RIAs tend to look for opportunities among households in the localities where they are based, but some firms choose to open their total addressable market by providing investment and advisory services abroad, according to a new report from SmartAsset.
This activity goes both ways, the report said, noting that some 800 foreign-based firms — the majority from the United Kingdom and Canada — have registered with the Securities and Exchange Commission to provide business services in the United States.
SmartAsset’s research found that 2.6% of all U.S.-based RIAs are registered with a foreign regulatory authority to provide services in the jurisdiction.
RIAs in 32 states are registered abroad. In 10 states, only a single firm provides services outside the United States. SmartAsset said these RIAs may have competitive advantages over some of their competitors, or have found special niches with international dealings.
In 18 states, no RIAs are licensed for services abroad.
SmartAsset determined the percentage of firms in each state that participate in dealings outside the United States via data from Form ADV filings with the SEC for July 2025 for RIAs.
Researchers compared the number of firms listed as being registered with a foreign financial authority with the total number of firms in that state, based on the state of the firm’s main office listed. They considered only firms without any advisors with disclosures listed.
See the accompanying gallery for the 12 states with the largest percentage of RIAs registered outside the United States.
(Credit: Adobe Stock)
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