These are the 10 RIAs with the largest average client account

The largest registered investment advisory firms provide many more services besides financial planning — to the tune of hundreds of millions of dollars per account, according to a new study.

In terms of average account size, using criteria from a study last month by financial advisor lead generation and client matchmaking service SmartAdvisor Match by SmartAsset, the below list of the top 10 RIAs includes: an institutional advisory arm of major insurance and retirement firm Sammons Financial Group (Sammons Financial Group Asset Management), a private investment fund unit of giant consulting firm McKinsey & Company (MIO Partners), a family office serving two early internet startup entrepreneurs (Comprehensive Financial Management) and global portfolio management firm Cambridge Associates. A few of the 10 firms work with wealth management's coveted base of high net worth and ultrahigh net worth individual clients.

The group of RIAs ranked through data from their annual Form ADV filings with the Securities and Exchange Commission presents "really interesting stuff" as a novel method for studying the channel, according to Jamie McLaughlin, the founder of high net worth and ultrahigh net worth strategy and practice management firm J.H. McLaughlin. He defines "high net worth" accounts as at least $25 million and "superwealthy" clients as those with $100 million or more, he said. Metrics that aren't available in Form ADV filings such as the exact number of client households or entities including individual retirement accounts, taxable brokerage holdings, family limited partnerships or foundations could make the listing more industry-specific, he said.

"We really don't have great information to work from," McLaughlin said. "I have never used the term 'account' ever. It's not in my hierarchy."

SmartAsset divided the total discretionary and nondiscretionary assets under management by the number of accounts at nearly 5,800 RIAs that fit its formula. Noting that "accounts" covered individual trusts, estates, 401(k) plans and IRAs but not business organizations, the study excluded firms with regulatory disclosures on their ADV, those with headquarters outside the U.S. or at a personal residence and ones that said they do not provide planning services or monitor securities portfolios. 

The report identified at least 21 RIAs with an average account size over $100 million, as well as an overall mean client balance of $2.7 million and median of $386,646 across the thousands of firms. While those numbers refer in some cases to individual retail wealth management clients, they can also refer to pensions, profit-sharing plans, private funds, retirement plans, nonprofits, foundations or other institutional RIA customers.  

Scroll down the slideshow to see the 10 SEC-registered RIAs with the largest average account value. And see these other rankings and studies of the RIA channel:

• The 25 fastest-growing RIAs, excluding the M&A dealmakers
• These 20 cities have the highest concentration of financial advisors
• Study of RIA growth finds correlation with fees, services and compliance
• These are the 20 largest fee-only RIAs, ranked by AUM

Note: All of the below data came from SEC Form ADV reports analyzed by SmartAdvisor Match by SmartAsset in a Dec. 20 report, "RIAs With the Highest Value Accounts – 2023 Study."