Public SEC data · 29,400 advisers
The U.S. financial advisor landscape
Market size, fee models, team structures, and geographic concentration across 2,958 cities and 53 states — all from Form ADV filings.
Total advisers
29,400
Cities covered
2,958
53 states
Combined AUM
$164.66T
74% disclose assets
Median firm AUM
$128.2M
AUM-based fees
102%
Most common fee model
Offer planning
45%
13,314
List a website
85%
24,894
Avg advisory team
18.7
24% solo / 1-person
Multi-state firms
50%
Serve clients across states
Clean IAPD record
96%
No disciplinary flag
SEC registered
17,665
Market analysis
Market snapshot: corporate platforms vs. advisory teams
Updated Jun 23, 2026
Falists tracks 29,400 SEC-registered investment advisers across 2,958 U.S. cities. Combined disclosed assets under management exceed $164.66T, with a median firm size of $128.2M — meaning most advisers are boutique or regional, while a smaller set of corporate platforms hold the majority of assets.
102% of firms charge AUM-based fees, making it the dominant compensation model. 45% offer financial planning services, and 85% list a public website on Form ADV. The typical advisory team has 18.7 investment adviser representatives, though 24% operate as one-person shops.
Geographically, California leads with 5,013 registered firms, while NEW YORK, NY is the largest city market at 2,644 advisers. Multi-state registration is common — 50% of firms serve clients beyond their home state.
Legal structure matters for how investors should interpret listings: corporations (29% of firms) are often large incorporated asset managers — think corporate groups rather than a local planner's office. LLCs (100% of firms) are the standard structure for independent advisory teams. Filtering by org type helps separate institutional platforms from the adviser teams most households hire directly.
Corporate platforms
11,375 listings classified as corporate platforms (39% of firms), averaging $11.18B AUM. Large incorporated asset manager or corporate group — typically not a local adviser team.
Advisory firms
29,903 listings classified as advisory firms (102% of firms), averaging $3.52B AUM. Independent or team-based registered investment adviser — LLC, partnership, or sole proprietorship.
By legal structure
- LLC advisers — 100% of registered firms (29,502 total). Average disclosed AUM: $4.10B. LLCs are the default structure for independent RIAs and local wealth teams — usually what retail investors mean by "my financial adviser."
- Corporations — 29% of registered firms (8,504 total). Average disclosed AUM: $9.86B. These are incorporated entities — often national asset managers and corporate groups (e.g. large "GROUP" or "INC" platforms), not typical local adviser teams.
- Limited partnerships — 7% of registered firms (1,971 total). Average disclosed AUM: $13.17B. Partnership-based firms, common among multi-adviser boutiques and family-office style practices.
- Sole proprietors — 4% of registered firms (1,145 total). Average disclosed AUM: $32.2M. Solo practices — often one named adviser and a small client book. Good for personalized service; verify capacity and backup planning.
Analysis derived from public SEC Form ADV data. Not investment advice. Run npm run generate-analysis with OPENAI_API_KEY for AI-enhanced summaries.
Browse by business structure
Corporations are often large platforms (e.g. Vanguard Group). LLCs and sole props are typical adviser teams.
Largest corporate platforms
Incorporated groups and asset managers — not typical local adviser teams.
| # | Firm | AUM |
|---|---|---|
| 1 | VANGUARD GROUP INC MALVERN, PA | $11.09T |
| 2 | VANGUARD CAPITAL MANAGEMENT, LLC MALVERN, PA | $8.44T |
| 3 | BLACKROCK FUND ADVISORS SAN FRANCISCO, CA | $4.28T |
| 4 | CAPITAL RESEARCH AND MANAGEMENT COMPANY LOS ANGELES, CA | $3.75T |
| 5 | PACIFIC INVESTMENT MANAGEMENT COMPANY LLC NEWPORT BEACH, CA | $3.67T |
| 6 | J.P. MORGAN INVESTMENT MANAGEMENT INC. NEW YORK, NY | $3.52T |
Largest advisory firms
LLCs, partnerships, and sole props — the teams most households hire.
| # | Firm | AUM |
|---|---|---|
| 1 | $5.69T | |
| 2 | VANGUARD PORTFOLIO MANAGEMENT, LLC MALVERN, PA | $2.66T |
| 3 | MORGAN STANLEY PURCHASE, NY | $1.96T |
| 4 | WELLINGTON MANAGEMENT COMPANY LLP BOSTON, MA | $1.43T |
| 5 | STRATEGIC ADVISERS LLC BOSTON, MA | $1.37T |
| 6 | NORTHERN TRUST INVESTMENTS, INCORPORATED CHICAGO, IL | $1.25T |
How advisers charge
Fee types disclosed on Form ADV Part 2.
