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RIA comparison · SEC Form ADV

Fisher Investments vs Kestra Advisory Services, LLC

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 $80B at Kestra Advisory Services, LLC, 4.8 times the size of its rival, by their latest Form ADV filings. Fisher Investments reports more individual clients (199,061 vs 115,285) and its clients also hold more on average (about $1.7 million each against $620,000). Both are based in Texas: Fisher Investments in Plano and Kestra Advisory Services, LLC in Austin.

FigureFisher InvestmentsKestra Advisory Services, LLC
Regulatory AUM$387B$80B
National rank#1#14
HeadquartersPlano, TexasAustin, Texas
Individual clients199,061115,285
High-net-worth clients125,84426,123
Average client assets$1.7 million$620,000
Accounts422,516192,439
Discretionary100% of AUM78% of AUM
Employees4,3691,359
Advisory staff1,9481,359
Clients per advisory employee10285
Offices12545
Form ADV filed2026-04-022026-09-22

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

Kestra Advisory Services, LLC

Full profile →

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for businesses and institutions
  • Pension consulting
  • Selecting other advisers

How it’s paid

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

Questions

Which is bigger, Fisher Investments or Kestra Advisory Services, LLC?

Fisher Investments, with $387B in regulatory assets under management against $80B at Kestra Advisory Services, LLC. Nationally they rank #1 and #14 among 5,657 independent wealth management RIAs.

How many clients do Fisher Investments and Kestra Advisory Services, LLC have?

Fisher Investments reports 199,061 individual clients (125,844 high-net-worth) with 1,948 advisory employees; Kestra Advisory Services, LLC reports 115,285 (26,123 high-net-worth) with 1,359 advisory employees.

How do Fisher Investments and Kestra Advisory Services, LLC charge clients?

Only Fisher Investments lists performance-based fees on Form ADV. Only Kestra Advisory Services, LLC lists hourly charges; fixed fees. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Fisher Investments and Kestra Advisory Services, LLC offer?

Fisher Investments lists portfolio management for investment companies; portfolio management for pooled investment vehicles; other services, which Kestra Advisory Services, LLC does not. Kestra Advisory Services, LLC lists pension consulting; selecting other advisers, 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 ↗, Kestra Advisory Services, LLC ↗. How to check a financial advisor →