Though there are more than 1,500 registered investment advisors (RIAs) with at least $1 billion in assets under management (AUM), they control the majority of assets in the RIA industry. These sophisticated firms have turned their attention to how best to apply their scale to increase advisor productivity and operational efficiency, and overcome core challenges, according to The Cerulli Report—U.S. RIA Marketplace 2025.

Billion-dollar RIAs primarily report that their top challenges are improving data visibility and usage (35%), new client acquisition (33%), and managing advisor and staff productivity (30%). Leaders at these firms are spearheading innovation in data usage, artificial intelligence (AI), and client acquisition to produce better outcomes for advisors and clients alike.

Building robust data tools that connect a billion-dollar business has become the underpinning of scale in many ways. According to Cerulli, 61% of billion-dollar RIAs have initiated or completed a data project as part of their strategic planning, and there is growing recognition of the importance of data going forward.

“RIAs investing in data warehouses or other data infrastructure can position themselves for the next stage of growth,” says Stephen Caruso, associate director. “In conversations with acquirers, a robust technology infrastructure can play a significant role in an RIA's valuation, as many buyers consider investments in firms with an established platform from which to grow. Cerulli anticipates that more firms will take steps to build a data solution that unifies client data and further empowers business intelligence,” he adds.

RIAs are making investments or updates to existing technology, including their CRMs, which are often the most integrated tools in the technology stack. When considering the opportunities afforded to RIA channels through the adoption and implementation of AI, Cerulli envisions long-term productivity and efficiency gains to better serve clients. AI is already being implemented at most billion-dollar RIAs, with 70% using AI for notetaking or call documentation. One-quarter (25%) of billion-dollar RIAs are using AI for client engagement tracking, CRM updates, and client meeting scheduling, and half of billion-dollar RIAs plan on implementing it for client onboarding.

“Technology plays a crucial role in modern RIAs, and a given firm's needs often necessitate a multi-layered technology stack,” says Caruso. “While many firms face challenges in adopting technology, the outcomes cannot be clearer for firms that can successfully implement new technology and enhance their operations in some capacity. Investing in these advancements will help RIAs overcome their biggest barriers to growth, unlock meaningful gains in client growth and advisor productivity, and reinforce their competitive edge in an evolving marketplace,” he concludes.