The 150 Largest Fee-Only Financial Planning Firms
The 150 largest fee-only financial planning firms in the United States have reached new heights, managing a combined $1.09 trillion across more than 949,000 client accounts, according to the latest edition of the RIA Leaders rankings.
Compiled using criteria from Financial Planning and data partner COMPLY, the rankings were gathered by scraping registered investment advisory firms’ filings with the Securities and Exchange Commission. This elite group of the largest 150 RIAs in the U.S. comprises 4,422 financial advisors and nearly 11,850 employees.
Key Criteria for Rankings
COMPLY applied six specific criteria to firms’ SEC Form ADV filings on May 1, 2025, to determine the rankings:
- Firms must have zero registered representatives of a broker-dealer.
- At least 50% of the firm’s clients must be individuals or high net worth individuals.
- Firms must not list commissions as a compensation arrangement.
- Firms must have more than zero financial planning clients.
- Firms must not list commission-taking businesses in “other business activities.”
- Firms cannot be affiliated under common ownership with commission-taking businesses.
Exploring the Rankings
For detailed insights into the top 150 fee-only RIAs, you can view the full list on Financial Planning’s website here. Additionally, don’t miss the feature story of the 2025 RIA Leaders study, “The oldest RIAs are 85. How did they become a $144T industry?”
It’s important to note that in the absence of an official regulatory classification for the titles “financial planner” or “financial advisor,” firms were required to state the number of employees “registered with one or more state securities authorities as investment adviser representatives” on their Form ADV filings.
With a focus on serving individual and high net worth clients, these top 150 fee-only RIAs have solidified their positions as industry leaders, showcasing their expertise and commitment to providing comprehensive financial planning services.
