What changed in 2026-01
Comparing the SEC's 2025-12-01 and 2026-01-01 Form ADV snapshots.
Newly registered
115
Deregistered
124
Newly disclosed
13
Major asset moves
40
Firms newly reporting a disclosure
These firms answered Yes this month to an Item 11 question they answered No to the month before. That can reflect a new event, or an amended filing of an older one.
Argo Infrastructure Management, LP · New York, NY
- Any disclosure event involving the firm or its supervised persons
- Convicted of or pled guilty/no contest to a felony (past 10 years)
Blue Jay Financial Group, LLC · Defiance, OH
- Any disclosure event involving the firm or its supervised persons
- SEC or CFTC entered an order in connection with investment-related activity
Copperwood Financial · Burr Ridge, IL
- Any disclosure event involving the firm or its supervised persons
- Charged with a felony (past 10 years)
- Charged with an investment-related misdemeanor (past 10 years)
- Another regulator found a violation of investment-related regulations or statutes
- Another regulator entered an order in connection with investment-related activity (past 10 years)
- Another regulator denied, suspended, or revoked a registration or restricted activity
D.A. Davidson & Co. · Great Falls, MT
- Another regulator denied, suspended, or revoked a registration or restricted activity
Elmtree Funds, LLC · St. Louis, MO
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC entered an order in connection with investment-related activity
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
- Another regulator found a violation of investment-related regulations or statutes
- Another regulator entered an order in connection with investment-related activity (past 10 years)
- A self-regulatory organization found a violation of its rules
- Currently subject to a regulatory proceeding that could result in a disclosure under 11.C., 11.D., or 11.E.
- A court dismissed an investment-related civil action under a settlement agreement
- Currently subject to a civil proceeding that could result in a disclosure under 11.H.(1)
Emerging Capital Partners · Washington, DC
- SEC or CFTC found a violation of its regulations or statutes
Finamex Asset Management, LLC · Houston, TX
- A self-regulatory organization found a violation of its rules
- A self-regulatory organization expelled, suspended, barred, or restricted the firm
Integrity Alliance, LLC · Urbandale, IA
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC entered an order in connection with investment-related activity
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
Kovack Advisors, Inc. · Fort Lauderdale, FL
- Another regulator found a false statement, omission, or dishonest, unfair, or unethical conduct
M Financial Asset Management, Inc. · Portland, OR
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
Sageview Advisory Group, LLC · Newport Beach, CA
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
- Another regulator entered an order in connection with investment-related activity (past 10 years)
Skyview Pinnacle
- Another regulator found a false statement, omission, or dishonest, unfair, or unethical conduct
- Another regulator found a violation of investment-related regulations or statutes
- Another regulator entered an order in connection with investment-related activity (past 10 years)
- A self-regulatory organization found a false statement or omission
- A self-regulatory organization found a violation of its rules
Vectorglobal Iag, Inc. · Miami, FL
- Another regulator entered an order in connection with investment-related activity (past 10 years)
Largest reported changes in regulatory assets
These are changes in what firms reported. A large move can reflect client flows, market moves, a restatement, or a reclassification between discretionary and non-discretionary assets. Do not read them as investor behaviour.
| Firm | State | Previous | Current | Change |
|---|---|---|---|---|
| Goldman Sachs & Co. LLC | NY | $233.16 billion | $114.90 billion | -51% |
| Western Asset Management Company | CA | $298.75 billion | $184.99 billion | -38% |
| Flexpath Strategies | CA | $79.85 billion | $2.70 billion | -97% |
| Putnam Investment Management, LLC | MA | $85.21 billion | $117.24 billion | +38% |
| Impax Asset Management, Ltd. | $40.55 billion | $25.84 billion | -36% | |
| Western Asset Management Company Limited | $33.56 billion | $20.09 billion | -40% | |
| Templeton Asset Management Ltd. | $35.63 billion | $24.05 billion | -33% | |
| Franklin Templeton Investment Management Limited | $30.90 billion | $40.52 billion | +31% | |
| Franklin Templeton Investments Corp. | $21.59 billion | $12.77 billion | -41% | |
| O'shaughnessy Asset Management, LLC | CT | $12.60 billion | $19.78 billion | +57% |
| Templeton Global Advisors Limited | $19.42 billion | $25.85 billion | +33% | |
| Comgest Asset Management International Limited | $19.36 billion | $13.66 billion | -29% | |
| Franklin Advisory Services, LLC | CA | $9.18 billion | $14.07 billion | +53% |
| Lnw | WA | $7.66 billion | $12.23 billion | +60% |
| Avantyr Capital Partners, LP | NY | $0 | $2.98 billion | |
| K2/d&s Management Co., L.L.C. | CT | $9.44 billion | $6.53 billion | -31% |
| L 1 Global Wealth LLC | FL | $0 | $2.81 billion | |
| Lexington Advisors LLC | NY | $243.3 million | $2.66 billion | +992% |
| Stonebridge Financial Group, LLC | MO | $0 | $2.35 billion | |
| North of South Capital LLP | $3.88 billion | $6.12 billion | +58% | |
| Templeton Investment Counsel, LLC | FL | $6.40 billion | $4.61 billion | -28% |
| Zanbato Advisors LLC | CA | $506.9 million | $2.08 billion | +310% |
| Trinity Strategic Wealth | OK | $0 | $1.52 billion | |
| Pinegrove Adviser LLC | CA | $816.0 million | $2.05 billion | +151% |
| Western Asset Management Company Pte Ltd | $3.99 billion | $2.80 billion | -30% | |
| Post Road Group LLC | CT | $1.94 billion | $1.04 billion | -46% |
| Pathfinder Wealth Consulting | NC | $0 | $847.4 million | |
| Clear Trail Advisors, LLC | TX | $0 | $797.1 million | |
| Cander Asset Management | NY | $0 | $775.7 million | |
| Bluearc Capital Management | GA | $1.68 billion | $2.44 billion | +45% |
| Motley Fool Asset Management | VA | $1.84 billion | $2.60 billion | +41% |
| Ktf Investments, LLC | CA | $0 | $691.8 million | |
| Defilade Capital Management, L.P. | CA | $0 | $644.1 million | |
| Motley Fool Wealth Management, LLC | VA | $2.18 billion | $1.60 billion | -27% |
| Franklin Managed Options Strategies, LLC | CT | $447.4 million | $972.5 million | +117% |
| Nestyield Etfs | CA | $0 | $519.0 million | |
| 1832 Asset Management U.S. Inc. | $922.3 million | $1.43 billion | +55% | |
| Advantage Capital | LA | $789.9 million | $1.29 billion | +63% |
| Ethos Financial Group, LLC | PA | $1.58 billion | $2.06 billion | +31% |
| Raymond James (USA) Ltd | $1.54 billion | $1.99 billion | +29% |
Newly registered advisers
No longer registered
Present in the previous snapshot and absent from this one. Firms deregister for many ordinary reasons, including mergers and moving to state registration.
- 16rock Asset Management LLC · New York, NY
- 1858 Wealth Management, LLC · Akron, OH
- A.T. Lloyd's, Inc · Seattle, WA
- Accredited Wealth Management LLC · Louisville, KY
- Allio Advisors · Seattle, WA
- Alpha Asset Consulting LLC
- Altegris Advisors, LLC · San Juan Capistrano, CA
- American Assets Capital Advisers, LLC · San Diego, CA
- Apexium Financial LP · Dallas, TX
- Appian Way Asset Management LP · New York, NY
- Arctrust Advisors LLC · Clifton, NJ
- Aristotle Credit Partners, LLC · Los Angeles, CA
- Athena Advisory · Austin, TX
- Aveo Capital Partners, LLC · Englewood, CO
- Bilkeykatz Investment Consultants · Pittsburgh, PA
- Bip Alliance, LLC · Atlanta, GA
- Blue Heron Infrastructure
- Brenton Point Wealth Advisors LLC · New York, NY
- Breton Co · Medford, NJ
- Brown Financial Management Group, LLC · Latham, NY
- Brown Wealth Management, LLC · Eden Prairie, MN
- Bryce Point Capital LLC · Scarsdale, NY
- Cadaret Grant & Co Inc · Syracuse, NY
- Candlestick Capital Management LP · Greenwich, CT
- Cap Strat · Oakbrook Terrace, IL
- Capital United, LLC · Hillsboro, OR
- Cloud Capital LLC
- Cobblestone Capital Advisors, LLC · Rochester, NY
- Coho Partners, Ltd. · Berwyn, PA
- Colley Asset Management, Inc. · Saratoga Springs, NY
- Constitution Wealth LLC
- Court Place Advisors LLC · Ellicott City, MD
- Crowley Wealth Management, Inc. · Wilmington, DE
- Cuso Financial Services, L.P. · San Diego, CA
- Day Hagan Asset Management · Sarasota, FL
- Desert Sky Advisory, LLC · Portland, OR
- Eaglestone Wealth Advisors, Inc. · Rockville, MD
- Edly Advisors · White Plains, NY
- Eisler Capital (US) LLC · New York, NY
- Elmtree Funds, LLC · St. Louis, MO
- Emso Asset Management US LLC · Greenwich, CT
- Financial Strategies Investment Advisor Services, Inc. · Bethel, CT
- Firmament Cap Advisors, LLC · New York, NY
- Fnb Wealth Management · Pittsburgh, PA
- Forthright Partners LLC · Atlanta, GA
- Full Sail Capital, LLC · Oklahoma City, OK
- Garland Capital Management Inc · Bellevue, WA
- Gitterman Wealth Management, LLC · Edison, NJ
- Global Investment Adviser Lc · North Palm Beach, FL
- Goalsetter Gold
- Goodpasture Gray
- Grace Advisors LLC · Wilmington, DE
- Grand Strategy Capital, LLC · Charlottesville, VA
- Gryphon Advisors, LLC · Evanston, IL
- Guidance Investment Advisors, LLC · Elkhart, IN
- Harper Global Group · San Francisco, CA
- Hart & Patterson Financial Group · Amherst, MA
- Hemington Wealth Management · Falls Church, VA
- Heritage Financial Planning · Dallas, TX
- Higher Park Limited · London
- Horan Wealth Management · Cincinnati, OH
- Householder Group Estate & Retirement Specialists · Scottsdale, AZ
- Indaba Capital Management, L.P. · San Francisco, CA
- Irving Place Capital Management, L.P. · New York, NY
- Jackson Square Partners, LLC · Larkspur, CA
- Kahler Financial Group, Inc. · Rapid City, SD
- Kaye Capital Management · El Segundo, CA
- Kbit Management Ltd.
