U.S. financial advisory still rests on a workforce of about 330,000 advisors, but the numbers behind AUM, client expectations, and compensation are shifting fast. With total industry assets under management reaching $128.4 trillion by Q4 2023 and women controlling 32% of clients’ assets, the industry looks familiar on the surface while changing in composition and business models. Let’s look at the statistics that explain why so many advisors are planning to retire, why fee-only structures keep gaining ground, and what it means for the next generation of financial guidance.
Key Takeaways
- There are approximately 330,000 financial advisors in the U.S. as of 2023.
- 62% of U.S. financial advisors are male, with females comprising 38% in 2023.
- The average age of financial advisors in the U.S. is 59 years old in 2023.
- 45% of U.S. households with investable assets over $100,000 use a financial advisor in 2023.
- Average AUM per RIA client household is $1.2 million in 2023.
- 41% of advisor clients are mass affluent ($100k-$1M assets) in 2023.
- Average advisory fee revenue per client household: $12,500 in 2023.
- Total industry revenue from advisory fees: $65 billion in 2023.
- Average RIA firm revenue: $2.8 million in 2023.
- The U.S. financial advisory industry reached a total asset under management (AUM) of $128.4 trillion as of Q4 2023, marking a 13.2% year-over-year increase.
- Global financial advisory assets are projected to grow from $102 trillion in 2022 to $145 trillion by 2025 at a CAGR of 9.1%.
- The number of registered investment advisors (RIAs) in the U.S. increased to 15,396 in 2023, up 6.8% from 2022.
- 35% of RIAs AI adoption for revenue enhancement.
- 72% of advisors now offer virtual meetings post-2023.
- Robo-advisor hybrid models adopted by 40% of firms.
With about 330,000 advisors managing $128.4 trillion in US AUM, retirement plans and tech adoption are reshaping services.
Related reading
01 · Category
Advisor Workforce27 stats
01
There are approximately 330,000 financial advisors in the U.S. as of 2023.
02
62% of U.S. financial advisors are male, with females comprising 38% in 2023.
03
The average age of financial advisors in the U.S. is 59 years old in 2023.
04
15,110 RIAs were registered with the SEC in 2023, with 96% state-registered smaller firms.
05
Over 100,000 advisors are affiliated with independent broker-dealers.
06
27% of financial advisors hold the CFP certification as of 2023.
07
The number of female financial advisors grew 12% to 45,000 in 2023.
08
Average years of experience for RIAs is 22 years in 2023.
09
42% of advisors plan to retire within the next decade as of 2023.
10
Hybrid advisors number 58,000, managing $2.5 trillion AUM in 2023.
11
91,000 advisors operate in wirehouse channels in 2023.
12
CFP professionals total 94,000 in the U.S. as of 2023.
13
75% of advisors are over 50 years old in 2023.
14
Independent advisors total 110,000 in the U.S. in 2023.
15
ChFC designees number 22,000 among advisors in 2023.
16
18% of advisors are under 40 years old in 2023.
17
RIAs employ 150,000 advisors directly in 2023.
18
55% of advisors work at firms with 1-5 employees in 2023.
19
CFA charterholders in advisory roles: 180,000 globally, 120,000 U.S. in 2023.
20
Advisors switching to independence: 8,200 in 2023.
21
Average advisor tenure at current firm: 11.5 years in 2023.
22
33% of advisors are dual-registered in 2023.
23
Number of new CFP certificants: 5,200 in 2023.
24
Advisors in employee channel: 140,000 in 2023.
25
65% of advisors have college degrees in finance-related fields.
26
Median salary for financial advisors: $99,580in 2023.
27
28,500 new advisors entered the industry in 2023.
Interpretation
Advisor Workforce Interpretation
The industry is a seasoned, male-dominated field on the cusp of a massive retirement wave, yet it's being steadily rejuvenated by a growing influx of women and independent-minded advisors who are patiently building their own futures—just like they advise their clients to do.
02 · Category
Client Base and AUM29 stats
01
45% of U.S. households with investable assets over $100,000 use a financial advisor in 2023.
02
Average AUM per RIA client household is $1.2 million in 2023.
03
41% of advisor clients are mass affluent ($100k-$1M assets) in 2023.
04
High-net-worth clients (>$1M AUM) comprise 22% of advisor client base., source ultra-high-net-worth (>$5M) make up 12%.
05
Millennial clients (under 40) represent 15% of advisory AUM in 2023.
06
Average client age for financial advisors is 62 years in 2023.
