Industry Statistics: State-by-State

The Investment Advisory Profession, State by State

Following are 2023 statistics on the number of investment advisory firms, their employees, their clients, and their assets under management in each U.S. state and territory.

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Notes:
SEC registered, SEC exempt reporting, state registered, and state exempt reporting advisers
Excludes advisers with restricted/limited status
Number of advisers by address, except state advisers by state(s) of registration
Employees not available for exempt reporting advisers
For SEC exempt reporting advisers, clients are number of funds managed and assets are gross fund assets

Source: Form ADV Part 1

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