Advisor Business Structure Choices by State

States are ranked based on the ascending percentage of firms electing to organize as a Limited Liability Company, the structure of choice for RIAs nationally.

Image is a table by SmartAsset titled "Advisor Business Structure Choices by State"

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Data comes from the U.S. Securities and Exchange Commission Form ADV filing for April 2026. Over 17,000 firms with the main office based in a U.S. state were included.

Source: SmartAsset 2026 StudyGet the data