07
68% of clients prefer fee-only advisory structures in 2023.
08
Total RIA client households: 48 million in 2023.
09
Women control 32% of U.S. advisory clients' assets in 2023.
10
55% of clients are baby boomers or older in 2023.
11
Average annual client retention rate for RIAs: 96% in 2023.
12
Gen X clients hold 28% of advisor AUM in 2023.
13
19 million HNW individuals worldwide use advisors in 2023.
14
Average assets per client for wirehouse advisors: $850,000in 2023.
15
72% of clients value holistic financial planning services.
16
UHNW clients (>$30M) total 280,000 in U.S., 85% advised.
17
Client referrals account for 82% of new advisory clients.
18
37% of clients are self-directed but seek advice occasionally.
19
Average number of clients per advisor: 135 in 2023.
20
ESG-focused clients grew 20% to 15% of base in 2023.
21
Retirement accounts represent 52% of client AUM.
22
64% of clients under 50 prefer digital advisory tools.
23
Median client net worth: $1.5 million for RIAs.
24
25% of clients are non-white in 2023, up from 20% in 2020.
25
Tax planning is top priority for 78% of HNW clients.
26
Average AUM per independent advisor client: $950,000.
27
43% of advisor revenue from clients over $5M AUM.
28
Hybrid channel average client AUM: $1.1 million.
29
90% of clients expect annual reviews.
Interpretation
Client Base and AUM Interpretation
The financial advisory industry has perfected the art of serving an aging, wealthy core so successfully that it’s practically a retirement home for money, yet the future is knocking with digital tools, diverse clients, and ESG interests—if only it can attract more than just the grandchildren’s inheritance.
03 · Category
Financial Performance29 stats
01
Average advisory fee revenue per client household: $12,500in 2023.
02
Total industry revenue from advisory fees: $65 billion in 2023.
03
Average RIA firm revenue: $2.8 million in 2023.
04
Profit margins for RIAs averaged 28% in 2023.
05
Median advisor compensation: $150,000base plus bonuses in 2023.
06
Fee compression reduced average AUM fee to 0.95% in 2023.
07
Top 1% RIAs generate over $50 million revenue each.
08
Broker-dealer payout ratios averaged 48% for producing advisors.
09
RIA operating expenses rose 7% to 72% of revenue in 2023.
10
Average wirehouse advisor revenue: $650,000in 2023.
11
55% of RIA revenue from asset-based fees in 2023.
12
Independent B/D advisor average revenue: $425,000.
13
Profit per advisor in RIAs: $1.2 million in 2023.
14
Hourly planning fee average: $325in 2023.
15
Revenue growth for RIAs: 12.5% YoY in 2023.
16
22% of advisors earn over $500,000 annually.
17
Fixed retainer fees average $5,000-$10,000 per client.
18
EBITDA margins for top RIAs: 35% in 2023.
19
Commission revenue share fell to 15% industry-wide.
20
Average firm-level revenue per employee: $450,000.
21
Bonus as % of total comp: 25% for top producers.
22
AUM-based fee tiers: 1% on first $1M, 0.5% over $5M.
23
Tech spend as % of revenue: 8% for RIAs in 2023.
24
M&A deal value in advisory: $45 billion in 2023.
25
Average RIA valuation multiple: 2.8x revenue.
26
Compliance costs: 12% of operating expenses.
27
Hybrid advisor average revenue: $550,000.
28
68% of revenue growth from organic sources.
29
45% of advisors use tiered fee structures.
Interpretation
Financial Performance Interpretation
The wealth management industry's staggering profit margins, immense scale, and healthy compensation belie its constant lament over fee compression, proving there's still plenty of gold to be polished for those who can skillfully navigate the client's nest egg.
More related reading
04 · Category
Industry Size and Growth30 stats
01
The U.S. financial advisory industry reached a total asset under management (AUM) of $128.4 trillion as of Q4 2023, marking a 13.2% year-over-year increase.
02
Global financial advisory assets are projected to grow from $102 trillion in 2022 to $145 trillion by 2025 at a CAGR of 9.1%.
03
The number of registered investment advisors (RIAs) in the U.S. increased to 15,396 in 2023, up 6.8% from 2022.
04
Fee-based assets in the advisory industry grew by 15% to $9.8 trillion in 2023.
05
The wealth management market size in North America was valued at $35.2 trillion in 2023.
06
U.S. advisory firms' discretionary AUM hit $77 trillion in 2023.
07
The financial planning software market for advisors is expected to reach $4.5 billion by 2028, growing at 12.3% CAGR.
