RIA MONITOR RESEARCH · DATED SNAPSHOT
Investment adviser size by state: September 2026
How are covered investment advisers distributed across reported size bands and principal-office states?
Prepared October 1, 2026 by RIA Monitor · Source snapshot: September 2026 · Revision 1
What the covered data shows
- 14,863 covered legal entities have both a September snapshot and a qualified public principal-office state or territory.
- New York has the largest covered principal-office count: 2,581 firms. This is a count of legal entities, not their clients or branch offices.
- 758 firms report regulatory AUM below $100 million, including reported zeros.
- The median among 14,412 valid reported amounts is $485,745,940.00; 451 firms have no comparable amount.
Five largest principal-office populations
Firm counts, regardless of reported AUM availability. The complete table follows.
Full state and territory distribution
States, District of Columbia and supported territories are listed separately. Values describe the same September 2026 source month. Median unavailable where fewer than five valid amounts exist.
| State / territory | Firms | Valid AUM | Reported zero | AUM unavailable | Median regulatory AUM | Under $100 million | $100 million to under $1 billion | $1 billion to under $10 billion | $10 billion to under $50 billion | $50 billion to under $100 billion | $100 billion to under $250 billion | $250 billion to under $1 trillion | $1 trillion and over |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All covered locations | 14863 | 14412 | 0 | 451 | $485,745,940.00 | 758 | 8819 | 3681 | 787 | 150 | 128 | 65 | 24 |
| Alaska | 9 | 9 | 0 | 0 | $372,480,626.00 | 1 | 5 | 3 | 0 | 0 | 0 | 0 | 0 |
| Alabama | 91 | 88 | 0 | 3 | $448,769,301.00 | 3 | 62 | 19 | 4 | 0 | 0 | 0 | 0 |
| Arkansas | 59 | 59 | 0 | 0 | $302,840,183.00 | 3 | 44 | 11 | 1 | 0 | 0 | 0 | 0 |
| Arizona | 209 | 196 | 0 | 13 | $275,008,522.50 | 14 | 146 | 30 | 4 | 1 | 1 | 0 | 0 |
| California | 1871 | 1800 | 0 | 71 | $512,799,719.00 | 72 | 1102 | 481 | 103 | 19 | 14 | 5 | 4 |
| Colorado | 356 | 351 | 0 | 5 | $348,959,797.00 | 18 | 250 | 72 | 5 | 3 | 2 | 1 | 0 |
| Connecticut | 506 | 495 | 0 | 11 | $790,084,300.00 | 11 | 257 | 170 | 43 | 6 | 6 | 2 | 0 |
| District of Columbia | 60 | 56 | 0 | 4 | $1,156,816,033.00 | 1 | 24 | 23 | 6 | 1 | 0 | 1 | 0 |
| Delaware | 38 | 36 | 0 | 2 | $395,049,412.50 | 3 | 25 | 2 | 4 | 1 | 1 | 0 | 0 |
| Florida | 1081 | 1035 | 0 | 46 | $370,000,000.00 | 56 | 710 | 223 | 29 | 10 | 4 | 3 | 0 |
| Georgia | 330 | 323 | 0 | 7 | $433,270,715.00 | 11 | 212 | 83 | 15 | 1 | 0 | 1 | 0 |
| Hawaii | 20 | 19 | 0 | 1 | $219,900,000.00 | 2 | 14 | 3 | 0 | 0 | 0 | 0 | 0 |
| Iowa | 90 | 88 | 0 | 2 | $396,576,357.00 | 2 | 65 | 14 | 2 | 1 | 3 | 1 | 0 |
| Idaho | 53 | 52 | 0 | 1 | $438,867,394.00 | 0 | 42 | 9 | 1 | 0 | 0 | 0 | 0 |
| Illinois | 678 | 655 | 0 | 23 | $619,456,034.00 | 18 | 383 | 179 | 43 | 16 | 10 | 5 | 1 |
| Indiana | 147 | 140 | 0 | 7 | $438,387,853.00 | 3 | 102 | 30 | 5 | 0 | 0 | 0 | 0 |
| Kansas | 133 | 129 | 0 | 4 | $489,068,507.00 | 7 | 84 | 32 | 3 | 0 | 2 | 1 | 0 |
| Kentucky | 85 | 85 | 0 | 0 | $404,368,661.00 | 4 | 60 | 21 | 0 | 0 | 0 | 0 | 0 |
| Louisiana | 81 | 79 | 0 | 2 | $336,337,565.00 | 2 | 62 | 14 | 1 | 0 | 0 | 0 | 0 |
| Massachusetts | 627 | 609 | 0 | 18 | $884,935,674.00 | 19 | 300 | 195 | 54 | 15 | 16 | 5 | 5 |
| Maryland | 230 | 223 | 0 | 7 | $483,170,997.00 | 2 | 148 | 59 | 9 | 2 | 2 | 0 | 1 |
| Maine | 32 | 32 | 0 | 0 | $309,902,276.50 | 1 | 26 | 5 | 0 | 0 | 0 | 0 | 0 |
| Michigan | 306 | 302 | 0 | 4 | $356,866,343.00 | 9 | 228 | 57 | 7 | 0 | 1 | 0 | 0 |
| Minnesota | 276 | 272 | 0 | 4 | $537,726,892.50 | 11 | 172 | 64 | 17 | 2 | 4 | 2 | 0 |
| Missouri | 194 | 189 | 0 | 5 | $508,750,700.00 | 4 | 126 | 42 | 8 | 1 | 3 | 4 | 1 |
| Mississippi | 35 | 34 | 0 | 1 | $314,077,588.00 | 0 | 27 | 7 | 0 | 0 | 0 | 0 | 0 |
| Montana | 24 | 22 | 0 | 2 | $398,394,374.50 | 1 | 14 | 6 | 1 | 0 | 0 | 0 | 0 |
