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Division of Investment Management
Analytics Office
Investment Adviser Statistics
Form ADV Data, period ending December 2025
This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.
Information presented in this report reflects staff’s compilation and analysis of data reported to
the Commission on Form ADV Part 1A. The presented information does not reflect any filings or
amended filings submitted after July 20, 2026.
December 2025
Analytics Office
Introduction
This report provides statistics and trends for investment advisers that file Form ADV Part 1A,
reflecting data collected from filings received through July 20, 2026, for the reporting periods from
December 2011 to December 2025. Please see the Appendices to this report for definitions of
capitalized terms, other technical descriptions, and a summary of certain changes to Form ADV Part
1A over time.
Advisers that file or report to the Commission on Form ADV Part 1A must file an annual
updating amendment on Form ADV within 90 days after the end of their respective fiscal years. As
advisers have different fiscal years, information filed on Form ADV may be asynchronous across
advisers. Additionally, those advisers that file or report to the Commission on Form ADV are
required to file other-than-annual amendments promptly under certain circumstances — for more
details, see the Form ADV General Instructions.
For information and statistics relating to investment companies and private funds that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings to ensure the accuracy of information presented. A downloadable Excel file published alongside this report provides the most recently updated historical data
and includes methodological notes and assumptions.
If you have any questions or comments about Investment Adviser Statistics
(December 2025), please contact: IM-Analytics with subject line “Investment Adviser Statistics
(December 2025)”.
1
December 2025
Analytics Office
Contents
1 Number of Advisers
3
2 Regulatory Assets Under Management
5
3 Clients and Accounts
6
3.1
Clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
3.2
Accounts
9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Separately Managed Accounts
10
5 Private Funds
12
5.1
Total Private Funds Advised by RIAs or ERAs . . . . . . . . . . . . . . . . . . . . . .
12
5.2
Private Funds Advised by RIAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
5.3
Private Funds Advised by ERAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
5.4
Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
6 Employees
18
7 Offices
20
7.1
20
Principal Office and Place of Business . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 RIA Activities
22
9 Interest in Client Transactions
24
10 Wrap Fee Programs
25
11 Disclosure Information
26
12 Appendices
27
12.1 Interval Notation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
12.2 Methodology for Timeseries Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
12.3 Form ADV, Part 1A Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
12.4 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
2
December 2025
Analytics Office
Number of Advisers1
1
Table 1.1: Number of SEC-Registered Investment Advisers (RIAs) and SECExempt Reporting Advisers (ERAs)
This table relies on registration and exemptions reported on Form ADV Item 2A and 2B. For each type
of adviser in these items, the rows paraphrase each registration basis or exemption. Rows are not
mutually exclusive as advisers may select more than one basis of registration or exemption.
Type of Adviser
RIA
ERA
Total
Registration Basis or Exemption
Large advisory firm
Advise RICs
Have a non-US principal office
Mid-size advisory firm
Are a related adviser of RIAs
Are an internet adviser
Are a pension consultant
Are a multi-state adviser
Are no longer eligible for registration
Advise BDCs
Newly formed adviser
Have received SEC exemptive orders
Have a WY principal office
Subtotal
Smaller PF adviser
Venture Capital
No longer a smaller PF adviser
Subtotal
Total
2011
7,317
1,249
535
783
506
63
282
136
1,446
28
25
3
41
10,733
1,774
671
29
2,256
12,989
2012
8,779
1,271
594
524
460
64
288
128
142
40
31
3
45
10,662
2,039
722
16
2,560
13,222
2013
9,078
1,347
622
432
422
73
275
109
141
47
21
3
39
10,826
2,255
773
26
2,781
13,607
2014
9,540
1,405
675
456
455
71
282
109
153
49
20
3
40
11,396
2,489
859
36
3,072
14,468
2015
9,808
1,359
721
516
474
112
281
115
159
63
29
3
37
11,855
2,768
956
41
3,417
15,272
2016
10,033
1,286
783
472
475
134
257
110
152
63
36
4
23
12,065
2,890
1,036
55
3,602
15,667
2017
10,589
1,254
827
501
439
149
253
113
128
56
33
3
6
12,572
3,175
1,164
55
3,950
16,522
2018
11,103
1,226
837
514
430
162
246
97
111
52
29
3
3
13,101
3,399
1,293
78
4,266
17,367
2019
11,431
1,195
818
491
417
178
239
90
102
54
27
4
1
13,349
3,678
1,402
83
4,625
17,974
2020
11,921
1,163
808
442
433
197
220
93
97
53
23
3
0
13,783
3,975
1,593
93
5,095
18,878
2021
12,845
1,182
802
432
428
231
208
102
83
59
22
3
0
14,698
4,297
1,843
113
5,646
20,344
2022
13,322
1,191
789
478
434
262
187
107
121
61
19
3
0
15,286
4,475
2,093
102
6,047
21,333
2023
13,550
1,168
782
432
398
247
187
105
119
73
14
3
0
15,386
4,321
2,123
104
5,996
21,382
2024
14,053
1,156
787
416
396
214
176
117
94
70
27
3
0
15,856
4,434
2,168
99
6,160
22,016
2025
14,621
1,163
806
397
381
215
178
112
106
71
22
3
0
16,413
4,684
2,271
100
6,519
22,932
Table 1.2: Number of Small-Entity SEC-Registered Investment Advisers
Small-entity RIAs are those which respond “No” to each part of Form ADV, Item 12.
Type of Adviser
Non-Small Entity
Small Entity
Total
2011
10,253
480
10,733
2012
10,271
391
10,662
2013
10,461
365
10,826
2014
11,024
372
11,396
2015
11,434
421
11,855
2016
11,623
442
12,065
2017
12,116
456
12,572
2018
12,668
433
13,101
2019
12,917
432
13,349
2020
13,357
426
13,783
2021
14,250
448
14,698
2022
14,826
460
15,286
2023
14,942
444
15,386
2024
15,428
428
15,856
2025
15,958
455
16,413
Table 1.3: Number of RIAs and ERAs, by Form of Organization
This table relies on organization type reported on Form ADV, Item 3A.
Adviser Type
RIA
ERA
Total
Form of Organization
LLC
Corporation
Sole Proprietorship
LP
LLP
Partnership
Other
Subtotal
LLC
Corporation
Sole Proprietorship
LP
LLP
Partnership
Other
Subtotal
Total
2011
5,129
4,585
219
313
107
178
202
10,733
1,093
629
12
138
156
9
219
2,256
12,989
2012
5,447
4,018
121
618
120
123
215
10,662
1,230
692
15
157
188
11
267
2,560
13,222
2013
5,652
3,932
101
688
128
98
227
10,826
1,363
743
13
162
190
18
292
2,781
13,607
2014
6,091
3,962
97
782
136
79
249
11,396
1,504
809
12
191
209
19
328
3,072
14,468
2015
6,419
3,998
101
876
138
65
258
11,855
1,682
880
13
230
230
17
365
3,417
15,272
2016
6,628
3,936
87
956
140
53
265
12,065
1,796
912
13
234
230
17
400
3,602
15,667
2017
7,003
3,987
85
1,014
156
50
277
12,572
1,965
987
12
254
257
19
456
3,950
16,522
2018
7,456
4,023
76
1,063
149
46
288
13,101
2,137
996
14
283
282
15
539
4,266
17,367
2019
7,707
3,968
67
1,129
144
41
293
13,349
2,336
1,044
14
309
291
15
616
4,625
17,974
2020
8,139
3,940
68
1,162
149
39
286
13,783
2,673
1,073
11
331
306
15
686
5,095
18,878
2021
8,839
4,054
70
1,250
160
33
292
14,698
3,069
1,131
11
349
305
9
772
5,646
20,344
2022
9,381
4,051
75
1,291
160
34
294
15,286
3,357
1,166
14
369
316
12
813
6,047
21,333
2023
9,600
3,943
64
1,306
155
30
288
15,386
3,258
1,171
13
367
311
9
867
5,996
21,382
2024
10,066
3,897
61
1,356
154
31
291
15,856
3,349
1,200
12
367
312
8
912
6,160
22,016
2025
10,579
3,901
62
1,400
152
29
290
16,413
3,641
1,238
10
364
324
9
933
6,519
22,932
1
Please see Appendix 12.4 for definitions of capitalized terms used in this report. Please see Appendix 12.3 for Form
ADV changes over time, including the impact of the enactment of a Wyoming state law regulating investment advisers.
3
December 2025
Analytics Office
Table 1.4: Number of RIAs and ERAs, by Fiscal Year-End Month
This table relies on fiscal year-end month reported on Form ADV, Item 3B.
Adviser Type
RIA
ERA
Total
Fiscal Year-End Month
January
February
March
April
May
June
July
August
September
October
November
December
Subtotal
January
February
March
April
May
June
July
August
September
October
November
December
Subtotal
Total
2011
49
23
213
29
33
176
21
14
166
62
35
9,912
10,733
1
1
109
10
2
42
2
0
22
2
17
2,048
2,256
12,989
2012
33
16
232
27
25
175
20
12
162
60
28
9,872
10,662
5
13
144
10
4
49
2
0
29
3
22
2,279
2,560
13,222
2013
31
15
219
26
21
174
22
11
159
63
24
10,061
10,826
3
12
150
10
4
49
3
0
27
4
24
2,495
2,781
13,607
2014
31
17
229
25
21
172
23
11
158
63
21
10,625
11,396
4
11
179
10
4
59
4
1
27
4
25
2,744
3,072
14,468
2015
30
18
238
25
20
168
21
12
159
66
22
11,076
11,855
5
10
195
9
3
65
5
1
28
3
26
3,067
3,417
15,272
2016
28
18
242
22
19
172
17
10
153
67
21
11,296
12,065
6
12
215
12
3
65
6
2
27
4
25
3,225
3,602
15,667
4
2017
28
16
243
22
18
172
19
11
153
71
26
11,793
12,572
8
11
226
15
3
75
6
4
34
6
25
3,537
3,950
16,522
2018
28
15
245
23
15
173
20
12
150
68
26
12,326
13,101
7
10
247
15
2
89
4
3
37
7
23
3,822
4,266
17,367
2019
23
14
244
26
16
160
19
12
144
66
27
12,598
13,349
11
11
278
16
2
88
4
3
35
9
24
4,144
4,625
17,974
2020
24
16
247
24
15
154
18
11
141
55
26
13,052
13,783
9
9
286
14
2
82
7
4
35
6
21
4,620
5,095
18,878
2021
27
14
242
25
15
167
20
9
145
51
25
13,958
14,698
10
9
295
11
5
94
7
4
34
7
18
5,152
5,646
20,344
2022
25
12
235
26
12
163
16
10
138
44
26
14,579
15,286
13
12
319
16
3
99
6
4
35
9
16
5,515
6,047
21,333
2023
24
13
237
22
11
159
17
10
141
45
24
14,683
15,386
11
10
332
16
3
92
6
6
30
6
14
5,470
5,996
21,382
2024
24
15
242
20
12
161
17
10
147
42
24
15,142
15,856
10
11
363
18
6
87
5
3
26
6
20
5,605
6,160
22,016
2025
26
16
248
20
11
159
12
12
149
42
23
15,695
16,413
13
14
391
20
12
89
6
4
27
7
25
5,911
6,519
22,932
December 2025
2
Analytics Office
Regulatory Assets Under Management “RAUM”2
Table 2.1: Aggregate RAUM Reported by RIAs ($Trillions)
This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Discretionary and non-discretionary
RAUM may not sum to total RAUM due to rounding.
RAUM
Discretionary
Non-Discretionary
Total
2011
$42.7
$4.4
$47.1
2012
$50.5
$4.5
$55.0
2013
$57.1
$4.7
$61.8
2014
$61.0
$5.7
$66.6
2015
$61.6
$5.8
$67.4
2016
$65.7
$5.9
$71.6
2017
$77.1
$6.6
$83.6
2018
$79.6
$6.8
$86.4
2019
$91.4
$7.6
$99.1
2020
$101.6
$8.5
$110.2
2021
$117.2
$10.9
$128.1
2022
$105.2
$10.2
$115.4
2023
$118.2
$11.1
$129.3
2024
$134.7
$11.8
$146.4
2025
$164.2
$13.0
$177.2
Table 2.2: Percent of Aggregate RAUM Attributable to RIAs, by RAUM Bin
This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Each RIA is assigned an RAUM bin
based on their reported RAUM. The RAUM in each bin is then summed, and divided by total aggregate
RIA RAUM to get the percentage of RIA RAUM in each bin. See the appendix for a review of interval
notation used here.
Adviser RAUM
Under $100 million
[$100 million,$1 billion)
[$1 billion,$5 billion)
[$5 billion,$100 billion)
[$100 billion,$500 billion)
[$500 billion,$1 trillion)
$1 trillion or More
2011
0.3%
3.3%
6.5%
38.4%
34.3%
7.8%
9.3%
2012
0.1%
3.6%
7.2%
38.7%
30.3%
11.3%
8.8%
2013
0.1%
3.4%
6.9%
37.0%
32.1%
9.9%
10.7%
2014
0.1%
3.3%
6.8%
35.4%
30.6%
13.0%
10.8%
2015
0.1%
3.3%
6.9%
35.9%
30.5%
10.9%
12.4%
2016
0.1%
3.2%
6.7%
35.9%
29.6%
11.9%
12.6%
2017
0.1%
3.0%
6.2%
31.4%
32.1%
10.7%
16.6%
2018
0.1%
3.0%
6.0%
30.2%
30.5%
12.3%
17.8%
2019
0.1%
2.7%
5.6%
27.3%
30.1%
11.6%
22.6%
2020
0.0%
2.6%
5.5%
27.3%
28.7%
9.3%
26.6%
2021
0.0%
2.4%
5.1%
26.4%
29.2%
9.9%
27.0%
2022
0.1%
2.7%
5.4%
28.3%
28.6%
11.7%
23.4%
2023
0.0%
2.5%
5.1%
26.2%
27.7%
10.0%
28.5%
2024
0.0%
2.3%
4.7%
24.4%
26.3%
10.6%
31.6%
2025
0.0%
2.0%
4.1%
21.7%
24.4%
9.6%
38.2%
Table 2.3: Percent of RIAs, by RAUM Bin
This table relies on RAUM reported on Form ADV, Item 5F(2)(a-c). Totals represent the percentage of
RIAs with reported RAUM in a given RAUM bin. See the appendix for a review of interval notation used
here.
