Benchmarks · public filings
How RIAs your size look on file.
Percentiles from the Form ADV of every SEC-registered RIA that serves individuals, by AUM tier and state, with retirement-plan filings (Form 5500) and equity holdings (Form 13F) alongside. Every figure is as filed, with its date.
Form ADV
10,668 RIAs
SEC-registered, serving individuals, with AUM on file
As of 3 Nov 2026
Form 5500
164,657 plans
390,591 filings, filing years 2024 and 2025
Refreshed 3 Sep 2026
Form 13F
8,856 filers
Holdings filers, plus 1,936 notice filers
Quarter ended 30 Jun 2026
From advmcp.ai, 5500mcp.ai and 13fmcp.ai, which serve the filings as the SEC and the Department of Labor publish them. Nothing here is estimated.
The size ladder
Six tiers, from under $100M to $5B and up.
Medians · SEC Form ADV · RIAs serving individuals · As of 3 Nov 2026
| AUM tier | RIAs on file | Median AUM | Clients | Staff | AUM per client | |
|---|---|---|---|---|---|---|
| Under $100M | 720 | $42.7M | 49 | 2 | $549K | Open tier → |
| $100M–$250M | 3,572 | $159.7M | 153 | 3 | $1.06M | Open tier → |
| $250M–$500M | 2,362 | $344.7M | 252 | 6 | $1.38M | Open tier → |
| $500M–$1B | 1,591 | $677.1M | 380 | 9 | $1.80M | Open tier → |
| $1B–$5B | 1,638 | $1.73B | 683 | 19 | $2.50M | Open tier → |
| $5B and up | 785 | $13.7B | 2,309 | 105 | $6.81M | Open tier → |
Under $100M counts only SEC-registered firms; most firms that size register with their state instead. Staff is total employees as filed. AUM per client is derived from two filed figures.
Pick a state
Every tier has a page for every state.
RIAs serving individuals with $100M–$250M of AUM, by the state on their Form ADV, as of 3 Nov 2026. Each tile opens that state's page. 594 firms in this tier aren't matched to any state (no state on file, a territory or abroad), so they appear only in the national tier.
Most firms at $100M–$250M
- What is a $100–250M RIA worth in California?375 firms
- What is a $100–250M RIA worth in Florida?254 firms
- What is a $100–250M RIA worth in Texas?211 firms
- What is a $100–250M RIA worth in New York?191 firms
- What is a $100–250M RIA worth in Ohio?122 firms
- What is a $100–250M RIA worth in Illinois?115 firms
Published multiples
What practices have traded at, by size.
The Sica Fletcher SCF Index publishes ranges at three sizes. ValuationMCP's engine prices from this index, and every saved valuation records the version it used.
EBITDA multiple
≈$1M EBITDA · 4.8–5.7×
≈$5M EBITDA · 5.7–6.8×
≈$25M EBITDA · 7.0–8.1×
4.3×8.6×
Revenue multiple
≈$3M revenue · 2.5–3.0×
≈$15M revenue · 2.8–3.4×
≈$50M revenue · 3.2–4.0×
2.3×4.2×
Share of AUM
≈$100M AUM · 0.9–1.3%
≈$500M AUM · 1.4–1.7%
≈$5B AUM · 1.9–2.3%
0.7%2.5%
Other publishers differ
CT Acquisitions' 2026 guide puts $100M–$250M firms at 6.5–8.5× adjusted EBITDA; the SCF Index's smallest size is 4.8–5.7× EBITDA. Each tier page shows both, named and dated. Other publishers are shown for comparison and never enter a valuation.
How the engine uses the index →Sica Fletcher, RIA Valuation Multiples (SCF Index), 2024 edition, checked 2 Nov 2026. Within each size, niche and specialist RIAs sit at the top of the range and retirement-plan advisors at the bottom.
Beyond Form ADV
Plans and holdings, from their own filings.
Form 5500 · filing year 2024
Defined-contribution plans' Form 5500 filings, filing year 2024. A percentile is a position in this group of plans, never a judgement on any one plan's fees.
Plan filings
93,209
Median participants
121
Median service-provider pay
$57K
Schedule C, 45,439 plans reported it
Form 5500 via 5500mcp.ai · refreshed 3 Sep 2026
For advisors who serve retirement plans. Every state page shows its own plans. A percentile is a position in a stated group of plans, never a judgement on any one plan's fees.
Form 13F · quarter ended 30 Jun 2026
Holdings filers
8,856
Notice filers
1,936
Form 13F covers Section 13(f) securities, mainly exchange-listed stocks and ETFs. It leaves out bonds, mutual funds, cash and private funds, so a firm's 13F value is not its AUM.
How these figures are made
As filed, with the count behind every percentile.
- Percentiles run from the 10th to the 90th over every firm in the tier and state, and each one says how many firms filed that figure.
- A tier and state with fewer than 10 firms shows its count only, and points to the national tier.
- Multiples are published ranges from named sources, with their date. They are not deal comparables and not an appraisal of any firm.
- The figures refresh weekly from advmcp.ai and 5500mcp.ai.
Get your firm's number in Claude.
ValuationMCP runs seven methods on your own revenue, profit and client figures, inside the assistant you already use.
Sources: U.S. SEC Form ADV, via advmcp.ai, as of 3 Nov 2026 · U.S. Department of Labor Form 5500, via 5500mcp.ai, refreshed 3 Sep 2026 · Sica Fletcher, RIA Valuation Multiples (SCF Index), 2024 edition · CT Acquisitions — RIA and Wealth Management M&A Multiples 2026, Jul 2026