RIA firms

Largest RIA firms in the US

Name: Largest RIA firms in the US
Creator: nodilist
License: https://creativecommons.org/licenses/by/4.0/

The largest SEC-registered investment adviser in the US is Vanguard Group Inc, with $11.1 trillion in regulatory assets under management reported on Form ADV (file of 2026-10-02). We rank by that one figure, Form ADV Item 5F(2)(c). It is self-reported and includes non-discretionary assets. Every firm in the top 100 reports at least $225.3 billion. The median SEC-registered adviser with a US main office reports $454.5 million.

Vanguard Group Inc reports the most regulatory assets under management of any SEC-registered adviser with a US main office: $11.1 trillion on Form ADV (file of 2026-10-02).

$11.1 trillion

2026-10-02SEC Form ADV

Every firm in the top 100 reports at least $225.3 billion in regulatory assets under management.

$225.3 billion

2026-10-02SEC Form ADV

The median SEC-registered adviser with a US main office reports $454.5 million.

$454.5 million

2026-10-02SEC Form ADV

The 100 largest SEC-registered advisers

The 100 largest SEC-registered advisers
Firm	Main office	Regulatory AUM	Discretionary share	Evidence
1. Vanguard Group Inc	Malvern, PA	$11.1 trillion	100% discretionary	adviserinfo.sec.gov
2. Vanguard Capital Management, LLC	Malvern, PA	$8.4 trillion	100% discretionary	adviserinfo.sec.gov
3. Fidelity Management & Research Company LLC	Boston, MA	$5.7 trillion	100% discretionary	adviserinfo.sec.gov
4. Capital Research and Management Company	Los Angeles, CA	$4.3 trillion	100% discretionary	adviserinfo.sec.gov
5. BlackRock Fund Advisors	San Francisco, CA	$4.3 trillion	100% discretionary	adviserinfo.sec.gov
6. Pacific Investment Management Company LLC	Newport Beach, CA	$3.7 trillion	100% discretionary	adviserinfo.sec.gov
7. J.P. Morgan Investment Management Inc.	New York, NY	$3.5 trillion	99% discretionary	adviserinfo.sec.gov
8. Vanguard Portfolio Management, LLC	Malvern, PA	$2.7 trillion	100% discretionary	adviserinfo.sec.gov
9. Goldman Sachs Asset Management, L.P.	New York, NY	$2.6 trillion	97% discretionary	adviserinfo.sec.gov
10. T. Rowe Price Associates, Inc.	Baltimore, MD	$2.2 trillion	100% discretionary	adviserinfo.sec.gov
11. Morgan Stanley	Purchase, NY	$2 trillion	73% discretionary	adviserinfo.sec.gov
12. Merrill Lynch, Pierce, Fenner & Smith Incorporated	New York, NY	$1.8 trillion	25% discretionary	adviserinfo.sec.gov
13. Geode Capital Management, LLC	Boston, MA	$1.7 trillion	100% discretionary	adviserinfo.sec.gov
14. Charles Schwab Investment Management, Inc	San Francisco, CA	$1.7 trillion	99% discretionary	adviserinfo.sec.gov
15. BlackRock Financial Management, Inc	New York, NY	$1.6 trillion	100% discretionary	adviserinfo.sec.gov
16. Wellington Management Company LLP	Boston, MA	$1.4 trillion	93% discretionary	adviserinfo.sec.gov
17. SSGA Funds Management, Inc.	Boston, MA	$1.4 trillion	100% discretionary	adviserinfo.sec.gov
18. Strategic Advisers LLC	Boston, MA	$1.4 trillion	96% discretionary	adviserinfo.sec.gov
19. Northern Trust Investments, Incorporated	Chicago, IL	$1.2 trillion	100% discretionary	adviserinfo.sec.gov
20. CAPTRUST	Raleigh, NC	$1.2 trillion	26% discretionary	adviserinfo.sec.gov
21. PGIM, Inc.	Newark, NJ	$1.1 trillion	99% discretionary	adviserinfo.sec.gov
22. BlackRock Advisors, LLC	New York, NY	$1.1 trillion	100% discretionary	adviserinfo.sec.gov
23. Dimensional Fund Advisors LP	Austin, TX	$1 trillion	100% discretionary	adviserinfo.sec.gov
24. Edward Jones	St. Louis, MO	$1 trillion	49% discretionary	adviserinfo.sec.gov
25. Managed Account Advisors LLC	Jersey City, NJ	$995 billion	100% discretionary	adviserinfo.sec.gov
26. Invesco Capital Management LLC	Downers Grove, IL	$941 billion	100% discretionary	adviserinfo.sec.gov
27. UBS Financial Services Inc.	Weehawken, NJ	$915.8 billion	44% discretionary	adviserinfo.sec.gov
28. Mellon Investments Corporation	Pittsburgh, PA	$873.9 billion	100% discretionary	adviserinfo.sec.gov
29. LPL Financial LLC	Fort Mill, SC	$819.1 billion	100% discretionary	adviserinfo.sec.gov
30. AllianceBernstein L.P.	Nashville, TN	$763.4 billion	98% discretionary	adviserinfo.sec.gov
31. Invesco Advisers, Inc.	Atlanta, GA	$749.5 billion	97% discretionary	adviserinfo.sec.gov
32. Millennium Management LLC	New York, NY	$720.8 billion	100% discretionary	adviserinfo.sec.gov
33. Apollo Capital Management, L.P.	New York, NY	$718.5 billion	98% discretionary	adviserinfo.sec.gov
34. Morgan Stanley Investment Management Inc.	New York, NY	$702.2 billion	99% discretionary	adviserinfo.sec.gov
35. Parametric Portfolio Associates	Seattle, WA	$684.8 billion	94% discretionary	adviserinfo.sec.gov
36. BlackRock Investment Management, LLC	Princeton, NJ	$676.7 billion	73% discretionary	adviserinfo.sec.gov
37. Wells Fargo Advisors (Wells Fargo Clearing Services, LLC)	St. Louis, MO	$671.4 billion	71% discretionary	adviserinfo.sec.gov
38. Ameriprise Financial Services, LLC	Minneapolis, MN	$660.5 billion	54% discretionary	adviserinfo.sec.gov
39. Envestnet PMC	Berwyn, PA	$614.9 billion	100% discretionary	adviserinfo.sec.gov
40. Federated Investment Management Company	Pittsburgh, PA	$590.1 billion	100% discretionary	adviserinfo.sec.gov
41. UBS Asset Management (Americas) LLC	New York, NY	$588.2 billion	96% discretionary	adviserinfo.sec.gov
42. Citadel Advisors LLC	Miami, FL	$570.6 billion	100% discretionary	adviserinfo.sec.gov
43. MetLife Investment Management, LLC	Whippany, NJ	$563.8 billion	99% discretionary	adviserinfo.sec.gov
44. MFS Investment Management	Boston, MA	$514.1 billion	93% discretionary	adviserinfo.sec.gov
45. Franklin Advisers, Inc.	San Mateo, CA	$509.5 billion	99% discretionary	adviserinfo.sec.gov
46. Columbia Management Investment Advisers, LLC	Boston, MA	$502.4 billion	100% discretionary	adviserinfo.sec.gov
47. Raymond James & Associates, Inc.	St. Petersburg, FL	$501 billion	76% discretionary	adviserinfo.sec.gov
48. Allspring Global Investments, LLC	Charlotte, NC	$475.8 billion	100% discretionary	adviserinfo.sec.gov
49. J.P. Morgan Private Investments Inc.	New York, NY	$470 billion	88% discretionary	adviserinfo.sec.gov
50. Dodge & Cox	San Francisco, CA	$466.6 billion	100% discretionary	adviserinfo.sec.gov
51. Ares Management LLC	Los Angeles, CA	$458.8 billion	95% discretionary	adviserinfo.sec.gov
52. J.P. Morgan Securities LLC	New York, NY	$429.7 billion	83% discretionary	adviserinfo.sec.gov
53. Principal Asset Management	Des Moines, IA	$427.7 billion	98% discretionary	adviserinfo.sec.gov
54. U.S. Bancorp Asset Management, Inc.	Minneapolis, MN	$427.5 billion	100% discretionary	adviserinfo.sec.gov
55. BNY Mellon Investment Adviser, Inc.	New York, NY	$419.5 billion	100% discretionary	adviserinfo.sec.gov
56. Kohlberg Kravis Roberts & Co. L.P.	New York, NY	$399.9 billion	99% discretionary	adviserinfo.sec.gov
57. Neuberger Berman Investment Advisers LLC	New York, NY	$398.6 billion	99% discretionary	adviserinfo.sec.gov
58. Robert W. Baird & Co. Incorporated	Milwaukee, WI	$394.1 billion	73% discretionary	adviserinfo.sec.gov
59. Barings LLC	Charlotte, NC	$392.8 billion	97% discretionary	adviserinfo.sec.gov
60. Raymond James Financial Services Advisors, Inc	Saint Petersburg, FL	$390 billion	44% discretionary	adviserinfo.sec.gov
61. Loomis, Sayles & Company, L.P.	Boston, MA	$386.9 billion	92% discretionary	adviserinfo.sec.gov
62. Fisher Investments	Plano, TX	$386.7 billion	100% discretionary	adviserinfo.sec.gov
63. Janus Henderson Investors	Denver, CO	$380.4 billion	100% discretionary	adviserinfo.sec.gov
