National Financial Services (Fidelity)
$2.9T reported client assets across 783 advisory firms in FY2025 annual amendments
Reported client assets over time
$660B
$2.8T
2017
2025
Same-firm comparison: 691 firms that reported National Financial Services (Fidelity) in both FY2024 and FY2025 annual amendments (ADV Item 5.K.(3)). Fiscal years come directly from the SEC filing-type table; filing dates are not used as a year-end proxy. 2017, 2018, 2019, 2020, 2021, 2022 are shown but partial — only FY2017: 296 cohort firms, FY2018: 375 cohort firms, FY2019: 422 cohort firms, FY2020: 474 cohort firms, FY2021: 522 cohort firms, FY2022: 551 cohort firms.
| Advisory firm | RAUM at custodian | Firm total AUM | Share | As of |
|---|---|---|---|---|
| Strategic Advisers Llc | $612B | $1.4T | 44.7% | 03/30/2026 |
| Envestnet Asset Management, Inc. | $324B | $615B | 52.7% | 03/31/2026 |
| Commonwealth Equity Services, Llc | $206B | $213B | 96.6% | 03/30/2026 |
| Rockefeller Financial Llc | $96.0B | $99.6B | 96.4% | 03/31/2026 |
| Osaic Wealth, Inc. | $76.6B | $235B | 32.6% | 03/31/2026 |
| Neuberger Berman Investment Advisers Llc | $72.2B | $399B | 18.1% | 03/27/2026 |
| Truist Advisory Services, Inc. | $67.2B | $77.4B | 86.9% | 03/31/2026 |
| Fidelity Management & Research Company Llc | $63.9B | $5.7T | 1.1% | 03/30/2026 |
| Creative Planning, Llc | $63.9B | $296B | 21.6% | 03/31/2026 |
| Kestra Advisory Services, Llc | $62.7B | $79.8B | 78.6% | 03/31/2026 |
| Cetera Investment Advisers Llc | $56.2B | $257B | 21.9% | 03/24/2026 |
| William Blair & Company L.L.C. | $51.5B | $64.3B | 80.1% | 03/31/2026 |
| Mariner, Llc | $48.9B | $125B | 39.0% | 03/27/2026 |
| Ieq Capital, Llc | $40.9B | $56.8B | 72.0% | 03/30/2026 |
| Quantinno Capital Management Lp | $31.9B | $60.9B | 52.4% | 03/31/2026 |
| &Partners | $30.2B | $30.3B | 99.9% | 03/30/2026 |
| Eagle Strategies Llc | $29.7B | $32.0B | 92.7% | 03/31/2026 |
| Aperio Group, Llc | $29.6B | $152B | 19.5% | 03/31/2026 |
| Wealth Enhancement Advisory Services, Llc | $28.9B | $122B | 23.7% | 03/26/2026 |
| Pnc Wealth Management | $26.5B | $30.3B | 87.6% | 03/31/2026 |
| Mml Investors Services, Llc | $22.9B | $116B | 19.8% | 03/31/2026 |
| Rockefeller & Co. Llc | $20.9B | $36.8B | 56.7% | 03/31/2026 |
| 55 I, Llc | $20.9B | $36.7B | 56.8% | 03/31/2026 |
| Principal Securities, Inc. | $16.8B | $17.0B | 98.7% | 03/30/2026 |
| Breckinridge Capital Advisors Inc | $16.0B | $54.3B | 29.4% | 03/18/2026 |
| Brighton Jones Llc | $16.0B | $18.9B | 84.5% | 03/31/2026 |
| Kestra Private Wealth Services, Llc | $12.7B | $13.5B | 94.1% | 03/31/2026 |
