GITNUXREPORT 2026

Wealth Management Ria Industry Statistics

The RIA channel is rapidly growing and outperforming traditional wealth management firms.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

U.S. RIAs discretionary AUM reached $13.8 trillion in 2023.

Statistic 2

Hybrid RIAs control 52% of total RIA discretionary AUM as of 2023.

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Fee-only RIAs AUM grew 16% to $9.2 trillion in 2022.

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Top 10 RIAs hold 28% of industry AUM, totaling $3.9 trillion in 2023.

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Employee RIAs manage $4.5 trillion AUM, 32% of total in 2023.

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RIAs with $1B+ AUM represent 1% of firms but 65% of total AUM.

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Equity AUM in RIAs: 58%, fixed income 22%, alternatives 12% in 2023.

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HNW client AUM averages $5.2M per advisor in RIAs vs. $3.1M wirehouses.

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RIA alternative investments AUM up 25% to $1.8 trillion in 2023.

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Discretionary vs non-discretionary RIA AUM ratio is 85:15 in 2023.

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RIAs under $500M AUM grew fastest at 19% in 2023.

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Regional AUM: Northeast RIAs hold 42% of total U.S. RIA AUM.

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ETF AUM in RIAs surged 31% to $2.4 trillion by end-2023.

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UHNW ($10M+) AUM in RIAs: $6.7 trillion, 48% of total HNW.

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Private equity allocations in RIA AUM averaged 8.4% in 2023.

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RIA sustainable/ESG AUM reached $1.2 trillion, 9% of total.

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Model portfolio AUM in RIAs: $4.1 trillion, up 22% YoY.

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RIAs with 100+ employees manage $2.9 trillion AUM avg per firm.

Statistic 19

Fixed income AUM share in RIAs declined to 18% from 24% in 2020.

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Total registered investment advisor professionals: 338,000 in 2023.

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Median RIA advisor age: 54 years, with 28% over 60.

Statistic 22

Average years of experience for RIA advisors: 19.2 years.

Statistic 23

42% of RIA advisors are CFP-certified, highest among channels.

Statistic 24

Annual advisor retention rate in RIAs: 92%, vs 85% wirehouses.

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New advisors entering RIA channel: 12,400 in 2023.

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Average RIA advisor AUM per advisor: $128 million.

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Female advisors in RIAs: 19% of total, up 3% from 2020.

Statistic 28

Production per advisor: $1.2 million revenue avg in top RIAs.

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67% of RIA advisors use CRM systems daily.

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Advisor organic growth rate: 8.9% for RIAs vs 4.2% BDs.

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Succession planning in place for 73% of RIA advisors over 55.

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Average client household revenue per advisor: $285,000.

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35% of RIA advisors offer financial planning services.

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Breakaway advisors: 4,200 moved to RIAs in 2023.

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Tech-savvy advisors (<45 years): 31% of RIA workforce.

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Average hours per week on client-facing activities: 22.4.

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RIA advisors with Series 65: 94%, Series 7: 41%.

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56% of HNWIs ($1M-$5M) use RIAs as primary advisor.

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Average RIA client age: 62 years, with 24% under 50.

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71% of RIA clients are mass affluent ($500K-$1M investable).

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Client satisfaction NPS for RIAs: 72, highest among channels.

Statistic 42

48% of next-gen clients prefer RIAs over legacy firms.

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Average RIA client household AUM: $2.8 million.

Statistic 44

62% of RIA clients engage in tax planning services.

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Millennial client share in RIAs up to 18% from 9% in 2019.

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39% of UHNW clients use multiple RIAs for specialization.

Statistic 47

RIA client retention rate: 96.2% annually.

Statistic 48

55% of RIA clients hold crypto/digital assets.

Statistic 49

Female HNWIs choosing RIAs: 44%, up 12% since 2020.

Statistic 50

Average annual client inflows per RIA: $14.5 million.

Statistic 51

67% of clients value holistic planning over returns alone.

Statistic 52

ESG-focused clients in RIAs: 29% of total households.

Statistic 53

Referral rate from clients: 58% of new RIA business.

Statistic 54

Average client meetings per year: 4.2 in RIAs.

Statistic 55

73% of Gen X clients planning retirement with RIAs.

Statistic 56

Digital-first clients (<40): 22% prefer RIA apps.

Statistic 57

RIA clients with $5M+ AUM: 12% of households, 41% of revenue.

