These States Have the Most Potential AUM per Advisor – 2025 Study

Opportunity comes in many forms. Some advisors may try their luck in the places that currently boast the highest average incomes for the profession, while others seek to unearth niches that may offer returns at scale. While consumer demand for advisors may vary from place to place, it doesn’t necessarily tell the whole story of the potential assets under management (AUM) at stake, and how competition in the advisor industry may look. Both factors may impact the ROI an advisor gets on their time and marketing dollars.

With this in mind, SmartAsset ranked 44 states with available data based on the potential AUM available among residents per advisor in the state. Potential AUM in the state was determined by dividing the total net worth across all households (excluding home equity) by the number of active investment advisors registered with the SEC.

Key Findings

• Hawaiian RIAs are waterlocked with 3x as much AUM to go around per advisor as any other state. With almost three times that of the next-most state, Hawaii offers the largest consumer AUM per active advisor at $917,591,927, with 140 active investment advisors as of June 2025.  
• If you’re not looking to cross an ocean for AUM, Maine is the next big bet. Maine has the second most potential AUM available per advisor, with just over $501 million available for each of the 162 active investment advisors based out of Maine. 
• Five other states have more than $100 million in potential AUM available per advisor. After Hawaii and Maine, New Mexico ($200.9 million); Mississippi ($136.9 million); Washington ($120.0 million); Montana ($104.6 million); and Idaho ($103.9 million) also offer some of the highest potential assets per advisor.
• Missouri RIAs may see the most competition for available AUM. Missouri residents only have a potential maximum $2,185,135 to be managed per active investment advisor, the lowest average of all 44 states with available data.
• New York may be oversaturated with advisors. Despite having the most active investment advisors of any state at 146,870, New York ranks second to last for most AUM available per advisor with an average of $2,765,970 on the books. Nearby New Jersey and Connecticut investment advisors may have more potential to work with, ranking 31st and 39th overall.

Top 10 States With the Most Potential AUM Available per Advisor

States are ranked based on the sum of consumer net worth divided by the number of active investment advisors.

1. Hawaii
   • Potential AUM per advisor: $917,591,927
   • Number of active investment advisors: 140
   • Average household net worth: $260,100
   • Number of households: 493,898
2. Maine
   • Potential AUM per advisor: $341,176,483
   • Number of active investment advisors: 238
   • Average household net worth: $131,800
   • Number of households: 616,085
3. New Mexico
   • Potential AUM per advisor: $200,937,398
   • Number of active investment advisors: 179
   • Average household net worth: $41,990
   • Number of households: 856,580
4. Mississippi
   • Potential AUM per advisor: $136,860,840
   • Number of active investment advisors: 175
   • Average household net worth: $20,530
   • Number of households: 1,166,617
5. Washington
   • Potential AUM per advisor: $119,989,420
   • Number of active investment advisors: 3,192
   • Average household net worth: $123,500
   • Number of households: 3,101,265
6. Montana
   • Potential AUM per advisor: $104,656,593
   • Number of active investment advisors: 544
   • Average household net worth: $120,400
   • Number of households: 472,867
7. Idaho
   • Potential AUM per advisor: $103,935,557
   • Number of active investment advisors: 412
   • Average household net worth: $58,400
   • Number of households: 733,244
8. Virginia
   • Potential AUM per advisor: $89,707,843
   • Number of active investment advisors: 2,841
   • Average household net worth: $74,900
   • Number of households: 3,402,670
9. West Virginia
   • Potential AUM per advisor: $89,631,264
   • Number of active investment advisors: 151
   • Average household net worth: $18,200
   • Number of households: 743,644
10. Kentucky
    • Potential AUM per advisor: $85,391,242
    • Number of active investment advisors: 768
    • Average household net worth: $35,380
    • Number of households: 1,853,603

10 States With the Least Potential AUM Available per Advisor

States are ranked based on the sum of consumer net worth divided by the number of active investment advisors.

1. Missouri
   • Potential AUM per advisor: $2,185,135
   • Number of active investment advisors: 39,494
   • Average household net worth: $33,760
   • Number of households: 2,556,271
2. New York
   • Potential AUM per advisor: $2,765,970
   • Number of active investment advisors: 146,870
   • Average household net worth: $52,020
   • Number of households: 7,809,267
3. South Carolina
   • Potential AUM per advisor: $5,234,332
   • Number of active investment advisors: 32,614
   • Average household net worth: $78,390
   • Number of households: 2,177,733
4. Georgia
   • Potential AUM per advisor: $9,273,254
   • Number of active investment advisors: 11,636
   • Average household net worth: $26,000
   • Number of households: 4,150,138
5. Massachusetts
   • Potential AUM per advisor: $9,984,519
   • Number of active investment advisors: 41,603
   • Average household net worth: $148,300
   • Number of households: 2,800,984
6. Connecticut
   • Potential AUM per advisor: $10,673,420
   • Number of active investment advisors: 10,591
   • Average household net worth: $78,340
   • Number of households: 1,442,969
7. Minnesota
   • Potential AUM per advisor: $11,152,593
   • Number of active investment advisors: 20,622
   • Average household net worth: $98,100
   • Number of households: 2,344,432
8. Florida
   • Potential AUM per advisor: $13,667,160
   • Number of active investment advisors: 26,006
   • Average household net worth: $39,640
   • Number of households: 8,966,402
9. Iowa
   • Potential AUM per advisor: $14,275,060
   • Number of active investment advisors: 7,526
   • Average household net worth: $80,340
   • Number of households: 1,337,243
10. Rhode Island
    • Potential AUM per advisor: $14,336,518
    • Number of active investment advisors: 825
    • Average household net worth: $26,640
    • Number of households: 443,980

Data and Methodology

The number of households was multiplied by the average household net worth (excluding home equity) to find the total AUM potentially available statewide based on the most recently available data from the Census Bureau (2022 for net worth data and 2023 for household count). This number was divided by the number of collective employees whose RIA’s main location is based in that same state reported as performing investment advisory services, including research. This data comes from the SEC Form ADV filing for Registered Investment Advisors for June 2025.

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

Photo credit: Grok