Adviser RAUM
Under $100 million
[$100 million,$1 billion)
[$1 billion,$5 billion)
[$5 billion,$100 billion)
[$100 billion,$500 billion)
[$500 billion,$1 trillion)
$1 trillion or More
2011
32.6%
45.9%
12.5%
8.2%
0.8%
0.1%
0.0%
2012
17.7%
54.9%
16.7%
9.8%
0.8%
0.1%
0.0%
2013
15.5%
55.6%
17.5%
10.4%
0.9%
0.1%
0.0%
2014
15.5%
55.3%
17.8%
10.3%
1.0%
0.1%
0.0%
2015
16.8%
55.2%
17.2%
9.9%
0.9%
0.1%
0.0%
2016
15.7%
55.5%
17.6%
10.1%
0.9%
0.1%
0.0%
2017
14.5%
55.8%
18.5%
10.1%
1.0%
0.1%
0.1%
2018
14.3%
57.2%
17.8%
9.6%
1.0%
0.1%
0.1%
2019
13.0%
57.3%
18.5%
9.9%
1.1%
0.1%
0.1%
2020
11.9%
57.2%
19.3%
10.3%
1.1%
0.1%
0.1%
2021
11.1%
56.7%
19.9%
10.9%
1.2%
0.1%
0.1%
2022
12.2%
57.9%
18.2%
10.4%
1.0%
0.1%
0.1%
2023
10.7%
58.2%
19.1%
10.6%
1.1%
0.1%
0.1%
2024
10.1%
58.1%
19.5%
10.9%
1.2%
0.1%
0.1%
2025
9.6%
57.3%
20.2%
11.3%
1.3%
0.2%
0.1%
Table 2.4: Aggregate US and Non-US RAUM Reported by RIAs ($Trillions)
This table relies on RAUM reported on Form ADV, Item 5F(2)(c) and the amount attributable to non-US
persons from Form ADV, Item 5F(3). US and Non-US RAUM may not sum to total RAUM due to rounding.
RAUM
US
Non-US
Total
2017
$65.0
$18.6
$83.6
2018
$64.0
$22.4
$86.4
2019
$73.7
$25.3
$99.1
2020
$82.1
$28.0
$110.2
2021
$94.7
$33.4
$128.1
2
2022
$87.1
$28.3
$115.4
2023
$98.7
$30.6
$129.3
2024
$113.0
$33.4
$146.4
2025
$139.9
$37.3
$177.2
See Form ADV instruction 5.b. for further information on the calculation of RAUM. Because of the way that RAUM
is calculated under this instruction, assets of securities portfolios reflected may be counted more than once (e.g., fund
of funds, sub-advised portfolios, etc.). ERAs are not required to complete Item 5 and certain other items of Part 1A of
Form ADV. For more information, see the General Instructions to Form ADV.
5
December 2025
Analytics Office
3
Clients and Accounts3
3.1
Clients
Table 3.1: Aggregate RAUM Reported by RIAs, by Separately Managed
Account (SMA) and Pooled Investment Vehicle (PIV) Clients
($Trillions)
This table relies on RAUM reported on Form ADV, Item 5D. Prior to October 2017 the RAUM attributed
to each client for each adviser is based on the midpoint of ranges reported as the exact amount of
RAUM was not reported.
Category
PIVs
SMAs
Client Type
Investment Companies
Other Pooled Vehicles
Business Development Companies
HNW Individuals
Non-HNW Individuals
Insurance Companies
Pension Plans
State/Municipal Entities
Corporations
Other Advisers
Charities
Foreign Institutions
Other
Banking Institutions
2011
$17.0
$9.9
$0.2
$4.2
$3.7
$5.3
$6.9
$3.9
$5.0
$2.1
$3.6
$0.0
$3.4
$2.9
2012
$19.7
$14.0
$0.2
$4.7
$4.0
$6.1
$7.1
$4.2
$5.5
$2.4
$3.9
$0.0
$3.7
$3.1
2013
$22.7
$15.8
$0.4
$5.5
$4.5
$6.4
$8.1
$5.0
$6.1
$3.2
$4.5
$0.0
$3.7
$3.3
2014
$24.0
$17.1
$0.4
$6.7
$4.9
$6.8
$8.6
$5.3
$6.5
$3.4
$4.8
$0.0
$4.5
$3.7
2015
$23.8
$17.6
$0.4
$6.7
$5.0
$6.9
$8.9
$5.2
$6.5
$3.6
$5.0
$0.0
$4.6
$3.8
2016
$24.8
$18.9
$0.3
$6.5
$5.2
$6.2
$8.0
$4.6
$5.8
$2.8
$3.9
$0.3
$3.8
$3.1
2017
$29.4
$21.4
$0.1
$6.1
$4.5
$5.3
$6.1
$3.2
$2.9
$1.3
$1.4
$1.2
$1.2
$0.8
2018
$30.3
$22.7
$0.1
$6.0
$4.5
$5.5
$5.8
$3.4
$2.5
$1.1
$1.1
$1.7
$0.9
$0.6
2019
$35.0
$26.3
$0.1
$7.6
$5.3
$6.2
$6.5
$3.6
$2.7
$1.3
$1.2
$1.7
$1.0
$0.7
2020
$38.0
$29.4
$0.1
$9.3
$6.0
$7.0
$7.3
$3.9
$2.9
$1.2
$1.3
$1.7
$1.1
$0.8
2021
$43.7
$34.8
$0.2
$11.8
$7.1
$7.6
$8.1
$4.3
$3.3
$1.4
$1.6
$2.2
$1.2
$1.0
2022
$37.6
$32.8
$0.3
$10.8
$6.6
$7.0
$6.8
$3.9
$2.9
$1.3
$1.5
$1.9
$1.2
$0.8
2023
$43.6
$35.9
$0.3
$13.0
$7.2
$7.5
$7.4
$4.2
$2.9
$1.7
$1.7
$1.9
$1.3
$0.8
2024
$50.5
$40.2
$0.4
$15.9
$8.1
$8.0
$8.2
$4.2
$3.1
$1.9
$1.9
$1.8
$1.4
$0.7
2025
$67.9
$46.8
$0.6
$18.8
$8.9
$8.7
$8.5
$4.4
$3.6
$2.2
$2.2
$2.1
$1.7
$0.8
Table 3.2: Number of Clients Reported by RIAs, by Client Type
(Millions)
This table relies on the number of clients reported on Form ADV, Item 5D. Prior to October 2017 the
exact number of clients for each adviser was not reported and is instead based on the midpoint of
ranges reported.
Category
PIVs
SMAs
Client Type
Investment Companies
Other Pooled Vehicles
Business Development Companies
HNW Individuals
Non-HNW Individuals
Insurance Companies
Pension Plans
State/Municipal Entities
Corporations
Other Advisers
Charities
Foreign Institutions
Other
Banking Institutions
2011
0.388
0.442
0.076
3.469
19.991
0.527
1.341
1.036
1.461
0.805
0.795
0.000
0.425
0.513
2012
0.267
0.368
0.086
3.097
19.395
0.610
1.301
1.394
0.750
0.898
0.700
0.000
0.409
0.417
2013
0.259
0.367
0.091
3.625
21.292
0.471
1.379
1.472
0.843
1.018
0.795
0.000
0.448
0.379
2014
0.301
0.408
0.100
4.505
22.689
0.504
1.448
1.547
0.897
0.920
0.878
0.000
0.560
0.430
2015
0.432
0.570
0.087
4.814
26.655
0.640
2.147
1.735
1.135
1.083
1.545
0.000
0.751
0.505
2016
0.296
0.462
0.084
4.476
28.252
0.477
1.942
1.555
0.856
0.854
1.273
0.001
0.787
0.473
2017
0.046
0.083
0.000
4.736
27.420
0.036
0.369
0.044
0.340
0.735
0.125
0.004
0.215
0.038
2018
0.026
0.079
0.000
4.453
30.867
0.014
0.417
0.026
0.303
0.746
0.102
0.004
0.291
0.011
2019
0.027
0.086
0.000
4.969
36.266
0.015
0.395
0.027
0.318
0.865
0.106
0.004
0.279
0.012
2020
0.025
0.086
0.000
6.211
40.367
0.015
0.453
0.028
0.336
0.940
0.114
0.004
0.398
0.011
2021
0.025
0.095
0.000
6.915
43.899
0.016
0.436
0.029
0.347
0.909
0.127
0.004
0.381
0.013
2022
0.025
0.100
0.001
7.402
44.868
0.017
0.511
0.029
0.753
0.906
0.179
0.003
0.389
0.012
2023
0.025
0.102
0.000
7.985
46.493
0.015
0.656
0.026
0.336
0.876
0.167
0.003
0.735
0.012
2024
0.024
0.108
0.000
9.271
49.237
0.015
0.735
0.030
0.358
2.819
0.180
0.003
0.570
0.011
2025
0.023
0.115
0.000
9.856
51.255
0.016
0.733
0.028
0.409
1.482
0.192
0.003
0.676
0.012
3
Please see Appendix 12.4 for definition of “High Net Worth (HNW) Individual” and “Pooled Investment Vehicle
(PIV)”. For more information about Registered Investment Companies, see “Registered Fund Statistics” and “Money
Market Fund Statistics,” available on the SEC’s website.
6
December 2025
Analytics Office
Table 3.3: Number of RIAs, by Client Type
This table relies on RAUM reported on Form ADV, Item 5D. Only RIAs with clients reported are
presented. Rows are not mutually exclusive since advisers can report more than one client type.
Category
PIVs
SMAs
Client Type
Investment Companies
Other Pooled Vehicles
Business Development Companies
HNW Individuals
Non-HNW Individuals
Insurance Companies
Pension Plans
State/Municipal Entities
Corporations
Other Advisers
Charities
Foreign Institutions
Other
Banking Institutions
2011
1,701
3,168
112
7,543
6,666
846
5,796
1,339
4,934
857
4,729
0
1,053
797
2012
1,710
4,341
107
6,379
5,493
907
5,224
1,337
4,590
955
4,333
0
1,122
788
2013
1,784
4,448
101
6,466
5,572
973
5,245
1,326
4,653
989
4,407
0
1,137
757
2014
1,863
4,682
109
6,785
5,869
1,014
5,410
1,363
4,805
1,061
4,558
0
1,177
767
2015
1,832
4,857
117
7,044
6,133
1,055
5,559
1,393
4,960
1,114
4,697
0
1,205
742
2016
1,752
4,857
106
7,129
6,241
1,111
5,462
1,397
4,910
1,143
4,664
163
1,159
795
2017
1,707
5,038
92
7,522
6,867
1,626
5,278
1,918
4,579
1,418
4,804
957
1,257
1,164
2018
1,674
5,177
91
8,001
7,290
1,645
5,435
1,905
4,710
1,380
4,997
989
1,303
1,107
2019
1,598
5,299
88
8,020
7,411
1,535
5,358
1,788
4,760
1,321
5,023
901
1,371
999
2020
1,594
5,400
84
8,291
7,659
1,452
5,366
1,722
4,921
1,265
5,143
830
1,415
909
2021
1,617
5,727
100
8,904
8,251
1,419
5,506
1,674
5,167
1,259
5,361
789
1,473
858
2022
1,647
5,924
108
9,289
8,647
1,431
5,521
1,622
5,400
1,263
5,532
762
1,485
842
2023
1,626
5,980
117
9,339
8,669
1,348
5,408
1,565
5,527
1,251
5,515
718
1,456
788
2024
1,645
6,106
123
9,716
9,025
1,329
5,398
1,556
5,719
1,238
5,607
701
1,483
745
Table 3.4: Aggregate RAUM of RIAs ($Trillions), Binned by Number of
Clients Reported
This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item
5F(2)(c). Each RIA is assigned a client bin based on their reported number of clients, and the RAUM
of the RIAs in each bin is summed. Prior to October 2017 the exact number of clients for each
adviser was not reported and is instead based on the midpoint of ranges reported. See the appendix
for a review of interval notation used here.
Clients
Fewer than 10
[10,100)
[100,1k)
[1k,10k)
10k or more
2011
$2.7
$12.5
$17.5
$6.1
$8.3
2012
$4.8
$14.5
$19.3
$6.7
$9.8
2013
$5.1
$16.1
$22.2
$7.7
$10.6
2014
$5.2
$15.8
$25.5
$8.8
$11.2
2015
$5.2
$16.5
$25.5
$9.2
$11.1
2016
$6.2
$16.5
$28.0
$8.5
$12.5
2017
$5.0
$18.2
$32.7
$10.6
$17.2
2018
$5.0
$17.5
$31.7
$12.2
$20.0
2019
$5.4
$18.5
$36.7
$14.5
$24.0
2020
$5.9
$21.2
$38.0
$16.1
$29.0
2021
$6.6
$23.3
$45.0
$16.0
$37.3
2022
$5.9
$22.2
$40.1
$13.5
$33.7
2023
$6.6
$23.9
$43.6
$15.5
$39.7
2024
$7.6
$24.7
$49.9
$16.9
$47.2
2025
$8.8
$28.6
$66.3
$19.0
$54.5
Table 3.5: Number of RIAs, Binned by Number of Clients Reported
This table relies on the number of clients reported on Form ADV, Item 5D. Each RIA is assigned a
client bin based on their reported number of clients, and the number of RIAs in each bin are
counted. Prior to October 2017 the exact number of clients for each adviser was not reported and is
instead based on the midpoint of ranges reported. See the appendix for a review of interval notation
used here.
Clients
Fewer than 10
[10,100)
[100,1k)
[1k,10k)
10k or more
2011
2,333
3,796
3,822
609
173
2012
3,234
3,088
3,521
631
188
2013
3,244
3,114
3,593
680
195
2014
3,427
3,237
3,767
762
203
2015
3,580
3,310
3,955
805
205
2016
3,653
3,343
4,032
824
213
2017
3,336
3,464
4,653
911
208
7
2018
3,333
3,591
5,006
952
219
2019
3,397
3,577
5,137
1,005
233
2020
3,480
3,600
5,384
1,077
242
2021
3,617
3,862
5,802
1,168
249
2022
3,707
3,994
6,084
1,230
271
2023
3,699
4,043
6,124
1,239
281
2024
3,737
4,177
6,359
1,292
291
2025
3,814
4,340
6,655
1,300
304
2025
1,675
6,266
132
10,093
9,402
1,336
5,424
1,519
5,965
1,257
5,765
711
1,447
744
December 2025
Analytics Office
Table 3.6: Aggregate RAUM of RIAs ($Trillions), Binned by RAUM per
Client Ratio
This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item
5F(2)(c). For each RIA, reported RAUM is divided by the reported number of clients to get a RAUM per
client ratio. Each RIA is then assigned a RAUM per client bin based on this ratio, and the RAUM of
the RIAs in each bin is summed. Prior to October 2017 the exact number of clients for each adviser
was not reported and is instead based on the midpoint of ranges reported. See the appendix for a
review of interval notation used here.
