Broker-dealer firm · Montpelier, VT
ESI Financial Advisors
Equity Services, Inc. · SEC-registered investment adviser · CRD 265 · SEC 801-41722
At a glance
ESI Financial Advisors is an SEC-registered investment adviser based in Montpelier, Vermont, with $2.8 billion in regulatory assets under management as of its Form ADV filed July 1, 2026. Its largest client group by assets is individuals, and it reports 11,897 individual clients. By Form ADV it is a broker-dealer firm, ranked 114th of 391 broker-dealer firms and 2,972nd of 17,210 SEC-registered advisers by assets.
Main office 800-344-7437equity-services.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $2.8B
- Rank among broker-dealer firms
- #114 of 391
- Rank among all SEC RIAs
- #2,972 of 17,210
- Rank in Vermont
- #4 of 33
- Individual clients
- 11,897
- High-net-worth clients
- 3,041
- Accounts
- 12,379
- Discretionary
- 41% of AUM
- Employees
- 500
- Advisory staff
- 460
- Offices
- 258
Owners and executives on its Form ADV
- Ian Andrew McKennyVP, Chief Counsel & Secretary
- Gregory Dwight TeeseSVP, Operations, COO
- Mehran AssadiDirector & Chairman of the Board
- Robert Earl CottonDirector
- Matthew FrazeeDirector
- Rebecca PalmerChief Information Security Officer
- Rebecca Nassar DunneDirector
- Robert FranklinSVP, Compliance & CCO
- Carrie Ann FoxVP, Finop
- Alex Marcus DavidPresident & CEO
- Spencer Todd ParrishVP, Principal Financial Officer and Treasurer
- Brian Wilbur NelsonVP, Business Development
Custody and brokerage
Broker-dealer
Hybrid RIA
ESI Financial Advisors is a hybrid RIA: 470 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed July 2026) names Charles Schwab & Co. as the broker-dealer its advisers are registered with.
Custodial services are provided by Charles Schwab Trust Bank and brokerage services are provided through Charles Schwab & Co., Inc.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 8,856 | $1.4B | 52% |
| High-net-worth individuals | 3,041 | $1.2B | 43% |
| Pension and profit sharing plans | 375 | $93M | 3% |
| Corporations or other businesses | 103 | $42M | 2% |
| Charitable organizations | 4 | $1M | <1% |
Disciplinary disclosures
ESI Financial Advisors answers yes to 30 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Pension consulting
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Commissions
Form ADV and brochures on the SEC’s adviser search ↗equity-services.com ↗
AtlasMembers
The full record on ESI Financial Advisors
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 90 peers of its type and size
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- Owners and executives, with titles and stakes
- 12 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 3Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does ESI Financial Advisors manage?
ESI Financial Advisors reports $2.8 billion in regulatory assets under management across 12,379 accounts, 41% of it on a discretionary basis, on its Form ADV filed July 1, 2026.
What kind of firm is ESI Financial Advisors?
ESI Financial Advisors is a broker-dealer firm by its Form ADV answers. The firm is itself registered as a broker-dealer as well as an investment adviser.
Who are ESI Financial Advisors’s clients?
By assets, its largest client types are individuals ($1.4 billion, 8,856 clients); high-net-worth individuals ($1.2 billion, 3,041 clients); pension and profit sharing plans ($93 million, 375 clients).
Does ESI Financial Advisors have any disciplinary history?
ESI Financial Advisors answers yes to 30 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is ESI Financial Advisors’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). Custodians come from Schedule D 5.K(3) of its latest filing (2026-07-01), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →