Pathstone's growth is being driven in part by tactics that are unusual for a large RIA, including widespread employee ownership and client outings such as backcountry ski trips, according to WealthManagement.com. In its RIA Edge 100 coverage, the outlet reported that CEO Matthew Fleissig attributes the firm's momentum to those choices.
The events side of the business is a deliberate build. WealthManagement.com reported that Pathstone acquired a Colorado firm that specializes in client events. The offerings now range from whitewater rafting trips to closed-door meetings with U.S. senators, and the outlet reported the firm hosted 77 events in 2026. The headline of the piece also references fly fishing trips.
The outlet also reported that referrals among upper high-net-worth clients have kept Pathstone's organic growth flywheel turning. The events appear aimed at that segment, though the summary does not detail how the firm measures their impact on new business.
On size, Pathstone reported in its SEC filing data, as compiled by Radient Analytics, that it managed $65.6 billion in discretionary assets and $44.7 billion in non-discretionary assets as of December 31, 2025. That adds up to $110.3 billion in regulatory assets under management. WealthManagement.com has separately reported the firm has more than 775 employees across 22 offices and $185 billion in total assets.
The employee-ownership model dates to late 2019, according to WealthManagement.com's earlier reporting. It came after an initial investment from Lovell Minnick Partners, when Pathstone had close to $15 billion in assets. In 2023, middle-market private equity firm Kelso & Company joined Lovell Minnick as an investor.
Pathstone was founded in 2010 by Fleissig with co-chairmen Steve Braverman and Allan Zachariah, starting with $2 billion in assets under management, per WealthManagement.com. CNBC lists Fleissig as CEO and Kelly Maregni as president, with headquarters in Englewood, New Jersey. SEC records show the firm registered with the agency in December 2009.
Acquisitions have added to the growth. According to a PR Newswire announcement, Pathstone combined with Mill Creek Capital Advisors effective June 1, 2026. Mill Creek was founded in 2006, is based in Conshohocken, Pennsylvania, and serves about 450 families and institutions with nearly $12 billion in assets.
The firm has also collected recognition this year. Pathstone placed fourth in Barron's 2026 ranking of Top 100 RIA firms, according to its newsroom, and was named to CNBC's first Elite Advisors list, which focuses on advisors serving ultra-high-net-worth clients and family offices with investible assets of $25 million or more.