Fewer than 3% of registered investment advisors in the U.S. manage $1 billion or more in assets. Only 377 crossed the billion-dollar threshold as of their most recent fiscal year. Even more striking is the rarity of ultra-large RIAs — those overseeing more than $50 billion in assets — with just nine firms nationwide reaching that scale, according to a new SmartAsset analysis of Securities and Exchange Commission Form ADV filings. 

The study also highlights notable state-level trends and geographic concentrations of these high-asset firms. Alaska leads the nation in prevalence, with one in every eight advisory firms managing at least $1 billion in AUM, the highest proportion in the country. Montana ranks second, with two of its 18 active RIAs surpassing the billion-dollar mark.  

New York stands out in absolute numbers, accounting for more than 20% of all billion-dollar RIAs nationwide. The state is home to 79 such firms, five of which manage $10 billion or more, and three of which exceed $50 billion.  New Jersey also ranks in the top 10 states by prevalence, with 4.45% of its 337 active RIAs managing more than $1 billion in assets. 

These findings underscore both the scarcity and geographic concentration of billion-dollar advisory firms, as well as the outsized presence of major financial hubs in housing the industry’s largest players.