RAUM per Client
Less than $100k
[$100k,$1 Million)
[$1 Million,$10 Million)
[$10 Million,$100 Million)
[$100 Million,$1 Billion)
Over $1 Billion
2011
$0.3
$3.3
$4.3
$8.3
$17.7
$13.1
2012
$0.4
$3.8
$4.2
$9.6
$21.1
$16.0
2013
$0.2
$4.8
$4.5
$10.8
$23.9
$17.7
2014
$0.2
$5.3
$5.2
$9.0
$27.6
$19.2
2015
$0.3
$5.5
$5.4
$10.6
$25.5
$20.1
2016
$0.3
$6.1
$5.7
$10.9
$25.6
$23.0
2017
$0.1
$8.3
$5.2
$12.2
$31.3
$26.4
2018
$0.1
$8.3
$5.2
$12.9
$35.3
$24.5
2019
$0.1
$10.1
$6.8
$13.9
$39.1
$29.0
2020
$0.2
$11.8
$8.4
$15.6
$43.5
$30.8
2021
$0.2
$14.1
$10.3
$18.2
$46.9
$38.5
2022
$0.2
$13.5
$10.1
$18.1
$42.2
$31.5
2023
$0.2
$15.0
$11.8
$20.9
$44.5
$36.9
2024
$0.2
$17.6
$13.3
$23.7
$47.2
$44.3
2025
$0.2
$19.3
$16.2
$26.0
$54.5
$60.9
Table 3.7: Number of RIAs, Binned by RAUM per Client Ratio
This table relies on the number of clients reported on Form ADV, Item 5D and RAUM from Item
5F(2)(c). For each RIA, reported RAUM is divided by the reported number of clients to get a RAUM per
client ratio. Each RIA is then assigned a RAUM per client bin based on this ratio, and the number of
RIAs in each bin are counted. Prior to October 2017 the exact number of clients for each adviser was
not reported and is instead based on the midpoint of ranges reported. See the appendix for a review
of interval notation used here.
RAUM per Client
Less than $100k
[$100k,$1 Million)
[$1 Million,$10 Million)
[$10 Million,$100 Million)
[$100 Million,$1 Billion)
Over $1 Billion
2011
701
3,666
3,215
1,748
1,141
262
2012
633
2,620
3,018
2,357
1,719
315
2013
589
2,534
3,137
2,419
1,809
338
2014
620
2,698
3,301
2,518
1,918
341
2015
694
2,922
3,368
2,603
1,941
327
2016
719
2,869
3,462
2,643
2,025
347
8
2017
718
3,006
3,625
2,442
2,414
367
2018
697
3,411
3,688
2,472
2,495
338
2019
682
3,269
3,958
2,508
2,554
378
2020
666
3,259
4,276
2,489
2,697
396
2021
669
3,368
4,707
2,601
2,897
456
2022
713
4,035
4,503
2,731
2,894
410
2023
671
3,751
4,786
2,752
2,990
436
2024
650
3,599
5,273
2,810
3,047
477
2025
643
3,463
5,747
2,801
3,241
518
December 2025
3.2
Analytics Office
Accounts
Table 3.8: Aggregate RAUM of RIAs ($Trillions), Binned by Number of
Accounts Reported
This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item
5F(2)(c). Each RIA is assigned a account bin based on their reported number of accounts, and the
RAUM of the RIAs in each bin is summed.
Accounts
Fewer than 10
[10,100)
[100,1k)
[1k,10k)
10k or more
2011
$2.1
$11.4
$18.0
$8.8
$6.8
2012
$3.9
$13.1
$20.8
$9.1
$8.1
2013
$4.3
$14.3
$23.5
$9.9
$9.7
2014
$4.3
$14.2
$27.2
$10.7
$10.3
2015
$4.3
$14.3
$28.0
$10.3
$10.6
2016
$4.5
$14.8
$28.9
$11.1
$12.4
2017
$4.7
$17.1
$30.6
$13.6
$17.7
2018
$4.6
$16.3
$30.5
$16.5
$18.5
2019
$5.0
$17.8
$35.1
$18.8
$22.3
2020
$5.3
$20.4
$36.7
$21.1
$26.7
2021
$5.9
$22.7
$43.8
$20.2
$35.6
2022
$5.5
$21.2
$38.9
$17.3
$32.5
2023
$6.0
$22.5
$42.3
$20.4
$38.1
2024
$6.9
$23.6
$49.2
$20.9
$45.8
2025
$8.2
$27.2
$65.0
$24.7
$52.1
Table 3.9: Number of RIAs, Binned by Number of Accounts Reported
This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f). Each RIA is
assigned a account bin based on their reported number of accounts, and the number of RIAs in each
bin are counted.
Accounts
Fewer than 10
[10,100)
[100,1k)
[1k,10k)
10k or more
2011
2,336
2,547
4,517
1,158
175
2012
3,189
2,345
3,664
1,285
179
2013
3,232
2,328
3,707
1,364
195
2014
3,403
2,434
3,868
1,483
208
2015
3,528
2,512
3,976
1,625
214
2016
3,537
2,561
3,998
1,732
237
2017
3,637
2,602
4,212
1,878
243
2018
3,649
2,668
4,462
2,061
261
2019
3,659
2,661
4,558
2,189
282
2020
3,692
2,703
4,736
2,351
301
2021
3,795
2,920
5,099
2,552
332
2022
3,876
3,022
5,320
2,706
362
2023
3,844
3,062
5,302
2,800
378
2024
3,863
3,143
5,527
2,919
404
2025
3,957
3,243
5,730
3,064
419
Table 3.10: Aggregate RAUM of RIAs ($Trillions), Binned by RAUM per
Account Ratio
This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item
5F(2)(c). For each RIA, reported RAUM is divided by the reported number of accounts to get a RAUM
per account ratio. Each RIA is then assigned a RAUM per account bin based on this ratio, and the
RAUM of the RIAs in each bin is summed.
RAUM per Account
Less than $100k
[$100k,$1 Million)
[$1 Million,$10 Million)
[$10 Million,$100 Million)
[$100 Million,$1 Billion)
Over $1 Billion
2011
$0.2
$3.8
$3.7
$7.0
$20.7
$11.6
2012
$0.2
$4.5
$3.4
$8.5
$23.9
$14.5
2013
$0.1
$5.5
$4.0
$9.1
$26.9
$16.3
2014
$0.2
$6.0
$4.2
$9.7
$27.7
$18.7
2015
$0.2
$6.3
$4.5
$9.8
$27.6
$19.0
2016
$0.2
$7.4
$4.3
$10.9
$28.5
$20.3
2017
$0.1
$9.3
$4.8
$12.5
$31.6
$25.3
2018
$0.1
$9.6
$4.8
$12.9
$35.6
$23.4
2019
$0.2
$11.7
$6.3
$14.0
$37.0
$30.0
2020
$0.2
$13.7
$7.4
$15.2
$42.0
$31.5
2021
$0.2
$16.3
$9.6
$17.5
$45.7
$38.8
2022
$0.2
$16.0
$11.5
$13.0
$44.2
$30.5
2023
$0.3
$17.9
$13.1
$15.0
$49.0
$34.1
2024
$0.3
$21.6
$13.8
$16.8
$49.7
$44.1
2025
$0.3
$23.9
$14.2
$21.1
$56.6
$61.1
Table 3.11: Number of RIAs, Binned by RAUM per Account Ratio
This table relies on the number of accounts reported on Form ADV, Item 5F(2)(f) and RAUM from Item
5F(2)(c). For each RIA, reported RAUM is divided by the reported number of accounts to get a RAUM
per account ratio. Each RIA is then assigned a RAUM per account bin based on this ratio, and the
number of RIAs in each bin are counted.
RAUM per Account
Less than $100k
[$100k,$1 Million)
[$1 Million,$10 Million)
[$10 Million,$100 Million)
[$100 Million,$1 Billion)
Over $1 Billion
2011
873
4,684
1,991
1,633
1,368
184
2012
726
3,695
1,822
2,031
2,098
290
2013
672
3,694
1,903
2,028
2,210
319
2014
687
3,955
1,971
2,159
2,286
338
2015
771
4,225
1,964
2,261
2,317
317
2016
783
4,331
1,989
2,242
2,400
320
9
2017
785
4,521
2,118
2,255
2,540
353
2018
788
5,036
2,068
2,277
2,600
332
2019
744
5,120
2,198
2,286
2,640
361
2020
719
5,363
2,306
2,218
2,791
386
2021
712
5,782
2,490
2,284
2,969
461
2022
793
6,346
2,318
2,457
2,955
417
2023
741
6,339
2,374
2,455
3,045
432
2024
699
6,534
2,565
2,489
3,090
479
2025
690
6,737
2,753
2,454
3,262
517
December 2025
4
Analytics Office
Separately Managed Accounts “SMAs”4
Table 4.1: Aggregate SMA RAUM Reported by RIAs, by Type of Asset
($Trillions)
Relies on categories of investments reported on Schedule D, Section 5K(1) and RAUM reported for SMA
clients in Form ADV, Item 5D. Percentages reported on Schedule D, Section 5K(1) are adjusted to sum
to unity.
Asset Type
Equity Securities
RIC/BDC Securities
IG Corporate Bonds
Other
Other PIV Securities
U.S. Govt./Agency Bonds
Cash/Cash Equivalents
U.S. State/Local Bonds
Sovereign Bonds
Non-IG Corporate Bonds
Derivatives
OTC Equity Securities
Total
2017
$10.346
$5.609
$4.382
$3.229
$2.349
$2.137
$1.553
$1.332
$1.180
$0.698
$0.584
$0.306
$33.705
2018
$9.591
$5.961
$4.300
$2.905
$2.557
$2.249
$1.616
$1.407
$1.124
$0.630
$0.620
$0.252
$33.211
2019
$11.092
$7.388
$4.785
$3.117
$2.786
$2.481
$1.701
$1.460
$1.169
$0.746
$0.632
$0.265
$37.619
2020
$12.669
$8.445
$5.431
$3.438
$3.180
$2.524
$1.977
$1.641
$1.304
$0.821
$0.771
$0.335
$42.535
2021
$15.287
$10.344
$5.597
$3.933
$4.019
$2.694
$2.166
$1.668
$1.368
$0.905
$0.960
$0.454
$49.397
2022
$12.830
$9.387
$4.783
$3.993
$4.035
$2.767
$2.216
$1.576
$1.122
$0.812
$0.801
$0.397
$44.719
2023
$14.230
$10.962
$5.363
$4.182
$4.497
$3.161
$2.213
$1.737
$1.182
$0.820
$0.717
$0.433
$49.498
2024
$16.430
$13.292
$5.698
$4.954
$4.143
$3.318
$2.326
$1.910
$1.229
$0.801
$0.757
$0.405
$55.263
2025
$18.629
$14.652
$6.466
$5.442
$4.792
$3.611
$2.744
$2.115
$1.301
$0.829
$0.815
$0.494
$61.889
Table 4.2: Aggregate SMA RAUM Reported by RIAs, by Gross Notional
Exposure (GNE) Level ($Trillions)
Relies on gross notional exposure (GNE) categories reported on Schedule D, Section 5K(2)(RAUM) by
RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the
percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives,
by regulatory assets under management (RAUM).
GNE Percentage
Less than 10%
10-149%
150% or more
Total
2017
$9.067
$3.255
$0.769
$13.091
2018
$8.271
$3.705
$0.890
$12.866
2019
$9.868
$4.173
$0.870
$14.911
2020
$11.179
$5.139
$0.816
$17.134
2021
$12.407
$5.561
$0.893
$18.861
2022
$10.612
$5.116
$0.663
$16.391
2023
$11.397
$4.946
$0.918
$17.261
2024
$13.182
$5.347
$0.777
$19.306
2025
$15.880
$5.844
$1.006
$22.730
Table 4.3: Aggregate SMA Borrowing Reported by RIAs, by Gross Notional
Exposure (GNE) Level ($Trillions)
Relies on gross notional exposure (GNE) categories reported on Schedule D, Section 5K(2)(Brw) by
RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the
percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives,
by regulatory assets under management (RAUM).
GNE Percentage
Less than 10%
10-149%
150% or more
Total
2017
$0.133
$0.121
$0.081
$0.335
2018
$0.066
$0.182
$0.077
$0.325
2019
$0.034
$0.250
$0.059
$0.343
2020
$0.094
$0.237
$0.034
$0.365
2021
$0.095
$0.270
$0.066
$0.431
2022
$0.062
$0.360
$0.058
$0.480
2023
$0.026
$0.363
$0.068
$0.457
2024
$0.037
$0.419
$0.076
$0.532
2025
$0.041
$0.450
$0.141
$0.632
4
Detail on SMAs was not required to be reported on Form ADV prior to October 1, 2017. See Appendix 12.3 for
additional information on changes to Form ADV over time.
10
December 2025
Analytics Office
Table 4.4: Aggregate SMA Derivative GNE Reported by RIAs, by GNE
Percentage ($Trillions)
Relies on SMA derivative and GNE categories reported on Form ADV, Schedule D, Section 5K(2)(3) by
RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the
percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives,
by regulatory assets under management (RAUM).
