For the first time, a registered investment advisory firm requires at least $10 billion in assets under management to make the list of the 20 largest fee-only firms in the U.S.
In fact, Chicago-based Gresham Partners — No. 20 in the rankings below from data partner Comply for Financial Planning’s 2025 RIA Leaders study — has more than $11.6 billion in AUM. The top three spots this year went to St. Louis-based Moneta Group Investment Advisors ($42.8 billion in AUM); Bethesda, Maryland-based Chevy Chase Trust Company ($40.3 billion); and Torrance, California-based EP Wealth Advisors ($35.6 billion). Together, the top 20 firms in the 2025 ranking have nearly $424 billion in combined AUM.
As much as those eye-popping AUM figures reflect the sheer size of some fee-only RIAs, they also indicate accelerating consolidation.
The need for succession planning, capital to drive scale, organic growth, new lines of business and talent in the form of financial advisors, specialists and executives is driving that consolidation at the top of the channel, according to Brandon Kawal, a partner with consulting and transaction advisory firm Advisor Growth Strategies. M&A deals have proven “a good venue” for RIAs to pursue advisors and other professionals with solid track records, he said.
“As these larger platforms seek to drive increasing levels of value for their shareholders — whether individual or institutional — the most valuable aspect of any of these platforms is the ability to grow organically,” Kawal said. “Where they’re very accretive is where those acquisitions or mergers can come in and be part of a more holistic growth story.”
To read the full article, please visit: https://www.financial-planning.com/list/ria-leaders-2025-top-20-firms-by-aum
Disclaimer
This article was first published by Tobias Salinger
The original article can be found here. All rights to the original content are held by FinancialPlanning.com.
