$1 Billion in AUM: Where RIAs Manage the Most Assets

Less than 3% of Registered Investment Advisors (RIAs) nationwide have $1 billion or more in assets under management (AUM). These firms may have found their success through various avenues – whether by leaning into a niche, building scalable systems, or identifying high-ROI marketing approaches – but all have proven their expertise and value to the clients entrusting them. But just 412* firms nationwide reported having so much at the end of their last fiscal year, with significantly fewer making it past the $10 billion – or even $50 billion – mark.

With this in mind, SmartAsset examined the latest SEC data to determine the prevalence of billion-dollar firms in each state.

Key Findings

Alaska has the highest rate of billion-dollar RIAs at one in eight firms. Based in Anchorage, Latash Investments, LLC has between $1 and $10 billion in AUM. With only 8 total active firms in the state, this means Alaska has the highest relative frequency billion-dollar RIAs. Montana follows closely behind, with 2 in 18 active firms clocking in with over $1 billion in AUM: Stockman Wealth Management and Allied Investment Advisors.
More than 20% of billion-dollar RIAs are in New York. A total of 79 firms manage at least $1 billion in New York State, with five of those managing $10 billion or more and three managing more than $50 billion. In context, just 3.4% of the state’s 2,339 active firms have reached this level. Neighboring New Jersey has a higher prevalence, making a spot in the top 10 with 4.45% of 337 active firms managing over $1 billion.
Only nine firms nationwide manage over $50 billion. Three of the firms are based in New York City, including City National Rochdale, Rockefeller Capital Management, and Blackrock Financial Management. Other firms with ultra-high AUM include Barings, LLC (Charlotte, NC); Savant Wealth Management (Rockford, IL); Taylor Advisors, Inc. (Louisville, KY); Focus Partners Wealth, LLC (St. Louis, MO); Flexpath Strategies (Aliso Viejo, CA); and Sammons Financial Group Asset Management (West Des Moines, IA).
These 12 states are still waiting for their first $1 billion firm. While some states have a high concentration of ultra-high AUM firms, the $1 billion threshold is still anyone’s for the taking in Alabama, New Hampshire, Arkansas, Maine, Mississippi, New Mexico, Hawaii, Wyoming, North Dakota, South Dakota and West Virginia.

10 States With the Highest Rates of $1 Billion RIAs

States are ranked based on the number of firms with $1 billion or more in AUM relative to the total number of firms based.

Alaska

Percent of firms with at $1 billion AUM or more: 12.50%
Firms with $1 billion+ AUM: 1
Total number of firms: 8
Firms managing between $1-$10 billion: 1
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 0.27%

Montana

Percent of firms with at $1 billion AUM or more: 11.11%
Firms with $1 billion+ AUM: 2
Total number of firms: 18
Firms managing between $1-$10 billion: 2
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 0.53%

Nebraska

Percent of firms with at $1 billion AUM or more: 6.15%
Firms with $1 billion+ AUM: 4
Total number of firms: 65
Firms managing between $1-$10 billion: 4
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 1.06%

Maryland

Percent of firms with at $1 billion AUM or more: 4.80%
Firms with $1 billion+ AUM: 11
Total number of firms: 229
Firms managing between $1-$10 billion: 10
Firms managing $10-$50 billion: 1
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 2.92%

Wisconsin

Percent of firms with at $1 billion AUM or more: 4.57%
Firms with $1 billion+ AUM: 8
Total number of firms: 175
Firms managing between $1-$10 billion: 6
Firms managing $10-$50 billion: 2
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 2.12%

Virginia

Percent of firms with at $1 billion AUM or more: 4.56%
Firms with $1 billion+ AUM: 13
Total number of firms: 285
Firms managing between $1-$10 billion: 13
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.45%

Arizona

Percent of firms with at $1 billion AUM or more: 4.47%
Firms with $1 billion+ AUM: 8
Total number of firms: 179
Firms managing between $1-$10 billion: 8
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 2.12%

