There are about 11,888 federally registered investment advisor firms managing about $38.3 trillion in 2010, according to the January SEC report. The number of advisors has increased by about 39 percent from 2004 when there were 8,581 advisors managing about $24.1 trillion.
The average registered investment advisor is examined by the SEC less than once every 11 years given the current rate of examinations, according to the report.