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RIA comparison · SEC Form ADV

Fisher Investments vs Edelman Financial Engines

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

The short answer

Fisher Investments is the larger of the two, with $387B in regulatory assets to $326B at Edelman Financial Engines, 19% more than its rival, by their latest Form ADV filings. Edelman Financial Engines reports more individual clients (477,170 vs 199,061), while Fisher Investments’ clients hold more on average (about $1.7 million each against $380,000). Fisher Investments is based in Plano, Texas and Edelman Financial Engines in Santa Clara, California.

FigureFisher InvestmentsEdelman Financial Engines
Regulatory AUM$387B$326B
National rank#1#3
HeadquartersPlano, TexasSanta Clara, California
Individual clients199,061477,170
High-net-worth clients125,84445,656
Average client assets$1.7 million$380,000
Accounts422,5161,517,156
Discretionary100% of AUM100% of AUM
Employees4,3691,679
Advisory staff1,948553
Clients per advisory employee102863
Offices12132
Form ADV filed2026-04-022026-07-24

Fisher Investments

Full profile →

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for investment companies
  • Portfolio management for pooled investment vehicles
  • Portfolio management for businesses and institutions
  • Other services

How it’s paid

  • A percentage of assets under management
  • Performance-based fees

Edelman Financial Engines

Full profile →

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for businesses and institutions
  • Pension consulting
  • Selecting other advisers
  • Periodicals or newsletters
  • Educational seminars and workshops

How it’s paid

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

Questions

Which is bigger, Fisher Investments or Edelman Financial Engines?

Fisher Investments, with $387B in regulatory assets under management against $326B at Edelman Financial Engines. Nationally they rank #1 and #3 among 5,657 independent wealth management RIAs.

How many clients do Fisher Investments and Edelman Financial Engines have?

Fisher Investments reports 199,061 individual clients (125,844 high-net-worth) with 1,948 advisory employees; Edelman Financial Engines reports 477,170 (45,656 high-net-worth) with 553 advisory employees.

How do Fisher Investments and Edelman Financial Engines charge clients?

Only Fisher Investments lists performance-based fees on Form ADV. Only Edelman Financial Engines lists hourly charges; subscription fees; fixed fees; other forms of compensation. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Fisher Investments and Edelman Financial Engines offer?

Fisher Investments lists portfolio management for investment companies; portfolio management for pooled investment vehicles; other services, which Edelman Financial Engines does not. Edelman Financial Engines lists pension consulting; selecting other advisers; periodicals or newsletters; educational seminars and workshops, which Fisher Investments does not. Both offer financial planning; portfolio management for individuals and small businesses; portfolio management for businesses and institutions.

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: Fisher Investments ↗, Edelman Financial Engines ↗. How to check a financial advisor →