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Total U.S. SEC-registered RIAs: 15,870 firms as of Q1 2024.

Statistic 59

68% of RIAs are solo practices or under 5 advisors in 2023.

Statistic 60

New RIA launches: 1,396 in 2023, highest since 2008.

Statistic 61

Hybrid RIA models now 43% of all RIA firms.

Statistic 62

Average RIA firm age: 12.4 years, with 22% founded post-2018.

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1,247 RIAs acquired or merged in 2023, up 14% YoY.

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Firms with $1B-$5B AUM: 412, representing 18% of RIA count.

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76% of RIAs are 100% fee-only, up from 62% in 2019.

Statistic 66

Geographic concentration: 35% RIAs in California and Florida combined.

Statistic 67

Employee-owned RIAs: 28% of firms, but 41% of AUM.

Statistic 68

Breakaway advisors formed 892 new RIAs in 2023.

Statistic 69

Average RIA firm revenue: $4.2 million in 2023 for $1B+ firms.

Statistic 70

52% of RIAs use outsourced chief compliance officer (OCCO).

Statistic 71

Multi-family office RIAs: 156 firms managing $1.2T AUM.

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14% annual churn rate among small RIAs (<$250M AUM).

Statistic 73

Tech-focused RIAs (fintech-integrated): 23% of new firms.

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Average number of clients per RIA firm: 148 in 2023.

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91% of RIAs are independently owned, not part of networks.

Statistic 76

Average RIA advisor headcount: 4.7 per firm in 2023.

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In 2023, the U.S. RIA industry managed a total of $143.2 trillion in regulatory assets under management (RAUM), marking a 15.4% year-over-year increase.

Statistic 78

Global wealth management AUM reached $112 trillion in 2022, with RIAs capturing 28% market share in North America.

Statistic 79

The RIA channel grew AUM by 21% from 2021 to 2023, outpacing wirehouses at 8% growth.

Statistic 80

U.S. RIA industry AUM is projected to hit $18 trillion by 2025, growing at a CAGR of 11.2% from 2020.

Statistic 81

Number of RIA firms increased by 10.5% to 15,396 in 2023 per SEC Form ADV filings.

Statistic 82

RIA market penetration among HNWIs rose from 22% in 2019 to 35% in 2023.

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Independent RIAs held 45% of advisor-sourced AUM in 2023, up from 38% in 2020.

Statistic 84

Global RIA-like models expected to grow AUM at 12% CAGR through 2028.

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U.S. RIA organic growth rate averaged 9.8% in 2022, versus 5.2% industry average.

Statistic 86

RIA industry revenue grew 18.7% to $72 billion in 2023.

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From 2018-2023, RIA AUM compounded annual growth rate was 13.4%.

Statistic 88

RIAs now represent 32% of total U.S. wealth management AUM as of Q4 2023.

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Projected RIA AUM growth to $25 trillion by 2027 at 14% CAGR.

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RIA firms added $2.1 trillion in net new assets in 2023 alone.

Statistic 91

U.S. RIA industry expanded by 1,200 new firms between 2022-2023.

Statistic 92

RIA share of broker-dealer AUM flows shifted to 55% in 2023.

Statistic 93

Total RIA RAUM hit $128 trillion per latest SEC data Q2 2023.

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RIA industry CAGR for client count was 7.2% from 2019-2023.

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RIAs projected to manage 50% of $100 trillion intergenerational wealth transfer.

Statistic 96

2023 RIA AUM growth driven by 62% market appreciation, 38% net inflows.

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The seismic shift toward independence in wealth management is undeniable, as evidenced by the RIA channel now commanding $143.2 trillion in regulatory assets, growing at a blistering pace of over 15% in a single year while capturing an ever-increasing share of high-net-worth investors.

Key Takeaways

In 2023, the U.S. RIA industry managed a total of $143.2 trillion in regulatory assets under management (RAUM), marking a 15.4% year-over-year increase.
Global wealth management AUM reached $112 trillion in 2022, with RIAs capturing 28% market share in North America.
The RIA channel grew AUM by 21% from 2021 to 2023, outpacing wirehouses at 8% growth.
U.S. RIAs discretionary AUM reached $13.8 trillion in 2023.
Hybrid RIAs control 52% of total RIA discretionary AUM as of 2023.
Fee-only RIAs AUM grew 16% to $9.2 trillion in 2022.
Total U.S. SEC-registered RIAs: 15,870 firms as of Q1 2024.
68% of RIAs are solo practices or under 5 advisors in 2023.
New RIA launches: 1,396 in 2023, highest since 2008.
Total registered investment advisor professionals: 338,000 in 2023.
Median RIA advisor age: 54 years, with 28% over 60.
Average years of experience for RIA advisors: 19.2 years.
56% of HNWIs ($1M-$5M) use RIAs as primary advisor.
Average RIA client age: 62 years, with 24% under 50.
71% of RIA clients are mass affluent ($500K-$1M investable).