64. Arrowstreet Capital, Limited Partnership	Boston, MA	$351.3 billion	100% discretionary	adviserinfo.sec.gov
65. FIAM LLC	Smithfield, RI	$347.7 billion	100% discretionary	adviserinfo.sec.gov
66. PGIM Investments LLC	Newark, NJ	$344.8 billion	100% discretionary	adviserinfo.sec.gov
67. Vanguard Advisers, Inc.	Malvern, PA	$344.6 billion	35% discretionary	adviserinfo.sec.gov
68. NISA Investment Advisors, LLC	St. Louis, MO	$343.9 billion	98% discretionary	adviserinfo.sec.gov
69. NYL Investors LLC	New York, NY	$329.2 billion	100% discretionary	adviserinfo.sec.gov
70. Cambridge Associates, LLC	Boston, MA	$326.7 billion	33% discretionary	adviserinfo.sec.gov
71. Edelman Financial Engines	Santa Clara, CA	$326.3 billion	100% discretionary	adviserinfo.sec.gov
72. Allspring Funds Management, LLC	Charlotte, NC	$324.7 billion	100% discretionary	adviserinfo.sec.gov
73. Northwestern Mutual Investment Management Company, LLC	Milwaukee, WI	$323.1 billion	100% discretionary	adviserinfo.sec.gov
74. AQR Capital Management, LLC	Greenwich, CT	$311.7 billion	100% discretionary	adviserinfo.sec.gov
75. RBC Capital Markets, LLC	New York, NY	$310.4 billion	76% discretionary	adviserinfo.sec.gov
76. First Trust Advisors LP	Wheaton, IL	$309.2 billion	75% discretionary	adviserinfo.sec.gov
77. American Century Investment Management Inc	Kansas City, MO	$306 billion	100% discretionary	adviserinfo.sec.gov
78. Creative Planning	Overland Park, KS	$295.6 billion	99% discretionary	adviserinfo.sec.gov
79. TIAA-CREF Investment Management LLC	New York, NY	$292.1 billion	100% discretionary	adviserinfo.sec.gov
80. The Carlyle Group	Washington, DC	$283.8 billion	71% discretionary	adviserinfo.sec.gov
81. Victory Capital Management Inc.	San Antonio, TX	$282.7 billion	99% discretionary	adviserinfo.sec.gov
82. Nuveen Asset Management, LLC	Chicago, IL	$280.5 billion	100% discretionary	adviserinfo.sec.gov
83. Voya Investment Management Co. LLC	New York, NY	$274.9 billion	100% discretionary	adviserinfo.sec.gov
84. Point72 Asset Management, L.P.	Stamford, CT	$274.1 billion	100% discretionary	adviserinfo.sec.gov
85. KKR Credit Advisors (US) LLC	San Francisco, CA	$270.9 billion	100% discretionary	adviserinfo.sec.gov
86. Lord, Abbett & Co. LLC	Jersey City, NJ	$270.4 billion	100% discretionary	adviserinfo.sec.gov
87. L&G - Asset Management, America	Chicago, IL	$267.2 billion	100% discretionary	adviserinfo.sec.gov
88. Cetera Investment Advisers LLC	Schaumburg, IL	$256.8 billion	81% discretionary	adviserinfo.sec.gov
89. Wells Fargo Advisors (Wells Fargo Advisors Financial Network, LLC)	St. Louis, MO	$252.3 billion	76% discretionary	adviserinfo.sec.gov
90. Capital Bank and Trust Company	Irvine, CA	$251 billion	100% discretionary	adviserinfo.sec.gov
91. Vanguard Global Advisers, LLC	Malvern, PA	$249.7 billion	100% discretionary	adviserinfo.sec.gov
92. Balyasny Asset Management L.P.	Chicago, IL	$248.1 billion	100% discretionary	adviserinfo.sec.gov
93. Jackson National Asset Management, LLC	Lansing, MI	$246.3 billion	100% discretionary	adviserinfo.sec.gov
94. Guggenheim Partners Investment Management, LLC	New York, NY	$240.7 billion	100% discretionary	adviserinfo.sec.gov
95. Osaic Wealth, Inc.	Scottsdale, AZ	$234.9 billion	69% discretionary	adviserinfo.sec.gov
96. Two Sigma Investments, LP	New York, NY	$232.8 billion	100% discretionary	adviserinfo.sec.gov
97. Manulife Investment Management (US) LLC	Boston, MA	$228 billion	100% discretionary	adviserinfo.sec.gov
98. Squarepoint OPS LLC	New York, NY	$227 billion	100% discretionary	adviserinfo.sec.gov
99. Mercer Investments LLC	Boston, MA	$226 billion	97% discretionary	adviserinfo.sec.gov
100. Schonfeld Strategic Advisors LLC	New York, NY	$225.3 billion	100% discretionary	adviserinfo.sec.gov

