Registered Investment Advisor (RIA) Industry Spotlight

To shine a light on the Registered Investment Advisor (RIA) landscape, FINTRX - family office and RIA database provider has compiled the RIA Industry Spotlight to highlight five top investment advisor firms based on assets under management, employee count, and other key metrics. 

Registered as an investment advisor since 1983, Creative Planning is an Overland Park, Kansas-based RIA offering advisory services to individuals, high-net-worth individuals, and pension & profit-sharing plans. In addition to its headquarters, Creative Planning operates out of Irvine, CA, Atlanta, GA, and Denver, CO. The firm conducts financial planning services, portfolio management for individuals, small businesses, and institutions, pension consulting services, and selection of other advisors. Creative Planning also provides ongoing supervision over client accounts and advisory services for corporate retirement plans, separately or in combination.

Creative Planning consults with clients on their personal financial situations and analyzes their financial documentation - assets and liabilities, investment portfolio, retirement plan, education plan, risk management plan, risk tolerance, and estate plan, as well as other areas relevant to the client’s financial health. The group then provides an executive summary, highlighting the full plan of action. Creative Planning uses cyclical and fundamental methods of analysis in formulating investment advice. The firm also uses long-term & short-term, purchases, trading, margin transactions, and option writing when managing client assets and/or providing investment advice.

As of March 2022, Creative Planning manages $87.41B on a discretionary basis and $2.62B in non-discretionary assets. The firm employs a team of 725 employees, 649 of which regularly perform advisory functions. In addition to the group’s domestic client base, Creative Planning also manages roughly $352.5M in foreign assets.

Creative Planning provides investment advice on exchange-listed securities, securities traded over-the-counter, foreign issues, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, variable life insurance & annuities, mutual fund shares, US government securities, options contracts on securities, interests in partnerships investing in real estate, options contracts, futures contracts, oil & gas interests, MLPs, private placements, and alternative investments.

In addition to Creative Planning’s traditional services rendered, the group also serves as an advisor to private funds. The firm's assets are held with multiple custodians including Charles Schwab & Co., Inc., National Financial Services LLC, and TD Ameritrade Clearing, Inc. The firm has several industry affiliations including those with Creative Planning Trust Company, LLC, Creative Planning Legal, P.A., and Creative Planning Property & Casualty, LLC.

- Headquarters: Overland Park, KS
- Additional Office Locations: 281
- Number of Clients: 44,244
- Total Employees: 725
- Total Reps: 649
- Registered States: 23
- Assets Under Management (AUM): $90B
- Discretionary AUM: $87.4B
- Non-Discretionary AUM: $2.6B
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Fixed Fees; Private Funds Advised
- Specialties: Organization & Assessment; Retirement Planning; Education Planning; Long-Term Care; Insurance Planning; Debt Management, Portfolio Management; Investments; Tax Planning; Estate Planning

3. Mariner Wealth Advisors (MWA)

Registered with the SEC since April 2006, Mariner Wealth Advisors is an Overland Park, Kansas-based Registered Investment Advisor providing advisory services to individuals, high-net-worth individuals, pooled investment vehicles, pension & profit-sharing plans, and corporations. Besides its headquarters, Mariner Wealth Advisors operates out of Oklahoma City, OK, Oakbrook Terrace, IL, and San Diego, CA. MWA may also provide a variety of equity, options, alternative, and fixed income strategies. The firm also provides its clients with access to third-party managers.

As of March, Mariner Wealth Advisors manages $31.7B discretionarily and $3.2B in non-discretionary assets. The firm employs a team of 702 employees, 490 of which regularly perform advisory functions. Besides the group’s domestic client base, Mariner Wealth Advisors also manages roughly $76.9M in foreign assets. The firm creates client portfolios using individual stocks, bonds, ETFs, exchange-traded notes, closed-end funds, mutual funds, private PIVs, structured notes, alternative investments, and digital assets. There is no stated specific minimum account requirement. MWA uses both long-term and short-term strategies, as well as active and passive investment strategies.

Besides Mariner Wealth Advisors’ traditional services rendered, the group also serves as an advisor to private funds. The group holds assets with multiple custodians including Charles Schwab & Co., Inc. and National Financial Services, LLC. Mariner Wealth Advisors has several industry affiliations including those with MSEC, LLC, Mariner Trust Company, LLC, and Alegria Energy, LLC.