08
Broker-dealer advisory AUM grew 11.4% to $6.8 trillion in 2022.
09
Independent RIAs control 40% of the total RIA AUM, amounting to $19.5 trillion in 2023.
10
The robo-advisory market worldwide was valued at $8.1 billion in 2023, projected to $25.8 billion by 2028.
11
U.S. RIA industry AUM surpassed $132 trillion as of mid-2024.
12
Hybrid RIA platforms saw AUM growth of 18% to $2.1 trillion in 2023.
13
The financial advisory services market in Asia-Pacific is expected to grow at 10.2% CAGR from 2023-2030.
14
Total U.S. advisor-sold assets reached $91 trillion in 2023.
15
Employee RIAs managed $15.2 trillion in AUM in 2023.
16
The global wealth advisory market is forecasted to hit $1.9 trillion in revenue by 2028.
17
U.S. financial advisor industry revenue totaled $58.5 billion in 2023.
18
Advisory AUM per advisor averaged $450 million in 2023 for top RIAs.
19
The number of U.S. households using financial advisors reached 42 million in 2023.
20
Digital advisory platforms' AUM grew 25% to $1.2 trillion in 2023.
21
U.S. wirehouse advisory AUM stood at $2.8 trillion in 2023.
22
The financial advisory market in Europe grew 8.5% to €25 trillion AUM in 2023.
23
Independent broker-dealer AUM increased 14% to $1.9 trillion in 2023.
24
Total global AUM for wealth managers hit $120 trillion in 2023.
25
U.S. RIA growth rate was 7.2% in number of firms from 2022-2023.
26
Advisory fees as a percentage of industry revenue rose to 45% in 2023.
27
The personal financial planning market size was $14.2 billion in 2023.
28
U.S. advisory industry employment grew 4.1% to 320,000 jobs in 2023.
29
Fee-only advisors' share of market rose to 28% in 2023.
30
Total RIA client accounts reached 125 million in 2023.
Interpretation
Industry Size and Growth Interpretation
It seems the entire financial advisory industry, from grizzled veterans to sleek algorithms, has been furiously climbing a mountain of money that grew to a staggering $128 trillion, proving that whether it's delivered by a human in a suit or a line of code, the urge to have someone else worry about your money is a very, very expensive habit.
05 · Category
Trends and Technology28 stats
01
35% of RIAs AI adoption for revenue enhancement.
02
72% of advisors now offer virtual meetings post-2023.
03
Robo-advisor hybrid models adopted by 40% of firms.
04
ESG investing integrated by 88% of advisors in 2023.
05
61% plan cybersecurity investments increase in 2024.
06
CRM software usage: 85% of RIAs in 2023.
07
52% of clients demand mobile app access.
08
AI chatbots implemented by 25% of large firms.
09
Regulatory tech (RegTech) spend up 30% in 2023.
10
67% of advisors use portfolio management software.
11
Cryptocurrency advice offered by 33% of advisors.
12
Cloud migration complete for 78% of RIAs.
13
Personalized video content used by 45% for engagement.
14
59% adopting goal-based planning tools.
15
Biometric security in 22% of client portals.
16
76% expect blockchain for settlements by 2025.
17
Data analytics platforms in 70% of firms.
18
41% using predictive analytics for retention.
19
Sustainable investing AUM share: 35% in 2023.
20
Voice assistants for planning: 12% adoption.
21
API integrations up 50% for custodians.
22
64% prioritize cybersecurity training.
23
NFTs/digital assets advised by 18%.
24
55% use automated rebalancing tools.
25
Open banking APIs adopted by 29%.
26
VR client meetings trialed by 8% of innovators.
27
73% digital onboarding post-pandemic.
28
Quantum computing pilots in 5% of large firms.
Interpretation
Trends and Technology Interpretation
The industry is furiously modernizing—from robots and AI whispering stock tips to holographic meetings—all while clinging to CRM systems for dear life and praying their new cybersecurity can fend off the hackers who just read this sentence.
Reference
Cite This Report
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APA
Diana Reeves. (2026, February 13). Financial Advisory Industry Statistics. Gitnux. https://gitnux.org/financial-advisory-industry-statistics
MLA
Diana Reeves. "Financial Advisory Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/financial-advisory-industry-statistics.
Chicago
Diana Reeves. 2026. "Financial Advisory Industry Statistics." Gitnux. https://gitnux.org/financial-advisory-industry-statistics.
Sources & references
57 datasets cited across this report · attribution is report-level