Northeast RIAs see growth bounce back in 2021

In the second year of the Covid-19 pandemic, large registered investment advisers based in the Northeast region saw a return of business and growth, doing so well they even outpaced the average increase in assets of recent years.

The 2021 growth for RIAs in New York, Boston and Philadelphia came after the first year of the pandemic, 2020, in which large RIAs in the Northeast struggled to keep up with their competitors in other parts of the country, particularly the South.

The first year of business during the pandemic severely challenged the ability of large RIAs in the Northeast to woo wealthy clients over dinner and drinks, compete fully in the current rough and tumble mergers and acquisitions market and execute plans to increase staff. 

But 2021 was different and those regions saw a rebound, according to InvestmentNews data. Large RIAs in the Northeast had $815.2 billion in assets this year compared to $687.1 billion in 2020, year-over-year asset growth of 18.6%.

The improvement this year in the Northeast came after a particularly trying 2020, when businesses and work-life were dramatically altered by the pandemic. Last year, large Northeastern RIAs actually saw average firm size decline by less than 1%. Average firm growth size this year rebounded to 8.8%.

“This speaks to the resiliency of small businesses, which are often led by so called Alpha dogs,” said Danny Sarch, an industry recruiter. “It’s made these small-business RIAs formalize regular meetings, when it used to be the boss saying, hey, have you got a minute.”

“And getting rid of home schooling this year was an enormous reduction of a burden for executives and employees,” he said. “With kids back at school, you can actually do work from home.”

In the Midwest this year, large RIAs notched $472.5 billion in assets compared to $375.2 billion a year earlier, or annual growth of 25.9%.

Both those one year growth rates in the Northeast and Midwest outpaced average annual growth going back to 2018, according to InvestmentNews data.

Not so in the South, which benefited in 2020 from low state taxes and warm weather, which made common practices like meeting clients outdoors for lunch easier. In 2021, large RIAs in the South reported total assets of $453.2 billion compared $410.3 billion the year earlier, for one-year growth of 10.4%, lagging its four-year average growth rate.

The InvestmentNews annual review of RIAs by region includes firms with $100 million or more in assets, according to their most recent Form ADV on file with the Securities and Exchange Commission, and splits them into four regions: the Northeast along with the West, Midwest and South. 

And 2021 has been another record year for the broad stock market, helping RIA firms’ asset growth and profitability, with the S&P 500 up 24.4% year-to-date through trading early Monday afternoon.

Meanwhile, the RIAs in the West region continued to see robust growth in the face of Covid-19 difficulties. They reported close to $753 billion in assets this year compared to almost $617 billion in 2020 for growth of 22% and well outpacing the region’s four-year average.

“Everyone has adjusted to the new normal,” Sarch said.


Cambridge Associates, LLC $238,536
Silvercrest Asset Management Group LLC $27,819
BBR Partners, LLC $20,708
Pathstone Family Office, LLC $19,598
Summit Rock Advisors, Lp $19,597
Tiedemann Advisors, LLC $18,415
Wealthspire Advisors LLC $12,715
Appleton Partners, Inc. $12,432
Loring, Wolcott & Coolidge Fiduciary Advisors, LLP $10,566
Ballentine Partners, LLC $8,673
Tag Associates LLC $8,641
Mill Creek Capital Advisors, LLC $8,051
Pinnacle Associates, Ltd. $6,658
Adviser Investments LLC $6,541
Seven Bridges Advisors LLC $6,407


Moneta Group Investment Advisors, LLC $27,418
Bahl & Gaynor Inc $18,029
Johnson Investment Counsel, Inc. $15,525
Oxford Financial Group, Ltd $14,819
Cresset Asset Management, LLC $13,976
Financial Counselors Inc $12,404
Savant Capital, LLC $10,318
Fiduciary Counselling Inc $9,116
Valeo Financial Advisors, LLC $6,392
Brownson, Rehmus & Foxworth, Inc. $6,025
Altair Advisers, LLC $6,024
Orgel Wealth Management, LLC $5,619
The Mather Group, LLC $5,614
Gofen And Glossberg, L.L.C. $5,556
Balasa Dinverno Foltz LLC $5,366


Jasper Ridge Partners, L.P. $27,480
W.E. Family Offices, LLC $10,201
Homrich & Berg Inc $8,929
CV Advisors LLC $8,907
Arlington Partners LLC $5,314
RGT Wealth Advisors, LLC $4,860
Brightworth, LLC $4,584
SignatureFD, LLC $4,578
WMS Partners, LLC $4,374
Linscomb & Williams Inc $4,219
Wilbanks, Smith & Thomas Asset Management, LLC $4,014
Smith Shellnut Wilson LLC $3,912
Stonegate Investment Group, LLC $3,556
Exencial Wealth Advisors, LLC $3,490
Parsec Financial Management Inc $3,428

Fisher Asset Management, LLC $159,612
Hall Capital Partners LLC $48,055
Comprehensive Financial Management LLC $22,758
Jordan Park Group LLC $15,791
Aspiriant, LLC $14,513
IEQ Capital, LLC $11,592
EP Wealth Advisors, LLC. $11,225
Brighton Jones LLC $8,443
Evoke Wealth, LLC $7,704
Lido Advisors, LLC $7,692
Ferguson Wellman Capital Management, Inc. $6,855
Wetherby Asset Management $6,572
Churchill Management Corp $6,567
Frontier Asset Management, LLC $6,348
Seven Post Investment Office LP $6,066

The post Northeast RIAs see growth bounce back in 2021 appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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