What Is the Average AUM of an RIA?

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The average AUM (Assets Under Management) of an RIA varies depending on firm type and methodology, but advisers focused primarily on individual clients averaged approximately $393 million in assets under management.

Across the broader investment adviser industry, SEC-registered advisers managed a combined $176.9 trillion in assets across 18,752 firms. That equates to roughly $9.9 billion per RIA when calculated as a simple industry-wide average, although that figure includes large institutional advisers, asset managers, and firms that do not primarily serve individual wealth management clients. 

The picture looks different when narrowed to individual-focused advisers: the average AUM drops to $280 million, with an average team size of just 7 employees. In fact, 91.5% of all registered advisers have 100 or fewer employees, and 66.6% manage less than $1 billion in assets. This analysis uses data extracted from the AdvizorPro database

Because the RIA market includes solo advisory practices, boutique firms, institutional advisers, and multi-billion-dollar enterprises, average AUM is most useful when evaluated alongside firm structure, employee count, and client focus.

RIA AUM Benchmarks

The table below summarizes key RIA industry benchmarks as of June 25th 2026 extracted from AdvizorPro´s platform. 

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Average RIA AUM Can Be Misleading

The simple average AUM of an RIA can be heavily skewed by very large firms. A solo financial planning practice, a regional independent RIA, and a global institutional adviser may all appear in industry datasets despite operating very different businesses.

For additional context on how independent firms compare across the industry, see top independent RIAs.

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Average RIA AUM by Firm Structure

RIA organizational structure often correlates closely with AUM size and operational complexity.

The table below shows how median AUM differs across common RIA operating models using industry benchmarking data.

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As RIAs grow, firms often expand beyond a single-advisor structure into larger ensemble or enterprise models with more specialized staffing and operational infrastructure. 

Average RIA AUM by Employee Count

Employee count is another useful way to evaluate average RIA size because staffing levels often scale alongside operational complexity, client growth, and service offerings.

According to the AdvizorPro RIA database, advisers focused on individuals averaged 7 employees. The table below shows how employee count often aligns with typical RIA AUM ranges across the industry.

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RIA Growth Trends

RIA assets under management continue growing alongside broader industry expansion. The Investment Adviser Industry Snapshot reported:

• 23.4% year-over-year growth in total industry AUM
• 4.7% growth in clients served
• 7.7% growth in non-clerical employment

Additional Cerulli Associates research reported 16.9% year-over-year RIA asset growth even back in 2023, including 17.5% growth among independent RIAs and 16.1% growth among hybrid RIAs. 

The survey also noted that more than 40% of Raymond James RIA & Custody Services clients managed at least $500 million in assets. 

What Factors Influence an RIA’s AUM?

RIA AUM varies significantly based on client demographics, geography, service model, advisor tenure, market performance, mergers and acquisitions, and specialization.

Firms serving ultra-high-net-worth households or business owners often manage substantially more assets with fewer clients than firms focused on mass affluent investors.

The 2025 RIA Benchmarking Survey found that 86% of surveyed firms actively serve small business owners, while many firms are increasingly expanding services for high-net-worth and complex planning clients. 

Most RIAs Are Smaller Than Industry Headlines Suggest

Large national RIAs often dominate industry rankings and media coverage, but most advisory firms remain relatively small businesses operationally. 

• 66.6% of advisers manage less than $1 billion
• 84.1% manage less than $5 billion
• 91.5% employ fewer than 100 people

That context matters because the average AUM of an RIA depends heavily on whether the calculation includes institutional advisers, large consolidators, or smaller independent wealth management firms.

While most RIAs remain below the $1 billion threshold, firms crossing that level often represent an important operational and growth milestone within the industry. Explore the RIAs that crossed $1 billion AUM for additional context on how firms scale over time.

Average RIA AUM: Bottom Line

The average AUM of an RIA depends heavily on how the industry is segmented. Across all SEC-registered investment advisers, the simple average is approximately $9.9 billion per firm, although that figure is heavily influenced by large institutional advisers.

For RIAs focused primarily on individual clients, the average is approximately $280 million in assets under management and 7 employees. Because the RIA industry includes both small independent firms and multi-billion-dollar institutional advisers, average AUM figures are most useful when evaluated alongside other operations.

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About AdvizorPro

AdvizorPro is the advisor intelligence platform built for asset managers, ETF issuers, wealthtechs, and distribution teams that need to identify, prioritize, and engage financial advisors. With verified data across 750,000+ RIAs, family offices, and broker-dealers - combined with AI-powered lead scoring, TrafficIQ visitor intelligence, native CRM integrations, and now direct connectivity to Claude and ChatGPT - AdvizorPro powers the go-to-market strategies of leading firms across the wealth management ecosystem.

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