As the independent space continues to grow, RIAs are growing too.
In Financial Advisor magazine's RIA Survey & Ranking 2017, the top 10 largest advisors by the number of client relationships tended to be fast growing, enterprise-style firms.
While some firms are becoming huge by appealing to advisors—and clients—interested in breaking away from wirehouses and other traditional wealth managers, others are finding efficiencies and using technology to scale down and serve massive numbers of end clients. Still others are looking to the defined contribution plan space as a way to access pools of assets owned by large numbers of participants.
Each firm in our top 10 list has more than 10,000 clients. As of Dec. 31, 2016, the 10 largest RIAs by total client relationships in ascending order were:
10. Brookstone Capital Management - 10,000
Based in Wheaton, Ill., Brookstone had 10,000 clients at the end of 2016, up 500 from the 9,500 reported 12 months previously.
9. First Republic Investment Management - 10,165
San Francisco-based First Republic Investment Management ended 2016 with 10,165 client relationships, an increase of 1,165 from year-end 2015.
8. EFS Advisors - 10,300
EFS Advisors, based in Cambridge, Minn., reported 10,300 clients at the end of 2016, an increase of 200 from Dec. 31, 2015.
7. Mariner Wealth Advisors - 10,964
Overland Park, Kan.-based Mariner Wealth Advisors had 10,964 clients on Dec. 31, 2016, an increase of 764 from the number it reported at the end of 2015.
6. HighTower Advisors - 12,000
HighTower Advisors, based in Chicago, had 12,000 clients to close out 2016, an increase of 2,000 from the prior year.
5. The Pacific Financial Group - 13,489
The Pacific Financial Group, based in Bellevue, Wash. grew its client base by more than 2,000 relationships, from 11,396 in 2015 to 13,489 in 2016.
4. Creative Planning - 15,000
Leawood, Kan.-based Creative Planning grew its total clientele by more than 25 percent in the 12 months through Dec. 31, 2016, from 11,000 to 15,000 clients.
3. United Capital Financial Advisers - 17,341
United Capital Financial Advisors, based in Newport Beach, Calif., boasted 17,341 clients at the end of 2016, an increase of 1,484 from its 2015 total.
2. Edelman Financial Services - 31,921
Fairfax, Va.-based Edelman Financial Services ballooned from 28,931 clients at the end of 2015 to 31,921 clients at the end of 2016, an increase of 2,990 clients.
1. Global Financial Private Capital - 49,632
Global Financial Private Capital, based in Sarasota, Fla., grew its client base by 8,232 relationships in 2016, from 41,400 to 49,632.