Top RIAs in Massachusetts
Every SEC-registered RIA with a main office in Massachusetts, by regulatory AUM, from Form ADV
627 RIAs registered with the SEC are headquartered in Massachusetts, the 6th most of any state, managing $19.27T in regulatory assets as of Sep 1, 2026. The largest by regulatory AUM is Fidelity Management & Research Company LLC in Boston at $5.69T. 290 firms report $1 billion or more.
627
SEC-registered RIAs
$19.27T
Regulatory AUM
290
Firms at $1B and above
$820.9M
Median firm AUM
Data as of Sep 1, 2026, file ia09012026-registered.zip. Retrieved Sep 10, 2026.
01 · The firms
Every SEC-registered RIA in Massachusetts, by regulatory AUM
The default sort is regulatory assets under management as each firm filed it, which puts asset managers and wealth managers on one list. The toggle for firms where individuals and high-net-worth individuals hold the majority of assets is what separates them, using the firm's own Form ADV Item 5.D figures.
The 500 largest of 627 firms by regulatory AUM as filed.
| # | Firm | City | Regulatory AUM | Advisory staff | Accounts | Individual + HNW clients | Retail share | Filed |
|---|---|---|---|---|---|---|---|---|
| 1 | Fidelity Management & Research Company LLCCRD 108281 | Boston | $5.69T | 744 | 37,227 | 36,028 | 1% | Jul 2026 |
| 2 | Geode Capital Management, LLCCRD 115504 | Boston | $1.74T | 37 | 176 | n.d. | 0% | Mar 2026 |
| 3 | Wellington Management Company LLPCRD 106595 | Boston | $1.43T | 497 | 1,559 | 0 | 0% | Jul 2026 |
| 4 | SSGA Funds Management, Inc.CRD 111242 | Boston | $1.42T | 220 | 287 | 0 | 0% | Aug 2026 |
| 5 | Strategic Advisers LLCCRD 104555 | Boston | $1.37T | 17,112 | 2,973,512 | 2,390,975 | 41% | Mar 2026 |
| 6 | MFS Investment ManagementCRD 110045 | Boston | $514.1B | 327 | 355 | 0 | 0% | Mar 2026 |
| 7 | Columbia Management Investment Advisers, LLCCRD 108257 | Boston | $502.4B | 440 | 8,288 | 3,540 | 1% | May 2026 |
| 8 | Loomis, Sayles & Company, L.P.CRD 105377 | Boston | $386.9B | 728 | 24,675 | 22,662 | 3% | Jul 2026 |
| 9 | Arrowstreet Capital, Limited PartnershipCRD 111298 | Boston | $351.3B | 102 | 162 | 0 | 0% | Apr 2026 |
| 10 | Cambridge Associates, LLCCRD 104942 | Boston | $326.7B | 424 | 604 | 213 | 27% | Apr 2026 |
| 11 | Manulife Investment Management (US) LLCCRD 106435 | Boston | $228.0B | 146 | 4,861 | 3,524 | 1% | Mar 2026 |
| 12 | Mercer Investments LLCCRD 133449 | Boston | $226.0B | 662 | 1,417 | n.d. | 0% | Aug 2026 |
| 13 | Commonwealth Financial NetworkCRD 8032 | Waltham | $212.7B | 2,650 | 615,215 | 355,973 | 95% | May 2026 |
| 14 | John Hancock Investment Management LLCCRD 105790 | Boston | $212.1B | 28 | 126 | n.d. | 0% | Mar 2026 |
| 15 | Harbourvest Partners, LLCCRD 109846 | Boston | $191.2B | 296 | 314 | n.d. | 0% | Jul 2026 |
| 16 | Acadian Asset ManagementCRD 106609 | Boston | $177.5B | 125 | 356 | 0 | 0% | Aug 2026 |
| 17 | Boston Management and ResearchCRD 104853 | Boston | $154.7B | 144 | 72 | n.d. | 0% | Mar 2026 |
| 18 | NEPC, LLCCRD 110562 | Boston | $152.7B | 132 | 132 | 35 | 2% | Jul 2026 |
| 19 | Rhumbline AdvisersCRD 107151 | Boston | $136.5B | 9 | 826 | 0 | 0% | Mar 2026 |
