Wednesday, October 21, 2026The Morning EditionOpen AtlasSign inJoin free
FinancialADVSR

Est. 2026The front page of wealth managementNew York

The Morning EditionFree · 6:30 AM ETSubscribe
IN SpaceX’s AI segment now drives more than half its revenue. Here’s what advisors should watch nextFP Why AI might recommend your competitor instead of youFP Why clients are choosing phased retirement — and what advisors should know4K SPARK Forum Offering Scholarships for Retirement Plan AdvisorsFP What Schwab's new ETF platform fees mean for clients, advisorsWM RIA Platform Leaders Ask ‘What’s the Advantage in Having Your Own Form ADV?’IN Fake e-vite phishing scams put high-net-worth clients at riskRB Rick Wurster says Schwab is tackling its forced rationing of long/short SMAs with proprietary 'offering' to stretch balance sheet, but it may be more about a fee upside, a long/short manager saysIN Fintech bytes: 55ip, Vise, Syntax push tax-smart tools for RIAsWM $20B Modera Wealth Management Launches AI Operating Platform

RIA comparison · SEC Form ADV

Fisher Investments vs Vanguard Advisers, Inc.

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 $345B at Vanguard Advisers, Inc., 12% more than its rival, by their latest Form ADV filings. Vanguard Advisers, Inc. reports more individual clients (791,495 vs 199,061), while Fisher Investments’ clients hold more on average (about $1.7 million each against $420,000). Fisher Investments is based in Plano, Texas and Vanguard Advisers, Inc. in Malvern, Pennsylvania.

FigureFisher InvestmentsVanguard Advisers, Inc.
Regulatory AUM$387B$345B
National rank#1#2
HeadquartersPlano, TexasMalvern, Pennsylvania
Individual clients199,061791,495
High-net-worth clients125,84480,159
Average client assets$1.7 million$420,000
Accounts422,516791,528
Discretionary100% of AUM35% of AUM
Employees4,3692,208
Advisory staff1,9481,903
Clients per advisory employee102416
Offices122,226
Form ADV filed2026-04-022026-09-24

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

Vanguard Advisers, Inc.

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

How it’s paid

  • A percentage of assets under management
  • Fixed fees

Questions

Which is bigger, Fisher Investments or Vanguard Advisers, Inc.?

Fisher Investments, with $387B in regulatory assets under management against $345B at Vanguard Advisers, Inc. Nationally they rank #1 and #2 among 5,657 independent wealth management RIAs.

How many clients do Fisher Investments and Vanguard Advisers, Inc. have?

Fisher Investments reports 199,061 individual clients (125,844 high-net-worth) with 1,948 advisory employees; Vanguard Advisers, Inc. reports 791,495 (80,159 high-net-worth) with 1,903 advisory employees.

How do Fisher Investments and Vanguard Advisers, Inc. charge clients?

Only Fisher Investments lists performance-based fees on Form ADV. Only Vanguard Advisers, Inc. lists fixed fees. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Fisher Investments and Vanguard Advisers, Inc. offer?

Fisher Investments lists portfolio management for investment companies; other services, which Vanguard Advisers, Inc. does not. Vanguard Advisers, Inc. lists selecting other advisers, which Fisher Investments does not. Both offer financial planning; portfolio management for individuals and small businesses; portfolio management for pooled investment vehicles; 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 ↗, Vanguard Advisers, Inc. ↗. How to check a financial advisor →