In addition, they tapped the Federal Reserve's Survey of Consumer Finances to fill in missing data about the retail market and to develop market-sizing estimates for U.S. high-net-worth and non-high-net-worth households.

Fee-based vs. hybrid RIAs

The analysis showed that independent RIAs collectively manage $4.3 trillion in assets, including $3.1 trillion of high-net-worth assets. 

Both types of independent RIAs in the analysis enjoyed strong growth in 2020, with the number of fee-only RIAs increasing by 15% and the number of hybrid RIAs by 8%. Assets under management grew even faster, thanks to market appreciation: 22% at fee-only firms and 20% at hybrid firms.

According to the report, hybrid-only RIAs are more oriented toward the retail market and less toward the high-net-worth market than fee-only RIAs, leading to several differences in their fee models and their services. 

For example, 80% of hybrid firms charge fixed fees that are not tied to assets under management, compared with 63% of fee-only firms, and 89% of the former offer a broad suite of services such as financial planning, while 73% of the latter do so. 

Large RIAs, those with $750 million or more under management, account for just 19% of RIAs but manage 73% of assets at independent RIAs. With their larger scale and infrastructure, these firms offer a wider range of services than midsize and small RIAs. 

They are also more efficient in operating their businesses, as evidenced by their larger advisor account loads and more assets under management per client and per employee.

According to the report, the top 25 RIAs managed $793 billion in client assets at year-end 2020. These elite firms grew their assets under management by 24% in 2020, slightly faster than the 21% growth of the RIA market as a whole. 

Within the top 25, the 12 fee-only firms grew their assets at a 28% rate, versus a 19% rate for the 13 hybrid firms.

25 largest independent RIAs by client assets

25. Johnson Investment Counsel

Structure: Fee-only 2020 client assets: $15.5 billion 2019 client assets: $13.1 billion 2020 growth: 18%

24. Jordan Park Group

Structure: Fee-only 2020 client assets: $15.8 billion 2019 client assets: $11.7 billion 2020 growth: 35%

23. Plante Moran Financial Advisors

Structure: Hybrid 2020 client assets: $16.3 billion 2019 client assets: $17.3 billion 2020 growth: (6%)

22. 1919 Investment Counsel

Structure: Hybrid 2020 client assets: $17.6 billion 2019 client assets: $15.1 billion 2020 growth: 17%

21. Veritable

Structure: Hybrid 2020 client assets: $17.6 billion 2019 client assets: $17.3 billion 2020 growth: 2%

20. Gurtin Fixed Income Management

Structure: Hybrid 2020 client assets: $17.9 billion 2019 client assets: $15.3 billion 2020 growth: 17%

19. Tiedemann Advisors

Structure: Fee-only 2020 client assets: $18.4 billion 2019 client assets: $17.3 billion 2020 growth: 6%

18. Buckingham Strategic Wealth

Structure: Hybrid 2020 client assets: $19 billion 2019 client assets: $16.8 billion 2020 growth: 13%

17. Pathstone Family Office

Structure: Fee-only 2020 client assets: $19.6 billion 2019 client assets: $10.3 billion 2020 growth: 90%

16. Mercer Global Advisors

Structure: Hybrid 2020 client assets: $19.9 billion 2019 client assets: $15.8 billion 2020 growth: 26%

15. BBR Partners

Structure: Fee-only 2020 client assets: $20.7 billion 2019 client assets: $17.9 billion 2020 growth: 16%

14. Comprehensive Financial Management

Structure: Fee-only 2020 client assets: $22.8 billion 2019 client assets: $17.1 billion 2020 growth: 33%

13. Rockefeller & Co.

Structure: Hybrid 2020 client assets: $23.8 billion 2019 client assets: $19.1 billion 2020 growth: 25%

12. Wealth Enhancement Advisory Services

Structure: Hybrid 2020 client assets: $24.3 billion 2019 client assets: $13.8 billion 2020 growth: 76%

11. Cerity Partners

Structure: Hybrid 2020 client assets: $26.7 billion 2019 client assets: $24.7 billion 2020 growth: 8%

10. SCS Capital Management

Structure: Hybrid 2020 client assets: $26.8 billion 2019 client assets: $22.2 billion 2020 growth: 21%

9. Moneta Group Investment Advisors

Structure: Fee-only 2020 client assets: $27.4 billion 2019 client assets: $20.3 billion 2020 growth: 35%

8. Silvercrest Asset Management

Structure: Fee-only 2020 client assets: $27.8 billion 2019 client assets: $25.1 billion 2020 growth: 11%

7. Dimeo Schneider & Associates

Structure: Hybrid 2020 client assets: $28.3 billion 2019 client assets: $19.1 billion 2020 growth: 48%

6. United Capital Financial Advisors

Structure: Hybrid 2020 client assets: $29.5 billion 2019 client assets: $27.6 billion 2020 growth: 7%

5. Mariner

Structure: Hybrid 2020 client assets: $35 billion 2019 client assets: $29.4 billion 2020 growth: 19%

4. Breckinridge Capital Advisors

Structure: Fee-only 2020 client assets: $44.8 billion 2019 client assets: $40.2 billion 2020 growth: 11%

3. Hall Capital Partners

Structure: Fee-only 2020 client assets: $48.1 billion 2019 client assets: $41.6 billion 2020 growth: 16%

2. Creative Planning

Structure: Fee-only 2020 client assets: $69.5 billion 2019 client assets: $47.9 billion 2020 growth: 45%

1. Fisher Asset Management

Structure: Fee-only 2020 client assets: $159.6 billion 2019 client assets: $120.9 billion 2020 growth: 32%