Wealth manager, independent · Ft. Lauderdale, FL
Kovack Advisors, Inc.
SEC-registered investment adviser · CRD 140808 · SEC 801-63048
At a glance
Kovack Advisors, Inc. is an SEC-registered investment adviser based in Ft. Lauderdale, Florida, with $6.3B in regulatory assets under management as of its Form ADV filed April 27, 2026. It reports 12,906 individual clients, 1,590 of them high-net-worth, holding an average of about $0.4 million each, and 320 employees. That ranks it 169th among the nation’s 5,657 independent wealth management RIAs and 7th of 343 in Florida. It reports 2 custodians for its clients’ separately managed accounts: Fidelity and BNY Pershing.
Main office 954-782-4771kovackadvisors.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $6.3B
- Rank among independent wealth managers
- #169 of 5,657
- Rank among all SEC RIAs
- #1,809 of 17,210
- Rank in Florida
- #7 of 343
- Individual clients
- 12,906
- High-net-worth clients
- 1,590
- Accounts
- 20,493
- Discretionary
- 82% of AUM
- Employees
- 320
- Advisory staff
- 300
- Offices
- 199
Owners and executives on its Form ADV
- Melinda S. WolfeExecutive Vice President
- Brian J. KovackPresident
- Cecilia MercadoChief Compliance Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
Kovack Advisors, Inc. is a hybrid RIA: 288 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Kovack Securities Inc..
- Kovack Securities Inc. ↗CRD 44848
An introducing broker-dealer: its trades clear through another firm, which holds the brokerage accounts. Its annual audited report filed with the SEC, March 2026
Its Form ADV brochure (filed April 2026) names Kovack Securities as the broker-dealer its advisers are registered with.
The Forgivable Loan incentiv izes such IARs to remain affiliated with KAI and/or KSI; the reby directing clients to utilize the advisory services offered thr ough KAI and/or the brokerage services offered through KSI, even though comparable
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 11,316 | $2.8B | 45% |
| High-net-worth individuals | 1,590 | $2.8B | 44% |
| Corporations or other businesses | 200 | $490M | 8% |
| State or municipal government entities | 5 | $199M | 3% |
| Banking or thrift institutions | 1 | $1M | <1% |
| Pension and profit sharing plans | 181 | $0M | 0% |
Disciplinary disclosures
Kovack Advisors, Inc. answers yes to 18 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
- Portfolio management for businesses and institutions
- Selecting other advisers
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Other
Form ADV and brochures on the SEC’s adviser search ↗kovackadvisors.com ↗
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Similar-size RIAs in Florida
All of Florida →| Firm | Regulatory AUM | Clients |
|---|---|---|
| CV Advisors LLCAventura | $15B | 145 |
| FacetWest Palm Beach | $7.6B | 14,741 |
| Dakota Wealth, LLCPalm Beach Gardens | $6.9B | 3,728 |
| Yale Capital Corp.St. Petersburg | $5.6B | 118 |
| GentrustMiami | $5.2B | 264 |
| Moran Wealth Management, LLCNaples | $5.1B | 1,606 |
Background
Questions
How much does Kovack Advisors, Inc. manage?
Kovack Advisors, Inc. reports $6.3B in regulatory assets under management across 20,493 accounts, 82% of it on a discretionary basis, on its Form ADV filed April 27, 2026.
How many clients does Kovack Advisors, Inc. have?
It reports 12,906 individual clients: 1,590 high-net-worth individuals and 11,316 other individuals. Individuals account for about 89% of its regulatory assets.
Where is Kovack Advisors, Inc. headquartered?
Its main office is in Ft. Lauderdale, Florida. It reports 199 offices in total and 320 employees, 300 of whom perform investment advisory functions.
How does Kovack Advisors, Inc. charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees; other. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Kovack Advisors, Inc. use?
It reports 2 custodians for its clients’ separately managed accounts: Fidelity and BNY Pershing. On Schedule D of its Form ADV filed April 27, 2026, it reports these amounts held: Fidelity ($3.7B); BNY Pershing ($1.6B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Kovack Advisors, Inc. a hybrid RIA with a broker-dealer?
Kovack Advisors, Inc. is a hybrid RIA: 288 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Kovack Securities Inc.. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is Kovack Advisors, Inc. a fiduciary?
As an SEC-registered investment adviser, Kovack Advisors, Inc. owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 288 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is Kovack Advisors, Inc.’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 (2026-04-27), 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). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. 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 →