Benchmarks · Massachusetts · $5B and up AUM
What is a $5B-plus RIA worth in Massachusetts?
At the largest size the Sica Fletcher SCF Index publishes (about $5B of AUM, $50M of revenue or $25M of EBITDA), practices have traded at 1.9–2.3% of AUM, 3.2–4.0× revenue and 7.0–8.1× EBITDA. Firms in this tier are larger than the largest size the index publishes.
At those AUM percentages, the median Massachusetts firm in this tier, with $17.6B of AUM, would come to $333.6M–$403.8M.
That is one of seven methods. The other six need your revenue, profit and client figures, which Form ADV doesn't carry.
Massachusetts against the national tier
How Massachusetts compares with all $5B and up firms.
MassachusettsUnited States
AUM
Filed
$17.6B · $8.38B–$100.6B
$13.7B · $7.83B–$40.6B
$5.73B$223.4B
Clients
Filed
1,048 · 283–9,121
2,309 · 307–12,411
9460,716
AUM per client
Derived from two filed figures
$15.6M · $3.18M–$76.7M
$6.81M · $1.51M–$55.4M
$476K$270.7M
Staff
Total employees, filed
98.5 · 35–212
105 · 45–302
211,113
Clients per staff member
Derived from two filed figures
18.6 · 4.6–52.6
23.3 · 5.1–51
1.3146
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 · ≈$5B AUM | 1.9–2.3% | 2024 | Prices the valuation |
| Sica Fletcher SCF Index | Revenue · ≈$50M revenue | 3.2–4.0× | 2024 | Prices the valuation |
| Sica Fletcher SCF Index | EBITDA · ≈$25M EBITDA | 7.0–8.1× | 2024 | Prices the valuation |
| CT Acquisitions | Adjusted EBITDA · $5B and up AUM | 13.0–18.0× | 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 Massachusetts
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
3,005
Nationally 93,209
Median participants
139
Nationally 121
Median service-provider pay
$49K
Schedule C, 1,570 plans reported it
Nationally $57K
Form 5500 via 5500mcp.ai · refreshed 3 Sep 2026
Massachusetts at other sizes
- Under $100M in Massachusetts11 firms
- $100M–$250M in Massachusetts94 firms
- $250M–$500M in Massachusetts61 firms
- $500M–$1B in Massachusetts58 firms
- $1B–$5B in Massachusetts72 firms
$5B and up next door
- $5B and up in New York122 firms
- $5B and up in Connecticut21 firms
- $5B and up in Rhode Island2 firms
- $5B and up in New Hampshire1 firms
- $5B and up in Vermont1 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