| North Carolina | 290 | 282 | 0 | 8 | $402,513,759.50 | 5 | 194 | 68 | 9 | 1 | 1 | 3 | 1 |
| North Dakota | 9 | 9 | 0 | 0 | $228,127,843.00 | 0 | 8 | 1 | 0 | 0 | 0 | 0 | 0 |
| Nebraska | 70 | 70 | 0 | 0 | $547,121,412.00 | 1 | 47 | 17 | 3 | 2 | 0 | 0 | 0 |
| New Hampshire | 77 | 76 | 0 | 1 | $293,845,799.00 | 6 | 61 | 8 | 1 | 0 | 0 | 0 | 0 |
| New Jersey | 389 | 369 | 0 | 20 | $469,674,455.00 | 14 | 250 | 77 | 17 | 1 | 3 | 6 | 1 |
| New Mexico | 25 | 25 | 0 | 0 | $244,435,498.00 | 0 | 22 | 2 | 0 | 1 | 0 | 0 | 0 |
| Nevada | 76 | 75 | 0 | 1 | $282,532,231.00 | 8 | 55 | 10 | 2 | 0 | 0 | 0 | 0 |
| New York | 2581 | 2491 | 0 | 90 | $821,152,208.00 | 327 | 1018 | 791 | 241 | 53 | 42 | 13 | 6 |
| Ohio | 400 | 393 | 0 | 7 | $382,008,860.00 | 5 | 278 | 84 | 22 | 4 | 0 | 0 | 0 |
| Oklahoma | 84 | 83 | 0 | 1 | $306,169,426.00 | 4 | 63 | 14 | 2 | 0 | 0 | 0 | 0 |
| Oregon | 157 | 157 | 0 | 0 | $354,734,297.00 | 1 | 122 | 31 | 3 | 0 | 0 | 0 | 0 |
| Pennsylvania | 564 | 548 | 0 | 16 | $544,306,384.00 | 15 | 335 | 153 | 29 | 1 | 8 | 4 | 3 |
| Puerto Rico | 49 | 46 | 0 | 3 | $565,579,340.50 | 2 | 27 | 16 | 1 | 0 | 0 | 0 | 0 |
| Rhode Island | 51 | 51 | 0 | 0 | $394,056,372.00 | 1 | 38 | 8 | 3 | 0 | 0 | 1 | 0 |
| South Carolina | 115 | 113 | 0 | 2 | $313,415,083.00 | 5 | 89 | 15 | 3 | 0 | 0 | 1 | 0 |
| South Dakota | 14 | 14 | 0 | 0 | $217,556,846.00 | 1 | 10 | 3 | 0 | 0 | 0 | 0 | 0 |
| Tennessee | 225 | 217 | 0 | 8 | $396,706,692.00 | 8 | 144 | 60 | 4 | 0 | 0 | 1 | 0 |
| Texas | 1077 | 1050 | 0 | 27 | $482,535,587.50 | 44 | 690 | 259 | 45 | 5 | 4 | 2 | 1 |
| Utah | 150 | 149 | 0 | 1 | $386,073,298.00 | 5 | 109 | 31 | 4 | 0 | 0 | 0 | 0 |
| Virginia | 301 | 293 | 0 | 8 | $423,234,598.00 | 10 | 200 | 71 | 11 | 1 | 0 | 0 | 0 |
| U.S. Virgin Islands | 2 | 2 | 0 | 0 | Not available | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
| Vermont | 33 | 33 | 0 | 0 | $286,640,870.00 | 0 | 25 | 6 | 2 | 0 | 0 | 0 | 0 |
| Washington | 271 | 261 | 0 | 10 | $348,161,285.00 | 8 | 189 | 51 | 10 | 2 | 0 | 1 | 0 |
| Wisconsin | 195 | 191 | 0 | 4 | $423,600,853.00 | 8 | 128 | 44 | 8 | 0 | 1 | 2 | 0 |
| West Virginia | 12 | 12 | 0 | 0 | $481,911,630.00 | 0 | 9 | 3 | 0 | 0 | 0 | 0 | 0 |
| Wyoming | 25 | 24 | 0 | 1 | $298,893,269.50 | 2 | 17 | 4 | 1 | 0 | 0 | 0 | 0 |
Methodology and limits
The starting eligible directory contains 17,301 firms. We exclude 152 firms whose latest available source month is earlier than September 2026. Among the remaining firms, 2,286 have unavailable or unqualified public principal-office geography and are excluded. These mutually exclusive exclusions reconcile to the study population.
The public projection does not distinguish foreign, residential-suppressed and other unavailable locations; we do not infer those counts. Branch offices, notice filings and client addresses do not determine state membership. One row per CRD is counted; affiliated legal entities are not consolidated.
Band boundaries match the directory’s existing size bands: lower bounds are included, upper bounds excluded. Missing or quarantined amounts remain unavailable; reported zero is valid. Medians use exact amounts, average the two central values for even samples, and require at least five valid values. An exact midpoint can include half a cent.
This is the covered public directory, not the entire adviser industry. It includes different adviser business models and excludes unavailable public records. Source months identify archived snapshots, not necessarily the date assets were measured. Assets are not summed as unique local wealth: firms can manage overlapping assets. Size does not establish performance, quality, organic growth or client outcomes.
Reproduce or cite as: RIA Monitor, Investment adviser size by state: September 2026, prepared October 1, 2026, revision 1. Method: qualified-principal-state-size-v1. This dated snapshot changes only through an explicit reviewed revision.
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