Citywire RIA recently released its annual report spotlighting the fastest-growing RIAs across the U.S., naming the top firm in every state and the District of Columbia. FINTRX is proud to be the exclusive data provider for this year’s report.
Citywire's editorial team, led by Ian Wenik, leveraged FINTRX's robust private wealth intelligence to assess the fastest-growing firms, focusing on AUM growth, absolute AUM increase, and employee headcount expansion. By combining these metrics, the team calculated a "growth factor" to rank firms by state.
The FINTRX research team analyzed the holdings of the firms recognized in this year's report to understand the ETF trends across the portfolios, shedding light on active vs. passive adoption, the most widely held tickers, and the top issuers capturing advisor wallet share.
Collectively, the fastest-growing RIAs in every state represent $1.58 trillion in AUM, with firms ranging from $262.7 million to $298.7 billion. Of that $1.58 trillion, $369 billion is invested in ETFs, with $42 billion in active ETFs and $320.5 billion in passive ETFs. While passive remains dominant, active ETFs have carved out meaningful, and growing, space within leading RIA portfolios.
Across these portfolios, the 51 firms hold a total of 2,251 ETF tickers, with 33.4% being active ETFs.
Across the 2025 50 Growers, 85% of the assets invested in active ETFs are concentrated among 10 firms.
| Firm Name | Active ETF Assets ($) |
| Wealth Enhancement Advisory Services, Llc | $8,190,674,325 |
| Hightower Advisors, Llc | $7,056,843,608 |
| Creative Planning | $6,437,888,204 |
| Cwm, Llc | $4,502,770,205 |
| Private Advisor Group, Llc | $2,262,048,603 |
| Cerity Partners Llc | $2,025,567,780 |
| Hb Wealth | $1,998,737,481 |
| Integrated Wealth Concepts Llc | $1,676,963,557 |
| Hbks Wealth Advisors | $984,491,717 |
| Apollon Wealth Management, Llc | $759,919,435 |
Individual firm exposure to active ETFs varies widely (from 0% to 100%), with the average allocation being 13.34%. Across the 50 Growers, these 10 firms have the highest allocation of their ETF portfolios held in active ETFs.
| Firm Name | % of ETF Portfolio |
| Armstrong, Fleming & Moore, Inc. |
86.52% |
| The Harbor Group, Inc. | 42.44% |
| Truwealth Advisors, Llc |
40.57% |
| Brighton Jones Llc | 37.40% |
| Hbks Wealth Advisors |
33.98% |
| Apollon Wealth Management, Llc | 32.60% |
| Dynamic |
31.80% |
| Hantz Financial Services, Inc. |
29.71% |
| Integrated Wealth Concepts Llc |
26.60% |
| Traction Financial Partners |
23.52% |
The most widely held active ETFs highlight a strong preference for factor-based and income-focused strategies, with advisors gravitating toward vehicles that pair efficiency with differentiated exposure.
| Ticker | Name | Assets ($) |
| AVUV | AVANTIS US SMALL CAP VALUE ETF | $ 1,691,565,095 |
| AVDV | AVANTIS INTERNATIONAL SMALL CAP VALUE ETF | $ 1,636,798,279 |
| DFAS | DIMENSIONAL US SMALL CAP ETF | $ 1,460,047,039 |
| JPST | JPMORGAN ULTRA-SHORT INCOME ETF | $ 1,382,287,965 |
| SMTH | ALPS SMITH CORE PLUS BOND ETF | $ 1,145,515,596 |
| DFAT | DIMENSIONAL US TARGETED VALUE ETF | $ 1,075,132,325 |
| AVLV | AVANTIS US LARGE CAP VALUE ETF | $ 941,979,534 |
| DFAC | DIMENSIONAL US CORE EQUITY 2 ETF | $ 919,986,212 |
| AVDE | AVANTIS INTERNATIONAL EQUITY ETF | $ 831,280,834 |
| AVUS | AVANTIS US EQUITY ETF | $ 723,783,456 |
| DFUV | DIMENSIONAL US MARKETWIDE VALUE ETF | $ 684,814,252 |
| JAAA | JANUS HENDERSON AAA CLO ETF | $ 669,301,706 |
| VCRB | VANGUARD CORE BOND ETF | $ 661,006,249 |
| JCPB | JPMORGAN CORE PLUS BOND ETF | $ 636,354,721 |
| JEPI | JPMORGAN EQUITY PREMIUM INCOME ETF | $ 611,141,001 |
| AVEM | AVANTIS EMERGING MARKETS EQUITY ETF | $ 572,849,136 |
| DFIV | DIMENSIONAL INTERNATIONAL VALUE ETF | $ 562,532,902 |
| FBND | FIDELITY TOTAL BOND ETF | $ 511,220,570 |
| DFUS | DIMENSIONAL US EQUITY MARKET ETF | $ 510,310,352 |
| DYNF | ISHARES US EQUITY FACTOR ROTATION ACTIVE ETF | $ 498,795,588 |
Broad adoption across multiple RIAs underscores how certain active ETFs have become core building blocks within advisor portfolios, signaling both strong product-market fit and trusted issuer relationships.
