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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Overall, RIA firms total close to 16,000 across the United States. They manage some $2.4 trillion in assets, and their numbers are apparently increasing.
RIAs and the dually-registered sector represents 20 percent of total intermediated retail investor assets, according to a recent Cerulli Associates report based on data from the end of 2013. That number is likely to reach 28 percent by 2018, Cerulli has predicted.
Since 2010, many RIA firms have seen revenues rise, on average, by 14.3 percent, according to The 2014 Fidelity RIA Benchmarking Study.
Over 85 percent of RIAs taking part in the study said "growth" was "highly important" to their firms. Organic growth was particularly important, and they want to improve "marketing and business development practices," Fidelity reported in the study.
Here are the top 10 states with the most RIAs:
10. Georgia – 715 RIAs
9. Connecticut – 936 RIAs
8. New Jersey – 977 RIAs
7. Pennsylvania – 1,129 RIAs
6. Illinois – 1,348 RIAs
5. Florida – 1,410 RIAs
Photo: Downtown Philadelphia.
4. Massachusetts – 1,424 RIAs
3. Texas – 1,923 RIAs
2. New York – 3,442 RIAs
1. California – 5,021 RIAs
Photo: The Golden Gate Bridge in San Francisco.
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