California and several states in the Northeast have the largest number of registered investment advisors in the United States, according to the latest count.
RIAs, who are registered either with the Securities and Exchange Commission or a securities agency found in individual states, are, not surprisingly, often found in areas with higher concentrations of wealth.
The Securities Industry and Financial Markets Association, which represents securities firms, banks and asset managers, estimates the Northeastern states now have over 7,900 RIAs. Just the state of New York alone has 3,442 RIAs. On the other hand, the state with the most RIAs is California, with 5,021 RIAs.
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