- Kobo Wealth Conservancy · Honolulu, HI
- Koll Bren Schreiber Realty Advisors, Inc. · Newport Beach, CA
- Korzo Financial LLC · San Francisco, CA
- L.M. Kohn & Company · Cincinnati, OH
- Lane Hipple - Wealth Management Group · Moorestown, NJ
- Lap Latin American Partners · Washington, DC
- Ledger Ils Managers, LLC · New York, NY
- Live Oak Family Offices LLC · St. Petersburg, FL
- Lokken Investment Group, LLC · Lewes, DE
- Lowe Wealth Advisors, LLC · Columbia, MD
- Macquarie Investment Management Austria Kapitalanlage Ag · Vienna
- Midway Wealth Partners, LLC · Arlington Heights, IL
- Morningstar Investment Services LLC · Chicago, IL
- Moser Wealth Advisors · Bellevue, WA
- Napa Wealth Management · Napa, CA
- New Century Financial Group, LLC · Princeton, NJ
- Next Financial Group, Inc. · Houston, TX
- Northstar Financial Management, Inc. · Moscow, ID
- Obsidian Personal Planning Solutions, LLC · Rockville, MD
- Ojm Group, LLC · Cincinnati, OH
- Oliver Lagore Vanvalin Investment Group, Inc. · Flint, MI
- Omphalos Partners, LLC · Maryville, TN
- Pacific Portfolio Consulting, LLC · Seattle, WA
- Park Piedmont Advisors LLC · Chicago, IL
- Parks Capital · Pittsford, NY
- Pinegrove Opportunity Partners LLC · San Francisco, CA
- Plenty Financial Ria, LLC · San Francisco, CA
- Praestantia Capital, LLC · San Antonio, TX
- Prism Financial Group, L.L.C. · Overland Park, KS
- Prosperity Financial Group, Inc. · San Ramon, CA
- Protection Point Advisors · Roseville, CA
- Puissance Capital Management LP
- Pwa Financial · Newtown, PA
- Quiena Inversiones · Ciudad de Buenos Aires
- Rivulet Capital, LLC · Summit, NJ
- Rudoi S.R.L.
- Sageview Private Client Group, LLC · Newport Beach, CA
- Shilanski & Associates, Inc. · Anchorage, AK
- Shoreline Wealth Advisors · New Castle, IN
- Skky Partners, LP · Boston, MA
- Spc Financial Inc · Rockville, MD
- Spectrum Wealth Management, LLC · Irvine, CA
- Steven Charles Capital Ltd · Rochester, NY
- Stonegate Investment Group, LLC · Birmingham, AL
- Strive Advisory, LLC · Dallas, TX
- Summit Wealth Strategies · Chesterfield, MO
- Touchstone Capital, Inc. · Pittsburgh, PA
- Tyler-stone Wealth Management, LLC · Beachwood, OH
- Veripax Wealth Management, Inc. · Folsom, CA
- Vishria Bird Financial Group, LLC · Memphis, TN
- Wela Strategies, Inc. · Atlanta, GA
- Wells Trecaso Financial Group, LLC · Akron, OH
- West Oak Capital, LLC · Eagle, ID
- Wfa Asset Management Corp · Whitefish Bay, WI
- Wise Wealth, LLC · Lee's Summit, MO
- World Advisory Services · Lincroft, NJ