SEC-Registered Investment Advisers Based in Texas (count, monthly)

## What this measures

The number of investment advisers registered with the SEC whose principal office (Form ADV Item 1.F) is in Texas, counted from the list the SEC posts at the start of each month. Monthly, from 2006.

## Why it matters

It is the size of the SEC-registered advisory industry based in Texas: wealth managers, fund managers and pension consultants headquartered there.

## How to read it

Higher means more SEC-registered firms based in Texas. Compare states with care: smaller advisers register with their state, not the SEC, so states with many small firms show fewer here than their industry suggests.

## What it does not say

Answers come from each adviser's latest Form ADV, and most advisers update the form once a year, within 90 days of their fiscal year end. A month's figure therefore mixes answers from different dates, and the annual filing season (March and April for calendar-year advisers) moves it most. State-registered advisers (generally those with less than $100 million under management, registered with a state securities regulator) are not on the lists. A few months are missing from the SEC archive: most of the second half of 2006 and early 2007, a few months in 2007 and 2008, January 2019, and October and November 2025 (the last two during federal government shutdowns). A firm counts in the state of its main office only, wherever its clients are.

## Source

Palanor calculation from the SEC's monthly lists "Information About Registered Investment Advisers and Exempt Reporting Advisers" (sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers), U.S. government work in the public domain; the SEC asks for citation as the source. Loaded and refreshed monthly by Palanor.