RIA custodians · Form ADV filings, October 2025 to September 2026
Merrill / Bank of America
The wealth-focused RIAs that custody with Merrill / Bank of America: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using Merrill / Bank of America in the RIA database. News and coverage: Merrill / Bank of America hub.
- RIAs using it
- 65 1% · 16th of 23
- Assets held
- $48B 15th of 23
- Median firm
- $414M 21 firms $1B+
- Only custodian
- 5% 3 firms
RIAs by size
Regulatory assets under management of each RIA naming Merrill / Bank of America.
Largest independent RIAs using Merrill / Bank of America
| # | Firm | Headquarters | Regulatory AUM | Held at Merrill | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | Miller Investment Management, LPSEC record | West Conshohocken, PA | $7.1B | $417M | 155 | 18 |
| 2 | Sendero Wealth Management, LLCSEC record | SAN Antonio, TX | $6.5B | $751M | 331 | 41 |
| 3 | Southeast Asset Advisors, LLCSEC record | Thomasville, GA | $4.2B | $423M | 281 | 14 |
| 4 | Oakmont CorporationSEC record | LOS Angeles, CA | $2.2B | $501M | 63 | 35 |
| 5 | Anderson Hoagland & CoSEC record | St Louis, MO | $1.4B | $340M | 136 | 8 |
| 6 | Penn Davis McFarland IncSEC record | Dallas, TX | $1.4B | $126M | 211 | 10 |
| 7 | Schnieders Capital Management, LLC.SEC record | Pasadena, CA | $1.1B | $231M | 459 | 8 |
| 8 | Eagle Rock Investment Company, LLCSEC record | Atlanta, GA | $787M | $102M | 77 | 4 |
| 9 | ABS Legacy Partners, LLCSEC record | Hickory, NC | $671M | $558M | 24 | 3 |
| 10 | Global Kandor Advisors, LLCSEC record | Miami, FL | $483M | $50M | 74 | 13 |
| 11 | Cove Private Wealth, LLCSEC record | Oyster Bay, NY | $455M | $51M | 92 | 2 |
| 12 | Dunnavan & Co.SEC record | Minneapolis, MN | $393M | $72M | 228 | 6 |
| 13 | Concorde Investment ManagementSEC record | Dallas, TX | $376M | $1M | 125 | 6 |
| 14 | WWM Advisory Inc.SEC record | Culver City, CA | $280M | $41M | 54 | 2 |
| 15 | 1620 Investment Advisors, Inc.SEC record | Plymouth, MA | $242M | $11M | 239 | 5 |
| 16 | Bassam Wealth Management, LLCSEC record | Palm Beach, FL | $241M | $32M | 24 | 3 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at Merrill / Bank of America; many firms split assets across custodians.
Where they are
Also custody with
Questions
How many RIAs use Merrill / Bank of America?
65 wealth-focused SEC-registered RIAs name Merrill / Bank of America as a custodian on Form ADV, about 1% of those that report one, ranking it 16th of the 23 custodians we track, according to Financial ADVSR’s review of filings from October 2025 to September 2026.
How much RIA money does Merrill / Bank of America hold?
The RIAs that use Merrill / Bank of America report $48B held there in separately managed accounts, 15th among custodians. The median firm keeps $72M at Merrill / Bank of America and manages $414M in all.
What is the largest RIA that uses Merrill / Bank of America?
Among independent wealth managers, Miller Investment Management, LP of West Conshohocken, PA is the largest firm naming Merrill / Bank of America, with $7.1B in regulatory assets under management, $417M of it reported at Merrill / Bank of America.
Do RIAs that use Merrill / Bank of America also use other custodians?
5% of them name Merrill / Bank of America as their only custodian. The most common second custodian is Charles Schwab, named by 33 of Merrill / Bank of America’s RIAs.
How we built this
Every SEC-registered adviser lists, in Schedule D, Section 5.K(3) of Form ADV, each custodian that holds 10% or more of its separately managed account assets, with the amount held. We took each adviser’s latest filing from October 2025 to September 2026 and kept the 9,157 wealth-focused firms, which manage at least half of their assets for individuals and high-net-worth clients; 8,572 of them report custodians. Custodian legal entities are grouped by parent, so Schwab’s entities count as one custodian and Fidelity’s RIA custody and clearing businesses as another. A custodian’s own affiliated advisers aren’t counted toward it. The firm counts match our RIA Custody Tracker.
Largest-firm tables show independent wealth managers only, the same test as the Largest RIAs: firms that offer financial planning, aren’t broker-dealers themselves and hold less than half their assets in wrap programs they sponsor or manage. Firm size and headquarters come from the SEC’s registered-adviser list.
What it doesn’t show
- Custodians holding less than 10% of a firm’s separately managed account assets aren’t listed, so smaller relationships are missed.
- Assets held cover separately managed accounts only, not pooled funds, and are as of each firm’s fiscal year-end.
- Broker-dealer clearing firms appear alongside RIA custodians because advisers list them the same way; Fidelity and Pershing pages show the split.
- State-registered advisers, most with under $100 million, aren’t in SEC data.
The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.