FinCEN AML scope: California's investment advisers
1,331 of California's SEC-registered investment advisers clear FinCEN's three-part AML scope test, from the SEC's own roster dated 2026-08-03. See the exact filter and sources for how that population is defined.
What stands out in California
California is the second-largest state on this list by firm count, and its numbers track the national baseline closer than any other state here: a median staff of 7, equal to the national median, a custody share of 59.4% against a national 56.3%, 41.6% of firms with 5 people or fewer against a national 40.9%, and 7.1% of firms in a wrap fee program against a national 7.4%. On almost every measure here, California sits within a few points of the whole country.
California's numbers, in full
- Firms in scope
- 1,331
- Median staff
- 7
- Fewer than 20 people
- 1,062 (79.8%)
- 5 people or fewer
- 554 (41.6%)
- Custody of client cash or securities
- 791 (59.4%)
- A related person holds custody
- 491 (36.9%)
- Advise at least one private fund
- 597 (44.9%)
- Median AUM
- $514.7 million
Firms in scope
Median staff
Fewer than 20 people
5 people or fewer
Custody of client cash or securities
A related person holds custody
Advise at least one private fund
Median AUM
This page is independent research, not legal advice, computed from the SEC's own public roster of investment advisers. See the method and sources. Verify anything load-bearing against the Federal Register text itself before acting on it.