| 20 | Income Research + ManagementCRD 104863 | Boston | $130.7B | 63 | 1,559 | 454 | 4% | Aug 2026 |
| 21 | Putnam Investment Management, LLCCRD 106629 | Boston | $117.2B | 72 | 16,432 | 16,187 | 3% | Feb 2026 |
| 22 | Boston PartnersCRD 124982 | Boston | $116.2B | 59 | 6,982 | 101 | 0% | Jun 2026 |
| 23 | MML Investors Services, LLCCRD 10409 | Springfield | $115.6B | 4,961 | 454,857 | 448,837 | 97% | Jul 2026 |
| 24 | MFS Institutional Advisors Inc.CRD 107144 | Boston | $113.6B | 327 | 13,555 | 9,552 | 3% | Mar 2026 |
| 25 | Natixis Advisors, LLCCRD 106800 | Boston | $108.7B | 48 | 115,562 | 112,531 | 90% | Mar 2026 |
| 26 | Bracebridge Capital, LLCCRD 158343 | Boston | $100.3B | 59 | 12 | n.d. | 0% | Mar 2026 |
| 27 | Eaton Vance ManagementCRD 104859 | Boston | $97.0B | 160 | 3,816 | 0 | 0% | Aug 2026 |
| 28 | Bain Capital Private Equity, LPCRD 145653 | Boston | $96.4B | 436 | 36 | n.d. | 0% | Mar 2026 |
| 29 | Numeric Investors LLCCRD 131684 | Boston | $94.4B | 45 | 125 | 0 | 0% | Aug 2026 |
| 30 | Wellington Alternative InvestmentsCRD 226715 | Boston | $92.2B | 1 | 124 | 0 | 0% | Jul 2026 |
| 31 | Advent International, L.P.CRD 105673 | Boston | $91.6B | 103 | 133 | n.d. | 0% | Aug 2026 |
| 32 | Grantham Mayo van Otterloo & Co LLCCRD 106220 | Boston | $81.0B | 91 | 170 | 0 | 0% | May 2026 |
| 33 | SLC ManagementCRD 109684 | Wellesley Hills | $76.4B | 108 | 690 | 2 | 0% | Mar 2026 |
| 34 | Bain Capital Credit, LPCRD 134852 | Boston | $76.3B | 272 | 185 | n.d. | 0% | Aug 2026 |
| 35 | Adage Capital Management, L.P.CRD 160679 | Boston | $70.4B | 42 | 1 | n.d. | 0% | Mar 2026 |
| 36 | John Hancock Variable Trust Advisers LLCCRD 16009 | Boston | $68.6B | 28 | 50 | n.d. | 0% | Mar 2026 |
| 37 | Newton Investment Management North AmericaCRD 312937 | Boston | $59.2B | 55 | 160 | 0 | 0% | May 2026 |
| 38 | TA AssociatesCRD 156699 | Boston | $55.1B | 192 | 29 | n.d. | 0% | May 2026 |
| 39 | Breckinridge Capital Advisors IncCRD 107143 | Boston | $54.3B | 41 | 18,447 | 16,362 | 63% | Mar 2026 |
| 40 | GW&K Investment Management, LLCCRD 121942 | Boston | $52.8B | 63 | 48,710 | 47,749 | 77% | Mar 2026 |
| 41 | Partners Capital Investment Group, LLPCRD 120663 | Boston | $50.5B | 102 | 886 | 521 | 12% | Aug 2026 |
| 42 | Vestmark Advisory Solutions, Inc.CRD 221518 | Wakefield | $49.9B | 25 | 84,069 | 84,069 | 100% | Mar 2026 |
| 43 | SCS Capital Management LLCCRD 122258 | Boston | $48.7B | 99 | 713 | 491 | 62% | Jul 2026 |
| 44 | Manulife Investment Management Private Markets (US) LLCCRD 145508 | Boston | $48.3B | 119 | 180 | n.d. | 0% | Mar 2026 |
| 45 | General CatalystCRD 162548 | Cambridge | $45.5B | 68 | 49 | n.d. | 0% | Jul 2026 |
| 46 | Panagora Asset Management IncCRD 105201 | Boston | $44.1B | 44 | 99 | 0 | 0% | Mar 2026 |
| 47 | Summit Partners, L.P.CRD 135271 | Boston | $42.0B | 118 | 87 | n.d. | 0% | Aug 2026 |
| 48 | 55ipCRD 286620 | Boston | $36.7B | 85 | 88,930 | n.d. | 0% | Jun 2026 |
| 49 | The Putnam Advisory Company, LLCCRD 106631 | Boston | $33.2B | 7 | 97 | 5 | 1% | Aug 2026 |
| 50 | PSG Equity L.L.C.CRD 295103 | Boston | $30.2B | 154 | 56 | n.d. | 0% | Mar 2026 |
