The independent wealth management industry has grown significantly over the past decade and many financial advisors believe it will continue to grow in the future. According to a Schwab Advisor Services 2022 Independent Advisor Outlook Study, about 93% of companies expect growth over the next five years, with a projected 17% increase per year in average net new assets expected over this period. In fact, more than one in four advisors surveyed expect faster growth over the next few years than their current growth rate.
In this study, SmartAsset identifies the fastest growing financial advisors in the United States. number of client accounts and percentage change over one and three years in assets under management (AUM). Our data and methodology below contains more detail on the criteria for selecting consultancies and how we put the data together to create our final ranking.
This is SmartAsset’s second annual study of the fastest growing financial advisory companies. Discover our 2021 edition here.
Smart Assets SmartAdvisor Platform connects Certified Financial Advisors with new local clients across the United States. If you are looking to scale your business, be sure to consider us as a potential organic growth partner.
Two companies based in Atlanta as well as two others based in Chicago rank in our top 10. Aprio Wealth Management, LLC and BIP Wealth, LLC are both based in Atlanta, while IHT Wealth Management LLC and The Mather Group are headquartered in the Windy City. All four firms rank among the top 20% of financial advisors for each of the four metrics we considered.
Strong growth among some large companies. Only about one in three financial advisory firms in our study hold assets over $2 billion. However, five of the 10 fastest growing financial advisors report an April 2022 AUM of $2 billion or more. The fastest growing largest advisor in our top 10 is The Mather Group, with an AUM of $8.6 billion in April 2022.
1. Integrated Wealth Concepts, LLC
Integrated Wealth Concepts, LLC ranked first for the second year in a row. Also known as Integrated Partners, the company has the 21st largest three-year increase in the number of clients (218.08%) and the third-largest three-year growth in assets under management (478.34% ). Integrated Partners also ranks well for its year-over-year growth in AUM. Between March 2021 and March 2022, total assets held increased by approximately 56%.
2. Bogart Wealth, LLC
Based in Northern Virginia, Bogart Wealth, LLC had over $1.9 billion in assets under management at the end of March 2022, approximately 157% and 47% more than March 2019 and March 2021 , respectively. Compared to other advisors, this is the 23rd highest one-year percentage change in assets under management and the 27th highest three-year percentage change in assets under management. The number of clients that Bogart Wealth serves has also increased. In the last year alone, the number of customers has increased by 38.31%, from around 3,700 to almost 5,200.
3. Aprio Wealth Management, LLC
Over the past year, Aprio Wealth Management, LLC had the 32nd largest change in the number of accounts receivable (41.68%) and the 30th largest increase in assets under management (43.82%). Aprio Wealth Management also ranks among the top 40 financial advisors for its three-year percentage change in assets under management. According to Form ADV filings, the AUM increased from $500.3 million to $1.3 billion between March 2019 and March 2022.
4. Ritholtz Wealth Management
Ritholtz Wealth Management had approximately $2.7 billion in assets under management at the end of March 2022, approximately 170% more than March 2019 and 50% more than March 2021. Compared to other advice, the three- and one-year changes in assets under management are 23rd and 19th respectively. Ritholtz Wealth Management also ranks among the top 50 companies for its three-year percentage change in number of clients (102.80%).
5. IHT Wealth Management, LLC
Based in Chicago, Illinois, IHT Wealth Management LLC ranks among the top 40 financial advisory firms on three of the four metrics we considered. Between March 2019 and 2022, IHT Wealth Management grew its customer base by more than 209% – from approximately 7,600 to approximately 23,600 – and its total assets under management by more than 257% – from $1.3 billion to 4, $5 billion.
6. BIP Wealth, LLC
The second of two companies based in the Georgian capital, BIP Wealth, LLC ranks first for growth over the past year. It has the 24th largest one-year change in number of clients (53.62%) and the 38th largest one-year percentage change in assets under management (41.07%). At the end of March 2022, BIP Wealth’s number of clients and assets under management stood at nearly $5,000 and $2.2 billion, respectively.
7. Canopy Wealth Management (tie)
The number of clients working with Canopy Wealth Management more than doubled between 2019 and 2022, growing by approximately 100.25%. At the end of March 2022, Canopy Wealth Management’s total assets under management were approximately $1.2 billion, approximately 101% and 64% higher than at the end of March 2019 and March 2021, respectively.
7. Fort Point Capital Partners LLC (tie)
Fort Point Capital Partners LLC has significantly expanded its client base over the past few years. At the end of March 2022, Fort Point Capital Partners was serving a total of 1,264 clients. That’s about 121% and 57% more than in March 2019 and March 2021, respectively.
9. Search Main Street LLC
Main Street Research LLC is the oldest RIA in our top 10. Based in Sausalito, Calif., the firm manages nearly $2.0 billion in assets across approximately 2,300 accounts. These figures represent significant growth over previous years. At the end of March 2019, the company only held $1.0 billion in assets for around 600 clients. In other words, over a three-year period, assets under management have increased by almost 96% and the number of clients has increased by almost 289%.
10. The Mather Group
Of the four metrics we considered, The Mather Group ranks first for its year-over-year change in assets under management. Between March 2021 and March 2022, Mather Group’s assets under management increased by approximately 53%, from $4.1 billion to $8.6 billion. During the same period, the company’s customer base grew by approximately 27%, from approximately 9,900 customers to over 12,500.
Data and methodology
To write our report, we started by identifying all companies registered with the United States Securities & Exchange Commission (SEC) and headquartered in the United States. All companies registered with the SEC are legally required to comply with fiduciary duty and must report essential information about their business to the SEC.
To narrow down our list further, we’ve removed all companies that have disclosures on their Form ADV, as well as companies that do not offer financial planning services and those with less than $500 million in assets under management at the time of their SEC filing in March 2019. Finally, for To isolate organic growth, we eliminated companies that participated in mergers and acquisitions during the reporting period by cross-referencing Fidelity’s annual M&A reports and through our own research and due diligence.
With these criteria, we considered a total of 682 financial advisory firms. We ranked these companies by comparing them according to the following four parameters:
Year-over-year percentage change in the number of customer accounts. Data is from the SEC and is for March 2021 and March 2022.
Three-year percentage change in the number of customer accounts. Data is from the SEC and is for March 2019 and March 2022.
Year-on-year percentage change in assets under management. Data is from the SEC and is for March 2021 and March 2022.
Three-year percentage change in assets under management. Data is from the SEC and is for March 2019 and March 2022.
Using the four metrics, we ranked each consulting firm in each metric, giving all metrics equal weight. We then found the average ranking for each company and used the average to determine a final score. The company with the highest average ranking received a score of 100. The company with the lowest average ranking received a score of 0.
Please note that this study does not assess the quality of services provided to clients and is not indicative of the future business performance of financial advisory firms. Neither RIA companies nor their employees have paid any fees to SmartAsset in exchange for their inclusion in our ranking.
Tips for finding clients
Team up with us. Smart Assets SmartAdvisor Platform connects Certified Financial Advisors with new local clients across the United States. If you are looking to scale your business, be sure to consider us as a potential organic growth partner.
Expand your radius. Smart Assets Financial Advisor The survey shows that 60% of participating prospects indicated they were willing to work with a remote consultant. Consider broadening your search and working with investors who are more comfortable with less frequent in-person meetings.
Questions about our study? Contact us at [email protected]
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