Advisers / Registered investment advisers
Who manages SEC-registered client assets
Form ADV is a filing archive, not a firm census. The raw parquet holds 471,129 filings, but the filing-deduplicated history contains 27,679 distinct advisers keyed on CRD. For the current 2024 snapshot, the page keeps each adviser's latest 2024 filing, which leaves 16,709 advisers and $130.06T of reported regulatory assets under management across the 16,223 firms whose latest filing says they report RAUM. The top 10 of those advisers manage 22.7% of the 2024 total, and discretionary mandates still dominate at 91.9% of reported RAUM.
Data as of 2024 adviser-year snapshot through Dec 26, 2024; raw Form ADV filing history Nov 7, 2011 to Dec 26, 2024 (SEC FOIA archive)
reports_raum field is VARCHAR, not BOOLEAN, with only Y, N and 2 null filings in the raw data. Advisers whose latest filing says N are excluded from RAUM
charts and tables; they are not plotted as zero. Employee and client distributions include all advisers with those fields, regardless of RAUM-reporting status. See the methodology page.Reported assets
RAUM more than doubled from 2012 to 2024, and it remains mostly discretionary
Annual adviser-year totals from the latest filing per adviser within each calendar year, excluding filings whose reports_raum value is not Y. Reported regulatory assets under management rose from $50.30T in 2012 to
$130.06T in 2024. The split matters: $119.56T of the
2024 total is discretionary and $10.49T is non-discretionary, or
91.9% versus 8.1%.
Source: SEC Form ADV FOIA archive, IA_ADV_Base_A All three series use the same adviser-year dedup rule. 2012 is derived as the first year with complete RAUM fields whose adviser count is at least 90% of the following year's count. Methodology
Concentration
The largest advisers took a bigger share of RAUM in 2024 than they did in 2012
The top 10 advisers managed 22.7% of 2024 reporting RAUM, up from 17.0% in 2012. The top 25 managed 33.5% in 2024, up from 28.0%. On a simple RAUM-share HHI scale, concentration rose from 55 to 88 over the same span.
Source: SEC Form ADV FOIA archive, IA_ADV_Base_A Concentration is measured only across advisers whose latest filing for that year reports RAUM. The 2024 panel's top 100 advisers account for 53.9% of reporting RAUM. Methodology
Largest 2024 advisers
The current RAUM table is dominated by a small set of very large managers
These are the 10 largest advisers in the 2024 adviser-year panel after deduplicating to one filing per CRD. The table keeps discretionary and non-discretionary RAUM separate, because the two mandate types are not interchangeable.
| Adviser | State | Total RAUM (USD) | Discretionary (USD) | Non-discretionary (USD) | Share of 2024 | Employees | Clients |
|---|---|---|---|---|---|---|---|
VANGUARD GROUP INC Filed Dec 18, 2024 | PA | $7.91T | $7.91T | $0 | 6.1% | 980 | 0 |
FIDELITY MANAGEMENT & RESEARCH COMPANY LLC Filed Sep 20, 2024 | MA | $3.96T | $3.96T | $0 | 3.0% | 1,264 | 1 |
CAPITAL RESEARCH AND MANAGEMENT COMPANY Filed Dec 10, 2024 | CA | $3.32T | $3.32T | $0 | 2.5% | 1,384 | 115 |
BLACKROCK FUND ADVISORS Filed Dec 23, 2024 | CA | $3.05T | $3.05T | $0 | 2.3% | 700 | 1 |
PACIFIC INVESTMENT MANAGEMENT COMPANY LLC Filed Nov 26, 2024 | CA | $2.62T | $2.61T | $1.14B | 2.0% | 3,194 | 9 |
J.P. MORGAN INVESTMENT MANAGEMENT INC. Filed Nov 8, 2024 | NY | $2.55T | $2.53T | $22.81B | 2.0% | 3,167 | 48 |
T. ROWE PRICE ASSOCIATES, INC. Filed Nov 20, 2024 | MD | $1.75T | $1.75T | $266.2M | 1.3% | 3,814 | 51 |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Filed Nov 22, 2024 | NY | $1.66T | $1.63T | $33.28B | 1.3% | 1,305 | 65 |
MORGAN STANLEY Filed Dec 16, 2024 | NY | $1.40T | $1.01T | $392.58B | 1.1% | 29,300 | 335,385 |
BLACKROCK FINANCIAL MANAGEMENT, INC Filed Dec 23, 2024 | NY | $1.29T | $1.29T | $3.08B | 1.0% | 6,407 | 108 |
Source: SEC Form ADV FOIA archive, IA_ADV_Base_A Client counts are shown exactly as filed. A zero is a filed zero, not an imputed missing value. Methodology
Firm staffing
The typical adviser still looks small on headcount, even as aggregate RAUM rose
Across all advisers with an employee count, the median adviser reported 8 employees in 2013 and 8 in 2024. The 90th percentile moved from 58 to 61 over the same span. These percentiles describe firms, not aggregate industry headcount.
Source: SEC Form ADV FOIA archive, IA_ADV_Base_A Employees come from Form ADV Item 5A. 2013 is derived as the first year with employee values for every adviser whose panel count is at least 90% of the following year's count. Methodology
Clients as filed
Positive client counts became rarer and smaller across advisers by 2024
Client-field coverage is incomplete before 2018, so this chart begins with the first complete panel and does not interpret the earlier values as comparable. Among advisers whose filing reports a positive client count, the median moved from 9 clients in 2018 to 7 in 2024, while the 90th percentile moved from 336 to 223. Only 25.3% of the 2024 adviser panel filed a positive client count at all, so the zero-heavy mass in this field has to be read cautiously. RAUM-reporting status does not affect this distribution.
Source: SEC Form ADV FOIA archive, IA_ADV_Base_A Clients come from Form ADV Item 5C1 and are shown exactly as filed. 2018 is derived as the first year with client values for every adviser whose panel count is at least 90% of the following year's count. Methodology