Wealth manager, bank-affiliated · Fort Worth, TX

First Command Advisory Services

Q: How much does First Command Advisory Services manage?

First Command Advisory Services reports $24.4 billion in regulatory assets under management across 113,591 accounts, 100% of it on a discretionary basis, on its Form ADV filed July 21, 2026.

Q: What kind of firm is First Command Advisory Services?

First Command Advisory Services is a wealth manager by its Form ADV answers. At least half of its regulatory assets are managed for individuals and high-net-worth individuals. It reports a bank or thrift among its related persons.

Q: Who are First Command Advisory Services’s clients?

By assets, its largest client types are individuals ($20.1 billion, 109,659 clients); high-net-worth individuals ($4.3 billion, 3,852 clients); corporations or other businesses ($51 million, 49 clients).

Q: Does First Command Advisory Services have any disciplinary history?

First Command Advisory Services answers yes to 6 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.

SEC-registered investment adviser · CRD 281958 · SEC 801-56942

At a glance

First Command Advisory Services is an SEC-registered investment adviser based in Fort Worth, Texas, with $24.4 billion in regulatory assets under management as of its Form ADV filed July 21, 2026. Its largest client group by assets is individuals, and it reports 113,511 individual clients. By Form ADV it is a wealth manager (bank-affiliated), ranked 77th of 8,915 wealth managers and 759th of 17,210 SEC-registered advisers by assets.

Main office 817-731-8621firstcommand.comLinkedInAs filed on Form ADV

Regulatory AUM: $24B
Rank among wealth managers: #77 of 8,915
Rank among all SEC RIAs: #759 of 17,210
Rank in Texas: #31 of 1,081
Individual clients: 113,511
High-net-worth clients: 3,852
Accounts: 113,591
Discretionary: 100% of AUM
Employees: 1,787
Advisory staff: 1,155
Offices: 187

Owners and executives on its Form ADV

Mark D. SteffePresident and CEO
Heidi E. CerboneVice President and Treasurer
Tina K. CaddellVice President, Operations
Eric ChartanSenior Vice President, Chief Legal Officer
Frank D. SmithSenior Vice President - Chief Information Security Officer & Chief Technology Officer
Kelleen M. RichterExecutive Vice President, Chief Operating Officer
Casey J. GriffinSenior Vice President, Chief Compliance Officer

Custody and brokerage

Custodian

First Command Advisory Services’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.

Broker-dealer

Hybrid RIA

First Command Advisory Services is a hybrid RIA: 1,232 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: First Command Brokerage Services, Inc..

First Command Brokerage Services, Inc. ↗CRD 3641

Its Form ADV brochure (filed June 2026) names First Command Brokerage Services as the broker-dealer its advisers are registered with.

For example, notwithstanding the benefits an investor receives under an advisory relationship (including, but not limited to, the benefit of having a fiduciary relationship with a Financial Advisor and FCAS, ongoing investment advice and pe

Other hybrid RIAs

Who it serves

Client type	Clients	Regulatory AUM	Share
Individuals	109,659	$20B	82%
High-net-worth individuals	3,852	$4.3B	17%
Corporations or other businesses	49	$51M	<1%
Charitable organizations	27	$5M	<1%
Pension and profit sharing plans	4	$3M	<1%

Disciplinary disclosures

First Command Advisory Services answers yes to 6 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

How it’s paid

A percentage of assets under management
Fixed fees

Form ADV and brochures on the SEC’s adviser search ↗firstcommand.com ↗

AtlasMembers

The full record on First Command Advisory Services

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: Locked
Growth over one, three and five years: Locked
Rank against 182 peers of its type and size: Locked
Owners and executives, with titles and stakes: 7 namedLocked
Main office, fax and compliance officer: Locked
Filing changes this year, with alerts: 3Locked

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Background

Questions

How much does First Command Advisory Services manage?

First Command Advisory Services reports $24.4 billion in regulatory assets under management across 113,591 accounts, 100% of it on a discretionary basis, on its Form ADV filed July 21, 2026.

What kind of firm is First Command Advisory Services?

First Command Advisory Services is a wealth manager by its Form ADV answers. At least half of its regulatory assets are managed for individuals and high-net-worth individuals. It reports a bank or thrift among its related persons.

Who are First Command Advisory Services’s clients?

By assets, its largest client types are individuals ($20.1 billion, 109,659 clients); high-net-worth individuals ($4.3 billion, 3,852 clients); corporations or other businesses ($51 million, 49 clients).

Does First Command Advisory Services have any disciplinary history?

First Command Advisory Services answers yes to 6 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 First Command Advisory Services’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 (2026-07-21), 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 →