Key terms behind the data powering Rialytix

The sum of regulatory assets under management reported by each firm on Form ADV Part 1A, Item 5.F. Includes both discretionary and non-discretionary assets and reflects each firm's most recent annual updating amendment filed with the SEC.

Aggregate value of assets across all firms over which advisers exercise investment discretion — the authority to make investment decisions without obtaining client consent for each transaction. Sourced from Form ADV Part 1A, Item 5.F(1).

Aggregate value of assets advised on a non-discretionary basis, where the adviser provides recommendations but the client retains decision-making authority over each transaction. Sourced from Form ADV Part 1A, Item 5.F(2).

The sum of employees reported by each firm on Form ADV Part 1A, Item 5.B. Includes both investment-advisory personnel and operational support staff as reported by each firm. We use the total headcount figure as disclosed without further decomposition.

The sum of advised accounts reported by each firm on Form ADV Part 1A, Item 5.D(3). A single client relationship may comprise multiple accounts (e.g., separate trust, retirement, and taxable vehicles), so this figure reflects accounts rather than unique client entities or households.

The count of distinct registered investment advisers with a unique CRD number present in the Rialytix database. A firm is counted once regardless of how many Form ADV amendments it has filed.

The change in total regulatory assets under management between the first and last quarterly snapshot within the selected range. Expressed as both an absolute dollar change and a percentage.

The net change in total industry headcount between the first and last quarterly snapshot within the selected range. Reflects growth or contraction in aggregate employment across all firms in the database.

The net change in the number of unique CRD numbers in the database between the first and last quarterly snapshot within the selected range. A positive figure indicates net firm formation; a negative figure indicates net deregistration or consolidation.

Displays consolidated regulatory assets under management across all RIAs in the Rialytix database, plotted quarterly from Q1 2011 through the most recent available period. 2011 represents the earliest year for which the SEC Investment Adviser Public Disclosure database provides structured historical roster data.

Each quarterly point is computed by summing the most recently filed RAUM across all firms active in that quarter. Where no new amendment has been filed within a quarter, the firm's most recent prior-period figure is carried forward.

Plots the regulatory AUM reported by an individual firm across each quarter for which a Form ADV filing or SEC roster snapshot is available. Quarters with no new filing use the most recent prior-period snapshot from the SEC.

Plots the total employee count reported by an individual firm across each quarter for which a Form ADV filing or SEC roster snapshot is available. Computed identically to AUM by quarter.

Regulatory assets under management as reported on the firm's most recent Form ADV Part 1A, Item 5.F. Where a firm reports assets across multiple sections of the form, we display the consolidated figure alongside the discretionary and non-discretionary breakdown.

Calculated as the sum of clients across all demographic categories disclosed on Form ADV Part 1A, Item 5.D. A single client may be counted in multiple categories if they hold different types of relationships with the adviser.

A derived ratio used as a proxy for client-servicing capacity. Should be interpreted in context: a firm managing a small number of large institutional mandates operates very differently from one serving thousands of retail households at the same ratio.

The minimum investment threshold disclosed by the firm in their Form ADV Part 2A brochure or Form CRS. Where a firm applies different minimums across strategies or service tiers, we display the headline figure most prominently cited. Confirm directly with the adviser before relying on this number.

Retail individual clients whose net worth does not exceed $2.2 million (excluding primary residence) or whose investable assets fall below the threshold for HNWI classification. Includes clients advised on retirement, taxable brokerage, and general financial planning accounts.

A High Net Worth Individual (HNWI) in the context of Form ADV (Part 1A, Item 5; Schedule D) is a client who is a qualified client or a qualified purchaser. Per 15 USC § 80a-2(a)(51), this specifically includes natural persons who own at least $5 million in investments, differentiating them from general accredited investors who need $1 million in net worth.

Federally or state-chartered commercial banks, savings banks, savings associations, and credit unions. Includes institutions whose investable assets the adviser manages on a discretionary or non-discretionary basis.

Registered investment companies as defined under the Investment Company Act of 1940 — primarily mutual funds, closed-end funds, and exchange-traded funds (ETFs). Advisers serving this category are typically acting as sub-advisers or primary portfolio managers to registered fund vehicles.

Publicly registered closed-end investment companies that elect BDC status under the Investment Company Act of 1940. BDCs invest primarily in private or thinly traded companies and are a common vehicle for private credit and middle-market lending strategies.

Private funds and other pooled vehicles that are not registered investment companies — including private equity funds, hedge funds, venture capital funds, and real estate funds. Advisers serving this category are typically acting as general partner or fund manager to institutional and accredited investors.

Corporate defined benefit and defined contribution retirement plans, including 401(k), 403(b), and profit-sharing plans. Excludes government pension plans, which are reported separately. Advisers in this category are often subject to ERISA fiduciary obligations.

Non-profit entities organized under Section 501(c)(3) of the Internal Revenue Code — including foundations, endowments, donor-advised funds, and other philanthropic vehicles. A common client type for advisers specializing in mission-aligned or ESG-oriented investment strategies.

State, county, and municipal government bodies, including government-sponsored pension plans and public employee retirement systems. Advisers serving this category may be subject to additional regulatory requirements including SEC pay-to-play rules under Rule 206(4)-5.

Registered investment advisers or exempt reporting advisers that engage the firm as a sub-adviser or third-party manager. Common in model portfolio delivery, overlay management, and institutional sub-advisory arrangements.

Life insurance companies, property and casualty insurers, and reinsurers whose general account or separate account assets are managed by the adviser. A significant institutional client category for fixed income and liability-driven investment managers.

Government-owned investment funds established to manage national reserves, stabilization funds, or commodity revenues — as well as central banks and other foreign official institutions. Presence of this client type typically indicates the adviser operates at institutional scale with international reach.

Corporate treasury accounts, operating companies, family-owned businesses, and other commercial entities not otherwise classified. Includes businesses seeking advisory services on corporate cash management, deferred compensation plans, or other institutional mandates.

Any client type not captured by the thirteen categories above, as self-reported by the adviser on Form ADV. The nature of these clients varies by firm.