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RIA comparison · SEC Form ADV

Mariner vs Pathstone

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

The short answer

Mariner is the larger of the two, with $125B in regulatory assets to $110B at Pathstone, 14% more than its rival, by their latest Form ADV filings. Mariner reports more individual clients (54,583 vs 1,979), while Pathstone’s clients hold more on average (about $46 million each against $2.1 million). Mariner is based in Overland Park, Kansas and Pathstone in Englewood, New Jersey.

FigureMarinerPathstone
Regulatory AUM$125B$110B
National rank#10#12
HeadquartersOverland Park, KansasEnglewood, New Jersey
Individual clients54,5831,979
High-net-worth clients22,3221,834
Average client assets$2.1 million$46 million
Accounts186,79127,165
Discretionary98% of AUM59% of AUM
Employees1,889704
Advisory staff933365
Clients per advisory employee595
Offices13119
Form ADV filed2026-08-052026-03-31

Mariner

Full profile →

Services

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

How it’s paid

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

Pathstone

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
  • Educational seminars and workshops
  • Other services

How it’s paid

  • A percentage of assets under management
  • Hourly charges
  • Fixed fees
  • Performance-based fees

Questions

Which is bigger, Mariner or Pathstone?

Mariner, with $125B in regulatory assets under management against $110B at Pathstone. Nationally they rank #10 and #12 among 5,657 independent wealth management RIAs.

How many clients do Mariner and Pathstone have?

Mariner reports 54,583 individual clients (22,322 high-net-worth) with 933 advisory employees; Pathstone reports 1,979 (1,834 high-net-worth) with 365 advisory employees.

How do Mariner and Pathstone charge clients?

Only Pathstone lists performance-based fees on Form ADV. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Mariner and Pathstone offer?

Mariner lists pension consulting; periodicals or newsletters, which Pathstone 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; selecting other advisers; educational seminars and workshops; other services.

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: Mariner ↗, Pathstone ↗. How to check a financial advisor →