"AUM per Advisor" is a metric that tells you how much money each advisor at a firm is responsible for managing. It's a useful indicator of advisor capacity, firm structure, and the level of attention you might receive.
What Is AUM per Advisor?
How we calculate it
AUM per Advisor = Total Firm Assets Under Management ÷ Number of Investment Advisor Representatives at the firm. This shows the average book of business per advisor.
This metric reveals how the firm distributes its client assets among advisors. Combined with AUM per client, it gives you a picture of advisor workload and availability.
Why This Matters
💡Key insight: An advisor managing $500 million with 100 clients will have very different capacity than one managing $50 million with 50 clients. This metric helps you understand whether your advisor will have time for you.
AUM per Advisor Ranges
Under $50 Million per Advisor
What this typically means:
- Newer or growing practice
- Advisors have more time per client
- May be building their client base
- Could indicate smaller client portfolios
Pros:
- More availability and attention for each client
- Advisor is motivated to grow (and keep you happy)
- Often more flexible and accommodating
Cons:
- May have less experience
- Smaller practices may have fewer resources
- Less proven track record
$50 – $100 Million per Advisor
What this typically means:
- Established practice with solid client base
- Balanced workload
- Often the "sweet spot" for attention vs. experience
Pros:
- Proven ability to attract and retain clients
- Sufficient scale for good technology and support
- Manageable client load for personalized service
$100 – $200 Million per Advisor
What this typically means:
- Successful, experienced advisor
- May have support staff helping with client service
- Likely selective about taking new clients
Pros:
- Very experienced with significant track record
- Typically has strong support team
- Financial stability in the practice
Cons:
- May have less direct time for each client
- You might work with support staff more than the lead advisor
- May have higher minimums
$200 Million+ per Advisor
What this typically means:
- Very successful practice or large firm structure
- Team-based service model likely
- Advisor may focus on largest clients
Pros:
- Access to very experienced professionals
- Robust infrastructure and resources
- Institutional-quality investment management
Cons:
- May feel less personal
- Primary contact might be a junior team member
- Smaller clients may receive less attention
Combining AUM per Advisor with AUM per Client
These two metrics together tell a more complete story:
AUM per Advisor vs. AUM per Client
| Scenario | AUM/Advisor | AUM/Client | What It Means |
|---|
| Many small clients | $100M | $200K | ~500 accounts per advisor. Less individual attention, more standardized service. |
| Moderate balance | $100M | $500K | ~200 accounts per advisor. Good balance of attention and experience. |
| Fewer large clients | $100M | $2M | ~50 accounts per advisor. High-touch, personalized service. |
What This Means for Your Experience
Higher AUM per Advisor
- Advisor has proven success attracting assets
- May indicate strong performance or reputation
- Less time available per client
- Often team-based service model
- May prioritize larger clients for direct access
Lower AUM per Advisor
- More availability for client meetings and calls
- May be more responsive to ad-hoc questions
- Could indicate newer practice or growth phase
- Often more flexible on services and fees
Questions to Ask
- "How many households or clients do you personally manage?"
This gives you a direct answer about their client load.
- "Who will I primarily interact with—you or your team?"
High AUM advisors often delegate. Understand who your day-to-day contact will be.
- "How often do you meet with clients like me?"
Get specifics on the service model for clients of your size.
- "Are you currently taking on new clients?"
Advisors at capacity may put you on a waitlist or refer you elsewhere.
Data source: AUM per advisor is calculated from Form ADV filings, which report total firm assets and number of investment advisor representatives. This is official SEC regulatory data.
The Bottom Line
AUM per advisor helps you understand advisor capacity and what kind of attention you might receive. Lower isn't automatically better (you want an experienced advisor), and higher isn't automatically worse (team support can be excellent).
Use this metric to set expectations and ask the right questions about how you'll be served, especially if you're concerned about getting enough face time with your advisor.
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