New investment adviser firms, by state
Every weekday we read the SEC's adviser files. In the four weeks to October 11, 2026, 305 firms registered for the first time; here's where they're based.
| State | New firms a week | 4 weeks | Most common type |
|---|---|---|---|
| California | 9 | 36 | State RIA |
| Texas | 9 | 34 | State RIA |
| New York | 7 | 28 | ERA (SEC) |
| Florida | 7 | 27 | State RIA |
| New Jersey | 3 | 12 | State RIA |
| Pennsylvania | 3 | 12 | State RIA |
| Illinois | 3 | 11 | State RIA |
| Minnesota | 3 | 10 | SEC RIA |
| Virginia | 2 | 8 | ERA (state) |
| Colorado | 2 | 7 | State RIA |
| Georgia | 2 | 7 | State RIA |
| Massachusetts | 2 | 7 | State RIA |
| Ohio | 2 | 7 | State RIA |
| Arizona | 2 | 6 | State RIA |
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