Scale Alone Is No Longer Enough For Enterprise RIAs

As scale becomes less of a differentiator, firms will have to invest across their operations to remain competitive

October 29, 2026, BOSTON—The registered investment advisor (RIA) channels have grown at a 12% 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% 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 institutional consulting. By introducing services that touch on the fringes of wealth or support other aspects of a client’s financial picture, RIAs continue to move themselves toward the center of the advice sphere.

“There is a growing chasm between firms that can build scalable platforms and those limited by traditional operating structures,” says Stephen Caruso, director. “Enterprise RIAs are investing in centralized business development, integrated service delivery, structured talent pipelines, and expanded planning capabilities to serve more complex, affluent clients. Changing client expectations and competitive pressures are prompting firms to reconsider how they deliver advice, drive growth, and create long-term enterprise value,” he adds.

At its core, this approach positions the RIA as a clearinghouse for most of a client’s financial services needs, spanning investing, tax preparation, estate planning, and charitable giving. “Integrating these capabilities into centralized platforms allows firms to establish consistent operating standards, expand advisors’ capacity to serve clients, and deepen client relationships,” says Caruso. “Cerulli expects more RIAs to provide all-encompassing services as they seek to support growth and capture fee revenue that might otherwise go to third-party providers,” he concludes.

About Cerulli Associates

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Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.