The Bloomberg Markets ranking includes RIAs registered with the U.S. Securities and Exchange Commission that reported that more than 75 percent of their clients have high net worth, meaning they have $2 million in net worth or $1 million with the adviser. We excluded those who take commissions or are affiliated with a bank, insurer or other financial firm.

Rising Share

The more than 20,000 independent RIAs in the U.S. have gained market share among wealth managers every year since 2007, increasing their assets 82 percent to $2.3 trillion from 2007 to 2013, Boston-based research firm Aite Group LLC says. In contrast, client assets at the largest retail brokerages rose 8.2 percent to $6.2 trillion in the same period.

“The RIA field appeals to both the best and the worst instincts of financial professionals,” says Barbara Roper, director of investor protection at the Consumer Federation of America.

She says the RIA model reduces conflicts of interest, though these advisers can have less federal oversight and fewer licensing requirements. Some, such as Wetherby, are certified financial planners and analysts.

New England Private Wealth Advisors LLC grew the fastest among the top 50. The firm, based in Wellesley, Massachusetts, boosted assets 44.8 percent to $794 million in the year ended on Dec. 31, 2013. CEO Ira Rapaport, 51, says the firm serves about 200 customers who generally have at least $2 million to invest.

Treadmill Desk

Wetherby’s largest family, whom she declines to identify, has about $400 million invested. Annual fees start at 75 basis points. They drop to 15 basis points if the assets managed exceed $80 million. (A basis point is 0.01 percentage point.)

Wetherby, who got her MBA from the University of California at Berkeley, won’t discuss returns. She says the firm tailors investments to clients, so there are no averages.

Wetherby puts in 10-hour-plus days and leads by consensus. Each of her 56 employees had a vote on the design of their 8th floor workspace, which they moved into this year, she says. They wanted equal-sized offices around the perimeter and low-rise cubicles in the middle so people could easily interact. In line with the high-tech focus of San Francisco, she chose a desk with an attached treadmill to exercise while reading or listening to conference calls.