How “Largest RIAs by regulatory assets under management” is calculated

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.

Each figure is as of the adviser’s latest filing, printed beside it. The ranking is recomputed from the records every hour, so a new filing moves it the same day DFX reads it.

• 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.

• 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.

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

No weighting, survey or editorial judgement enters the order. Every source is listed with its rights determination on the sources page.