By Hesom Parhizkar, Co-Founder & CPO, AdvizorPro

Executive Summary

Between 2020 and 2024, the United States added hundreds of thousands of adults in the prime advice-seeking years, ages 22 and older. That population growth was not evenly distributed. It concentrated in a handful of Sun Belt and Mountain West states.

Using U.S. Census age-sex estimates alongside state-level RIA registration data, a clear disconnect emerges between where potential clients are moving and where new registered investment advisory firms are choosing to set up headquarters. For a broader view of how that gap looks across every state, see our companion analysis: Where Are RIAs Growing? New Headquarters Aren't Following Demand.

The short version: client demand is moving faster than RIA headquarters are.

Why the 22-and-Older Population Is the Right Proxy for Advisory Demand

This analysis focuses on the civilian population ages 22 and older. This cohort represents the core market for financial advice, from early career accumulation through retirement and legacy planning. Growth in this population is a practical proxy for future advisory demand.

From April 1, 2020 to July 1, 2024, several states posted outsized gains in this age band, while others stagnated or declined.

Where Financial Advisory Demand Is Growing Fastest

Population change, ages 22+ (2020–2024)

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These states are absorbing a disproportionate share of working-age and retirement-age Americans. On paper, they should also be fertile ground for new RIA firm formation.

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Where New RIA Firms Are Registering

When we look at new RIA firm registrations since 2020 by headquarters state, a different map appears. Large, legacy advisory ecosystems continue to dominate new firm formation, even when their population growth is modest or negative.

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California and New York are the clearest examples. California saw only about 1.2 percent growth in the 22-and-older population during this period, yet it remains the single largest source of new RIA headquarters. New York experienced a slight decline in this age group, yet still ranks near the top in new firm launches.

For a look at which independent firms have grown the largest within this landscape, see our Top 100 Independent RIAs 2026 ranking.

This is not a failure of the market. It is a signal that RIA entrepreneurship follows infrastructure, talent density, and existing wealth pools more closely than raw population growth.

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The Geographic Mismatch: Where RIA Client Demand Outpaces Firm Formation

The data tells a nuanced story.

"Client demand is clearly shifting south and west, but new RIA formation is still anchored to where advisors already live, work, and know how to launch firms," said Hesom Parhizkar, Co-Founder and CPO of AdvizorPro.

States like Texas and Florida show alignment. They rank near the top in both population growth and new RIA registrations. But several fast-growing states under-index on headquarters formation relative to the size of their inflows:

• Georgia
• Tennessee
• South Carolina
• Parts of the broader Southeast

These states are gaining hundreds of thousands of advice-age residents, yet are not producing new RIA headquarters at the same pace as legacy markets. Our U.S. Wealth Advisor Movement Report 2026 tracks how advisor transitions are reshaping channel concentration across these same geographies.

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Why RIA Headquarters Location Still Matters

This analysis intentionally counts firms by headquarters location only. Satellite offices, remote advisors, and multi-state servicing models are excluded. That distinction matters.

Many RIAs headquartered in California, New York, or Illinois now serve clients nationally. A Florida retiree may be advised by a firm whose legal home is still in Los Angeles or Manhattan. In that sense, client coverage is broader than the headquarters map suggests. Our Advisor Channel Migration Trends report explores how advisors themselves are moving across channels and geographies as the industry reshapes.

But headquarters still signal where:

• Firm founders live
• Senior decision-makers sit
• Capital, compliance, and operating infrastructure are anchored

From a competitive standpoint, that has long-term implications for talent development and local advisory ecosystems.

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Emerging RIA Founder Hubs: Colorado and the Mountain West

One of the more interesting secondary signals is Colorado. While its population growth is healthy, its new RIA formation rate appears disproportionately high even after accounting for size. This suggests an emerging founder-friendly environment driven by lifestyle migration, advisor breakaways, and strong professional networks.

Other Mountain West states show similar early patterns, albeit at a smaller scale.

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What the Geographic Shift Means for the RIA Industry

The takeaway is not that RIAs are missing the migration story. It is that the industry is adapting unevenly.

Demand is becoming more geographically dispersed. Supply, at least at the headquarters level, remains concentrated. Over time, that gap creates opportunity for:

• New local RIA firms in high-growth states
• Acquisitive strategies by national RIAs expanding into underserved markets
• Hybrid models that combine centralized headquarters with distributed advisor teams

"The client base is moving faster than the headquarters map," Parhizkar said. "That gap is where the next generation of RIA growth will come from."

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Methodology and Data Sources

1. Population data sourced from U.S. Census Bureau State Characteristics of the Population estimates, civilian population only.
2. Population includes ages 22 through 85, all sexes combined.
3. Growth measured from April 1, 2020 baseline to July 1, 2024 estimates.
4. RIA counts reflect known practicing registered investment advisory firms by headquarters state.
5. Satellite offices, remote advisors, and secondary locations are intentionally excluded.
6. New RIA registrations include firms registered since 2020, including firms that may no longer be active.

This analysis was produced by AdvizorPro using proprietary RIA firm data combined with public Census estimates.

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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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