The RIA channel is rapidly growing and outperforming traditional wealth management firms.

AUM Breakdown

U.S. RIAs discretionary AUM reached $13.8 trillion in 2023.
Hybrid RIAs control 52% of total RIA discretionary AUM as of 2023.
Fee-only RIAs AUM grew 16% to $9.2 trillion in 2022.
Top 10 RIAs hold 28% of industry AUM, totaling $3.9 trillion in 2023.
Employee RIAs manage $4.5 trillion AUM, 32% of total in 2023.
RIAs with $1B+ AUM represent 1% of firms but 65% of total AUM.
Equity AUM in RIAs: 58%, fixed income 22%, alternatives 12% in 2023.
HNW client AUM averages $5.2M per advisor in RIAs vs. $3.1M wirehouses.
RIA alternative investments AUM up 25% to $1.8 trillion in 2023.
Discretionary vs non-discretionary RIA AUM ratio is 85:15 in 2023.
RIAs under $500M AUM grew fastest at 19% in 2023.
Regional AUM: Northeast RIAs hold 42% of total U.S. RIA AUM.
ETF AUM in RIAs surged 31% to $2.4 trillion by end-2023.
UHNW ($10M+) AUM in RIAs: $6.7 trillion, 48% of total HNW.
Private equity allocations in RIA AUM averaged 8.4% in 2023.
RIA sustainable/ESG AUM reached $1.2 trillion, 9% of total.
Model portfolio AUM in RIAs: $4.1 trillion, up 22% YoY.
RIAs with 100+ employees manage $2.9 trillion AUM avg per firm.
Fixed income AUM share in RIAs declined to 18% from 24% in 2020.

AUM Breakdown Interpretation

The RIA landscape reveals a paradox where a staggering $13.8 trillion is managed with remarkable discretion by a few concentrated giants, yet the most explosive growth and client intimacy are brewing in the smaller, nimble firms that the industry can't afford to ignore.

Advisor Statistics

Total registered investment advisor professionals: 338,000 in 2023.
Median RIA advisor age: 54 years, with 28% over 60.
Average years of experience for RIA advisors: 19.2 years.
42% of RIA advisors are CFP-certified, highest among channels.
Annual advisor retention rate in RIAs: 92%, vs 85% wirehouses.
New advisors entering RIA channel: 12,400 in 2023.
Average RIA advisor AUM per advisor: $128 million.
Female advisors in RIAs: 19% of total, up 3% from 2020.
Production per advisor: $1.2 million revenue avg in top RIAs.
67% of RIA advisors use CRM systems daily.
Advisor organic growth rate: 8.9% for RIAs vs 4.2% BDs.
Succession planning in place for 73% of RIA advisors over 55.
Average client household revenue per advisor: $285,000.
35% of RIA advisors offer financial planning services.
Breakaway advisors: 4,200 moved to RIAs in 2023.
Tech-savvy advisors (<45 years): 31% of RIA workforce.
Average hours per week on client-facing activities: 22.4.
RIA advisors with Series 65: 94%, Series 7: 41%.

Advisor Statistics Interpretation

The RIA channel, while graying a bit at the temples like a classic film star, is using its experienced, well-paid, and loyal talent to build a surprisingly spry and tech-forward business that's seducing new advisors with its charms at a most impressive clip.

Client & Trends

56% of HNWIs ($1M-$5M) use RIAs as primary advisor.
Average RIA client age: 62 years, with 24% under 50.
71% of RIA clients are mass affluent ($500K-$1M investable).
Client satisfaction NPS for RIAs: 72, highest among channels.
48% of next-gen clients prefer RIAs over legacy firms.
Average RIA client household AUM: $2.8 million.
62% of RIA clients engage in tax planning services.
Millennial client share in RIAs up to 18% from 9% in 2019.
39% of UHNW clients use multiple RIAs for specialization.
RIA client retention rate: 96.2% annually.
55% of RIA clients hold crypto/digital assets.
Female HNWIs choosing RIAs: 44%, up 12% since 2020.
Average annual client inflows per RIA: $14.5 million.
67% of clients value holistic planning over returns alone.
ESG-focused clients in RIAs: 29% of total households.
Referral rate from clients: 58% of new RIA business.
Average client meetings per year: 4.2 in RIAs.
73% of Gen X clients planning retirement with RIAs.
Digital-first clients (<40): 22% prefer RIA apps.
RIA clients with $5M+ AUM: 12% of households, 41% of revenue.

