RIA custodians · Form ADV filings, October 2025 to September 2026
Morgan Stanley
The wealth-focused RIAs that custody with Morgan Stanley: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using Morgan Stanley in the RIA database. News and coverage: Morgan Stanley hub.
- RIAs using it
- 102 1% · 11th of 23
- Assets held
- $79B 8th of 23
- Median firm
- $295M 25 firms $1B+
- Only custodian
- 16% 16 firms
RIAs by size
Regulatory assets under management of each RIA naming Morgan Stanley.
Largest independent RIAs using Morgan Stanley
| # | Firm | Headquarters | Regulatory AUM | Held at Morgan Stanley | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | CV Advisors LLCSEC record | Aventura, FL | $15B | $2.9B | 145 | 82 |
| 2 | Ingalls Investment Management, LLCSEC record | New York, NY | $7.8B | $468M | 4,245 | 50 |
| 3 | The Bollard Group LLCSEC record | Boston, MA | $6.7B | $1.7B | 14 | 29 |
| 4 | Aspen Grove Capital, LLCSEC record | Avon, CO | $6.7B | $2.5B | 40 | 22 |
| 5 | Cumberland AdvisorsSEC record | Sarasota, FL | $3.2B | $740M | 1,091 | 36 |
| 6 | Mmbg Investment Advisors Co.SEC record | Miami, FL | $3.0B | $849M | 137 | 14 |
| 7 | PCM Encore, LLCSEC record | Aspen, CO | $2.0B | $1.2B | 175 | 18 |
| 8 | Sierra Capital LLCSEC record | Miami, FL | $1.6B | $271M | 76 | 8 |
| 9 | John G. Ullman & Associates, IncSEC record | Horseheads, NY | $1.5B | $471M | 992 | 58 |
| 10 | Activest Wealth Management, LLCSEC record | Aventura, FL | $1.5B | $318M | 530 | 22 |
| 11 | Seabridge Investment Advisors LLCSEC record | Summit, NJ | $771M | $68M | 185 | 12 |
| 12 | Alti Wealth Management (US International), Inc.SEC record | Coral Gables, FL | $691M | $81M | 36 | 10 |
| 13 | Westward Investment AdvisorySEC record | Mission, KS | $572M | $279M | 16 | 5 |
| 14 | Sestante Family OfficeSEC record | Coronado, CA | $434M | $48M | 14 | 4 |
| 15 | Fifth Force ManagementSEC record | Dallas, TX | $407M | $39M | 0 | 4 |
| 16 | RM Private Wealth ManagementSEC record | Miami, FL | $341M | $15M | 71 | 1 |
| 17 | Mbia Capital AdvisorsSEC record | Cincinnati, OH | $290M | $45M | 257 | 5 |
| 18 | WWM Advisory Inc.SEC record | Culver City, CA | $280M | $58M | 54 | 2 |
| 19 | Bull Street AdvisorsSEC record | Savannah, GA | $272M | $36M | 98 | 1 |
| 20 | CBG & Company, Inc.SEC record | Fishers, IN | $271M | $56M | 161 | 9 |
| 21 | Arsenal Capital Advisors LLCSEC record | Conshohocken, PA | $267M | $28M | 97 | 3 |
| 22 | MRP Capital Investments, LLCSEC record | Alpharetta, GA | $228M | $76M | 138 | 5 |
| 23 | Concordia Wealth Management, LLCSEC record | Concord, MA | $197M | $196M | 47 | 4 |
| 24 | Campbell Asset Management, LLCSEC record | Chattanooga, TN | $146M | $25M | 168 | 4 |
| 25 | Garrison Bradford & Associates IncSEC record | New York, NY | $138M | $62M | 92 | 3 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at Morgan Stanley; many firms split assets across custodians.
Where they are
Also custody with
Questions
How many RIAs use Morgan Stanley?
102 wealth-focused SEC-registered RIAs name Morgan Stanley as a custodian on Form ADV, about 1% of those that report one, ranking it 11th 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 Morgan Stanley hold?
The RIAs that use Morgan Stanley report $79B held there in separately managed accounts, 8th among custodians. The median firm keeps $63M at Morgan Stanley and manages $295M in all.
What is the largest RIA that uses Morgan Stanley?
Among independent wealth managers, CV Advisors LLC of Aventura, FL is the largest firm naming Morgan Stanley, with $15B in regulatory assets under management, $2.9B of it reported at Morgan Stanley.
Do RIAs that use Morgan Stanley also use other custodians?
16% of them name Morgan Stanley as their only custodian. The most common second custodian is Charles Schwab, named by 44 of Morgan Stanley’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.