GNE Percentage
Less than 10%
10-149%
150% or more
Total
Derivative Type
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Total
2017
$0.006
$0.091
$0.073
$0.022
$0.156
$0.007
$0.355
$0.014
$0.097
$0.571
$0.593
$0.877
$0.230
$2.382
$0.030
$0.061
$0.132
$0.661
$0.950
$0.058
$1.892
$4.629
2018
$0.002
$0.048
$0.041
$0.035
$0.012
$0.017
$0.155
$0.023
$0.248
$0.385
$0.829
$0.819
$0.244
$2.548
$0.019
$0.051
$0.284
$0.606
$1.732
$0.091
$2.783
$5.486
2019
$0.004
$0.107
$0.094
$0.076
$0.127
$0.018
$0.426
$0.023
$0.148
$0.460
$0.898
$0.884
$0.281
$2.694
$0.020
$0.088
$0.246
$0.475
$1.606
$0.091
$2.526
$5.646
2020
$0.003
$0.122
$0.041
$0.039
$0.035
$0.006
$0.246
$0.026
$0.179
$0.303
$1.144
$1.010
$0.287
$2.949
$0.037
$0.064
$0.394
$0.639
$0.946
$0.068
$2.148
$5.343
2021
$0.006
$0.092
$0.120
$0.047
$0.110
$0.018
$0.393
$0.032
$0.320
$0.403
$1.380
$1.306
$0.363
$3.804
$0.047
$0.056
$0.210
$1.230
$0.951
$0.081
$2.575
$6.772
2022
$0.005
$0.015
$0.094
$0.047
$0.113
$0.010
$0.284
$0.020
$0.299
$0.307
$1.100
$1.093
$0.344
$3.163
$0.055
$0.030
$0.179
$0.800
$0.993
$0.084
$2.141
$5.588
2023
$0.001
$0.021
$0.132
$0.039
$0.051
$0.008
$0.252
$0.017
$0.318
$0.372
$0.870
$1.185
$0.333
$3.095
$0.064
$0.040
$0.212
$0.882
$1.736
$0.100
$3.034
$6.381
2024
$0.001
$0.074
$0.183
$0.073
$0.201
$0.010
$0.542
$0.019
$0.396
$0.358
$0.849
$1.251
$0.371
$3.244
$0.062
$0.069
$0.263
$0.787
$1.277
$0.032
$2.490
$6.276
2025
$0.000
$0.043
$0.160
$0.101
$0.265
$0.045
$0.614
$0.029
$0.379
$0.442
$0.934
$1.320
$0.400
$3.504
$0.054
$0.055
$0.326
$0.856
$1.529
$0.095
$2.915
$7.033
Table 4.5: Number of RIAs Reporting SMA Derivatives, by GNE Percentage
Relies on SMA derivative and GNE categories reported on Form ADV, Schedule D, Section 5K(2)(3) by
RIAs with RAUM attributable to separately managed accounts of at least $500 million. GNE is the
percentage obtained by dividing the sum of borrowings and gross notional value of all derivatives,
by regulatory assets under management (RAUM).
GNE Percentage
Less than 10%
10-149%
150% or more
Total
Derivative Type
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Commodity
Credit
Equity
Foreign Exchange
Interest Rate
Other
Subtotal
Total
2017
4
12
46
38
33
15
148
11
44
87
129
103
34
408
20
36
53
74
73
24
280
836
2018
5
11
51
49
35
17
168
11
53
94
138
107
40
443
17
39
58
85
74
26
299
910
11
2019
4
14
54
53
43
17
185
14
45
98
131
112
38
438
17
38
58
81
76
28
298
921
2020
5
15
60
48
37
12
177
12
48
103
137
111
41
452
16
28
54
75
71
25
269
898
2021
6
11
75
47
41
21
201
18
48
110
147
113
41
477
13
30
51
76
63
26
259
937
2022
4
10
69
33
45
17
178
14
42
97
142
109
41
445
16
33
49
73
64
22
257
880
2023
1
12
69
37
38
14
171
13
29
106
137
114
36
435
15
28
54
68
67
23
255
861
2024
2
17
76
45
46
11
197
14
31
105
133
117
38
438
16
25
57
73
62
20
253
888
2025
2
18
69
46
51
15
201
11
38
115
136
117
40
457
14
27
63
70
65
21
260
918
December 2025
Analytics Office
5
Private Funds5
5.1
Total Private Funds Advised by RIAs or ERAs6
Table 5.1: Aggregate Gross Assets of Private Funds Advised by either an
RIA or an ERA, by Fund Type ($Trillions)
The most recent observation for each fund available for each calendar year is utilized and any fund
that is advised, or sub-advised, by either an RIA or an ERA, removing duplicative reporting, is
included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
$9.569
$4.883
$0.364
$0.872
$2.326
$0.381
$0.423
$0.325
2013
$10.377
$5.437
$0.304
$0.968
$2.491
$0.412
$0.401
$0.369
2014
$11.576
$6.192
$0.361
$1.032
$2.681
$0.411
$0.466
$0.440
2015
$12.061
$6.285
$0.342
$1.119
$2.811
$0.513
$0.506
$0.495
2016
$13.013
$6.698
$0.355
$1.301
$3.045
$0.575
$0.534
$0.516
2017
$14.816
$7.501
$0.327
$1.548
$3.601
$0.655
$0.589
$0.591
2018
$16.149
$7.912
$0.389
$1.518
$4.203
$0.736
$0.698
$0.699
2019
$18.280
$8.770
$0.406
$1.677
$5.006
$0.825
$0.781
$0.830
2020
$21.383
$9.903
$0.458
$1.937
$6.163
$0.918
$0.889
$1.130
2021
$25.257
$10.587
$0.418
$2.227
$7.998
$1.384
$1.061
$1.587
2022
$24.926
$10.154
$0.471
$2.094
$8.189
$1.317
$1.133
$1.597
2023
$27.867
$11.798
$0.494
$2.239
$9.272
$1.276
$1.173
$1.622
2024
$30.630
$13.303
$0.508
$2.539
$9.909
$1.365
$1.298
$1.714
2025
$35.665
$15.856
$0.580
$2.916
$11.310
$1.502
$1.374
$2.141
Table 5.2: Number of Private Funds Advised by either an RIA or an ERA,
by Fund Type
Any fund that is advised, or sub-advised, by either an RIA or an ERA, removing duplicative
reporting, is included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
32,235
10,813
97
3,472
10,714
2,098
1,253
3,798
2013
34,031
11,060
85
3,573
11,474
2,346
1,351
4,149
2014
37,759
11,654
79
3,703
13,081
2,769
1,555
4,930
2015
42,038
12,038
84
4,107
14,550
3,268
1,684
6,317
2016
44,907
11,960
81
4,349
15,906
3,634
1,713
7,272
2017
48,864
11,813
85
4,909
17,578
3,940
1,768
8,776
5
2018
52,705
12,054
93
5,040
19,230
4,154
1,902
10,245
2019
56,938
12,035
87
5,397
21,173
4,368
2,017
11,881
2020
63,847
12,328
95
5,942
23,428
4,760
2,249
15,065
2021
78,965
13,068
100
6,922
27,650
5,413
2,645
23,179
2022
92,201
13,368
104
7,876
30,244
5,899
2,882
31,898
2023
100,001
12,897
98
8,415
32,834
6,071
2,889
36,822
2024
108,099
12,966
97
9,491
36,184
6,347
3,390
39,730
2025
118,832
12,753
92
10,337
39,500
6,565
3,592
46,027
Form ADV, Schedule D, Section 7B(1) and 7B(2). All private funds advised by RIAs and ERAs are reported on Form
ADV, which advisers generally update annually. For additional information regarding private funds advised by a subset
of (generally larger) RIAs and reported on Form PF (which advisers update as often as quarterly), see “Private Funds
Statistics,” available on the SEC’s website.
6
In a given period, if a private fund is advised by multiple advisers, the largest gross asset value reported is presented
and counted only once. In instances where the same private fund is reported by multple advisers as different private
fund types, the same private fund is counted under both private fund types. As a result, the sum of the statistics for all
private fund types may not equal the total.
12
December 2025
Analytics Office
Table 5.3: Number of RIAs and ERAs Reporting Private Funds, by Fund
Type
Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers
which advise multiple fund types are included in the totals for each fund type.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
6,426
3,314
55
1,117
1,889
481
215
847
2013
6,800
3,466
48
1,163
2,016
523
224
936
2014
7,257
3,651
45
1,209
2,184
568
232
1,042
2015
7,787
3,823
52
1,273
2,389
633
235
1,178
2016
8,000
3,830
51
1,323
2,492
653
249
1,262
2017
8,471
3,887
54
1,432
2,684
703
249
1,421
13
2018
8,870
3,905
54
1,466
2,905
739
250
1,596
2019
9,274
3,902
53
1,523
3,126
789
256
1,763
2020
9,818
3,969
57
1,629
3,401
855
265
1,999
2021
10,720
4,244
56
1,734
3,731
884
269
2,372
2022
11,323
4,283
57
1,880
3,925
924
278
2,750
2023
11,348
4,145
56
1,901
4,057
941
272
2,847
2024
11,542
4,058
57
1,986
4,187
966
285
2,960
2025
12,367
4,115
59
2,093
4,603
992
299
3,273
December 2025
5.2
Analytics Office
Private Funds Advised by RIAs
Table 5.4: Aggregate Gross Assets of Private Funds Advised by RIAs, by
Fund Type ($Trillions)
The most recent observation for each fund available for each calendar year is utilized and any fund
that is advised, or sub-advised, by an RIA is included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
$8.260
$4.658
$0.277
$0.769
$1.792
$0.329
$0.389
$0.048
2013
$9.041
$5.222
$0.258
$0.849
$1.937
$0.353
$0.374
$0.054
2014
$10.125
$5.937
$0.281
$0.928
$2.129
$0.353
$0.439
$0.066
2015
$10.529
$5.960
$0.274
$1.004
$2.296
$0.439
$0.480
$0.086
2016
$11.364
$6.283
$0.281
$1.199
$2.513
$0.499
$0.515
$0.086
2017
$12.694
$6.887
$0.229
$1.398
$2.962
$0.566
$0.562
$0.098
2018
$13.912
$7.291
$0.296
$1.367
$3.513
$0.649
$0.666
$0.137
2019
$15.539
$8.040
$0.301
$1.490
$4.086
$0.717
$0.748
$0.171
2020
$17.564
$8.514
$0.325
$1.720
$5.105
$0.796
$0.852
$0.268
2021
$21.205
$9.769
$0.307
$1.997
$6.709
$1.012
$1.006
$0.407
2022
$20.954
$9.272
$0.335
$1.831
$6.894
$1.133
$1.081
$0.437
2023
$23.444
$10.605
$0.345
$1.911
$7.916
$1.112
$1.105
$0.456
2024
$25.905
$12.020
$0.355
$2.181
$8.412
$1.200
$1.225
$0.519
2025
$30.106
$14.211
$0.417
$2.529
$9.617
$1.324
$1.292
$0.733
Table 5.5: Number of Private Funds Advised by RIAs, by Fund Type
Any fund that is advised, or sub-advised, by an RIA is included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
24,814
9,693
85
3,113
8,406
1,818
1,212
497
2013
25,835
9,843
77
3,182
8,892
2,024
1,306
518
2014
28,291
10,342
71
3,292
10,111
2,384
1,497
606
2015
30,762
10,609
74
3,601
11,296
2,760
1,631
800
2016
32,543
10,554
69
3,844
12,361
3,078
1,658
987
2017
34,418
10,405
74
4,250
13,657
3,262
1,717
1,062
2018
36,194
10,598
83
4,330
14,682
3,485
1,839
1,190
2019
38,382
10,498
77
4,609
16,260
3,652
1,952
1,355
2020
41,919
10,725
85
5,133
18,155
3,939
2,176
1,731
2021
48,534
11,273
87
5,890
21,615
4,573
2,549
2,564
2022
52,991
11,528
91
6,662
23,670
5,049
2,783
3,280
2023
55,442
11,089
85
6,994
25,830
5,192
2,778
3,497
2024
59,568
11,255
84
7,964
27,728
5,466
3,260
3,918
2025
63,437
10,955
74
8,656
29,969
5,631
3,451
4,740
Table 5.6: Number of RIAs Reporting Private Funds, by Fund Type
Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers
which advise multiple fund types are included in the totals for each fund type.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
4,111
2,586
49
972
1,157
370
199
111
2013
4,242
2,667
44
996
1,221
394
207
119
2014
4,433
2,762
42
1,026
1,304
423
216
143
2015
4,606
2,836
47
1,062
1,409
456
218
158
2016
4,651
2,807
44
1,104
1,459
473
230
167
2017
4,793
2,824
47
1,148
1,568
496
229
175
14
2018
4,881
2,804
48
1,153
1,671
529
229
195
2019
4,949
2,759
46
1,166
1,769
561
233
222
2020
5,061
2,735
51
1,263
1,920
584
244
257
2021
5,428
2,901
51
1,337
2,108
610
243
326
2022
5,615
2,914
51
1,437
2,223
647
253
387
2023
5,694
2,852
49
1,441
2,364
652
245
419
2024
5,795
2,806
50
1,475
2,448
691
256
445
2025
5,910
2,784
48
1,517
2,535
694
270
487
December 2025
5.3
Analytics Office
Private Funds Advised by ERAs
Table 5.7: Aggregate Gross Assets of Private Funds Advised by ERAs, by
Fund Type ($Trillions)
The most recent observation for each fund available for each calendar year is utilized and any fund
that is advised, or sub-advised, by an ERA is included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
$1.970
$0.813
$0.094
$0.118
$0.582
$0.052
$0.034
$0.278
2013
$2.050
$0.829
$0.053
$0.131
$0.631
$0.059
$0.031
$0.315
2014
$2.249
$0.947
$0.087
$0.119
$0.630
$0.059
$0.034
$0.374
2015
$2.439
$1.091
$0.072
$0.131
$0.626
$0.075
$0.034
$0.410
2016
$2.535
$1.107
$0.079
$0.146
$0.665
$0.077
$0.030
$0.431
2017
$3.232
$1.386
$0.103
$0.301
$0.818
$0.092
$0.039
$0.494
2018
$3.694
$1.682
$0.098
$0.309
$0.901
$0.094
$0.045
$0.566
2019
$4.106
$1.622
$0.109
$0.367
$1.182
$0.115
$0.049
$0.661
2020
$5.574
$2.537
$0.136
$0.422
$1.418
$0.151
$0.042
$0.868
2021
$6.017
$1.990
$0.131
$0.442
$1.801
$0.408
$0.063
$1.188
2022
$5.941
$2.049
$0.153
$0.446
$1.853
$0.219
$0.057
$1.165
2023
$7.210
$2.854
$0.249
$0.506
$2.151
$0.207
$0.072
$1.171
2024
$8.071
$3.649
$0.252
$0.505
$2.167
$0.220
$0.077
$1.201
2025
$9.698
$4.629
$0.315
$0.555
$2.443
$0.236
$0.094
$1.426
Table 5.8: Number of Private Funds Advised by ERAs, by Fund Type
Any fund that is advised, or sub-advised, by an ERA is included here.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
7,755
1,311
16
380
2,407
280
48
3,313
2013
8,554
1,410
11
413
2,700
325
57
3,639
2014
9,839
1,496
11
432
3,104
390
72
4,334
2015
11,780
1,628
13
543
3,437
523
73
5,566
2016
13,045
1,610
15
595
3,756
579
76
6,414
2017
15,162
1,635
13
755
4,164
705
77
7,813
2018
17,284
1,685
13
815
4,835
694
93
9,150
2019
19,372
1,789
13
902
5,214
742
106
10,606
2020
22,875
1,871
12
935
5,687
848
86
13,437
2021
31,526
2,108
16
1,222
6,519
873
116
20,674
2022
40,519
2,156
16
1,455
7,214
888
111
28,681
2023
45,893
2,114
18
1,614
7,711
924
121
33,393
2024
49,857
2,049
17
1,716
9,120
938
144
35,875
2025
56,842
2,159
22
1,896
10,233
989
166
41,382
Table 5.9: Number of ERAs Reporting Private Funds, by Fund Type
Any adviser reporting as an adviser, or sub-adviser, to a private fund is included here. Advisers
which advise multiple fund types are included in the totals for each fund type.