- Headquarters: Overland Park, KS
- Additional Office Locations: 207
- Total Employees: 702
- Total Reps: 490
- Registered States: 28
- Assets Under Management (AUM): $35B
- Discretionary AUM: $31.7B
- Non-Discretionary AUM: $3.2B
- Average Account Size: $1.8M
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees; Private Funds Advised
- Specialties: Investment Advisory Services; Financial Planning and Consulting; Tax Compliance; Retirement Plan Consulting and Management Services; IRA Rollover Considerations

4. Captrust

Founded in 2003, Captrust is a Raleigh, North Carolina-based Registered Investment Advisor offering advisory services to individuals, high-net-worth individuals, and banking or thrift institutions. In addition to its headquarters, Captrust operates out of New York, NY, Minneapolis, MN, and Lake Success, NY. The firm conducts financial planning services, portfolio management for individuals, small businesses, pooled investment vehicles, and institutions, pension consulting services, selection of other advisors, and publication of periodicals or newsletters. Financial and estate planning encompasses services such as financial plan and analysis, estate planning review, tax review, insurance review, and charitable gifting strategies with a legal advisor.

As of March 2022, Captrust manages $59.8B discretionarily and $390.2B in non-discretionary assets. The firm employs a team of 785 employees, 545 of which regularly perform advisory functions. The group imposes a $50,000 minimum account size requirement. Besides the group’s domestic client base, Captrust also manages roughly $163M in foreign assets. Captrust employs investment strategies including long-term or short-term purchases, mutual funds, fixed-income securities, margin transactions, and options strategies.

Besides Captrust’s traditional services rendered, the group also serves as an advisor to private funds. Captrust has several industry affiliations including those with Nachman Norwood & Parrott, Inc., Newmarket Wealth Management, LLC, and Crescent Capital Consulting, LLC.

- Headquarters: Raleigh, North Carolina
- Additional Office Locations: 172
- Total Employees: 785
- Total Reps: 545
- Registered States: 27
- Assets Under Management (AUM): $450B
- Discretionary AUM: $59.8B
- Non-Discretionary AUM: $390.2B
- Average Account Size: $2.2M
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees; Performance-Based Fees; Private Funds Advised
- Specialties: Asset Allocation Analysis; Establishment of Investment Objectives; Investment Manager Selection; Mutual Fund Due Diligence; Quarterly Performance Measurement

5. Private Advisor Group, LLC

With roots tracing back to 2010, Private Advisor Group, LLC is a Morristown New Jersey-based Registered Investment Advisor providing advisory services to individuals, high-net-worth individuals, and pension & profit-sharing plans. Besides its headquarters, Private Advisor Group operates out of Center Valley, PA, Stroudsburg, PA, and Middleton, WI. The firm conducts financial planning services, portfolio management, pension consulting services, selection of other advisors, publication of periodicals or newsletters, and educational seminars/workshops. Private Advisor Group rarely requires an annual minimum fee or minimum asset level for investment advisory services.

Private Advisor Group, Llc employs a team of 651 employees, 741 of which regularly perform advisory functions. Compared to a year ago, Private Advisor Group, Llc's primary capital source, Individuals, has shifted from Individuals 67% to Individuals 58% of the firm's total assets under management. The firm currently uses LPL Financial, LLC as its sole custodian and houses all assets with the group. Private Advisor Group has several industry affiliations including those with Pag Financial, LLC.

As of March, Private Advisor Group manages $30.06B discretionarily and $29.5M in non-discretionary assets. Since last year, the firm's assets under management have increased by roughly 14%. Besides its domestic client base, the firm also manages foreign assets. Private Advisor Group may use the following methods of security analysis: charting, cyclical, fundamental, and technical. The firm allocates client investment assets primarily among various individual equity and fixed-income securities, mutual funds, and/or exchange-traded funds on a discretionary and non-discretionary basis under the client’s designated investment objectives and risk tolerances.

- Headquarters: Morristown, NJ
- Additional Office Locations: 484
- Total Employees: 651
- Total Reps: 739
- Registered States: 44
- Assets Under Management (AUM): $30.1B
- Discretionary AUM: $30.06B
- Non-Discretionary AUM: $29.5M
- Client Base: Individual & Family; Institutional
- Average Account Size: $283.9k
- Fee Structure: Percentage of AUM; Hourly Charges; Subscription Fees; Fixed Fees; Performance-Based Fees
- Specialties: Investment Advisory Services; Retirement Plan Consulting; Insurance Consulting; Financial Planning & Related Consulting Services

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