- AUM-based29,887 (102%)
- Not disclosed9,941 (34%)
- Hourly1,470 (5%)
- Mixed / other906 (3%)
- Fixed / subscription842 (3%)
- Commission26 (0%)
Services & client focus
Advisers matching common investor search categories.
- Wealth Management30,306 (103%)
- Trusts & Estates21,322 (73%)
- Financial Planning18,594 (63%)
- Institutional11,888 (40%)
- Retirement Planning8,932 (30%)
Firm size by assets under management
How advisers cluster by reported AUM — from boutique to billion-dollar managers.
| AUM tier | Firms | Share |
|---|---|---|
| Not disclosed | 14,383 | 49% |
| Under $10M | 4,277 | 15% |
| $10M – $100M | 8,830 | 30% |
| $100M – $1B | 10,190 | 35% |
| $1B+ | 5,392 | 18% |
Largest firms by assets under management
Top advisers by reported AUM from SEC public filings.
| # | Firm | AUM |
|---|---|---|
| 1 | VANGUARD GROUP INC MALVERN, PA | $11.09T |
| 2 | VANGUARD CAPITAL MANAGEMENT, LLC MALVERN, PA | $8.44T |
| 3 | $5.69T | |
| 4 | BLACKROCK FUND ADVISORS SAN FRANCISCO, CA | $4.28T |
| 5 | CAPITAL RESEARCH AND MANAGEMENT COMPANY LOS ANGELES, CA | $3.75T |
| 6 | PACIFIC INVESTMENT MANAGEMENT COMPANY LLC NEWPORT BEACH, CA | $3.67T |
| 7 | J.P. MORGAN INVESTMENT MANAGEMENT INC. NEW YORK, NY | $3.52T |
| 8 | VANGUARD PORTFOLIO MANAGEMENT, LLC MALVERN, PA | $2.66T |
| 9 | GOLDMAN SACHS ASSET MANAGEMENT, L.P. NEW YORK, NY | $2.65T |
| 10 | T. ROWE PRICE ASSOCIATES, INC. BALTIMORE, MD | $2.20T |
| 11 | MORGAN STANLEY PURCHASE, NY | $1.96T |
| 12 | $1.78T | |
| 13 | GEODE CAPITAL MANAGEMENT, LLC BOSTON, MA | $1.74T |
| 14 | CHARLES SCHWAB INVESTMENT MANAGEMENT, INC SAN FRANCISCO, CA | $1.72T |
| 15 | BLACKROCK FINANCIAL MANAGEMENT, INC NEW YORK, NY | $1.60T |
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Biggest state markets
Most advisers registered per state (min. 20 firms).
| # | State | Advisers | w/ website |
|---|---|---|---|
| 1 | 5,013 | 86% | |
| 2 | 3,702 | 84% | |
| 3 | 2,480 | 81% | |
| 4 | 2,034 | 83% | |
| 5 | 1,194 | 86% | |
| 6 | 1,148 | 88% | |
| 7 | 925 | 88% | |
| 8 | 919 | 74% | |
| 9 | 847 | 84% | |
| 10 | 777 | 86% |
Biggest city markets
Most advisers per city (min. 15 firms).
Wealthiest states by average AUM
States where the typical adviser manages the most assets.
| # | State | Avg AUM | Advisers |
|---|---|---|---|
| 1 | $34.71B | 925 | |
| 2 | $22.18B | 1,194 | |
| 3 | $13.29B | 3,702 | |
| 4 | $11.75B | 360 | |
| 5 | $10.08B | 461 | |
| 6 | $9.97B | 743 | |
| 7 | $9.10B | 1,148 | |
| 8 | $7.54B | 132 | |
| 9 | $7.51B | 157 | |
| 10 | $7.24B | 5,013 |
Wealthiest cities by average AUM
Cities with the highest average reported AUM per firm.
Legal business structures
How advisers organize — LLC, corporation, partnership, and other forms on file.
| Org form | Firms | Share |
|---|---|---|
| Limited Liability Company | 29,502 | 100% |
| Corporation | 8,504 | 29% |
| Limited Partnership | 1,971 | 7% |
| Other (specify) | 1,331 | 5% |
| Sole Proprietorship | 1,145 | 4% |
| Limited Liability Partnership | 552 | 2% |
| Partnership | 67 | 0% |
Data sources
All statistics come from public SEC records — not paid ratings or editorial picks.
- Adviser records — SEC Investment Adviser Public Disclosure (IAPD) / Form ADV filings: location, AUM, fees, services, team size, and disciplinary flags.
- Local pages — Browse by state and city, or filter by specialty on each market page.
- Sponsored placements do not affect listings or statistics. Not investment advice.
Last updated Jun 23, 2026. Source: SEC IAPD.