Direct Answer
30 SEC filers are classified under the Standard Industrial Classification code that describes the registered investment adviser platforms industry, and their latest annual reports show $138.5 billion of combined revenue and a median operating margin of 12.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Registered investment adviser platforms provide custody, trading, technology and support to independent advisory firms, earning fees tied to client assets and services. Adviser growth and asset retention drive revenue. The first numbers to compare across companies here are platform assets and net new assets, advisor count and revenue per dollar of assets.
Key Industry Metrics
- Platform assets and net new assets: Value of client assets held on the platform and new money added less withdrawals. They drive custody and service fees.
- Advisor count: Number of independent advisory firms and advisers using the platform. Growth shows appeal, and adviser size affects revenue.
- Revenue per dollar of assets: Fees earned relative to assets on the platform. It reflects pricing and mix between custody, trading and software.
- Technology and service revenue: Fees from software, planning tools and support services. They are recurring and diversify beyond asset-based income.
- Net interest on client cash: Interest earned on client cash less amounts paid. It rises with rates and can vary as clients move money.
Primary Macro Drivers
- Advisor independence trend: As advisers leave large firms to run their own practices, platforms gain client assets and advisers, lifting net new assets.
- Market levels: Fees on assets follow markets, so rising markets raise platform assets and revenue per dollar.
- Client cash rates: Client cash earns interest for the platform, so rate levels change net interest on client cash.
- Technology adoption: Software for planning, trading and reporting makes platforms stickier and adds revenue, shown in technology and service revenue.
Major Risks
- Fee pressure: Advisers seek lower fees and rivals compete on price, lowering revenue per dollar. Watch revenue per dollar of assets.
- Competition among custodians: Rival custodians compete to attract advisers and assets. Watch platform assets, net new assets and advisor count.
- Cash sorting: When rates are high, clients move cash to higher-yield products, lowering cheap funding. Watch net interest on client cash and cash balances.
- Operational risk: Platform outages or errors affect many advisers and clients at once. Watch uptime disclosures and operational incidents.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Low |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |
Registered Investment Adviser Platforms Filers in the SEC Record
30 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6282. Their latest fiscal years end between 2025 and 2026, and together they reported $138.5 billion of revenue. Median revenue growth over the prior year was 7.0%. Median operating margin was 12.1% and median net margin 13.7%. Median total liabilities were 54% of total assets, and 24 of 30 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Apollo Global Management, Inc. | $32.0 billion | 22.7% | n/a | 10.6% | FY 2025 |
| Kkr & Co. Inc. | $19.5 billion | -11.0% | n/a | 12.2% | FY 2025 |
| Ameriprise Financial Inc | $18.9 billion | 5.5% | n/a | 18.8% | FY 2025 |
| Blackstone Inc. | $14.5 billion | 9.2% | n/a | 20.9% | FY 2025 |
| Franklin Templeton Inc | $8.8 billion | 3.5% | 6.9% | 6.0% | FY 2025 |
| Price T Rowe Group Inc | $7.3 billion | 3.1% | 29.9% | 28.5% | FY 2025 |
| Invesco Ltd. | $6.4 billion | 5.1% | -10.9% | -2.7% | FY 2025 |
| Carlyle Group Inc. | $4.8 billion | -11.9% | n/a | 16.9% | FY 2025 |
The 8 largest of 30 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Registered Investment Adviser Platforms guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Registered Investment Adviser Platforms industry?
Key performance indicators for the Registered Investment Adviser Platforms industry include: Platform assets and net new assets, Advisor count, Revenue per dollar of assets, Technology and service revenue, Net interest on client cash. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Registered Investment Adviser Platforms industry?
The Registered Investment Adviser Platforms industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Registered Investment Adviser Platforms industry?
The primary risks for Registered Investment Adviser Platforms companies include: Fee pressure, Competition among custodians, Cash sorting, Operational risk. Investors should assess each company's exposure to these factors and its track record of navigating them.