A registered investment adviser (RIA) is an individual or firm who manages and advises investment portfolios. Advisers who have more than $110 million in assets under management (AUM) are generally required to register with the SEC. The Registered Investment Advisers (RIA) database powered by Audit Analytics looks at records back to 2012 and covers all advisers filing Form ADV. In 2021, 526 audit firms conducted 4,409 audits of 3,802 unique registered investment advisers. 

In this analysis, Audit Analytics takes a closer look at the audit firm market share of registered investment advisers broken down by U.S. region.