What the ranking measures.

A reproducible view of firm size, based on reported regulatory assets under management. No paid placements and no subjective quality scores.

Source and eligibility

We use the SEC investment-adviser snapshot in the currently published BreakawayIQ research catalog. A firm must be marked Registered and Approved, report its principal office in the selected US state or the District of Columbia, and have a finite, non-negative regulatory AUM value. Exempt reporting advisers, pending and 120-day approvals, foreign offices and missing AUM are excluded from the rankings.

Order and scope

Firms are ordered by reported regulatory AUM from largest to smallest. Equal values are ordered by ascending CRD identifier. We show up to 25 firms per state, or fewer where our eligible coverage is smaller. The median uses all eligible firms with known AUM in the state, including zero values. The firm count also includes approved firms whose AUM is missing.

What the figures do not tell you

Regulatory AUM is not revenue, performance, independently verified assets or an endorsement. Employees means the reported firm employee count, not necessarily financial advisers. Corporate affiliates can report overlapping assets and remain separate registrants in the table. A headquarters address does not describe every office or service area.

Dates and updates

The SEC snapshot date describes the reporting extract represented in the catalog. Each row also shows its own filing date. Pages refresh when a new research catalog is published; the website crawler and RSS collector do not update these regulatory rankings. We do not describe this data as live or as a complete register of state-registered advisers.

Verify a record

Every ranked firm links to its SEC Investment Adviser Public Disclosure record. Check the latest filing and registration status there before acting. More about the underlying data is available from the SEC adviser data program.