Fund Type
All Private Funds
Hedge Fund
Liquidity Fund
Other Private Fund
Private Equity Fund
Real Estate Fund
Securitized Asset Fund
Venture Capital Fund
2012
2,315
728
6
145
732
111
16
736
2013
2,558
799
4
167
795
129
17
817
2014
2,824
889
3
183
880
145
16
899
2015
3,181
987
5
211
980
177
17
1,020
2016
3,349
1,023
7
219
1,033
180
19
1,095
2017
3,678
1,063
7
284
1,116
207
20
1,246
15
2018
3,989
1,101
6
313
1,234
210
21
1,401
2019
4,325
1,143
7
357
1,357
228
23
1,541
2020
4,757
1,234
6
366
1,481
271
21
1,742
2021
5,292
1,343
5
397
1,623
274
26
2,046
2022
5,708
1,369
6
443
1,702
277
25
2,363
2023
5,654
1,293
7
460
1,693
289
27
2,428
2024
5,747
1,252
7
511
1,739
275
29
2,515
2025
6,457
1,331
11
576
2,068
298
29
2,786
December 2025
5.4
Analytics Office
Service Providers
Table 5.10: Percent of Private Funds Advised by RIAs and ERAs Reporting
Administrators
This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)26. Reported
service providers may include related persons of the adviser.
Adviser Type
RIA and ERA
RIA
ERA
Administrators
None
One
2 or more
None
One
2 or more
None
One
2 or more
2012
46.4%
51.2%
2.5%
42.5%
54.8%
2.7%
59.3%
39.1%
1.6%
2013
45.7%
51.8%
2.4%
42.1%
55.2%
2.7%
57.4%
40.9%
1.7%
2014
45.0%
52.7%
2.3%
41.5%
55.9%
2.5%
55.4%
43.2%
1.5%
2015
44.4%
53.5%
2.1%
41.5%
56.0%
2.4%
51.9%
46.8%
1.2%
2016
42.6%
55.5%
1.9%
40.0%
57.8%
2.2%
49.5%
49.5%
1.0%
2017
41.3%
56.9%
1.8%
39.2%
58.5%
2.2%
46.0%
53.1%
0.9%
2018
39.3%
58.9%
1.8%
37.8%
60.0%
2.2%
42.6%
56.5%
0.8%
2019
37.9%
60.4%
1.7%
36.5%
61.4%
2.1%
40.8%
58.4%
0.8%
2020
35.2%
63.2%
1.6%
34.5%
63.5%
2.0%
36.6%
62.5%
0.9%
2021
31.8%
66.6%
1.7%
32.9%
64.8%
2.2%
29.9%
69.4%
0.8%
2022
28.8%
69.7%
1.4%
30.9%
67.1%
2.0%
25.9%
73.4%
0.6%
2023
26.6%
71.8%
1.5%
29.5%
68.2%
2.3%
23.1%
76.4%
0.5%
2024
25.8%
72.8%
1.4%
28.4%
69.4%
2.2%
22.5%
77.0%
0.5%
2025
24.6%
74.0%
1.4%
26.8%
71.1%
2.1%
22.0%
77.5%
0.5%
Table 5.11: Percent of Private Funds Advised by RIAs and ERAs Reporting
Auditors
This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)23. Reported
service providers may include related persons of the adviser.
Adviser Type
RIA and ERA
RIA
ERA
Auditors
None
One
2 or more
None
One
2 or more
None
One
2 or more
2012
12.7%
86.1%
1.2%
10.7%
88.1%
1.3%
19.5%
79.6%
0.9%
2013
13.4%
85.4%
1.2%
10.7%
88.0%
1.3%
22.0%
77.0%
0.9%
2014
15.0%
83.8%
1.2%
10.8%
87.9%
1.3%
27.7%
71.5%
0.8%
2015
16.8%
82.0%
1.1%
10.9%
87.8%
1.3%
32.9%
66.4%
0.7%
2016
18.1%
80.8%
1.2%
10.5%
88.2%
1.4%
37.6%
61.8%
0.6%
2017
19.5%
79.4%
1.0%
10.3%
88.5%
1.3%
41.3%
58.2%
0.5%
2018
20.6%
78.4%
0.9%
10.1%
88.7%
1.2%
43.7%
55.8%
0.4%
2019
21.4%
77.7%
0.9%
10.1%
88.8%
1.1%
44.8%
54.7%
0.5%
2020
23.7%
75.2%
1.1%
10.4%
88.3%
1.3%
48.9%
50.5%
0.6%
2021
28.5%
70.6%
1.0%
10.6%
88.1%
1.3%
56.8%
42.7%
0.5%
2022
32.2%
66.9%
0.9%
10.0%
88.8%
1.2%
62.6%
37.0%
0.4%
2023
35.0%
64.2%
0.8%
9.9%
88.9%
1.2%
66.2%
33.5%
0.3%
2024
35.2%
64.0%
0.7%
9.9%
89.0%
1.1%
67.0%
32.7%
0.3%
2025
36.9%
62.3%
0.7%
9.8%
89.1%
1.1%
69.2%
30.5%
0.3%
Table 5.12: Percent of Private Funds Advised by RIAs and ERAs Reporting
Custodians
This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)25. Reported
service providers may include related persons of the adviser.
Adviser Type
RIA and ERA
RIA
ERA
Custodians
None
One
Two
3 or more
None
One
Two
3 or more
None
One
Two
3 or more
2012
14.6%
56.3%
16.4%
12.7%
8.7%
60.0%
17.2%
14.1%
34.8%
43.5%
13.8%
7.9%
2013
14.2%
56.1%
16.7%
13.0%
7.6%
60.1%
17.8%
14.5%
35.9%
42.9%
13.2%
7.9%
2014
14.9%
55.9%
16.6%
12.6%
7.2%
60.0%
18.2%
14.6%
38.2%
43.4%
11.7%
6.7%
2015
15.9%
56.3%
16.0%
11.8%
6.6%
61.4%
18.0%
14.0%
40.9%
42.5%
10.7%
5.9%
2016
16.6%
56.2%
15.2%
12.0%
6.6%
61.4%
17.6%
14.4%
42.5%
42.9%
9.1%
5.6%
2017
16.7%
56.9%
15.0%
11.4%
5.7%
62.6%
17.7%
14.0%
42.7%
43.5%
8.5%
5.3%
16
2018
17.1%
57.4%
14.6%
10.9%
5.6%
63.0%
17.8%
13.6%
42.1%
45.2%
7.7%
5.0%
2019
17.6%
57.5%
14.4%
10.5%
5.5%
63.8%
17.6%
13.1%
42.6%
44.3%
7.8%
5.2%
2020
15.2%
61.3%
13.8%
9.7%
6.1%
64.0%
17.3%
12.6%
32.4%
56.1%
7.3%
4.1%
2021
15.2%
63.2%
12.8%
8.8%
6.7%
64.0%
17.1%
12.2%
28.9%
61.8%
5.9%
3.4%
2022
14.5%
64.2%
12.6%
8.7%
5.9%
63.5%
17.7%
12.9%
26.3%
65.2%
5.5%
3.0%
2023
14.7%
62.9%
13.0%
9.4%
5.7%
61.3%
19.0%
14.0%
25.9%
64.8%
5.7%
3.7%
2024
14.7%
63.8%
12.7%
8.8%
5.8%
62.9%
18.2%
13.1%
25.9%
65.0%
5.7%
3.5%
2025
14.7%
65.0%
12.0%
8.3%
5.9%
64.1%
17.7%
12.3%
25.2%
66.2%
5.2%
3.4%
December 2025
Analytics Office
Table 5.13: Percent of Private Funds Advised by RIAs and ERAs Reporting
Prime Brokers
This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)24. Reported
service providers may include related persons of the adviser.
Adviser Type
RIA and ERA
RIA
ERA
Prime Brokers
None
One
Two
3 or more
None
One
Two
3 or more
None
One
Two
3 or more
2012
77.9%
12.9%
4.9%
4.3%
75.8%
13.9%
5.5%
4.9%
85.0%
9.8%
3.1%
2.1%
2013
78.7%
12.4%
4.7%
4.2%
76.6%
13.3%
5.3%
4.9%
85.6%
9.4%
2.9%
2.1%
2014
79.6%
12.1%
4.4%
3.9%
77.5%
12.9%
5.1%
4.6%
85.8%
9.9%
2.5%
1.7%
2015
81.1%
11.4%
3.9%
3.6%
78.9%
12.3%
4.6%
4.3%
87.0%
9.1%
2.3%
1.6%
2016
82.2%
10.8%
3.7%
3.4%
79.9%
11.6%
4.4%
4.1%
87.8%
8.6%
1.9%
1.6%
2017
83.5%
10.1%
3.3%
3.2%
81.3%
10.9%
4.0%
3.8%
88.7%
8.1%
1.7%
1.5%
2018
84.6%
9.4%
3.0%
2.9%
82.2%
10.5%
3.7%
3.6%
90.0%
7.1%
1.5%
1.3%
2019
85.5%
9.0%
2.8%
2.7%
83.1%
10.2%
3.3%
3.3%
90.5%
6.6%
1.6%
1.3%
2020
86.8%
8.2%
2.4%
2.5%
84.1%
9.7%
3.0%
3.2%
91.9%
5.6%
1.3%
1.2%
2021
88.7%
7.1%
2.1%
2.1%
85.5%
8.7%
2.8%
2.9%
93.6%
4.4%
1.0%
1.0%
2022
90.1%
6.3%
1.9%
1.8%
86.6%
8.2%
2.7%
2.5%
94.8%
3.7%
0.8%
0.7%
2023
91.2%
5.4%
1.8%
1.6%
87.5%
7.5%
2.6%
2.4%
95.9%
2.7%
0.7%
0.7%
2024
91.7%
5.2%
1.6%
1.5%
88.3%
7.1%
2.3%
2.3%
96.0%
2.7%
0.6%
0.6%
2025
92.4%
4.8%
1.4%
1.4%
88.9%
6.8%
2.1%
2.2%
96.5%
2.4%
0.5%
0.6%
Table 5.14: Percent of Private Funds Advised by RIAs and ERAs Reporting
Marketers
This table relies on information reported on Form ADV, Schedule D, Section 7B1(1)28. Reported
service providers may include related persons of the adviser.
Adviser Type
RIA and ERA
RIA
ERA
Marketers
None
One
[2,5)
5 or more
None
One
[2,5)
5 or more
None
One
[2,5)
5 or more
2012
82.2%
12.2%
4.4%
1.2%
80.3%
13.5%
5.0%
1.3%
88.9%
7.6%
2.4%
1.1%
2013
82.2%
12.4%
4.3%
1.1%
80.2%
13.8%
4.9%
1.2%
88.7%
8.0%
2.3%
1.0%
2014
81.5%
13.4%
4.0%
1.1%
80.2%
14.0%
4.6%
1.3%
85.6%
11.5%
2.3%
0.5%
2015
80.9%
14.1%
3.9%
1.1%
80.5%
13.8%
4.4%
1.3%
81.8%
15.2%
2.5%
0.4%
2016
79.9%
15.3%
3.8%
1.0%
80.2%
14.2%
4.3%
1.2%
79.3%
17.9%
2.4%
0.4%
2017
78.4%
16.7%
3.8%
1.0%
79.5%
14.8%
4.4%
1.3%
75.9%
21.4%
2.3%
0.4%
17
2018
78.3%
17.3%
3.6%
0.9%
79.7%
14.8%
4.2%
1.2%
75.0%
22.6%
2.0%
0.3%
2019
77.6%
17.8%
3.6%
1.0%
79.9%
14.7%
4.2%
1.2%
73.0%
24.4%
2.2%
0.4%
2020
76.6%
18.9%
3.5%
1.0%
80.2%
14.2%
4.3%
1.3%
69.9%
27.6%
2.1%
0.4%
2021
73.3%
22.5%
3.2%
1.0%
80.5%
13.9%
4.2%
1.3%
61.9%
36.0%
1.6%
0.5%
2022
70.4%
25.4%
3.0%
1.2%
80.4%
13.4%
4.3%
1.8%
56.6%
41.8%
1.2%
0.4%
2023
68.8%
27.1%
2.8%
1.3%
80.4%
13.3%
4.2%
2.0%
54.4%
44.2%
1.1%
0.4%
2024
69.4%
26.7%
2.8%
1.2%
80.8%
13.3%
4.1%
1.9%
55.1%
43.5%
1.1%
0.3%
2025
68.5%
27.7%
2.6%
1.2%
80.4%
13.6%
4.0%
1.9%
54.3%
44.4%
1.0%
0.3%
December 2025
6
Analytics Office
Employees
Table 6.1: Aggregate Employees Reported by RIAs (Thousands)
This table relies on the number of employees reported on Form ADV Item 5A and 5B. Prior to 2011 the
exact number of employees for each adviser was not reported and is based on the midpoint of ranges
reported.
Employee Type
Non-Clerical
Advisory Function
2011
750.2
339.7
2012
715.4
345.9
2013
731.2
362.4
2014
758.4
379.4
2015
779.9
388.0
2016
790.3
405.0
2017
821.9
423.9
2018
841.2
440.7
2019
923.4
452.3
2020
884.8
467.3
2021
938.3
501.3
2022
1,018.7
532.8
2023
1,005.9
531.4
2024
1,046.8
567.8
2025
1,110.7
589.9
Table 6.2: Aggregate RAUM of RIAs ($Trillions), Binned by Number of
Non-Clerical Employees
This table relies on the number of non-clerical employees reported on Form ADV, Item 5A and RAUM
from Item 5F(2)(c). Advisers with no non-clerical employees reported are removed. Prior to 2011 the
number of employees for each adviser is based on the midpoint of ranges reported. See the appendix
for a review of interval notation used here.
