The bulk of RIA clientele, 95 percent, are individual clients. Of these, the most prevalent type of client is the non-high-net-worth individual – clients with less than $1 million in net worth account for nearly 82 percent of the total clientele of the RIA channel. High-net-worth individuals account for less than 14 percent of the total RIA clientele.
In 2018, 4.654 advisors reported advising 36,095 private funds with a total gross asset value of $13.3 trillion, up from 4,574 and $11.5 trillion in 2017. Private equity funds make up 38.5 percent of the private offerings, while hedge funds account for 31.7 percent.
The IAA and NRS have conducted the Evolution Revolution reports on the registered investment advisor industry since 2001, using data from SEC Forms ADV, Part 1.