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Washington, D.C./New York – June 3, 2026 – The 2026 Investment Adviser Industry Snapshot reports that the industry has continued its strong growth trend, setting record highs for number of advisers, clients, employees, and assets under management in 2025. The Snapshot is a joint effort of the Investment Adviser Association (IAA) and Comply.
The number of advisers rose to 16,544 in 2025, while the number of clients served by those advisers increased by 7.7% to 73.7 million. Reflecting strong market conditions, assets under management gained 22.3% from $144.6 trillion to $176.8 trillion, while non-clerical employment grew 7.5% to reach 1.1 million employees.
“This 26th edition of the Adviser Snapshot highlights the sustained strong growth of the investment adviser industry over the past quarter century,” said IAA President & CEO Karen Barr. “Individual investors are at the heart of that growth; they are increasingly seeing the value of fiduciary advice offered by investment advisers.”
By the numbers:
- 92.8% of advisers employed 100 or fewer employees
- 67.4% of advisers managed less than $1 billion in assets, and 87.3% managed less than $5 billion
- Advisers focused on individuals as clients were generally small, with an average of just 8 employees and $424 million in assets under management
Insights from this year’s report include:
- The number of advisers, clients, and employees, as well as assets under management, reached record highs in 2025.
- The number of offices in private residences continued to rise even with the increase in “return to office.”
- Growth in the number of pension and profit-sharing plans significantly outpaced substantial growth in plan assets.
- Hedge funds had a particularly strong year with assets in hedge funds managed by SEC registered advisers gaining 18.5% in 2025.
- The average SEC registered adviser provided over 1,000 pieces of information in Form ADV Part 1A and related Schedule D.
“The investment adviser industry is incredibly dynamic, and the 2026 Snapshot provides insights on the trends” said Comply Chief Regulatory Services Officer Jamila Mayfield. “For example, growth in private funds continued this year, with especially strong gains in hedge fund assets.”
The full Investment Adviser Industry Snapshot 2026 can be viewed and downloaded from the IAA website or by going to the Comply website.
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About the Investment Adviser Association
The IAA is the leading organization dedicated to advancing the interests of fiduciary investment advisers. For almost 90 years, the IAA has been advocating for advisers before Congress and U.S. and global regulators, promoting best practices and providing education and resources to empower advisers to effectively serve their clients, the capital markets, and the U.S. economy. The IAA’s member firms manage more than $57 trillion in assets for a wide variety of individual and institutional clients, including pension plans, trusts, mutual funds, private funds, endowments, foundations, and corporations. For more information, visit www.investmentadviser.org or follow us on LinkedIn and YouTube.
About Comply
Comply is a global technology and services leader transforming regulatory compliance for financial institutions through AI-enabled software, data intelligence, and expert advisory services. Trusted by more than 5,000 firms, including broker-dealers, insurers, investment banks, private funds, RIAs, and wealth managers, Comply combines deep regulatory domain expertise with advanced automation, machine learning, and integrated data solutions to deliver a unified platform that streamlines oversight and strengthens governance across the enterprise. With a relentless focus on innovation and client partnership, Comply is building the financial industry’s most intelligent and future-ready compliance ecosystem, helping institutions worldwide turn regulatory complexity into strategic advantage. Learn more at comply.com.
Contacts
Janay Rickwalder, CAE
Vice President, Communications & Marketing
Investment Adviser Association
703-357-3918
janay.rickwalder@investmentadviser.org
Caroline Nesbit
Director of Communications
Comply
301-525-2399