100 Fastest Growing RIAs – 2024 Study

By No Comments9 Mins Read
100 Fastest Growing RIAs – 2024 Study

As financial technology speeds up connections, expands geographical reach and increases access to financial tools, registered investment advisors (RIAs) must innovate and act quickly to attract clients and manage growing assets. The field is becoming more competitive than ever, with the number of RIAs serving. clients in the U.S. steadily rising. In August 2024, the total count of SEC-registered RIAs rose to 15,860 – an increase of 374 compared year over year.

Keeping this in mind, SmartAsset ranked the 100 fastest-growing RIAs in the past year, focusing on growth rates over one and three years in client accounts and total regulatory assets under management (AUM). Almost 2,000 firms met the initial qualifications: offering financial planning services, being based in the U.S., having at least $500 million in AUM and no disclosures on the firm’s ADV. Further, firms involved in recent mergers or acquisitions were excluded to highlight organic growth.

Are you a financial advisor looking to grow your AUM? Check out what SmartAsset AMP has to offer.

Key Findings

  • Provenance Wealth Advisors is the fastest growing RIA. This Fort Lauderdale-based RIA had the most growth in the number of client accounts over the last year, going from 108 in 2023 to 2,046 in 2024, or a 1,794.4% increase. In the same timeframe, AUM jumped 320% from $623 million to about $2.616 billion.

  • This RIA saw over 2,000% growth in the number of client accounts managed over three years. Since 2021, Oakridge Management Group, LLC, based out of Darien, CT, has gone from 5 client accounts to 111, a 2,120.0% increase. The firm ranked second for fastest-growing RIAs overall.

  • Since 2021, AUM grew by over 3,000% at this North Carolina RIA. Spread across 394 client accounts, regulatory AUM now totals about $4.429 billion at Veratis Advisors, Inc. Three years ago, the regulatory AUM totaled just a fraction of that at $136 million across 261 accounts. This helped Veratis Advisors earn the title of third fastest-growing RIA in 2024.

  • Assets under management at Mayflower Advisors grew most over the last year. Based out of Boston, MA, Mayflower Advisors saw their regulatory AUM grow 355.9% in just one year, compared to a 2.2% growth in the number of clients over the same time. The firm went from $1.028 billion in AUM in 2023 to about $4.689 billion by summer 2024, making it the fourth fastest-growing RIA.