| Ticker | Name | Firms Holding |
| JEPI | JPMORGAN EQUITY PREMIUM INCOME ETF | 25 |
| JAAA | JANUS HENDERSON AAA CLO ETF | 19 |
| JPST | JPMORGAN ULTRA-SHORT INCOME ETF | 18 |
| DFUS | DIMENSIONAL US EQUITY MARKET ETF | 18 |
| DFUV | DIMENSIONAL US MARKETWIDE VALUE ETF | 17 |
| AVUV | AVANTIS US SMALL CAP VALUE ETF | 17 |
| DFAC | DIMENSIONAL US CORE EQUITY 2 ETF | 17 |
| JEPQ | JPMORGAN NASDAQ EQUITY PREMIUM INCOME ETF | 17 |
| DFAS | DIMENSIONAL US SMALL CAP ETF | 16 |
| CGGO | CAPITAL GROUP GLOBAL GROWTH EQUITY ETF | 16 |
| DFAX | DIMENSIONAL WORLD EX US CORE EQUITY 2 ETF | 16 |
| CGGR | CAPITAL GROUP GROWTH ETF | 16 |
| JMST | JPMORGAN ULTRA-SHORT MUNICIPAL INCOME ETF | 15 |
| DFAI | DIMENSIONAL INTERNATIONAL CORE EQUITY MARKET ETF | 15 |
| LMBS | FIRST TRUST LOW DURATION OPPORTUNITIES ETF | 15 |
| BUFR | FT VEST LADDERED BUFFER ETF | 15 |
| DFIV | DIMENSIONAL INTERNATIONAL VALUE ETF | 15 |
| ARKK | ARK INNOVATION ETF | 14 |
| NEAR | ISHARES SHORT DURATION BOND ACTIVE ETF | 14 |
| SRLN | SPDR BLACKSTONE SENIOR LOAN ETF | 14 |
These issuers command the greatest proportion of active ETF assets among the 50 fastest-growing RIAs, revealing where advisor conviction and client dollars are most heavily concentrated.
By appearing most frequently across advisor portfolios, these issuers have achieved broad-based adoption, a clear sign that their active ETF strategies have become foundational within RIA investment models.
| Firm Name | # of Portfolios |
| JP Morgan | 31 |
| Dimensional | 30 |
| First Trust | 21 |
| Fidelity | 21 |
| BlackRock |
20 |
| Avantis | 20 |
| American Funds |
20 |
| State Street |
19 |
| PIMCO |
19 |
| Vanguard |
17 |
Understanding an RIA’s holdings is one of the most powerful signals of fit and opportunity. On top of that, the fact that these firms were recognized in the Citywire list represents an opportunity to reach out and congratulate them.
• If an RIA already owns competitor ETFs or funds in the same asset class, it shows clear investment philosophy alignment and appetite for that exposure.
• Example: If they hold growth-tilted tech ETFs, pitching them on your growth-oriented ETF is a natural fit.
• By analyzing holdings, you see how the RIA builds client portfolios (active vs passive, ETF vs mutual fund, alternatives vs traditional).
• This helps you identify gaps or diversifiers your ETF could fill - e.g., an international equity fund if they’re heavily U.S. concentrated.
• Those already allocating to ETFs in your category are higher intent and more likely to consider a switch or addition.
• Holdings analysis lets you focus efforts on warm targets, not cold outreach.
• Instead of a generic sales deck, you can start with, “We noticed you hold $50M in competitor ETF X. Our fund offers lower fees, better liquidity, and stronger performance in [factor].”
• When you speak the same language as the RIA (using their actual allocations), you show that you’ve done your homework and care about their clients’ outcomes. This data-driven pitch resonates far more than broad positioning