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RIA comparison · SEC Form ADV

Pathstone vs Mercer Global Advisors Inc.

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

The short answer

Pathstone is the larger of the two, with $110B in regulatory assets to $84B at Mercer Global Advisors Inc., 31% more than its rival, by their latest Form ADV filings. Mercer Global Advisors Inc. reports more individual clients (35,044 vs 1,979), while Pathstone’s clients hold more on average (about $46 million each against $2.2 million). Pathstone is based in Englewood, New Jersey and Mercer Global Advisors Inc. in Denver, Colorado.

FigurePathstoneMercer Global Advisors Inc.
Regulatory AUM$110B$84B
National rank#12#13
HeadquartersEnglewood, New JerseyDenver, Colorado
Individual clients1,97935,044
High-net-worth clients1,83418,398
Average client assets$46 million$2.2 million
Accounts27,165116,310
Discretionary59% of AUM98% of AUM
Employees7041,429
Advisory staff365632
Clients per advisory employee555
Offices19269
Form ADV filed2026-03-312026-09-17

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

Mercer Global Advisors Inc.

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
  • Other services

How it’s paid

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

Questions

Which is bigger, Pathstone or Mercer Global Advisors Inc.?

Pathstone, with $110B in regulatory assets under management against $84B at Mercer Global Advisors Inc. Nationally they rank #12 and #13 among 5,657 independent wealth management RIAs.

How many clients do Pathstone and Mercer Global Advisors Inc. have?

Pathstone reports 1,979 individual clients (1,834 high-net-worth) with 365 advisory employees; Mercer Global Advisors Inc. reports 35,044 (18,398 high-net-worth) with 632 advisory employees.

How do Pathstone and Mercer Global Advisors Inc. charge clients?

Only Pathstone lists performance-based fees on Form ADV. Only Mercer Global Advisors Inc. lists other forms of compensation. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.

What services do Pathstone and Mercer Global Advisors Inc. offer?

Pathstone lists portfolio management for pooled investment vehicles, which Mercer Global Advisors Inc. does not. Mercer Global Advisors Inc. lists pension consulting; periodicals or newsletters, which Pathstone does not. Both offer financial planning; portfolio management for individuals and small businesses; 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: Pathstone ↗, Mercer Global Advisors Inc. ↗. How to check a financial advisor →