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RIA comparison · SEC Form ADV

Fiduciary Counselling Inc vs Choate Investment Advisors

Two independent wealth managers side by side: assets, clients, staff, services and fees, from each firm’s own filing.

The short answer

Fiduciary Counselling Inc and Choate Investment Advisors are almost exactly the same size, with $10B and $10B in regulatory assets (Fiduciary Counselling Inc slightly ahead), by their latest Form ADV filings. Fiduciary Counselling Inc reports more individual clients (1,645 vs 614), while Choate Investment Advisors’ clients hold more on average (about $15 million each against $5.4 million). Fiduciary Counselling Inc is based in St Paul, Minnesota and Choate Investment Advisors in Boston, Massachusetts.

FigureFiduciary Counselling IncChoate Investment Advisors
Regulatory AUM$10B$10B
National rank#99#100
HeadquartersSt Paul, MinnesotaBoston, Massachusetts
Individual clients1,645614
High-net-worth clients643519
Average client assets$5.4 million$15 million
Accounts1,7614,009
Discretionary44% of AUM92% of AUM
Employees8734
Advisory staff1820
Clients per advisory employee9131
Offices21
Form ADV filed2026-03-172026-03-30

Fiduciary Counselling Inc

Full profile →

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for investment companies
  • Portfolio management for businesses and institutions
  • Selecting other advisers
  • Educational seminars and workshops
  • Other services

How it’s paid

  • A percentage of assets under management
  • Fixed fees

Choate Investment Advisors

Full profile →

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for pooled investment vehicles
  • Portfolio management for businesses and institutions
  • Selecting other advisers
  • Periodicals or newsletters

How it’s paid

  • A percentage of assets under management
  • Hourly charges
  • Fixed fees

Questions

Which is bigger, Fiduciary Counselling Inc or Choate Investment Advisors?

Fiduciary Counselling Inc, with $10B in regulatory assets under management against $10B at Choate Investment Advisors. Nationally they rank #99 and #100 among 5,657 independent wealth management RIAs.

How many clients do Fiduciary Counselling Inc and Choate Investment Advisors have?

Fiduciary Counselling Inc reports 1,645 individual clients (643 high-net-worth) with 18 advisory employees; Choate Investment Advisors reports 614 (519 high-net-worth) with 20 advisory employees.

How do Fiduciary Counselling Inc and Choate Investment Advisors charge clients?

Only Choate Investment Advisors lists hourly charges on Form ADV. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Fiduciary Counselling Inc and Choate Investment Advisors offer?

Fiduciary Counselling Inc lists portfolio management for investment companies; educational seminars and workshops; other services, which Choate Investment Advisors does not. Choate Investment Advisors lists portfolio management for pooled investment vehicles; periodicals or newsletters, which Fiduciary Counselling Inc does not. Both offer financial planning; portfolio management for individuals and small businesses; portfolio management for businesses and institutions; selecting other advisers.

More comparisons

Where these numbers come from

Every figure is the firm’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Average client assets divide the assets held for individual and high-net-worth clients by their number. Ranks compare each firm with all US-based independent wealth management RIAs, the same field as The Largest RIAs. Figures can lag recent deals and market moves.

Not an endorsement or a recommendation of either firm. Before hiring an adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search: Fiduciary Counselling Inc ↗, Choate Investment Advisors ↗. How to check a financial advisor →