Top 20 Fastest Growing RIAs

  1. PROVENANCE WEALTH ADVISORS

  • Location: FORT LAUDERDALE, FL

  • Number of client accounts in 2024: 2046

  • Number of client accounts in 2023: 108

  • Number of client accounts in 2021: 98

  • One-year change in client accounts: 1794.4%

  • Three-year change in client accounts: 1987.8%

  • Regulatory AUM, 2024: $2,615,605,368

  • Regulatory AUM, 2023: $623,232,415

  • Regulatory AUM, 2021: $549,232,181

  • One-year change in regulatory AUM: 319.7%

  • Three-year change in regulatory AUM: 376.2%

  1. OAKRIDGE MANAGEMENT GROUP LLC

  • Location: DARIEN, CT

  • Number of client accounts in 2024: 111

  • Number of client accounts in 2023: 64

  • Number of client accounts in 2021: 5

  • One-year change in client accounts: 73.4%

  • Three-year change in client accounts: 2120.0%

  • Regulatory AUM, 2024: $1,085,752,280

  • Regulatory AUM, 2023: $597,716,416

  • Regulatory AUM, 2021: $450,000,000

  • One-year change in regulatory AUM: 81.7%

  • Three-year change in regulatory AUM: 141.3%

  1. VERATIS ADVISORS, INC.

  • Location: CARY, NC

  • Number of client accounts in 2024: 394

  • Number of client accounts in 2023: 437

  • Number of client accounts in 2021: 261

  • One-year change in client accounts: -9.8%

  • Three-year change in client accounts: 51.0%

  • Regulatory AUM, 2024: $4,429,232,164

  • Regulatory AUM, 2023: $3,681,294,980

  • Regulatory AUM, 2021: $136,088,263

  • One-year change in regulatory AUM: 20.3%

  • Three-year change in regulatory AUM: 3154.7%

  1. MAYFLOWER ADVISORS

  • Location: BOSTON, MA

  • Number of client accounts in 2024: 2361

  • Number of client accounts in 2023: 2311

  • Number of client accounts in 2021: 1802

  • One-year change in client accounts: 2.2%

  • Three-year change in client accounts: 31.0%

  • Regulatory AUM, 2024: $4,688,875,503

  • Regulatory AUM, 2023: $1,028,571,872

  • Regulatory AUM, 2021: $901,624,478

  • One-year change in regulatory AUM: 355.9%

  • Three-year change in regulatory AUM: 420.0%

  1. PGI WEALTH MANAGEMENT

  • Location: MILTON, GA

  • Number of client accounts in 2024: 1636

  • Number of client accounts in 2023: 897

  • Number of client accounts in 2021: 640

  • One-year change in client accounts: 82.4%

  • Three-year change in client accounts: 155.6%

  • Regulatory AUM, 2024: $934,436,331

  • Regulatory AUM, 2023: $257,501,591

  • Regulatory AUM, 2021: $220,645,644

  • One-year change in regulatory AUM: 262.9%

  • Three-year change in regulatory AUM: 323.5%

  1. TALON PRIVATE WEALTH, LLC

  • Location: THE VILLAGES, FL

  • Number of client accounts in 2024: 8813

  • Number of client accounts in 2023: 4058

  • Number of client accounts in 2021: 586

  • One-year change in client accounts: 117.2%

  • Three-year change in client accounts: 1403.9%

  • Regulatory AUM, 2024: $843,286,851

  • Regulatory AUM, 2023: $826,440,898

  • Regulatory AUM, 2021: $164,921,408

  • One-year change in regulatory AUM: 2.0%

  • Three-year change in regulatory AUM: 411.3%

  1. BOS ASSET MANAGEMENT, LLC

  • Location: SPRINGFIELD, IL

  • Number of client accounts in 2024: 1061

  • Number of client accounts in 2023: 884

  • Number of client accounts in 2021: 81

  • One-year change in client accounts: 20.0%

  • Three-year change in client accounts: 1209.9%

  • Regulatory AUM, 2024: $747,304,266

  • Regulatory AUM, 2023: $635,702,210

  • Regulatory AUM, 2021: $109,557,109

  • One-year change in regulatory AUM: 17.6%

  • Three-year change in regulatory AUM: 582.1%

  1. CETERA INVESTMENT ADVISERS LLC

  • Location: SCHAUMBURG, IL

  • Number of client accounts in 2024: 423554

  • Number of client accounts in 2023: 176986

  • Number of client accounts in 2021: 129758

  • One-year change in client accounts: 139.3%

  • Three-year change in client accounts: 226.4%

  • Regulatory AUM, 2024: $104,469,000,000

  • Regulatory AUM, 2023: $33,356,369,941

  • Regulatory AUM, 2021: $28,325,892,693

  • One-year change in regulatory AUM: 213.2%

  • Three-year change in regulatory AUM: 268.8%

  1. HAYS FINANCIAL GROUP, LLC

