Data & Research July 8, 2025

SmartAsset Ranks Hawaii, Maine as Best States for Adviser Opportunity

The fintech provider ranked 44 states by assets under management available per SEC-registered adviser.

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A study from fintech company SmartAsset Advisors LLC has made it easier for registered investment advisers to go where the money is, ranking 44 U.S. states with available data by the potential assets under management available per SEC-registered adviser. 

Although consumer demand for advisers changes from state to state, the report found that this does not “necessarily tell the whole story of the potential assets under management at stake” and the level of competition in the industry.  

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According to its analysis, while much of the industry prioritizes client demand or high-net-worth density, SmartAsset’s ranking divided the total household net worth (excluding home equity) by the number of active investment advisers in each state. 

The answer to that equation revealed where in the country advisers could see the greatest return on investment when it comes to their time and marketing spend, if they focused on prospects in that particular state.  

Top States for Advisers 

According to the study, Hawaii and Maine ranked Nos. 1 and 2 as the states with the most potential AUM available per adviser registered with the Securities and Exchange Commission.  

With almost three times that of the No. 2 state, Hawaii offers the largest consumer AUM per active adviser at $917.5 million. According to the study, the state has 140 active investment advisers, as of June 2025. 

Maine ranked second for potential AUM available per adviser, with more than $501 million available for its 162 active RIAs.  

Five other states have more than $100 million in potential AUM available per adviser, in addition to Hawaii and Maine: New Mexico ($200.9 million), Mississippi ($136.9 million), Washington ($120.0 million), Montana ($104.6 million) and Idaho ($103.9 million).  

The last three states to round out the top 10 are Virginia ($89 million), West Virginia ($89 million) and Kentucky ($85 million).  

When it comes to competition and oversaturation, RIAs in New York and Missouri have it the worst. The latter state’s residents only have a potential maximum of $2.1 million to be managed per active adviser, the lowest average of the 44 states studied, according to the report. 

Although New York is home to the most active investment advisers of any state with more than 146,000, the state ranked second to last for most AUM available per adviser, with an average of $2.7 million on the books.  

Products & Services July 8, 2025

Aquiline Acquires SEI Family Office Services Unit

The platform also provides services for private banks, alternative asset managers and private wealth advisers.

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Aquiline Capital Partners L.P. announced Tuesday that the investment manager closed its $120 million acquisition of the family office services business unit of financial technology and asset management services provider SEI Investments Co.

The unit began operating under the name Archway, as of June 30. Archway will provide family offices with accounting, investment management and reporting. The Archway platform, as of March 31, supported $733 billion in assets. The platform also provides services for private banks, alternative asset managers and private wealth advisers.

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“The intricate nature of many family offices requires a robust infrastructure that can support the complexity of their wealth and investments,” said Vincenzo La Ruffa, Aquiline’s managing partner, in a statement. “We are excited to invest in Archway to support the continued success of their clients. SEI’s depth of expertise across the financial services industry has been invaluable throughout this process.”

The acquisition was announced in February. As of March 31, Aquiline managed $12 billion in assets. SEI manages, advises or administers $1.6 trillion in assets.

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