GenSpring Family Offices has topped the list of the 50 largest registered investment advisory firms, according to research conducted by RIA Database for InvestmentNews. The family office had $10.93 billion in discretionary assets and 3,823 in discretionary accounts, as of June 30. It clocked in with $16.93 billion in total assets and 5,249 accounts overall.

GenSpring, which didn't appear on last year's list because it didn't meet RIA Database's criteria, beat out Veritable, which placed second.

Following Veritable and rounding out the top 10 are: SCS Capital Management, Silvercrest Asset Management Group, Harris myCFO Investment Advisory Services, The Mutual Fund Store, Ronald Blue & Co., BBR Partners, Klingenstein Fields & Co. and Mercer Global Advisors.

The top 50 registered investment advisory firms managed $127.2 billion as of the end of the second quarter up 16 per cent from the end of the second quarter in 2009, according to InvestmentNews.

Maria Elena Lagomasino, chief executive of GenSpring, has been an outspoken  advocate of the fiduciary standard.

“We have clearly advocated for the SEC to require anyone calling themselves an investment advisor to be subject to the Fiduciary Standard as defined in the Investment Advisors Act of 1940 and are supportive of the great work being done by The Committee for the Fiduciary Standard,” she told Family Wealth Report earlier this year.