[OC] 677 RIA firms manage over $200M with just 1-2 employees

I pulled SEC Form ADV bulk filings for every active US investment advisory
firm (RIA) and tallied how many of the 1-2 employee firms exist at each
AUM tier. The chart shows the count of firms with just 1-2 staff,
broken out by AUM band.

The story is the top three bars. 677 RIA firms in the US manage over $200M
in client assets with only 1 or 2 employees. Even at the $1B+ tier, there
are firms running that kind of book with virtually no staff.

Data source: SEC Investment Adviser Public Disclosure (IAPD), Form ADV
bulk filings (public). Filtered to firms with active SEC registration as
of the most recent quarterly bulk release.
https://fingale.com/insights
https://fingale.com/insights/solo-high-aum

Tools: Python (pandas + matplotlib), ingested into Postgres.