New Jersey

Percent of firms with at $1 billion AUM or more: 4.45%
Firms with $1 billion+ AUM: 15
Total number of firms: 337
Firms managing between $1-$10 billion: 15
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.98%

Idaho

Percent of firms with at $1 billion AUM or more: 4.35%
Firms with $1 billion+ AUM: 2
Total number of firms: 46
Firms managing between $1-$10 billion: 2
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 0.53%

Rhode Island

Percent of firms with at $1 billion AUM or more: 4.26%
Firms with $1 billion+ AUM: 2
Total number of firms: 47
Firms managing between $1-$10 billion: 2
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 0.53%

10 States With the Most $1 Billion RIAs

States are ranked based on the raw number of firms that manage $1 billion or more.

New York

Firms with $1 billion+ AUM: 79
Total number of firms: 2,339
Percent of firms with at $1 billion AUM or more: 3.38%
Firms managing between $1-$10 billion: 71
Firms managing $10-$50 billion: 5
Firms managing more than $50 billion: 3
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 20.95%

California

Firms with $1 billion+ AUM: 51
Total number of firms: 1,774
Percent of firms with at $1 billion AUM or more: 2.87%
Firms managing between $1-$10 billion: 47
Firms managing $10-$50 billion: 3
Firms managing more than $50 billion: 1
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 13.53%

Texas

Firms with $1 billion+ AUM: 31
Total number of firms: 993
Percent of firms with at $1 billion AUM or more: 3.12%
Firms managing between $1-$10 billion: 30
Firms managing $10-$50 billion: 1
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 8.22%

Florida

Firms with $1 billion+ AUM: 28
Total number of firms: 914
Percent of firms with at $1 billion AUM or more: 3.06%
Firms managing between $1-$10 billion: 28
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 7.43%

Illinois

Firms with $1 billion+ AUM: 19
Total number of firms: 616
Percent of firms with at $1 billion AUM or more: 3.08%
Firms managing between $1-$10 billion: 17
Firms managing $10-$50 billion: 1
Firms managing more than $50 billion: 1
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 5.04%

Massachusetts

Firms with $1 billion+ AUM: 17
Total number of firms: 581
Percent of firms with at $1 billion AUM or more: 2.93%
Firms managing between $1-$10 billion: 15
Firms managing $10-$50 billion: 2
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 4.51%

New Jersey

Firms with $1 billion+ AUM: 15
Total number of firms: 337
Percent of firms with at $1 billion AUM or more: 4.45%
Firms managing between $1-$10 billion: 15
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.98%

Connecticut

Firms with $1 billion+ AUM: 14
Total number of firms: 469
Percent of firms with at $1 billion AUM or more: 2.99%
Firms managing between $1-$10 billion: 12
Firms managing $10-$50 billion: 2
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.71%

Pennsylvania

Firms with $1 billion+ AUM: 14
Total number of firms: 510
Percent of firms with at $1 billion AUM or more: 2.75%
Firms managing between $1-$10 billion: 13
Firms managing $10-$50 billion: 1
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.71%

Virginia

Firms with $1 billion+ AUM: 13
Total number of firms: 285
Percent of firms with at $1 billion AUM or more: 4.56%
Firms managing between $1-$10 billion: 13
Firms managing $10-$50 billion: 0
Firms managing more than $50 billion: 0
Percentage of $1 billion firms in the state relative to all $1 billion firms nationwide: 3.45%

Data and Methodology

States are ranked based on the percentage of active firms reporting managing $1 billion in assets or more as of August 2025 Form ADV filings with the Securities and Exchange Commission (SEC) for registered investment advisors. Only firms with no disclosures and with the main office based in a U.S. state were considered.

*Correction issued 8/13/2025: The total number of billion-dollar firms as of August 2025 is 412. The previously listed number of 377 referred more specifically to firms managing in the $1-$10 billion range.

Questions about our study? Contact us at press@smartasset.com

Photo credit: Sora