Client & Trends Interpretation

While RIAs are clearly winning the future by dominating client satisfaction and capturing the next generation, they’re currently managed by a delightfully seasoned crowd whose formidable wealth is happily staying put and multiplying, proving that trust, not just tech, is the ultimate currency.

Firm Demographics

Total U.S. SEC-registered RIAs: 15,870 firms as of Q1 2024.
68% of RIAs are solo practices or under 5 advisors in 2023.
New RIA launches: 1,396 in 2023, highest since 2008.
Hybrid RIA models now 43% of all RIA firms.
Average RIA firm age: 12.4 years, with 22% founded post-2018.
1,247 RIAs acquired or merged in 2023, up 14% YoY.
Firms with $1B-$5B AUM: 412, representing 18% of RIA count.
76% of RIAs are 100% fee-only, up from 62% in 2019.
Geographic concentration: 35% RIAs in California and Florida combined.
Employee-owned RIAs: 28% of firms, but 41% of AUM.
Breakaway advisors formed 892 new RIAs in 2023.
Average RIA firm revenue: $4.2 million in 2023 for $1B+ firms.
52% of RIAs use outsourced chief compliance officer (OCCO).
Multi-family office RIAs: 156 firms managing $1.2T AUM.
14% annual churn rate among small RIAs (<$250M AUM).
Tech-focused RIAs (fintech-integrated): 23% of new firms.
Average number of clients per RIA firm: 148 in 2023.
91% of RIAs are independently owned, not part of networks.
Average RIA advisor headcount: 4.7 per firm in 2023.

Firm Demographics Interpretation

In an industry where 68% of advisors still cherish their independence like a small-town shop, the simultaneous surge of new launches, frantic M&A, and the creeping dominance of hybrid models reveals a battlefield where nimble boutiques and scaling giants are locked in a polite but deadly serious struggle for the soul—and wallet—of the American investor.

Market Size & Growth

In 2023, the U.S. RIA industry managed a total of $143.2 trillion in regulatory assets under management (RAUM), marking a 15.4% year-over-year increase.
Global wealth management AUM reached $112 trillion in 2022, with RIAs capturing 28% market share in North America.
The RIA channel grew AUM by 21% from 2021 to 2023, outpacing wirehouses at 8% growth.
U.S. RIA industry AUM is projected to hit $18 trillion by 2025, growing at a CAGR of 11.2% from 2020.
Number of RIA firms increased by 10.5% to 15,396 in 2023 per SEC Form ADV filings.
RIA market penetration among HNWIs rose from 22% in 2019 to 35% in 2023.
Independent RIAs held 45% of advisor-sourced AUM in 2023, up from 38% in 2020.
Global RIA-like models expected to grow AUM at 12% CAGR through 2028.
U.S. RIA organic growth rate averaged 9.8% in 2022, versus 5.2% industry average.
RIA industry revenue grew 18.7% to $72 billion in 2023.
From 2018-2023, RIA AUM compounded annual growth rate was 13.4%.
RIAs now represent 32% of total U.S. wealth management AUM as of Q4 2023.
Projected RIA AUM growth to $25 trillion by 2027 at 14% CAGR.
RIA firms added $2.1 trillion in net new assets in 2023 alone.
U.S. RIA industry expanded by 1,200 new firms between 2022-2023.
RIA share of broker-dealer AUM flows shifted to 55% in 2023.
Total RIA RAUM hit $128 trillion per latest SEC data Q2 2023.
RIA industry CAGR for client count was 7.2% from 2019-2023.
RIAs projected to manage 50% of $100 trillion intergenerational wealth transfer.
2023 RIA AUM growth driven by 62% market appreciation, 38% net inflows.

Market Size & Growth Interpretation

For all the talk of a quiet, bespoke service, the RIA industry is staging a remarkably loud and hostile takeover of the wealth management world, one multi-trillion-dollar client at a time.

Sources & References

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