  • Location: EDINA, MN

  • Number of client accounts in 2024: 378

  • Number of client accounts in 2023: 496

  • Number of client accounts in 2021: 50

  • One-year change in client accounts: -23.8%

  • Three-year change in client accounts: 656.0%

  • Regulatory AUM, 2024: $5,098,398,433

  • Regulatory AUM, 2023: $3,155,995,471

  • Regulatory AUM, 2021: $433,809,797

  • One-year change in regulatory AUM: 61.5%

  • Three-year change in regulatory AUM: 1075.3%

  1. ODEON CAPITAL ADVISORS LLC

  • Location: NEW YORK, NY

  • Number of client accounts in 2024: 27

  • Number of client accounts in 2023: 8

  • Number of client accounts in 2021: 14

  • One-year change in client accounts: 237.5%

  • Three-year change in client accounts: 92.9%

  • Regulatory AUM, 2024: $613,501,049

  • Regulatory AUM, 2023: $459,155,296

  • Regulatory AUM, 2021: $35,121,448

  • One-year change in regulatory AUM: 33.6%

  • Three-year change in regulatory AUM: 1646.8%

  1. STRATEGIC WEALTH INVESTMENT GROUP, LLC

  • Location: LOUISVILLE, KY

  • Number of client accounts in 2024: 22,963

  • Number of client accounts in 2023: 5,393

  • Number of client accounts in 2021: 2,401

  • One-year change in client accounts: 325.8%

  • Three-year change in client accounts: 856.4%

  • Regulatory AUM, 2024: $900,767,493

  • Regulatory AUM, 2023: $627,838,627

  • Regulatory AUM, 2021: $222,436,400

  • One-year change in regulatory AUM: 43.5%

  • Three-year change in regulatory AUM: 305.0%

  1. WEDMONT PRIVATE CAPITAL

  • Location: WEST CHESTER, PA

  • Number of client accounts in 2024: 1,505

  • Number of client accounts in 2023: 1,105

  • Number of client accounts in 2021: 240

  • One-year change in client accounts: 36.2%

  • Three-year change in client accounts: 527.1%

  • Regulatory AUM, 2024: $1,577,291,043

  • Regulatory AUM, 2023: $1,022,151,670

  • Regulatory AUM, 2021: $140,051,863

  • One-year change in regulatory AUM: 54.3%

  • Three-year change in regulatory AUM: 1026.2%

  1. GUARDIAN WEALTH ADVISORS, LLC

  • Location: RALEIGH, NC

  • Number of client accounts in 2024: 3,670

  • Number of client accounts in 2023: 3,119

  • Number of client accounts in 2021: 474

  • One-year change in client accounts: 17.7%

  • Three-year change in client accounts: 674.3%

  • Regulatory AUM, 2024: $1,660,902,219

  • Regulatory AUM, 2023: $1,350,674,710

  • Regulatory AUM, 2021: $149,446,666

  • One-year change in regulatory AUM: 23.0%

  • Three-year change in regulatory AUM: 1011.4%

  1. THE FIDUCIARY ALLIANCE

  • Location: GREENVILLE, SC

  • Number of client accounts in 2024: 16,591

  • Number of client accounts in 2023: 11,514

  • Number of client accounts in 2021: 1,567

  • One-year change in client accounts: 44.1%

  • Three-year change in client accounts: 958.8%

  • Regulatory AUM, 2024: $1,227,969,964

  • Regulatory AUM, 2023: $864,798,884

  • Regulatory AUM, 2021: $301,900,093

  • One-year change in regulatory AUM: 42.0%

  • Three-year change in regulatory AUM: 306.7%

  1. TD PRIVATE CLIENT WEALTH LLC

  • Location: NEW YORK, NY

  • Number of client accounts in 2024: 16,422

  • Number of client accounts in 2023: 7,606

  • Number of client accounts in 2021: 3,895

  • One-year change in client accounts: 115.9%

  • Three-year change in client accounts: 321.6%

  • Regulatory AUM, 2024: $12,264,854,463

  • Regulatory AUM, 2023: $4,662,280,213

  • Regulatory AUM, 2021: $4,801,858,908

  • One-year change in regulatory AUM: 163.1%

  • Three-year change in regulatory AUM: 155.4%

  1. THIRD LAKE PARTNERS, LLC

  • Location: TAMPA, FL

  • Number of client accounts in 2024: 52

  • Number of client accounts in 2023: 44

  • Number of client accounts in 2021: 13

  • One-year change in client accounts: 18.2%

  • Three-year change in client accounts: 300.0%

  • Regulatory AUM, 2024: $3,185,787,024

  • Regulatory AUM, 2023: $2,167,397,704

  • Regulatory AUM, 2021: $257,971,516

  • One-year change in regulatory AUM: 47.0%

  • Three-year change in regulatory AUM: 1134.9%

  1. GEOMETRIC WEALTH ADVISORS, LLC

  • Location: U.S.

