The registered investment adviser (RIA) channels have grown at a 12 percent five-year compound annual growth rate (CAGR), buoyed by strong equity markets, new client acquisition and inorganic ex-channel acquisitions. However, as sheer scale becomes less of a differentiator, firms will have to invest across their operations, refining key approaches and modernizing strategies to remain competitive, according to “The Cerulli Report — U.S. RIA Marketplace 2026.”
RIAs are outpacing legacy channels such as national and regional broker/dealers and wirehouses. The enterprise RIA market, the fastest-growing segment across both independent and hybrid RIAs, has grown at a 20 percent five-year CAGR since 2020.
As acquisition activity in the RIA channels erodes many traditional sources of competitive differentiation, service offerings are becoming a key battleground. Enterprise RIAs have readily expanded into tax planning, estate offerings, family office services and institut
