Largest RIAs by regulatory assets under management

• Each adviser's regulatory assets under management (RAUM) as it reported them on Item 5.F of its latest Form ADV, for SEC-registered investment advisers DFX classes as wealth managers: independent, mixed, broker-dealer affiliated and bank affiliated wealth managers, wirehouses and national broker-dealer RIAs.
• The 100 largest by RAUM are ranked. The figure is the adviser's own, not an estimate, and it is as of the adviser's latest filing, which the table prints.
• Affiliated advisers can report the same assets, so two rows can include the same dollars.
• Ranked by RAUM. A tie is broken by the date of the latest filing, then alphabetically.

Included

• The 100 largest of the SEC-registered wealth management advisers.

Left out

• Asset managers, institutional and fund advisers, whose RAUM is mostly pooled or institutional money rather than client wealth.
• State-registered advisers, exempt reporting advisers and firms that have left the SEC roster.

• The largest reports $2.0T on Form ADV.
• Together the ranked advisers report $16.4T, a sum that counts assets affiliated advisers both report.

• How this ranking is calculated
• Most active private equity buyers in 2026
• Most active healthcare private equity buyers
• Most active independent sponsors
• Most active RIA acquirers
• Most active institutional allocators

• SEC Form ADV Part 1A, Item 5.F, as each adviser filed it
• IAPD registrations of the representatives registered through each adviser

Every source DFX reads is listed with its rights determination on the sources page.

• All rankings
• RIAs by state
• Every RIA firm