SEC-Registered Investment Advisors With Over $1 Billion in Assets Under Management
The SEC-registered investment advisory industry has grown to encompass over 15,800 firms managing a combined $144.6 trillion in regulatory assets as of 2024. Among these, approximately 31.5% — or roughly 4,800 firms — manage $1 billion or more in AUM, representing the institutional tier of the advisory landscape.
Industry Concentration and Scale
Asset concentration in this segment is striking. Firms with over $100 billion in AUM hold 68.4% of all industry assets despite representing a fraction of total registrants. The top echelon includes firms like Fisher Investments ($274B), CAPTRUST ($237B discretionary AUM), and a growing number of RIA aggregators that have crossed the $100B mark through acquisitions.
| AUM Range | % of SEC-Registered Advisors |
|---|---|
| $100M – $1B | 58.3% |
| $1B – $5B | 19.3% |
| $5B+ | 12.2% |
Key Trends Shaping the $1B+ Segment
M&A acceleration continues to reshape this tier. Firms like Mariner Wealth Advisors and Creative Planning, both based in Overland Park, KS, have rapidly scaled through serial acquisitions, frequently crossing new AUM thresholds quarter over quarter.
Institutional vs. wealth management — not all $1B+ RIAs look alike. Some serve primarily institutional clients (pension funds, endowments), while others are wealth management platforms serving high-net-worth individuals. The distinction matters for sales targeting: institutional-focused RIAs are more likely to evaluate sub-advisory or fund distribution partnerships.
Data Sources and Verification
All SEC-registered investment advisors file Form ADV with the SEC, which includes detailed disclosures on AUM, client types, fee structures, disciplinary history, and custodial relationships. The SEC’s IAPD (Investment Adviser Public Disclosure) database at adviserinfo.sec.gov provides the raw public data, though extracting and structuring it for prospecting requires significant processing.