RIAs in North Dakota

• Every row is an investment adviser registered with the SEC whose principal office on its latest Form ADV is in the state. State-registered advisers and firms that have left the SEC roster are not counted.
• Regulatory assets under management (RAUM) is the figure the adviser reported on Form ADV Item 5.F. Affiliated advisers can report the same assets, so a sum across firms overstates the market.
• Advisors counts the representatives registered through the firm on IAPD. Ranked by RAUM, then by name.

Included

• Investment advisers registered with the SEC whose principal office on Form ADV is in North Dakota.

Left out

• State-registered advisers, exempt reporting advisers and firms that have left the SEC roster.
• Branch offices in the state of advisers headquartered elsewhere.

• North Dakota ranks 51 of 51 states by SEC-registered advisers headquartered there.
• Together they report $3.5B of regulatory assets under management on Form ADV, a sum that counts assets affiliated advisers both report.
• 8 are independent or mixed wealth managers.
• 696 active investment adviser representatives are registered at a branch office in North Dakota.
• In the last 12 months, 6 advisors joined and 4 advisors left firms headquartered here.

• RIAs in New York
• RIAs in California
• RIAs in Texas
• RIAs in Florida
• RIAs by state
• The largest RIAs by regulatory assets

• SEC Form ADV Part 1A, as each adviser filed it (Item 1 headquarters, Item 5.F regulatory assets under management)
• IAPD registrations of every investment adviser representative, with the branch office each one is registered at

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

• Every RIA firm
• Advisor moves
• RIA methodology