Non-Clerical Employees
Fewer than 10
[10,50)
[50,250)
[250,500)
500 or more
2011
$1.8
$7.4
$15.3
$7.2
$15.1
2012
$2.1
$9.7
$17.1
$8.0
$17.9
2013
$2.1
$9.9
$18.1
$11.7
$19.8
2014
$2.2
$10.3
$19.5
$11.2
$23.2
2015
$2.5
$9.5
$18.9
$12.1
$24.2
2016
$2.4
$9.7
$20.7
$12.2
$26.1
2017
$2.8
$10.5
$22.8
$15.4
$31.6
2018
$2.6
$10.2
$21.1
$17.4
$34.9
2019
$2.9
$11.2
$22.5
$14.8
$47.6
2020
$3.2
$12.3
$24.2
$15.6
$54.5
2021
$3.8
$14.0
$28.9
$17.9
$63.1
2022
$3.6
$12.3
$26.2
$13.8
$59.1
2023
$4.0
$13.2
$29.5
$14.2
$68.3
2024
$4.3
$13.7
$37.6
$15.0
$75.4
2025
$5.2
$15.2
$53.4
$15.4
$87.5
Table 6.3: Number of RIAs, Binned by Number of Non-Clerical Employees
This table relies on the number of non-clerical employees reported on Form ADV, Item 5A. Advisers
with no non-clerical employees reported are removed. Prior to 2011 the number of employees for each
adviser is based on the midpoint of ranges reported. See the appendix for a review of interval
notation used here.
Non-Clerical Employees
Fewer than 10
[10,50)
[50,250)
[250,500)
500 or more
2011
6,570
2,923
836
134
185
2012
5,670
3,615
971
141
189
2013
5,676
3,701
1,029
153
186
2014
5,977
3,896
1,065
173
193
2015
6,202
4,047
1,111
184
207
2016
6,247
4,144
1,173
187
216
2017
6,528
4,328
1,213
196
207
18
2018
6,915
4,412
1,264
206
212
2019
7,081
4,465
1,274
221
219
2020
7,381
4,600
1,271
222
226
2021
7,961
4,830
1,350
228
244
2022
8,325
4,982
1,412
227
263
2023
8,344
5,027
1,448
234
267
2024
8,646
5,146
1,491
246
273
2025
9,074
5,233
1,519
258
277
December 2025
Analytics Office
Table 6.4: Aggregate RAUM of RIAs ($Trillions), Binned by Number of
Advisory Function Employees
This table relies on the number of advisory function employees reported on Form ADV, Item 5B(1) and
RAUM from Item 5F(2)(c). Advisers with no advisory function employees reported are removed. Prior to
2011 the number of employees for each adviser is based on the midpoint of ranges reported. See the
appendix for a review of interval notation used here.
Advisory Function Employees
Fewer than 10
[10,50)
[50,250)
[250,500)
500 or more
2011
$4.3
$12.5
$18.9
$7.1
$3.8
2012
$5.0
$15.3
$21.5
$5.3
$7.3
2013
$5.4
$16.1
$25.3
$5.9
$8.7
2014
$5.6
$16.9
$27.0
$7.2
$9.5
2015
$5.1
$16.4
$28.5
$7.0
$9.6
2016
$5.5
$17.1
$28.7
$8.1
$11.1
2017
$6.0
$18.3
$31.7
$10.3
$16.3
2018
$5.7
$17.5
$27.1
$18.8
$16.6
2019
$6.4
$18.5
$28.3
$19.6
$25.8
2020
$7.2
$20.8
$31.2
$26.0
$24.2
2021
$8.3
$25.5
$36.0
$28.4
$29.2
2022
$7.7
$21.9
$33.0
$22.5
$29.9
2023
$8.3
$23.5
$36.1
$26.2
$34.8
2024
$9.5
$25.1
$42.9
$29.4
$39.1
2025
$11.0
$39.1
$58.4
$22.1
$46.1
Table 6.5: Number of RIAs, Binned by Number of Advisory Function
Employees
This table relies on the number of advisory function employees reported on Form ADV, Item 5B(1).
Advisers with no advisory function employees reported are removed. Prior to 2011 the number of
employees for each adviser is based on the midpoint of ranges reported. See the appendix for a
review of interval notation used here.
Advisory Function Employees
Fewer than 10
[10,50)
[50,250)
[250,500)
500 or more
2011
7,982
1,908
464
64
76
2012
7,330
2,486
498
66
80
2013
7,401
2,549
548
67
80
2014
7,752
2,721
567
81
81
2015
8,073
2,784
602
82
89
2016
8,190
2,851
639
78
96
2017
8,488
3,023
672
75
99
19
2018
8,931
3,094
676
98
99
2019
9,128
3,134
697
107
99
2020
9,453
3,229
725
100
103
2021
10,131
3,430
744
104
113
2022
10,555
3,514
807
118
116
2023
10,616
3,525
849
120
111
2024
11,015
3,581
877
136
109
2025
11,469
3,658
908
131
111
December 2025
Analytics Office
7
Offices
7.1
Principal Office and Place of Business
Table 7.1: Aggregate RAUM ($Trillions) Reported by RIAs, by Principal
Office and Place of Business
This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F, and RAUM
reported on Form ADV Item 5.F.(2)(c).
Country
United States
United Kingdom
Japan
Canada
Australia
Jersey
Hong Kong
Singapore
Ireland
Switzerland
India
South Korea
Germany
Luxembourg
China
Other Country
Total
2011
$41.2
$3.2
$0.8
$0.6
$0.1
$0.0
$0.1
$0.2
$0.0
$0.1
$0.0
$0.0
$0.2
$0.0
$0.0
$0.5
$47.1
2012
$47.9
$3.8
$0.8
$0.7
$0.3
$0.0
$0.1
$0.3
$0.0
$0.2
$0.0
$0.1
$0.1
$0.0
$0.1
$0.7
$55.0
2013
$54.0
$4.2
$0.8
$0.7
$0.4
$0.0
$0.2
$0.3
$0.0
$0.2
$0.0
$0.1
$0.1
$0.0
$0.1
$0.7
$61.8
2014
$58.5
$4.3
$0.8
$0.7
$0.4
$0.1
$0.2
$0.4
$0.0
$0.2
$0.0
$0.1
$0.1
$0.0
$0.1
$0.6
$66.6
2015
$58.9
$4.2
$0.8
$0.7
$0.4
$0.1
$0.3
$0.4
$0.1
$0.2
$0.2
$0.3
$0.1
$0.0
$0.1
$0.5
$67.4
2016
$62.8
$4.3
$0.9
$0.7
$0.6
$0.1
$0.3
$0.4
$0.1
$0.2
$0.0
$0.3
$0.1
$0.1
$0.1
$0.6
$71.6
2017
$73.0
$5.1
$1.3
$0.8
$0.7
$0.1
$0.4
$0.4
$0.2
$0.2
$0.0
$0.3
$0.1
$0.1
$0.1
$0.7
$83.6
2018
$75.7
$4.9
$1.9
$0.7
$0.7
$0.0
$0.4
$0.4
$0.2
$0.2
$0.0
$0.3
$0.1
$0.1
$0.1
$0.6
$86.4
2019
$86.9
$5.7
$2.0
$0.8
$0.8
$0.0
$0.4
$0.4
$0.3
$0.2
$0.0
$0.3
$0.2
$0.1
$0.2
$0.7
$99.1
2020
$96.9
$6.1
$2.0
$0.9
$0.8
$0.0
$0.6
$0.5
$0.3
$0.3
$0.1
$0.3
$0.2
$0.1
$0.2
$0.7
$110.2
2021
$113.6
$6.1
$2.4
$1.1
$0.9
$0.1
$0.6
$0.7
$0.6
$0.3
$0.2
$0.3
$0.1
$0.1
$0.2
$0.7
$128.1
2022
$102.7
$5.7
$2.2
$1.1
$0.8
$0.1
$0.4
$0.5
$0.3
$0.3
$0.2
$0.2
$0.1
$0.2
$0.1
$0.4
$115.4
2023
$116.7
$5.6
$2.1
$1.2
$0.9
$0.1
$0.4
$0.5
$0.3
$0.3
$0.3
$0.3
$0.1
$0.2
$0.2
$0.4
$129.3
2024
$132.3
$5.9
$2.2
$1.3
$0.9
$0.5
$0.5
$0.5
$0.4
$0.4
$0.3
$0.3
$0.2
$0.2
$0.2
$0.5
$146.4
2025
$161.7
$6.4
$2.0
$1.5
$0.9
$0.9
$0.7
$0.5
$0.5
$0.4
$0.3
$0.3
$0.2
$0.2
$0.2
$0.6
$177.2
Table 7.2: Number of RIAs, by Principal Office and Place of Business
This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F.
Country
United States
United Kingdom
Japan
Canada
Australia
Jersey
Hong Kong
Singapore
Ireland
Switzerland
India
South Korea
Germany
Luxembourg
China
Other Country
Total
2011
10,159
187
15
101
16
2
38
24
7
39
5
3
4
2
12
119
10,733
2012
9,989
225
15
100
21
3
50
32
8
52
5
6
3
2
15
136
10,662
2013
10,130
236
15
102
24
2
53
32
7
61
5
6
4
1
14
134
10,826
2014
10,638
249
16
108
22
4
60
40
8
64
7
6
5
2
16
151
11,396
2015
11,042
265
15
118
26
4
64
41
10
63
10
11
4
2
19
161
11,855
2016
11,187
279
16
125
30
5
68
39
13
71
10
11
4
3
32
172
12,065
2017
11,628
296
17
140
30
7
69
37
13
74
9
11
4
5
45
187
12,572
20
2018
12,158
299
18
129
29
5
78
40
14
74
10
7
4
6
44
186
13,101
2019
12,426
280
19
131
36
5
78
41
14
71
12
6
4
6
39
181
13,349
2020
12,862
284
22
136
35
5
81
42
15
66
11
5
2
6
39
172
13,783
2021
13,777
296
21
150
40
5
80
40
15
65
13
5
3
6
24
158
14,698
2022
14,384
294
21
146
41
5
76
42
17
65
14
4
3
5
22
147
15,286
2023
14,485
287
21
154
39
4
72
43
19
62
18
4
3
5
22
148
15,386
2024
14,958
276
20
158
40
8
72
43
19
59
17
4
4
5
21
152
15,856
2025
15,482
272
19
164
43
8
73
42
19
61
24
5
4
4
17
176
16,413
December 2025
Analytics Office
Table 7.3: Aggregate Private Fund Gross Assets ($Trillions) Reported
by ERAs, by Principal Office and Place of Business
This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F, and
private fund gross asset value reported on Form ADV Schedule D, Section 7.B.(1).A.11.
Country
United Kingdom
United States
Jersey
Luxembourg
Hong Kong
Singapore
Cayman Islands
France
Ireland
Guernsey
Switzerland
United Arab Emirates
India
Canada
Netherlands
Other Country
Total
2012
$0.54
$0.30
$0.16
$0.00
$0.07
$0.04
$0.05
$0.03
$0.01
$0.04
$0.12
$0.00
$0.00
$0.04
$0.02
$0.20
$1.64
2013
$0.65
$0.37
$0.18
$0.01
$0.07
$0.05
$0.07
$0.03
$0.01
$0.04
$0.04
$0.00
$0.00
$0.05
$0.03
$0.15
$1.76
2014
$0.73
$0.38
$0.18
$0.01
$0.08
$0.05
$0.09
$0.03
$0.01
$0.03
$0.04
$0.01
$0.00
$0.04
$0.03
$0.17
$1.88
2015
$0.86
$0.41
$0.15
$0.01
$0.10
$0.07
$0.10
$0.03
$0.01
$0.04
$0.04
$0.01
$0.00
$0.04
$0.04
$0.18
$2.07
2016
$0.87
$0.43
$0.13
$0.01
$0.12
$0.08
$0.15
$0.03
$0.01
$0.04
$0.03
$0.01
$0.00
$0.04
$0.03
$0.20
$2.16
2017
$0.97
$0.48
$0.18
$0.03
$0.15
$0.10
$0.22
$0.04
$0.02
$0.06
$0.03
$0.01
$0.00
$0.05
$0.02
$0.25
$2.62
2018
$1.18
$0.53
$0.15
$0.05
$0.15
$0.09
$0.26
$0.04
$0.04
$0.06
$0.04
$0.01
$0.00
$0.05
$0.02
$0.29
$2.96
2019
$1.35
$0.61
$0.15
$0.12
$0.18
$0.09
$0.39
$0.06
$0.06
$0.10
$0.04
$0.01
$0.01
$0.06
$0.02
$0.37
$3.62
2020
$1.50
$0.75
$0.16
$0.17
$0.26
$0.10
$0.42
$0.08
$0.08
$0.11
$0.05
$0.01
$0.01
$0.05
$0.02
$0.39
$4.16
2021
$1.50
$1.02
$0.24
$0.24
$0.29
$0.13
$0.47
$0.10
$0.14
$0.13
$0.07
$0.02
$0.01
$0.07
$0.03
$0.69
$5.16
2022
$1.54
$0.98
$0.32
$0.26
$0.27
$0.14
$0.45
$0.15
$0.13
$0.12
$0.07
$0.01
$0.03
$0.06
$0.04
$0.45
$5.04
2023
$2.05
$0.99
$0.63
$0.29
$0.28
$0.25
$0.23
$0.15
$0.12
$0.13
$0.07
$0.02
$0.06
$0.06
$0.05
$0.49
$5.87
2024
$2.42
$1.03
$0.62
$0.32
$0.26
$0.25
$0.23
$0.16
$0.15
$0.10
$0.12
$0.04
$0.07
$0.06
$0.05
$0.48
$6.37
2025
$2.84
$1.21
$0.68
$0.41
$0.39
$0.29
$0.23
$0.21
$0.17
$0.11
$0.10
$0.09
$0.09
$0.07
$0.06
$0.53
$7.49
Table 7.4: Number of ERAs, by Principal Office and Place of Business
This table relies on Principal Office and Place of Business reported on Form ADV, Item 1F.
Country
United Kingdom
United States
Jersey
Luxembourg
Hong Kong
Singapore
Cayman Islands
France
Ireland
Guernsey
Switzerland
United Arab Emirates
India
Canada
Netherlands
Other Country
Total
2012
269
1,548
26
10
102
55
70
23
7
29
20
7
14
47
15
318
2,560
2013
282
1,689
30
13
120
60
76
24
9
30
21
8
14
53
17
335
2,781
2014
320
1,858
32
17
130
69
91
27
11
31
25
8
14
58
21
360
3,072
2015
348
2,072
41
24
152
80
97
32
10
31
25
10
14
64
25
392
3,417
2016
366
2,173
43
36
157
88
111
28
11
33
31
11
18
68
26
402
3,602
2017
388
2,359
51
43
174
101
133
33
12
38
31
11
20
80
28
448
3,950
21
2018
423
2,532
58
52
182
103
141
38
18
49
34
12
22
80
27
495
4,266
2019
450
2,739
58
65
200
110
152
43
21
53
34
12
25
84
29
550
4,625
2020
464
3,096
60
70
213
119
163
49
24
49
38
16
29
87
27
591
5,095
2021
473
3,466
60
78
226
139
186
51
28
53
49
20
32
91
27
667
5,646
2022
498
3,747
64
83
229
147
185
59
27
53
54
25
38
101
26
711
6,047
2023
499
3,598
66
87
230
154
183
65
27
50
59
33
43
107
31
764
5,996
2024
508
3,656
66
88
220
170
193
69
30
51
62
44
55
110
32
806
6,160
2025
520
3,954
66
92
214
181
190
74
29
51
60
58
64
112
32
822
6,519
December 2025
8
Analytics Office
RIA Activities
Table 8.1: Number of RIAs, by Advisory Services Provided
Rows are not mutually exclusive since advisers can report more than one advisory service on Form
ADV, Item 5G.
