Q4 2021 RIA Data Report

To shine a light on the Registered Investment Advisor (RIA) landscape, FINTRX - family office and RIA database provider has compiled the Q4 2021 RIA Data Report to provide a high-level synopsis of registered investment advisors (RIAs) for Q4 of 2021. Explore metrics such as total registered firms, assets under management, contact breakdown, services provided, geographical breakdown, and more. Download the 16-page report below...

Introduction

It is important to note, the data throughout this report was compiled by utilizing the FINTRX Family Office & Registered Investment Advisor Data Platform.

Totals

• - Total Registered Firms: 38, 329
• - Total RIAs: 34,795 (91% of total registered firms)
• - Total Broker-Dealers: 3,047 (8% of total registered firms)
• - Total Dual-Registered: 487 (1% of total registered firms)

Total AUM

• - Total Firm AUM: $113,042,233,503,578
• - Median AUM (Q4): $70,000
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• - Total Discretionary AUM: $104,096,736,392,762
• - Total Non-Discretionary AUM: $8,945,497,110,816
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Contact Breakdown

A majority of RIAs either act as broker-dealers (43%) or dually-registered reps (42%).

• - Broker-Dealer Reps: 313,641
• - Investment Advisor (IA) Reps: 74,724
• - Dually Registered Reps: 305,051

Representative License Breakdown

• - SIE: 84%
• - Series 63: 63%
• - Series 7: 53%
• - Series 66: 29%
• - Series 6: 25%

Contact Breakdown

Representative Skills & Experience 

• Top 3:
• - Wealth Management & Advisory: 71%
• - Business Development: 55%
• - Portfolio Construction: 19%
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Hobbies & Interests

In addition to the above investment advisory hobbies, registered reps also show an interest in running, volunteering, basketball, hiking, and baseball.

Firm Registration Status

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• - State Registered: 59%
• - SEC Registered: 39%
• - State & SEC Registered: 2%
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Representative Ownership Breakdown

These are owners that are also representatives. This chart displays the type of registration each rep holds.

• - Total Registered Reps with Ownership: 39,191
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ESG Investing

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• - Total ESG Investors: 1,331+

This is approximately 4% of total investor entities explicitly implementing ESG practices. 

Rep Universities 

The top five Universities of Registered Investment Advisors include New York University, the University of Pennsylvania, Harvard University, the University of Wisconsin, and Penn State. Approximately 8% of total registered reps have matriculated from these five Universities.

1. 1. New York University: 7,684 or 1.95% of Total Reps
2. 2. University of Pennsylvania: 7,529 or 1.91% of Total Reps
3. 3. Harvard University: 5,541 or 1.41% of Total Reps
4. 4. University of Wisconsin: 5,122 or 1.30% of Total Reps
5. 5. Penn State: 4,672 or 1.19% of Total Reps
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Gender Breakdown

When it comes to the gender breakdown of reps, 74% of reps are male while 26% of reps are female. Nearly 7,000 new contacts entered the industry throughout Q4 of 2021.

• - Male Reps: 74%
• - Female Reps: 26%
• - New Contacts Entering the Industry (in Q4 2021): 6,802
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Firm Size Breakdown

by Assets

Fee Structure Breakdown

Alternatives Used

Across the entire RIA space, about 64% rely on alternative investments to some degree.

Of this subset of 64% in the space, the most commonly used alternatives include Real Estate (78%), Hedge Funds (41%), Commodities (27%), Private Equity (25%), Venture Capital (10%), and Fund of Funds (5%).

Services Provided at the Firm Level

The data here displays entities providing services at the firm level. For instance, 54% of all RIAs offer services to non-high-net-worth individuals, and 48% offer services to high-net-worth families and individuals.

Geographical Breakdown

Top States by Firm Count

The US states with the most RIA firms include California (18%), New York (12%), Texas (8%), Florida (6%), Massachusetts (5%), and Illinois (4%). Of all firms, these six states make up approximately 53% of all US firms.

•   1. California: 18%
•   2. New York: 12%
•   3. Texas: 8%
•   4. Florida: 6%
•   5. Massachusetts: 5%
•   6. Illinois: 4%
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Top States by AUM

•   1. New York: 25%
•   2. California: 17%
•   3. Massachusetts: 13%
•   4. Pennsylvania: 10%
•   5. Illinois: 5%
•   6. New Jersey: 4%

• - Total AUM in the United States: $98,609,412,975,086
• - Total AUM outside the United States: $14,130,801,123,517
• - Total AUM outside the United States & Private Residences: $14,432,820,528,492
• - Total Count of RIA Firms in the United States: 24,723

Separately-Managed Accounts (SMAs) Breakdown

Investment Types Used by Firm Count

As expected, some of the most popular SMA investments include Exchange-Traded Equities Securities (24%), Cash or Cash Equivalents (23%), and Securities Issued by Investment Companies or Business Development Companies (16%).

Download the Report

FINTRX provides comprehensive data intelligence on 750,000+ family office & investment advisor records, each designed to help you identify, access, and map the private wealth ecosystem. Explore in-depth dossiers on each family office & investment advisor. Access AUM, source of wealth, investment criteria, previous investment history, sectors & industries of interest, advisor growth signals, amongst other key data points.

Additionally, FINTRX provides insight and expansive contact information on key decision-makers, featuring job titles, direct email addresses, phone numbers, common connections, alma maters, past employment history, brief bios & much more.

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