Inc.	Denver, CO	35142	76213	34899	76080	242	133	900
5	SCS Capital Management	Boston, MA	28983	416	24814	306	4168	110	130
6	Private Advisor Group	Morristown, NJ	25630	110495	25604	110448	27	47	703
7	First Manhattan Co.	New York, NY	23592	5528	23592	5528	0	0	130
8	Buckingham Strategic Wealth	St. Louis, MO	23358	44314	21683	41743	1675	2571	584
9	Beacon Pointe Advisors	Newport Beach, CA	23246	42223	21165	41898	2080	325	420
10	CWM	Omaha, NE	19944	96956	19922	96929	22	27	1111
11	AE Wealth Management	Topeka, KS	19249	160475	19249	160475	0	0	571
12	The Colony Group	Boston, MA	18829	20099	16362	17860	2467	2239	360
13	Veritable	Newtown Square, PA	16533	3674	16338	3259	195	415	88
14	Wealthspire Advisors	New York, NY	16319	6622	16015	6296	304	326	250
15	Sanctuary Advisors	Indianapolis, IN	16220	38933	15779	37844	441	1089	536
16	MAI Capital Management	Cleveland, OH	15773	23704	14219	19264	1554	4440	331
17	Sequoia Financial Advisors	Akron, OH	15567	19755	12236	19230	3332	525	212
18	Allworth Financial	Folsom, CA	14881	49892	14367	46744	513	3148	343
19	Baker Street Advisors	San Francisco, CA	13106	4100	13106	4100	0	0	56
20	Madison Investment Advisors	Madison, WI	12950	14261	12950	14261	0	0	96
21	Steward Partners Investment Advisory	New York, NY	12169	27637	10560	24319	1609	3318	363
22	myCIO Wealth Partners	Philadelphia, PA	12007	7342	479	237	11529	7105	59
23	Signature Estate & Investment Advisors	Los Angeles, CA	11666	17180	1026	2173	10640	15007	98
24	Mason Investment Advisory Services Inc.	Reston, VA	10095	827	9839	819	255	8	78
25	Mairs And Power Inc.	St. Paul, MN	9716	1576	9677	1531	40	45	44
26	Williams Jones Wealth Management	New York, NY	9325	4390	9241	4314	84	76	43
27	GW & Wade	Wellesley, MA	8903	11861	8892	11824	11	37	87
28	Ameritas Advisory Services	Lincoln, NE	8535	35218	3003	12709	5532	22509	592
29	Freestone Capital Management	Seattle, WA	8221	5189	6104	3322	2117	1867	94
30	Tocqueville Asset Management	New York, NY	7944	2371	7889	2309	55	62	75
31	Brookstone Capital Management	Wheaton, IL	7514	56700	7514	56700	0	0	385
32	Integrated Wealth Concepts	Waltham, MA	7466	17089	7466	17089	0	0	178
33	Bleakley Financial Group	Fairfield, NJ	7454	20633	7454	20633	0	0	165
34	Forvis Wealth Advisors	Springfield, MO	7399	11893	7251	11766	148	127	120
35	Kovitz Investment Group Partners	Chicago, IL	7294	6927	7294	6927	0	0	92
36	Douglas Lane & Associates	New York, NY	7046	5653	7046	5653	0	0	36
37	Forum Financial Management	Lombard, IL	7006	19601	6923	19352	83	249	125
38	Bartlett & Co. Wealth Management	Cincinnati, OH	6949	5301	6911	5254	38	47	71
39	B. Riley Wealth Advisors Inc.	Memphis, TN	6885	20323	5529	16724	1356	3599	503
40	Welch & Forbes	Boston, MA	6811	3277	6615	3227	196	50	53
41	Connectus Wealth	Hunt Valley, MD	6774	9139	6678	9073	96	66	74
42	Coldstream Capital Management Inc.	Bellevue, WA	6498	2617	6284	2247	214	370	127
43	U.S. Capital Wealth Advisors	Houston, TX	6496	12119	4663	7732	1833	4387	122
44	Riverbridge Partners	Minneapolis, MN	6280	5263	6280	5263	0	0	43
45	Townsquare Capital	Provo, UT	6244	28608	6244	28608	0	0	89
46	Summit Financial	Parsippany, NJ	6154	11930	2501	5664	3653	6266	226
47	Osterweis Capital Management	San Francisco, CA	6029	309	6015	287	14	22	61
48	Joel Isaacson & Co.	New York, NY	5911	4793	3519	2179	2392	2614	49
49	Valmark Advisers Inc.	Akron, OH	5803	16044	5749	15844	54	200	260
50	Advisory Services Network	Atlanta, GA	5772	22847	5688	22552	85	295	212

Methodology: InvestmentNews qualified 1,578 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) managed assets for U.S. household clients during its most recently completed fiscal year, with at least one advisor per 500 clients, (4) no more than 50% of amount of regulatory assets under management is attributable to pooled investment vehicles (other than investment companies), (5) no more than 25% of amount of regulatory assets under management is attributable to pension and profit-sharing plans (but not the plan participants), (6) no more than 25% of amount of regulatory assets under management is attributable to corporations or other businesses, (7) provides financial planning services, (8) is not actively engaged in business as a broker-dealer (registered or unregistered), and (9) is not actively engaged in business as a registered representative of a broker-dealer.

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