  • Number of client accounts in 2024: 1,650

  • Number of client accounts in 2023: 181

  • Number of client accounts in 2021: 1,025

  • One-year change in client accounts: 811.6%

  • Three-year change in client accounts: 61.0%

  • Regulatory AUM, 2024: $843,677,000

  • Regulatory AUM, 2023: $587,445,000

  • Regulatory AUM, 2021: $409,951,000

  • One-year change in regulatory AUM: 43.6%

  • Three-year change in regulatory AUM: 105.8%

  1. HERON BAY CAPITAL MANAGEMENT

  • Location: BLOOMFIELD HILLS, MI

  • Number of client accounts in 2024: 342

  • Number of client accounts in 2023: 257

  • Number of client accounts in 2021: 126

  • One-year change in client accounts: 33.1%

  • Three-year change in client accounts: 171.4%

  • Regulatory AUM, 2024: $562,506,200

  • Regulatory AUM, 2023: $197,278,814

  • Regulatory AUM, 2021: $200,889,126

  • One-year change in regulatory AUM: 185.1%

  • Three-year change in regulatory AUM: 180.0%

  1. FIFTH AVENUE FAMILY OFFICE

  • Location: NAPLES, FL

  • Number of client accounts in 2024: 95

  • Number of client accounts in 2023: 104

  • Number of client accounts in 2021: 152

  • One-year change in client accounts: -8.7%

  • Three-year change in client accounts: -37.5%

  • Regulatory AUM, 2024: $633,393,801

  • Regulatory AUM, 2023: $190,674,421

  • Regulatory AUM, 2021: $296,237,898

  • One-year change in regulatory AUM: 232.2%

  • Three-year change in regulatory AUM: 113.8%

  1. PALLAS CAPITAL ADVISORS, LLC

  • Location: BRAINTREE, MA

  • Number of client accounts in 2024: 3,566

  • Number of client accounts in 2023: 2,675

  • Number of client accounts in 2021: 585

  • One-year change in client accounts: 33.3%

  • Three-year change in client accounts: 509.6%

  • Regulatory AUM, 2024: $2,965,232,525

  • Regulatory AUM, 2023: $1,539,021,289

  • Regulatory AUM, 2021: $720,074,640

  • One-year change in regulatory AUM: 92.7%

  • Three-year change in regulatory AUM: 311.8%

Data and Methodology

SmartAsset considered U.S.-based investment advisors registered with the U.S. Securities & Exchange Commission (SEC) that have at least $500 million in AUM, offer financial planning services and have no disclosures on their record. While we filtered RIAs based on whether they offer financial planning, some firms may primarily market their services to financial advisors and other businesses. Firms that underwent a merger or acquisition in the last five years were excluded from consideration.

Qualifying firms that fit those qualifications were ranked by the following metrics:

  • One-year percentage change in number of client accounts. Data comes from the SEC and is for August 2024 and August 2023.

  • Three-year percentage change in number of client accounts. Data comes from the SEC and is for August 2024 and August 2021.

  • One-year percentage change in assets under management. Data comes from the SEC and is for August 2024 and August 2023.

  • Three-year percentage change in assets under management. Data comes from the SEC and is for August 2024 and August 2023.

Questions about this study? Contact us at press@smartasset.com
Photo credit: ©iStock.com/LaylaBird

The post 100 Fastest Growing RIAs – 2024 Study appeared first on SmartReads by SmartAsset.

Share.

Related News

Leave A Reply

Exit mobile version