| Beacon Pointe Advisors, Llc | $12.1B | $54.9B | 22.1% | 03/31/2026 |
| Gilder Gagnon Howe & Co. Llc | $11.9B | $12.1B | 98.6% | 03/24/2026 |
| Newedge Wealth, Llc | $11.4B | $19.9B | 57.4% | 03/31/2026 |
| Iconiq Capital, Llc | $10.9B | $118B | 9.3% | 03/26/2026 |
| Jordan Park Group Llc | $10.6B | $23.3B | 45.4% | 03/31/2026 |
| Clearstead Advisors, Llc | $9.8B | $33.9B | 29.0% | 03/30/2026 |
| Fiam Llc | $9.7B | $348B | 2.8% | 03/30/2026 |
| Valic Financial Advisors, Inc. | $9.7B | $29.2B | 33.1% | 03/31/2026 |
| Fidelity Institutional Wealth Adviser Llc | $9.4B | $9.4B | 100.0% | 03/30/2026 |
| Fifth Third Securities, Inc. | $9.1B | $10.9B | 83.5% | 03/31/2026 |
| Valeo Financial Advisors, Llc | $8.6B | $13.0B | 66.7% | 03/27/2026 |
| United Capital Financial Advisors, Llc | $8.3B | $24.6B | 33.5% | 03/31/2026 |
| Sagespring Wealth Partners | $8.1B | $8.5B | 94.9% | 03/27/2026 |
| Focus Partners Advisor Solutions, Llc | $7.9B | $36.4B | 21.7% | 03/31/2026 |
| The Huntington Investment Company | $7.9B | $7.9B | 100.0% | 03/31/2026 |
| Kayne Anderson Rudnick Investment Management, Llc | $7.7B | $39.4B | 19.7% | 03/27/2026 |
| Ballentine Partners, Llc | $7.5B | $15.3B | 49.2% | 03/17/2026 |
| Mesirow Financial Investment Management, Inc. | $7.2B | $43.4B | 16.6% | 06/24/2025 |
| Heck Capital Advisors, Llc | $7.1B | $11.3B | 63.0% | 03/30/2026 |
| Summit Financial, Llc | $7.1B | $22.5B | 31.5% | 03/16/2026 |
| Cwm, Llc | $7.0B | $50.6B | 13.9% | 02/24/2026 |
| Vestmark Advisory Solutions, Inc. | $7.0B | $49.9B | 13.9% | 03/30/2026 |
| Aureus Asset Management, Llc | $6.6B | $8.4B | 78.9% | 03/31/2026 |
| Ameritas Advisory Services, Llc | $6.4B | $13.7B | 46.7% | 03/21/2026 |
| Integrated Wealth Concepts Llc | $6.3B | $18.9B | 33.3% | 03/25/2026 |
| Qrg Capital Management, Inc. | $6.3B | $11.4B | 54.9% | 03/31/2026 |
| Crestwood Advisors Group, Llc | $6.2B | $8.0B | 77.6% | 03/04/2026 |
| U.S. Capital Wealth Advisors, Llc | $5.8B | $8.8B | 66.4% | 03/30/2026 |
| Synovus Securities, Inc. | $5.7B | $8.4B | 67.8% | 01/28/2026 |
| Sigma Planning Corporation | $5.7B | $6.1B | 93.6% | 03/24/2026 |
| Savant Capital, Llc | $5.7B | $38.1B | 14.9% | 03/28/2026 |
| Arkadios Wealth Advisors Llc | $5.6B | $8.8B | 64.0% | 03/31/2026 |
| Fiduciary Counselling Inc | $5.6B | $10.1B | 55.7% | 03/17/2026 |
| Farther Finance Advisors, Llc | $5.6B | $16.0B | 34.8% | 03/30/2026 |
| Goldman Sachs Wealth Services, L.P. | $5.5B | $31.7B | 17.4% | 03/31/2026 |
| Parallel Advisors, Llc | $5.4B | $10.3B | 52.5% | 03/27/2026 |
| Crescent Grove Advisors, Llc | $5.4B | $5.5B | 98.0% | 03/26/2026 |
| Calamos Wealth Management Llc | $5.3B | $5.5B | 97.2% | 03/26/2026 |
