In 1988, eight people squeezed into a single room in New York to start an investment firm around an unusual premise: data and technology could give investors a clearer view of risk.
That firm became BlackRock. Its Aladdin system grew from an internal risk tool into a platform connecting portfolio construction, trading, operations and accounting. BlackRock ended 2025 with $14 trillion under management after attracting $698 billion of net inflows in a single year.
The revealing number, though, is eight.
Today the average SEC-registered investment adviser focused on individual clients also employs eight people and manages $424 million. Small advisers are not disappearing. Their number reached a record 16,544 in 2025, and more than two-thirds manage less than $1 billion.
The giant became vastly larger, while the boutique became easier to build.