Advisory Service
Portfolio management
Financial planning
Adviser selection
Pension consulting
Other
Educational workshops
Publications
Market timing
Rating/pricing services
2011
10,118
4,194
3,283
1,946
2,220
483
770
127
43
2012
10,130
3,526
3,074
1,786
2,008
580
672
89
43
2013
10,337
3,651
3,183
1,819
2,020
671
668
76
44
2014
10,916
3,910
3,321
1,949
2,070
775
689
70
41
2015
11,376
4,200
3,473
2,080
2,107
892
713
60
43
2016
11,598
4,391
3,533
2,222
2,114
966
722
63
42
2017
12,110
4,777
3,667
2,404
2,165
1,059
739
55
39
2018
12,651
5,224
3,850
2,617
2,210
1,192
770
55
41
2019
12,923
5,452
3,945
2,731
2,270
1,259
767
55
39
2020
13,368
5,783
4,065
2,884
2,314
1,339
762
48
37
2021
14,277
6,310
4,266
3,108
2,405
1,426
792
49
35
2022
14,858
6,651
4,430
3,255
2,456
1,465
796
51
37
2023
14,984
6,767
4,497
3,288
2,470
1,501
798
48
32
2024
15,460
7,141
4,691
3,428
2,483
1,588
788
43
27
2025
16,045
7,516
4,883
3,543
2,503
1,663
796
44
25
Table 8.2: Aggregate RIA RAUM, by Advisory Services Provided
($Trillions)
This table relies on advisory activity information on Form ADV, Item 5G and RAUM reported on Form
ADV, Item 5F(2)(a-c). Aggregate values represent the total RAUM of RIAs which provide a given
advisory service. Rows are not mutually exclusive since advisers can report more than one advisory
service.
Advisory Service
Portfolio management
Financial planning
Adviser selection
Pension consulting
Other
Educational workshops
Publications
Market timing
Rating/pricing services
2011
$46.4
$4.7
$20.8
$7.5
$12.5
$3.4
$6.4
$0.1
$0.5
2012
$54.5
$5.4
$23.3
$8.8
$15.7
$4.9
$7.1
$0.1
$0.4
2013
$61.3
$6.7
$27.3
$10.6
$16.8
$6.0
$7.9
$0.1
$0.4
2014
$66.2
$7.8
$30.6
$11.7
$19.0
$6.4
$9.3
$0.1
$0.5
2015
$67.0
$7.8
$31.9
$12.5
$19.8
$7.2
$10.0
$0.1
$0.6
2016
$71.2
$8.6
$34.4
$13.4
$21.4
$7.9
$10.7
$0.1
$0.6
2017
$83.1
$11.0
$40.1
$16.1
$25.9
$9.9
$13.6
$0.1
$0.7
22
2018
$85.9
$11.4
$39.7
$16.9
$28.5
$11.4
$13.6
$0.1
$0.7
2019
$98.5
$13.6
$46.6
$20.3
$32.0
$14.6
$15.0
$0.1
$0.8
2020
$109.5
$15.1
$53.6
$24.4
$33.7
$17.4
$17.3
$0.2
$0.8
2021
$127.5
$18.4
$65.8
$27.1
$38.1
$20.8
$20.5
$0.2
$1.2
2022
$114.8
$17.2
$60.8
$26.1
$32.6
$18.9
$18.5
$0.2
$0.9
2023
$128.7
$20.4
$69.8
$30.2
$37.1
$23.7
$20.5
$0.3
$1.1
2024
$145.8
$25.3
$80.6
$34.4
$43.6
$28.9
$23.6
$0.4
$1.1
2025
$176.4
$28.1
$101.7
$40.1
$50.2
$31.6
$25.7
$0.4
$1.0
December 2025
Analytics Office
Table 8.3: Number of RIAs Engaged in Other Business Activities
This table relies on other business activities reported on Form ADV, Item 6A. Rows are not mutually
exclusive since advisers can report more than one other business activity.
Business Activity
FCM, CPO, or CTA
Insurance broker/agent
Broker-dealer
Registered rep. of BD
Accountant or accounting firm
Other financial product sales
RE broker/dealer/agent
Municipal advisor
Lawyer or law firm
Bank
Trust company
Security-based swap dealer
Security-based swap participant
2011
833
1,112
517
645
161
200
57
59
23
23
19
0
1
2012
1,501
875
478
470
144
198
49
62
19
20
21
1
1
2013
1,719
870
458
445
151
200
51
57
21
17
20
1
0
2014
1,872
934
452
472
164
213
50
61
19
23
19
1
0
2015
1,974
963
442
475
170
214
56
64
21
22
20
1
1
2016
2,022
972
438
441
181
207
56
62
24
21
21
2
0
2017
2,088
1,036
452
446
196
226
51
62
28
21
16
2
0
2018
2,097
1,076
447
422
198
231
50
55
30
18
15
1
0
2019
2,100
1,095
433
421
210
262
50
51
30
19
16
2
0
2020
2,111
1,117
422
406
221
276
49
51
29
20
18
1
0
2021
2,207
1,172
435
404
251
296
54
41
31
19
16
3
1
2022
2,266
1,227
430
393
257
308
52
38
30
17
16
2
2
2023
2,258
1,235
410
378
248
295
49
38
30
17
14
3
1
2024
2,267
1,288
399
366
291
303
45
37
28
20
14
4
0
2025
2,275
1,366
383
368
323
296
48
35
31
19
18
4
1
Table 8.4: Aggregate RIA RAUM, by Other Business Activities
($Trillions)
This table relies on other business activity information on Form ADV, Item 6A and RAUM reported on
Form ADV, Item 5F(2)(a-c). Aggregate values represent the total RAUM of RIAs which are engaged in a
particular business activity. Rows are not mutually exclusive since advisers can report more than
one other business activity.
Business Activity
FCM, CPO, or CTA
Insurance broker/agent
Broker-dealer
Registered rep. of BD
Accountant or accounting firm
Other financial product sales
RE broker/dealer/agent
Municipal advisor
Lawyer or law firm
Bank
Trust company
Security-based swap dealer
Security-based swap participant
2011
$21.1
$1.3
$2.9
$0.4
$0.1
$2.2
$0.0
$1.3
$0.0
$0.1
$0.6
$0.0
$0.0
2012
$35.4
$1.4
$3.7
$0.4
$0.1
$2.2
$0.1
$1.6
$0.0
$0.1
$0.7
$0.0
$0.0
2013
$41.4
$1.7
$3.9
$0.8
$0.1
$2.3
$0.1
$1.9
$0.0
$0.1
$0.8
$0.1
$0.0
2014
$45.1
$2.2
$4.8
$0.7
$0.1
$3.0
$0.1
$0.9
$0.0
$0.1
$0.8
$0.1
$0.0
2015
$46.2
$2.1
$4.3
$0.7
$0.1
$3.2
$0.1
$1.0
$0.0
$0.8
$0.8
$0.1
$0.0
2016
$49.8
$2.5
$5.3
$0.6
$0.3
$3.2
$0.1
$1.0
$0.1
$0.8
$0.9
$0.2
$0.0
23
2017
$58.6
$3.0
$6.3
$0.8
$0.3
$4.2
$0.1
$1.1
$0.1
$1.0
$1.0
$0.3
$0.0
2018
$60.5
$3.6
$6.3
$0.8
$0.4
$4.9
$0.6
$1.2
$0.1
$1.4
$1.4
$0.1
$0.0
2019
$68.3
$4.3
$7.4
$0.8
$0.7
$4.8
$0.5
$1.5
$0.1
$1.4
$1.4
$0.2
$0.0
2020
$75.4
$4.9
$9.0
$1.0
$0.8
$6.4
$0.5
$1.7
$0.1
$1.6
$1.6
$0.2
$0.0
2021
$86.9
$7.4
$10.6
$1.1
$1.1
$7.1
$0.7
$1.9
$0.2
$3.1
$1.8
$0.4
$0.0
2022
$78.1
$6.7
$9.4
$1.1
$1.2
$6.7
$0.7
$1.6
$0.2
$1.5
$1.5
$0.4
$0.0
2023
$89.3
$7.2
$9.4
$0.8
$1.4
$7.5
$0.6
$1.8
$0.2
$1.5
$1.6
$0.5
$0.0
2024
$101.5
$8.9
$11.2
$1.0
$2.0
$8.6
$0.6
$1.9
$0.0
$1.7
$1.8
$0.8
$0.0
2025
$127.0
$9.7
$13.0
$0.9
$2.0
$9.5
$0.6
$2.1
$0.0
$1.9
$2.0
$0.9
$0.0
December 2025
9
Analytics Office
Interest in Client Transactions
Table 9.1: Number of RIAs with Participation or Interest in Client
Transactions
This table relies on information reported on Form ADV, Item 8 and provides information about the
adviser’s proprietary interest in client transactions, sales interest in client transactions, and
investment or brokerage discretion. Advisers may report multiple types of participation or interest
in client transactions. See Form ADV Item 8 for definitions of each transaction type.
Interest Type
Proprietary Interest
Sales Interest
Investment or Brokerage Discretion
ADV Item
8A(1)
8A(2)
8A(3)
8B(1)
8B(2)
8B(3)
8C(1)
8C(2)
8C(3)
8C(4)
8D
8E
8F
8G(1)
8G(2)
8H(1)
8H(2)
8I
2011
775
8,443
2,579
510
2,379
1,142
9,752
9,745
6,891
5,875
804
7,529
874
5,062
4,304
4,318
0
1,080
2012
898
8,043
2,853
491
2,672
1,203
9,798
9,793
7,415
6,510
826
6,881
882
4,878
4,559
4,276
0
1,141
2013
888
8,176
2,841
459
2,675
1,176
9,988
9,978
7,462
6,518
813
7,053
897
4,850
4,700
4,294
0
1,228
2014
905
8,620
2,928
434
2,740
1,214
10,542
10,534
7,822
6,773
827
7,468
924
5,010
5,010
4,458
0
1,283
2015
952
8,982
2,986
432
2,806
1,222
10,982
10,970
8,014
6,920
811
7,788
922
5,165
5,255
4,470
0
1,355
2016
999
9,134
2,985
415
2,679
1,238
11,222
11,207
8,105
6,933
811
7,953
894
5,124
5,304
4,160
476
1,195
2017
1,060
9,509
2,972
427
2,349
1,211
11,731
11,712
8,314
6,996
814
8,339
889
5,247
5,602
3,555
2,257
825
2018
1,047
9,980
2,934
414
2,354
1,197
12,257
12,244
8,481
7,012
811
8,783
889
5,344
5,829
3,660
2,497
826
2019
1,099
10,213
2,926
394
2,395
1,224
12,505
12,489
8,570
7,014
801
8,972
874
5,293
5,911
3,712
2,520
873
2020
1,141
10,603
2,956
398
2,443
1,221
12,931
12,913
8,673
7,040
803
9,308
876
5,309
6,041
3,848
2,549
886
2021
1,169
11,390
3,036
391
2,514
1,246
13,786
13,769
9,006
7,209
807
9,924
875
5,547
6,347
3,936
2,598
938
2022
1,162
11,818
3,121
378
2,509
1,257
14,342
14,330
9,188
7,322
801
10,272
859
5,579
6,474
3,970
2,604
955
2023
1,179
11,887
3,158
363
2,546
1,256
14,475
14,462
9,169
7,266
784
10,316
857
5,466
6,435
3,998
2,629
1,009
2024
1,203
12,285
3,179
349
2,574
1,254
14,958
14,946
9,313
7,313
763
10,612
844
5,489
6,541
4,000
2,649
1,021
2025
1,237
12,747
3,210
336
2,637
1,270
15,517
15,503
9,501
7,393
769
11,008
842
5,581
6,736
4,041
2,691
1,046
2024
7.6%
77.5%
20.0%
2.2%
16.2%
7.9%
94.3%
94.3%
58.7%
46.1%
4.8%
66.9%
5.3%
34.6%
41.3%
25.2%
16.7%
6.4%
2025
7.5%
77.7%
19.6%
2.0%
16.1%
7.7%
94.5%
94.5%
57.9%
45.0%
4.7%
67.1%
5.1%
34.0%
41.0%
24.6%
16.4%
6.4%
Table 9.2: Percent of RIAs with Participation or Interest in Client
Transactions
This table relies on information reported on Form ADV, Item 8 and provides information about the
adviser’s proprietary interest in client transactions, sales interest in client transactions, and
investment or brokerage discretion. Advisers may report multiple types of participation or interest
in client transactions. See Form ADV Item 8 for definitions of each transaction type.
