# Division of Investment Management > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5ebca943588e76f4 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text 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 --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A5ebca943588e76f4. Public record. Not legal advice.