02 · By city
Where in Massachusetts the firms sit
Main-office city as filed. Up to the twenty-five cities with the most firms.
- Boston339 · $18.43T
- Waltham17 · $280.7B
- Wellesley16 · $14.5B
- Braintree14 · $13.8B
- Needham13 · $23.3B
- Cambridge11 · $70.1B
- Burlington10 · $2.7B
- Andover8 · $13.9B
- Framingham8 · $5.0B
- Woburn8 · $4.1B
- Beverly7 · $6.5B
- Concord7 · $4.9B
- Dedham6 · $2.5B
- Hingham6 · $3.2B
- Newton5 · $13.5B
- Westborough5 · $8.1B
- Worcester5 · $2.5B
- Duxbury4 · $1.1B
- Lincoln4 · $11.3B
- Marblehead4 · $1.3B
- Medfield4 · $566.1M
- Norwell4 · $1.3B
- Plymouth4 · $2.8B
- Springfield4 · $145.2B
- Wakefield4 · $63.1B
03 · Questions
Questions people ask about RIAs in Massachusetts
- How many RIAs are in Massachusetts?
- 627 RIAs registered with the SEC list a main office in Massachusetts in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.
- What is the largest RIA in Massachusetts?
- By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in Massachusetts is Fidelity Management & Research Company LLC in Boston, at $5.69T. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.
- How many Massachusetts RIAs manage more than $1 billion?
- 290 of the 627 SEC-registered RIAs headquartered in Massachusetts report regulatory assets under management of $1 billion or more. The median firm in the state reports $820.9M.
- Where does this data come from?
- From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.
Definitions and source
What each column means, in the SEC's words
- Regulatory assets under management Form ADV Item 5.F(2)(c)
- If yes, what is the amount of your regulatory assets under management and total number of accounts? Total, discretionary plus non-discretionary.
- Total accounts Form ADV Item 5.F(2)(f)
- Total number of accounts, discretionary plus non-discretionary.
- Employees Form ADV Item 5.A
- Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
- Advisory employees Form ADV Item 5.B(1)
- Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
- Broker-dealer registered representatives Form ADV Item 5.B(2)
- Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
- Individual and high-net-worth clients Form ADV Item 5.D(a), 5.D(b)
- Number of clients and amount of regulatory assets under management for individuals (other than high net worth individuals) and for high net worth individuals.
- Commissions Form ADV Item 5.E(5)
- You are compensated for your investment advisory services by (check all that apply): (5) Commissions.
- Private funds Form ADV Item 7.B
- Are you an adviser to any private fund?
Source: U.S. Securities and Exchange Commission, Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip (data as of Sep 1, 2026), retrieved Sep 10, 2026. Figures are as self-reported by each firm on Form ADV Item 5; the SEC does not verify them. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy.
Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. Firms on this page are listed by arithmetic on the SEC's file, not by any relationship with us, and none is ranked, labelled or recommended.