Each row is one SEC filer, and one group can file under several advisers. Vanguard, BlackRock, J.P. Morgan, PGIM and Allspring each have more than one row, and the same assets can appear in more than one row when one adviser hires another as a sub-adviser. The evidence link opens the firm's record on the SEC's Investment Adviser Public Disclosure site. Main office is the address on Form ADV. Discretionary share is the part of the firm's regulatory assets it can trade without asking the client first.

Being listed is not an endorsement, and none of these firms is connected to nodilist.

How we rank

Source
The SEC Form ADV data file of 2026-10-02, which lists every adviser registered with the SEC.
Who is in
The ~15,000 SEC-registered adviser firms with an approved registration and a main office in the 50 states or DC. The SEC withholds the address of ~1,400 firms, and firms whose main office is flagged as a private residence are left out of the ranking.
Measure
Regulatory assets under management, Form ADV Item 5F(2)(c), as the firm reported it on its latest filing in the file. It counts accounts the firm trades on its own authority and accounts where each trade needs the client's approval (non-discretionary, Item 5F(2)(b)). A firm updates it at least once a year, so a figure can be more than a year old.
Discretionary share
Item 5F(2)(a) divided by Item 5F(2)(c), rounded to a whole percent.
One row per filer
Firms are ranked by their exact filed figure, so two rows that show the same rounded amount are still in order. An exact tie would be ordered by name. Names are the primary business name, shown in title case. When two filers share a business name, the row adds the legal name in brackets.

Why the biggest RIAs are mostly fund managers

Most of the top 100 manage money mainly for funds. Form ADV Item 5D asks each adviser to split its regulatory assets by client type. In 57 of the 100 firms, more than half of the assets are for funds: mutual funds and other registered investment companies, business development companies, and private or other pooled vehicles. The top ten rows are fund managers of this kind, led by Vanguard, Fidelity and Capital Research and Management.

Only 22 of the 100 have more than half of their assets for individuals, a category that on Form ADV includes trusts, estates and IRAs. More than half of them also act as broker-dealers, according to Form ADV Item 6A: Morgan Stanley, Merrill Lynch, Edward Jones, UBS Financial Services, LPL Financial and Ameriprise among them. The rest include wealth managers such as Fisher Investments, Creative Planning and Edelman Financial Engines. Several of the broker-dealers show some of the lowest discretionary shares in the table, because much of their money sits in accounts where the client approves each trade.

When a buyer says "RIA", they usually mean an independent wealth manager that advises individuals and families. That firm is far smaller than anything in this table. The IAA and Comply Investment Adviser Industry Snapshot 2026 put the median SEC-registered adviser at $446.9 million in assets under management in 2025, and found that advisers focused on individual clients averaged 8 employees, 2 offices and $424 million. At the other end, it found that the 260 largest firms managed 72.3% of all assets.

What this ranking doesn't show

Client money versus fund money. A fund manager counts the assets of the funds it advises. When an individual's adviser buys those funds, both advisers report the same money. The IAA Snapshot says this makes total regulatory assets "significantly larger than underlying client assets."
A market total. We publish no sum of the figures in this table, because the same assets are counted by more than one adviser.
State-registered advisers. Smaller advisers, generally those with less than $100 million in regulatory assets under management, register with their state and are not in the SEC file.
A wealth-management league table. This table uses only the Form ADV figure. It does not measure client counts, growth, advice quality or anything else that a ranking of wealth managers might weigh.
Group totals. A group that files under several advisers is not added up into one row.
Advisers based abroad. SEC-registered firms with a main office outside the US are left out.
Firms with a withheld address. They have no published state, so they are not ranked.

Looking for the RIA firm database?

The RIA firm database covers every firm in the SEC register, one row per firm. Its page has the counts by state and by assets, the columns and the prices. You can order it nationwide or by state.

RIA firm database

Sources

SEC, Information About Registered Investment Advisers and Exempt Reporting Advisers, Form ADV data file ia100226.zip (file of 2026-10-02), https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers (accessed 2026-10-04)
SEC, Investment Adviser Public Disclosure, firm summary pages (one per ranked firm, linked by CRD number in the table), https://adviserinfo.sec.gov/ (accessed 2026-10-04)
SEC, Form ADV Part 1A, Items 5.D and 5.F, https://www.sec.gov/about/forms/formadv-part1a.pdf (accessed 2026-10-04)
Investment Adviser Association and Comply, Investment Adviser Industry Snapshot 2026 (data for 2025, Forms ADV on file as of 2026-04-06), https://www.investmentadviser.org/wp-content/uploads/2026/06/Snapshot-2026.pdf (accessed 2026-10-04)

Largest RIA firms in the US

The 100 largest SEC-registered advisers

How we rank

Source

Who is in

Measure

Discretionary share

One row per filer

Why the biggest RIAs are mostly fund managers

What this ranking doesn't show

Looking for the RIA firm database?

Sources

Related