03.16.26

New RIA Headquarters Are Not Following Demand

by: Diana Britton

A study by AdvizorPro found that new registered investment advisor (RIA) headquarters are not forming in the same states experiencing the fastest population growth. Between 2020 and 2024, the states with the highest growth in population in adults aged 22 and older were Florida (9%), Texas (8.6%) and South Carolina (8%). Yet California, which had just 1.2% population growth, was the single largest source of new RIA headquarters, while New York, which experienced a decline in the demographic, ranked near the top in new firm launches. Researchers say this reflects how RIA entrepreneurship tends to follow existing wealth, talent and infrastructure rather than population shifts alone, creating opportunities for new advisory firms in high-growth regions.

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