Benchmarks · California · $500M–$1B AUM
What is a $500M–$1B RIA worth in California?
At the middle size the Sica Fletcher SCF Index publishes (about $500M of AUM, $15M of revenue or $5M of EBITDA), practices have traded at 1.4–1.7% of AUM, 2.8–3.4× revenue and 5.7–6.8× EBITDA.
At those AUM percentages, the median California firm in this tier, with $663.1M of AUM, would come to $9.28M–$11.3M.
That is one of seven methods. The other six need your revenue, profit and client figures, which Form ADV doesn't carry.
California against the national tier
How California compares with all $500M–$1B firms.
CaliforniaUnited States
AUM
Filed
$663.1M · $572.0M–$814.3M
$677.1M · $579.9M–$810.5M
$531.3M$911.0M
Clients
Filed
353 · 196–586
380 · 194–687
701,186
AUM per client
Derived from two filed figures
$1.91M · $1.23M–$3.47M
$1.80M · $1.00M–$3.65M
$565K$9.62M
Staff
Total employees, filed
8 · 5–11
9 · 6–14
321
Clients per staff member
Derived from two filed figures
45.5 · 26.8–71.5
40.7 · 24.6–66
11.6108
Each line runs from the 10th to the 90th percentile; the bar is the middle half and the tick is the median, shown first, then the middle half. AUM per client and clients per staff member are derived from two filed figures.
What's on file
How firms this size are set up.
Five or more advisory staff
Item 5.B(1)
Two or more offices besides the main one
Item 1.F(5)
Two or more qualified custodians
Item 9.F
Has custody of client assets
Item 9
Each share counts only the firms that filed that item.
Published multiples for this size
Two publishers, two different ranges.
| Publisher | Measure and size | Range | Edition | In ValuationMCP |
|---|---|---|---|---|
| Sica Fletcher SCF Index | Share of AUM · ≈$500M AUM | 1.4–1.7% | 2024 | Prices the valuation |
| Sica Fletcher SCF Index | Revenue · ≈$15M revenue | 2.8–3.4× | 2024 | Prices the valuation |
| Sica Fletcher SCF Index | EBITDA · ≈$5M EBITDA | 5.7–6.8× | 2024 | Prices the valuation |
| CT Acquisitions | Adjusted EBITDA · $500M–$1B AUM | 8.5–11.5× | Jul 2026 | Shown for comparison |
Published ranges for firms of a size, not deal comparables. Within each SCF size, niche and specialist RIAs sit at the top of the range and retirement-plan advisors at the bottom. Other publishers are shown for comparison and never enter a valuation.
Retirement plans in California
For advisors who serve plans.
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
10,865
Nationally 93,209
Median participants
114
Nationally 121
Median service-provider pay
$50K
Schedule C, 5,182 plans reported it
Nationally $57K
Form 5500 via 5500mcp.ai · refreshed 3 Sep 2026
California at other sizes
- Under $100M in California43 firms
- $100M–$250M in California375 firms
- $250M–$500M in California280 firms
- $1B–$5B in California175 firms
- $5B and up in California83 firms
$500M–$1B next door
- $500M–$1B in Oregon18 firms
- $500M–$1B in Arizona13 firms
- $500M–$1B in Nevada6 firms
FAQ
Questions owners ask
Is this an appraisal of my firm?
No. It shows public filings and published ranges for firms like yours. A valuation needs your own revenue, profit and client figures; ValuationMCP runs seven methods on them and shows the range.
Why aren't revenue and profit shown?
Form ADV doesn't ask for them. They come from your own systems, which are read only when you start a pull.
How current is this?
The Form ADV figures are as of 3 Nov 2026, and this page refreshes them weekly. The SCF Index is checked weekly for a new edition, and a new edition is reviewed before ValuationMCP prices from it.
Get your firm's number in Claude.
Seven methods on your own figures, with the range and the source of every input.
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