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Q3 2022 Registered Investment Advisor (RIA) Data Report

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To shine a light on the Registered Investment Advisor (RIA) landscape, FINTRX - Family Office and RIA Database provider - has compiled the Q3 2022 Registered Investment Advisor (RIA) Data Report to provide a high-level synopsis of the investment advisory landscape for Q3. Explore metrics such as total registered firms, alternatives used, assets under management, representative breakdown, services provided, geographic breakdown, and more. 


Introduction

Hello and welcome to the Q3 2022 Registered Investment Advisor (RIA) Data Report. This report provides a high-level synopsis of the investment advisor landscape with data compiled using FINTRX - the leading Family Office & Registered Investment Advisor Data Platform to the private capital markets. 

All reports have been compiled from data derived by the FINTRX research team. A multifaceted, bottom-up method was used to harvest the research from an array of sources. This practice comprises aggregating information from several public filings, proprietary data sources, strategic industry relationships and data mapping - among other origins.

What is an RIA?

A Registered Investment Advisor (RIA) is defined as an individual or firm registered with the Securities and Exchange Commission (SEC) or State Securities Authorities that advises or manages investments on behalf of individuals or institutions.

RIAs include a wide range of financial institutions such as banks, financial planners, hedge funds, family offices and asset managers, among others. The sample size used throughout this report does not include firms registered solely as broker-dealers.

  • - Total Registered Firms: 32,531
  • - Total Firms Registered as Investment Advisors & Broker Dealers: 510

Note From our VP of Research

Dear Reader,

On behalf of the FINTRX team, I would like to thank you for taking the time to review our Q3 Data Report on the Registered Investment Advisor (RIA) market.

Two years ago we created a research tool, in the likeness of our family office product, that would greatly improve our clients’ efficiency when targeting the RIA industry. After months of dedicated effort across the research and product teams, FINTRX launched the Registered Investment Advisor database to efficiently connect your business to 38,800+ entities and nearly 730,000 reps working within the RIA landscape.

The following report is a high-level examination of the RIA landscape throughout Q3 of 2022. The figures provided within have been gathered entirely from the FINTRX RIA platform after having been aggregated from several sources and analyzed using dozens of native algorithms.

We look forward to engaging with your company.

- Dennis Caulfield, Vice President of Research, FINTRX


Accounts Breakdown

  • - Total Accounts: 63,207,872 (63.21M)

Accounts Breakdown-Oct-21-2022-07-24-45-99-PM

  • - Total Discretionary Accounts: 48,637,891 (48.64M)
  • - Total Non-Discretionary Accounts: 14,569,981 (14.57M)

 

 

Alternatives Utilized

Of the firms identified as using alternatives, about 70% have allocated to the housing market to some degree.

Alternatives Utilized-1

Additional alternatives used include Fund of Funds, Digital Currency, Managed Futures, Private Debt and Liquid Alternatives.

  • - Total Firms Using Alternatives: 25,414

 

 

Assets Under Management (AUM)

Throughout Q3, 93% of AUM is discretionary, while 7% is non-discretionary.

AUM Breakdown-3

  • - Total Assets Under Management: $128,538,772,315,370
  • - RIA Assets Under Management: $119,938,934,543,752
  • - Dually Registered Assets Under Management: $8,599,837,771,618

 

The chart below displays a breakdown of assets under management (AUM) based on the size of the firm.

Firm Size by Assets

Micro: $1-$25,000,000
Small: $25,000,001 - $100,000,000
Mid-Size: $100,000,001 - $500,000,000
Large: $500,000,001 - $5,000,000,000
Jumbo: $5,000,000,001+

 

 

Fee Structures

89% of RIAs are compensated through a percentage of assets under management (AUM). Others use fixed fees, hourly charges, and performance-based fees as a means to charge clients.

Fee Structures

 

 

Contact Breakdown

Contact Breakdown-2

  • - Total Contacts: 736,819
  • - Female Reps: 26%
  • - Male Reps: 74%

 

 

Geographic Breakdown

Here we depict the top US states with the most registered firms. As you can see, a high concentration of registered entities are domiciled in California (14%) New York (13%) and Texas (7%). 71% of RIAs are headquartered in offices throughout the US. Investment advisory firms account for approximately $113.9T in assets under management throughout Q3.

Top States by Firm Count

New York accounts for 25% of investment advisory Assets Under Management (AUM) throughout Q3. California and Massachusetts followed at 16% and 14%, respectively.

Top States by AUM-1

 

Entity Classifications

Entity Classifications-1

 

Separately Managed Accounts (SMAs)

The chart below shows the types of investments held through separately managed accounts (SMAs) across the RIA market. Throughout Q3, 90% of firms held Exchange-Traded Equities within their SMAs, while 87% held cash or cash equivalents. Securities issued by investment companies or business development companies followed at nearly 60%.

SMAs (% of Firms)

  • - Total Firms Using SMAs: 23,332

 

 

Business Activities

Registered investment advisors often provide an array of wealth management solutions to their clients. Below, we display the most popular business activities throughout Q3 of 2022. Insurance Brokers and CPOs or CTas are the most utilized, at 45% and 30% respectively.

Business Activities

 

 

RIA Services Provided

Registered investment advisors provide a range of services, the most common being Portfolio Management for Individuals and Small Businesses, which is offered by 76% of all registered firms. Other common services include Financial Planning, Selection of other Advisors and Portfolio Management for Businesses.

RIA Services Provided-2

  • Count of Firms (Top 3)

  • - Portfolio Management for Ind./Small Business: 24,233
  • - Financial Planning Services: 17,683
  • - Selection of other Advisors: 8,900

 

 

Download the Report

FINTRX_Q3 2022 Registered Investment Advisor Data Report

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FINTRX provides comprehensive data intelligence on 850,000+ family office & investment advisor records, each designed to help you identify, access and map the private wealth ecosystem. Explore in-depth dossiers on each family office & investment advisor. Access AUM, source of wealth, investment criteria, previous investment history, sectors & industries of interest, and advisor growth signals, among other key data points.

Additionally, FINTRX provides insight and expansive contact information on 850,000+ decision-makers, featuring job titles, direct email addresses, phone numbers, common connections, alma maters, past employment history, brief bios & much more. 

 

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