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RIAs by state · SEC data as of October 1, 2026

RIAs in Montana

The SEC-registered investment advisers based in Montana, what they manage, and the largest independent wealth managers.

Montana is home to 18 wealth-focused RIAs managing $58B, 43rd of 51 states and DC. The largest is Stack Financial Management Inc in Whitefish, with $2.0B.

Wealth-focused RIAs
18
43rd of 51
Their assets
$58B
32nd of 51
$1B+ firms
6
Median $423M
All SEC RIAs
23
1,227 employees

Largest independent wealth managers in Montana

Largest independent wealth managers headquartered in Montana
#FirmHeadquartersRegulatory AUMIndividual clientsEmployees
1Stack Financial Management IncSEC recordWhitefish$2.0B77914
2Bitterroot Capital Advisors LLCSEC recordBozeman$1.8B207
3Allied Investment Advisors LLCSEC recordBillings$1.5B95312
4Xypn SapphireSEC recordBozeman$1.3B72169
5Main Line Retirement Advisors, LLCSEC recordWhitefish$449M1583
6Capstone WealthSEC recordBillings$354M1598
7Professional Financial Management, Inc.SEC recordBozeman$304M1632
8Cladis Investment Advisory LLCSEC recordBillings$243M1143
9Piedmont Capital Management, LLCSEC recordWhitefish$232M4643
10Life Planning Advisors LLCSEC recordBigfork$169M9754
11Big Sky Wealth Advisors, LLCSEC recordGreat Falls$135M2012
12Pathfinder Planning and InvestmentsSEC recordMissoula$122M782

Ranked by regulatory assets under management on each firm’s latest Form ADV. Excludes broker-dealers’ advisory arms and managed-account platforms. Nationally: the 100 largest RIAs.

Questions

How many RIAs are there in Montana?

23 SEC-registered investment advisers have their main office in Montana, and 18 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Montana 43rd of 51 states and DC, according to Financial ADVSR’s count of SEC data as of October 1, 2026.

What is the largest RIA in Montana?

Stack Financial Management Inc, based in Whitefish, is the largest independent wealth manager headquartered in Montana, with $2.0B in regulatory assets under management and 779 individual clients on its latest Form ADV.

How much do Montana RIAs manage?

Wealth-focused RIAs based in Montana report $58B in regulatory assets under management, 32nd among the states. 6 of them manage $1 billion or more; the median manages $423M.

How we built this

The SEC publishes a list of every registered investment adviser, drawn from each firm’s Form ADV. We used the list current through October 1, 2026, kept the 16,943 advisers the SEC shows as approved, and placed each in the state of its main office; 14,641 are based in the United States. Regulatory assets under management come from Item 5.F, client counts from Item 5.D.

Wealth-focused RIAs manage at least half of their assets for individuals and high-net-worth clients, the same test as our RIA Custody Tracker; there are 8,130 in the US. Rankings and each state’s largest-firms list show independent wealth managers only: wealth-focused firms that offer financial planning, are not themselves broker-dealers, and hold less than half their assets in wrap programs they sponsor or manage. That leaves out wirehouse and broker-dealer advisory arms and managed-account platforms, which still count in each state’s totals.

What it doesn’t show

  • State-registered advisers, most of which manage less than $100 million, register with their state regulator and aren’t in SEC data.
  • A firm counts only in its main office state, though many have offices in several.
  • Figures are as of each adviser’s latest annual Form ADV update, usually its December 31 fiscal year-end, so they lag recent deals.
  • Firms that file under more than one registration (an RIA and a separate institutional arm, for example) appear as separate advisers.

The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.

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