The ranking excludes firms that operate as or are affiliated with broker-dealers, banks or thrifts, trust or insurance companies or firms with employees who are registered representatives of broker-dealers. We also excluded firms that take commissions, sell financial products or operate as real estate agents, lawyers, insurance brokers or accountants. We did not consider multifamily offices.
Our RIAs obtained more than 75 percent of their assets under management from high-net-worth individuals. They got up to 25 percent of those assets from any of the following sources: investment and business development companies, pooled investment vehicles, pension and profit-sharing plans, charitable organizations, corporations or other businesses, state or municipal government entities, other investment advisers or investors that the RIAs described in their filings as “other.”