Registered investment advisers continue to thrive, with more of them managing more assets than ever, according to a report released Thursday, Investment News reported. The study, Investment Adviser Industry Snapshot 2022, shows there were a total of 14,806 investment advisory firms registered with the U.S. Securities and Exchange Commission at the end of 2021, a 6.7% increase from 13,880 at the end of 2020. The firms served a record 64.7 million clients, a 6.4% increase. Assets managed by the firms reached a record $128.4 trillion in 2021, a surge of 16.7% from $110 trillion in 2020. “Asset growth has been strongest for advisers with more than $100 billion in assets under management,” the report states. The investment advice sector continues to be made up mostly of small businesses. The report found that more than 88% of advisory firms employ 50 or fewer people.