CA, FL, TX, NY and IL hold 40% of 438,798 registered advisors; NY holds 23% of RAUM
By advisor count: CA 51,768 (11.8%), FL 39,879 (9.1%), TX 30,578 (7.0%), NY 29,906 (6.8%), IL 21,268 (4.8%), NJ 17,039 (3.9%), PA 15,445 (3.5%), OH 14,572 (3.3%). By RAUM as filed (headquarters state, affiliates double counted): NY $37,662.4B, PA $27,202.7B, CA $23,060.9B, MA $19,277.4B, IL $7,778.4B, NJ $6,076.9B. Most net advisor joins in twelve months: CA +1,473, FL +930, SC +909, CO +440, IL +346; most new firms: NY 165, CA 135, FL 110, TX 76.
Advisor density says where wealth is managed; RAUM by headquarters says where it is booked (New York's share is the asset managers, not the advisors). The joins and departures by state are where the year's movement landed.