RIAs in These States Are Taking Advantage of Business Opportunities Overseas

While local households often serve as an RIA’s main prospect base, some firms opt to open their total addressable market by providing investment and advisory services overseas. At the same time, some foreign-based firms have registered with the Securities and Exchange Commission (SEC) in order to provide business services in the U.S. In both cases, focusing U.S.-based resources on foreign services – or vice versa – may impact the competitive landscape for firms in each state, or signify potential niche service opportunities.

With this in mind, SmartAsset ranked U.S. states based on the percentage of RIAs based there that are registered to provide investment or advisory services in a foreign country.

Key Findings

Out of all U.S.-based RIAs, 2.6% are registered with a foreign regulatory authority to provide investment or advisory services. This is a total of 381 RIAs. Meanwhile, another 797 RIAs based outside of the U.S. – mostly from the United Kingdom, United Arab Emirates, Switzerland, Singapore, Mexico, Hong Kong, Brazil, Australia and Canada – are registered with the SEC. to operate within the U.S.
Massachusetts RIAs have the highest preference for international dealing. When comparing the number of firms providing services abroad to the total number of firms in the state, Massachusetts has the highest rate of involvement overseas. 33 out of 575 firms, or 5.7%, are registered with a foreign financial authority.
New York has more than three times as many RIAs doing business abroad as any other state. 130 firms based out of New York State are licensed with overseas authorities, representing roughly 5.6% of firms in the state. California has the second-highest count of firms involved in international services at 40. Massachusetts has the third-most firms participating in foreign services at 33 firms.
In 10 states, there is only a single RIA providing services abroad. The firms in these states – which include Michigan, Tennessee, Wisconsin, Oregon, Oklahoma, Kentucky, Nevada, Rhode Island, Delaware and Montana – may have competitive advantages over some of their competitors, or have found special niches with international dealings. In 18 states, there are no RIAs that are licensed for overseas services.
797 foreign firms are registered as RIAs with the SEC. At 248, most of these hail from the United Kingdom. Canada has the second-most firms registered for U.S. business at 138, followed by Hong Kong (66); Switzerland (54); and Singapore (39). In total, 55 foreign countries have firms registered with the SEC.

10 States With the Most RIA Involvement Abroad

States are ranked based on the percentage of firms registered with foreign financial authorities to provide investment or advisory services.

Massachusetts

Percentage of RIAs involved overseas: 5.74%
Number of RIAs involved overseas: 33
Total RIAs based in the state: 575

Connecticut

Percentage of RIAs involved overseas: 5.64%
Number of RIAs involved overseas: 26
Total RIAs based in the state: 461

New York

Percentage of RIAs involved overseas: 5.58%
Number of RIAs involved overseas: 130
Total RIAs based in the state: 2,328

Montana

Percentage of RIAs involved overseas: 5.56%
Number of RIAs involved overseas: 1
Total RIAs based in the state: 18

Illinois

Percentage of RIAs involved overseas: 4.07%
Number of RIAs involved overseas: 25
Total RIAs based in the state: 614

Maryland

Percentage of RIAs involved overseas: 3.11%
Number of RIAs involved overseas: 7
Total RIAs based in the state: 225

New Jersey

Percentage of RIAs involved overseas: 2.68%
Number of RIAs involved overseas: 9
Total RIAs based in the state: 336

Iowa

Percentage of RIAs involved overseas: 2.67%
Number of RIAs involved overseas: 2
Total RIAs based in the state: 75

Delaware

Percentage of RIAs involved overseas: 2.56%
Number of RIAs involved overseas: 1
Total RIAs based in the state: 39

Alabama

Percentage of RIAs involved overseas: 2.44%
Number of RIAs involved overseas: 2
Total RIAs based in the state: 82

10 Foreign Countries With the Most Firms Registered With the SEC

Countries are ranked by the number of firms registered to provide investment or advisory services in the U.S.

United Kingdom

Number of firms registered with the SEC: 248
Percentage of all foreign-based firms operating in U.S.: 31.12%

Canada

Number of firms registered with the SEC: 138
Percentage of all foreign-based firms operating in U.S.: 17.31%

Hong Kong

Number of firms registered with the SEC: 66
Percentage of all foreign-based firms operating in U.S.: 8.28%

Switzerland

Number of firms registered with the SEC: 54
Percentage of all foreign-based firms operating in U.S.: 6.78%

Singapore

Number of firms registered with the SEC: 39
Percentage of all foreign-based firms operating in U.S.: 4.89%

Australia

Number of firms registered with the SEC: 37
Percentage of all foreign-based firms operating in U.S.: 4.64%

Brazil

Number of firms registered with the SEC: 18
Percentage of all foreign-based firms operating in U.S.: 2.26%

China

Number of firms registered with the SEC: 17
Percentage of all foreign-based firms operating in U.S.: 2.13%

Ireland

Number of firms registered with the SEC: 17
Percentage of all foreign-based firms operating in U.S.: 2.13%

Japan

Number of firms registered with the SEC: 17
Percentage of all foreign-based firms operating in U.S.: 2.13%

Data and Methodology

The percentage of firms in each state participating in overseas dealings was determined via data from Form ADV filings with the SEC for July 2025 for Registered Investment Advisors. The number of firms listed as being registered with a foreign financial authority was compared to the total number of firms in that state, based on the state of the firm’s main office listed. Only firms without any advisors with disclosures listed were considered.

RIAs in These States Are Taking Advantage of Business Opportunities Overseas – 2025 Study