| Invesco Managed Accounts, Llc | $5.2B | $31.3B | 16.8% | 03/30/2026 |
| Allen Investment Management, Llc | $5.1B | $16.9B | 30.2% | 03/30/2026 |
| Northcoast Asset Management Llc | $4.7B | $5.0B | 94.7% | 02/02/2026 |
| Pure Financial Advisors, Llc | $4.6B | $11.1B | 41.6% | 02/06/2026 |
| Wealthspire Advisors Llc | $4.6B | $29.4B | 15.6% | 03/27/2026 |
| Pitcairn Wealth Advisors Llc | $4.5B | $5.9B | 76.2% | 03/31/2026 |
| Fiduciary Trust International, Llc | $4.4B | $7.7B | 57.9% | 12/22/2025 |
| Sanctuary Advisors, Llc | $4.3B | $34.9B | 12.3% | 03/31/2026 |
| Vident Advisory, Llc | $4.1B | $22.0B | 18.6% | 03/31/2026 |
| Chicago Capital, Llc | $4.1B | $4.8B | 84.2% | 01/29/2026 |
| Goelzer Investment Management, Inc. | $4.1B | $4.5B | 89.9% | 03/23/2026 |
| Quotient Wealth Partners, Llc | $4.0B | $4.3B | 94.0% | 03/26/2026 |
| Thoroughbred Financial Services, Llc | $4.0B | $4.0B | 98.8% | 03/31/2026 |
| Lasalle St. Investment Advisors, L.L.C. | $3.9B | $5.7B | 68.4% | 03/30/2026 |
| N | $3.8B | $10.5B | 36.4% | 03/31/2026 |
| Neuberger Berman Canada Ulc | $3.8B | $12.4B | 30.4% | 03/27/2026 |
| Verdence Capital Advisors, Llc | $3.8B | $4.6B | 81.2% | 03/30/2026 |
| Sage Mountain Advisors, Llc | $3.5B | $4.3B | 82.5% | 03/17/2026 |
| Mariner Platform Solutions, Llc | $3.5B | $7.3B | 47.9% | 03/27/2026 |
| Grimes & Company Wealth Management, Llc | $3.5B | $6.3B | 55.8% | 03/16/2026 |
| Heritage Wealth Advisors, Llc | $3.5B | $4.9B | 72.2% | 03/26/2026 |
| Spire Wealth Management, Llc | $3.5B | $4.5B | 77.0% | 03/26/2026 |
| Halbert Hargrove Global Advisors, Llc | $3.4B | $4.2B | 80.8% | 03/27/2026 |
| Sequoia Financial Advisors, L.L.C. | $3.4B | $32.2B | 10.5% | 03/18/2026 |
| Belle Haven Investments, L.P. | $3.4B | $23.3B | 14.4% | 03/25/2026 |
| N | $3.3B | $6.0B | 54.7% | 03/26/2026 |
| F L Putnam Investment Management Co. | $3.2B | $9.7B | 33.3% | 03/31/2026 |
| Capital Investment Advisors, Llc | $3.2B | $8.2B | 39.3% | 03/19/2026 |
| Geowealth Management Llc | $2.9B | $17.6B | 16.3% | 03/24/2026 |
| Colony Family Offices, Llc | $2.8B | $3.4B | 84.3% | 02/25/2026 |
| The Caprock Group, Llc | $2.8B | $12.5B | 22.7% | 03/26/2026 |
| Mariner Managed Account Solutions, Llc | $2.8B | $2.8B | 100.0% | 03/26/2026 |
| Keel Point, Llc | $2.8B | $4.1B | 67.9% | 06/08/2026 |
| Vicus Capital, Inc. | $2.8B | $3.0B | 92.0% | 03/20/2026 |
| Nordwand Advisors, Llc | $2.7B | $4.0B | 69.1% | 03/20/2026 |
From Form ADV Schedule D 5.K.(3): custodians named at the 10%-of-SMA-assets threshold, with reported dollar amounts. "Share" is reported amount as a share of the firm's total regulatory AUM.