The Changing Landscape of Fee-Only RIAs in the U.S.
For the first time, a registered investment advisory firm requires at least $10 billion in assets under management to make the list of the 20 largest fee-only firms in the U.S.
In fact, Chicago-based Gresham Partners — No. 20 in the rankings below from data partner Comply for Financial Planning’s 2025 RIA Leaders study — has more than $11.6 billion in AUM. The top three spots this year went to St. Louis-based Moneta Group Investment Advisors ($42.8 billion in AUM); Bethesda, Maryland-based Chevy Chase Trust Company ($40.3 billion); and Torrance, California-based EP Wealth Advisors ($35.6 billion). Together, the top 20 firms in the 2025 ranking have nearly $424 billion in combined AUM.
As much as those eye-popping AUM figures reflect the sheer size of some fee-only RIAs, they also indicate accelerating consolidation.
Consolidation and Growth Strategies
The need for succession planning, capital to drive scale, organic growth, new lines of business, and talent in the form of financial advisors, specialists, and executives is driving consolidation at the top of the channel. M&A deals have become a key strategy for RIAs to pursue advisors and professionals with solid track records.
Brandon Kawal, a partner with consulting and transaction advisory firm Advisor Growth Strategies, highlights the importance of organic growth for larger platforms. He mentions that acquisitions and mergers can contribute to a holistic growth story and drive value for shareholders.
According to David Grau, CEO of consulting firm Succession Resource Group, the largest RIA aggregators may see advisors seeking more independence from companies that have grown into large national or international enterprises. Currently, movement into these firms from wirehouses and other brokerages is fueling the growth of the biggest RIAs.
Market Trends and Growth Potential
Research firm Cerulli Associates found that RIAs have expanded at an 11% compound annual growth rate over the past decade, driven by asset appreciation and advisors gravitating towards them. Firms with at least $5 billion in AUM are leading the growth in the RIA channel, with their client assets and advisor headcounts increasing significantly.
Despite obstacles like talent shortages, more than two-thirds of RIA executives with billion-dollar firms prioritize organic growth. The report also emphasizes that RIA growth is predominantly happening at firms with at least $5 billion in AUM, and these firms are becoming increasingly acquisitive.
Conclusion
The landscape of fee-only RIAs in the U.S. is evolving rapidly, with consolidation and growth strategies reshaping the industry. As the largest firms continue to expand and acquire, the focus on organic growth and talent development remains crucial for sustained success in the wealth management sector.
For more details on the top 20 fee-only RIAs in the U.S., you can refer to the rankings available here.