Interest Type
Proprietary Interest
Sales Interest
Investment or Brokerage Discretion
ADV Item
8A(1)
8A(2)
8A(3)
8B(1)
8B(2)
8B(3)
8C(1)
8C(2)
8C(3)
8C(4)
8D
8E
8F
8G(1)
8G(2)
8H(1)
8H(2)
8I
2011
7.2%
78.7%
24.0%
4.8%
22.2%
10.6%
90.9%
90.8%
64.2%
54.7%
7.5%
70.1%
8.1%
47.2%
40.1%
40.2%
0.0%
10.1%
2012
8.4%
75.4%
26.8%
4.6%
25.1%
11.3%
91.9%
91.8%
69.5%
61.1%
7.7%
64.5%
8.3%
45.8%
42.8%
40.1%
0.0%
10.7%
2013
8.2%
75.5%
26.2%
4.2%
24.7%
10.9%
92.3%
92.2%
68.9%
60.2%
7.5%
65.1%
8.3%
44.8%
43.4%
39.7%
0.0%
11.3%
2014
7.9%
75.6%
25.7%
3.8%
24.0%
10.7%
92.5%
92.4%
68.6%
59.4%
7.3%
65.5%
8.1%
44.0%
44.0%
39.1%
0.0%
11.3%
2015
8.0%
75.8%
25.2%
3.6%
23.7%
10.3%
92.6%
92.5%
67.6%
58.4%
6.8%
65.7%
7.8%
43.6%
44.3%
37.7%
0.0%
11.4%
24
2016
8.3%
75.7%
24.7%
3.4%
22.2%
10.3%
93.0%
92.9%
67.2%
57.5%
6.7%
65.9%
7.4%
42.5%
44.0%
34.5%
3.9%
9.9%
2017
8.4%
75.6%
23.6%
3.4%
18.7%
9.6%
93.3%
93.2%
66.1%
55.6%
6.5%
66.3%
7.1%
41.7%
44.6%
28.3%
18.0%
6.6%
2018
8.0%
76.2%
22.4%
3.2%
18.0%
9.1%
93.6%
93.5%
64.7%
53.5%
6.2%
67.0%
6.8%
40.8%
44.5%
27.9%
19.1%
6.3%
2019
8.2%
76.5%
21.9%
3.0%
17.9%
9.2%
93.7%
93.6%
64.2%
52.5%
6.0%
67.2%
6.5%
39.7%
44.3%
27.8%
18.9%
6.5%
2020
8.3%
76.9%
21.4%
2.9%
17.7%
8.9%
93.8%
93.7%
62.9%
51.1%
5.8%
67.5%
6.4%
38.5%
43.8%
27.9%
18.5%
6.4%
2021
8.0%
77.5%
20.7%
2.7%
17.1%
8.5%
93.8%
93.7%
61.3%
49.0%
5.5%
67.5%
6.0%
37.7%
43.2%
26.8%
17.7%
6.4%
2022
7.6%
77.3%
20.4%
2.5%
16.4%
8.2%
93.8%
93.7%
60.1%
47.9%
5.2%
67.2%
5.6%
36.5%
42.4%
26.0%
17.0%
6.2%
2023
7.7%
77.3%
20.5%
2.4%
16.5%
8.2%
94.1%
94.0%
59.6%
47.2%
5.1%
67.0%
5.6%
35.5%
41.8%
26.0%
17.1%
6.6%
December 2025
10
Analytics Office
Wrap Fee Programs
Table 10.1: Number of RIAs Participating in Wrap Fee Programs
This table relies on wrap fee program information reported on Item 5I. Categories are not mutually
exclusive.
Wrap Program Type
Sponsor and Portfolio Manager
Portfolio Manager
Sponsor
Total
2011
528
1,302
669
1,443
2012
550
1,287
679
1,416
2013
600
1,319
728
1,447
2014
649
1,378
794
1,523
2015
744
1,486
893
1,635
2016
758
1,306
774
1,582
2017
918
898
433
1,715
2018
1,016
897
429
1,832
2019
1,054
846
411
1,858
2020
1,082
833
398
1,865
2021
1,108
844
398
1,893
2022
1,142
826
401
1,891
2023
1,113
838
396
1,860
2024
1,135
807
385
1,866
2025
1,167
797
375
1,871
Table 10.2: RAUM attributable to Wrap Fee Programs ($Trillions)
This table relies on wrap fee program information reported on Item 5I. Categories are not mutually
exclusive. Prior to 2017 RAUM attributable to wrap fee programs was not required to be reported.
Wrap Program Type
Sponsor and Portfolio Manager
Sponsor
Portfolio Manager
Total
2017
$3.777
$2.310
$0.973
$7.061
2018
$3.382
$2.398
$1.480
$7.260
2019
$4.180
$2.942
$1.883
$9.005
2020
$5.139
$3.365
$2.123
$10.628
25
2021
$5.553
$4.835
$2.481
$12.869
2022
$5.777
$3.261
$2.190
$11.228
2023
$6.708
$3.712
$2.717
$13.137
2024
$9.182
$4.291
$2.607
$16.080
2025
$10.920
$4.409
$3.315
$18.644
December 2025
11
Analytics Office
Disclosure Information
Table 11.1: Number of RIAs and ERAs with Disciplinary Events Reported
This table relies on information reported on Form ADV, Item 11 and presents the number of advisers
with at least one disciplinary event reported, by disclosure type. Advisers may report disciplinary
disclosures in multiple categories. Disclosures must only be reported for ten years following the
date of the event.
Adviser Type
RIA
ERA
Total
Disclosure Type
Regulatory
Civil
Criminal
Subtotal
Regulatory
Civil
Criminal
Subtotal
Total
2011
1,359
426
135
1,523
87
40
21
117
1,640
2012
1,381
412
129
1,534
89
44
23
121
1,655
2013
1,425
388
127
1,577
113
51
23
147
1,724
2014
1,450
368
142
1,598
123
52
28
163
1,761
2015
1,500
371
138
1,647
146
54
35
189
1,836
2016
1,531
361
152
1,679
146
57
36
188
1,867
2017
1,605
373
153
1,771
146
45
33
186
1,957
2018
1,645
342
160
1,796
167
42
36
207
2,003
2019
1,639
315
180
1,782
173
36
42
216
1,998
2020
1,695
325
182
1,832
188
37
41
233
2,065
2021
1,765
300
187
1,892
210
38
41
249
2,141
2022
1,825
267
174
1,951
234
43
40
276
2,227
2023
1,896
262
178
2,000
228
41
36
269
2,269
2024
1,893
262
160
1,994
232
35
35
264
2,258
2025
1,867
268
158
1,991
219
35
34
255
2,246
Table 11.2: Percent of RIAs and ERAs with Disciplinary Events Reported
This table relies on information reported on Form ADV, Item 11 and presents the percentage of
advisers with at least one disciplinary event reported, by disclosure type. Advisers may report
disciplinary disclosures in multiple categories. Disclosures must only be reported for ten years
following the date of the event.
Adviser Type
RIA
ERA
Total
Disclosure Type
Regulatory
Civil
Criminal
Subtotal
Regulatory
Civil
Criminal
Subtotal
Total
2011
12.7%
4.0%
1.3%
14.2%
3.9%
1.8%
0.9%
5.2%
12.6%
2012
13.0%
3.9%
1.2%
14.4%
3.5%
1.7%
0.9%
4.7%
12.5%
2013
13.2%
3.6%
1.2%
14.6%
4.1%
1.8%
0.8%
5.3%
12.7%
2014
12.7%
3.2%
1.2%
14.0%
4.0%
1.7%
0.9%
5.3%
12.2%
2015
12.7%
3.1%
1.2%
13.9%
4.3%
1.6%
1.0%
5.5%
12.0%
2016
12.7%
3.0%
1.3%
13.9%
4.1%
1.6%
1.0%
5.2%
11.9%
26
2017
12.8%
3.0%
1.2%
14.1%
3.7%
1.1%
0.8%
4.7%
11.8%
2018
12.6%
2.6%
1.2%
13.7%
3.9%
1.0%
0.8%
4.9%
11.5%
2019
12.3%
2.4%
1.3%
13.3%
3.7%
0.8%
0.9%
4.7%
11.1%
2020
12.3%
2.4%
1.3%
13.3%
3.7%
0.7%
0.8%
4.6%
10.9%
2021
12.0%
2.0%
1.3%
12.9%
3.7%
0.7%
0.7%
4.4%
10.5%
2022
11.9%
1.7%
1.1%
12.8%
3.9%
0.7%
0.7%
4.6%
10.4%
2023
12.3%
1.7%
1.2%
13.0%
3.8%
0.7%
0.6%
4.5%
10.6%
2024
11.9%
1.7%
1.0%
12.6%
3.8%
0.6%
0.6%
4.3%
10.3%
2025
11.4%
1.6%
1.0%
12.1%
3.4%
0.5%
0.5%
3.9%
9.8%
December 2025
12
Appendices
12.1
Interval Notation
Analytics Office
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.
12.2
Methodology for Timeseries Analysis
To construct aggregate statistics for SEC-Registered Investment Advisers (RIAs) and Exempt
Reporting Advisers (ERAs) in this report we create a timeseries of adviser status and data reported
for each adviser from Form ADV filings.
First, we determine the status of a RIA or ERA at a given point in time by utilizing reported
Form ADV initial, final, and ADV-W filings. For each investment adviser, a time series of an
adviser’s status as an RIA or ERA can be constructed by “filling forward” an adviser’s reporting
status from their initial Form ADV filing until they withdraw from registration or switch to
reporting as another adviser type.
To align Form ADV filings with the corresponding time period given asynchronous reporting,
we collect all annual Form ADV Part 1A amendments, other-than-annual amendments, and initial
Form ADV filings received through July 20, 2026. We then assign a “report period” to each filing
based upon the reported fiscal year-end month in Form ADV Item 3B and corresponding Form ADV
filing dates. Other-than annual amendments are associated to the report period of the most recent
initial or annual-amendment made by the same adviser. We then take the latest Form ADV initial
filing, annual amendment, or other-than annual ammendment for each report period for each adviser
to ensure the most recent data is utilized for that report period.
Once Form ADV filings for a given adviser are associated with a given report period, we “fill
forward” the values in these ADV filings until an ADV amendment is received or a Form ADV is
filed for a new report period to construct a time series of values reported for each adviser. After
constructing a time series of registration history and reported values for each adviser, we aggregate
reported information for both RIAs and ERAs over time. Given the asynchronous nature of Form
ADV filings, aggregates at a specific point in time reflect Form ADV filings representing different
as-of dates.
27
December 2025
12.3
Analytics Office
Form ADV, Part 1A Changes
Below we include a brief summary of certain changes made to Form ADV, Part 1A since 2000 that may
impact the availability, or meaning of, historical information collected in certain data elements presented here
in this report.7
Release Number
IA-5653
Effective Date
May 4, 2021
Form ADV Amendments Reflect
New requirements to provide the SEC with additional information concerning marketing practices.
IA-4698
July 1, 2017
The enactment of a Wyoming state law regulating investment advisers.
IA-4509
October 16, 2016
New requirements to report additional information about their clients,
separately managed accounts, wrap fee programs, and to incorporate
umbrella registration.
IA-3221
September 19, 2011
Certain provisions of the Dodd Frank Wall Street Reform and Consumer
Protection Act. In addition, advisers were required to provide additional
information about private funds they advise, conflicts of interest, nonadvisory activities and their financial industry affiliations.
IA-2968
March 12, 2010
Amendments to the custody rule, including additional information on
financial industry affiliates.
IA-2695
January 28, 2008
The formation of FINRA (references to NASD were replaced with references to FINRA).
IA-2504
April 7, 2006
A statue enacted in the U.S. Virgin Islands which regulates investment
advisers.
IA-2204
February 5, 2004
New rules that, among other things, require each investment adviser
registered with the SEC to adopt and implement written policies and
procedures reasonably designed to prevent violation of the Advisers Act
and the rules thereunder.
IA-2176
November 5, 2003
Amendments to the custody rule.
IA-2091
January 10, 2003
Rule amendments exempting certain investment advisers that provide
services through the internet from the prohibition on registration with
the SEC.
IA-1897
October 10, 2000
The change from filing Form ADV on paper to filing Form ADV electronically. Item 11 was also amended to require more disciplinary information disclosures.
7
This summary only covers changes to Form ADV, Part 1A that could affect the data used in compiling this report.
Therefore, this summary is purposefully not a comprehensive list of all changes made to Part 1A over the time period
shown. In addition, item references refer to the version of Part 1A in effect as of the date of a particular rulemaking.
28
December 2025
12.4
Analytics Office
Definitions
Included by reference are all definitions included in the General Instructions or question specific instructions of
Form ADV.
Advisers Act
The Investment Advisers Act of 1940.
BDC
Business Development Company.
Client
Any of the IA’s investment advisory clients. This term includes clients
from which the firm receives no compensation, such as family members
of your supervised persons. If the firm also provides other services (e.g.,
accounting services), this term does not include clients that are not
investment advisory clients.
Discretionary Authority or Basis
The firm has discretionary authority or manages assets on a discretionary basis if it has the authority to decide which securities to purchase and sell for the client. The firm also has discretionary authority
if it has the authority to decide which investment advisers to retain on
behalf of the client.
Employee
Includes independent contractors who perform advisory functions on the
adviser’s behalf.
Exempt Reporting Adviser (ERA)
An investment adviser that qualifies for the exemption from registration
under section 203(l) of the Advisers Act because it is an adviser solely
to one or more venture capital funds, or under rule 203(m)-1 of the
Advisers Act because it is an adviser solely to private funds and has
assets under management in the United States of less than $150 million.
Gross Notional Exposure (GNE)
The percentage obtained by dividing the sum of the dollar amount of any
borrowings and the gross notional value of all derivatives, by regulatory
assets under management.
High Net Worth (HNW) Individual
An individual who is a qualified client or who is a “qualified purchaser”
as defined in section 2(a)(51)(A) of the Investment Company Act of
1940.
Non-Discretionary Authority or Basis
The firm does not have discretionary authority or manages assets on
a discretionary basis if it does not have the authority to decide which
securities to purchase and sell for the client. The firm also does not have
discretionary authority if it does not have the authority to decide which
investment advisers to retain on behalf of the client.
Pooled Investment Vehicle (PIV)
Any investment company as defined in section 3(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a–3(a)) or any company that would
be an investment company under section 3(a) of that Act but for the
exclusion provided from that definition by either section 3(c)(1) or section 3(c)(7) of that Act (15 U.S.C. 80a–3(c)(1) or (7)).
29
December 2025
Analytics Office
Private Fund (PF)
An issuer that would be an investment company as defined in section 3
of the Investment Company Act of 1940 but for section 3(c)(1) or 3(c)(7)
of that Act.
Qualified Client
A client that satisfies the definition of qualified client in SEC rule 205-3.
Registered Investment Adviser (RIA)
An investment adviser which is registered with the Commission.
Registered Investment Company (RIC)
An investment company which is registered with the Commission.
Regulatory Assets Under Management (RAUM)
Assets of the securities portfolios for which the adviser provides continuous and regular supervisory or management services. Please see
Form ADV Instruction 5.b. for further information on the calculation
of RAUM.
Separately Managed Accounts (SMAs)
Clients other than pooled investment vehicles.
Small Entity RIA
An investment adviser that: (1) Has assets under management, as defined under Section 203A(a)(3) of the Act (15 U.S.C. 80b–3a(a)(2)) and
reported on its annual updating amendment to Form ADV (17 CFR
279.1), of less than $25 million, or such higher amount as the Commission may by rule deem appropriate under Section 203A(a)(1)(A) of the
Act (15 U.S.C. 80b–3a(a)(1)(A)); (2) Did not have total assets of $5
million or more on the last day of the most recent fiscal year; and (3)
Does not control, is not controlled by, and is not under common control
with another investment adviser that has assets under management of
$25 million or more (or such higher amount as the Commission may
deem appropriate), or any person (other than a natural person) that
had total assets of $5 million or more on the last day of the most recent
fiscal year.
30
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.