ADV Watch: Mercury Advisory, LLC reports a $4.63 billion asset gain; 35 advisers join the SEC list, 13 leave
What changed in the SEC's weekly Form ADV data between October 17, 2026 and October 24, 2026: the largest reported asset moves, new and departed advisers, headcount swings and name changes.
Compared with the data of October 17, 2026, 502 firms filed an updated Form ADV, 35 SEC-registered advisers appeared for the first time and 13 were no longer listed.
The largest reported change: Mercury Advisory, LLC (San Francisco, CA) reported $22.6 billion in regulatory assets in its Form ADV filed October 22, 2026, up from $17.9 billion in its previous filing.
An adviser leaves the SEC list when it withdraws its SEC registration on Form ADV-W, moves to state registration or merges into another registered adviser; the data does not say which.
The SEC's adviser data for October 24, 2026 lists 24,054 firms reporting $177.9 trillion in regulatory assets under management. Compared with the data of October 17, 2026, 502 firms filed an updated Form ADV, 35 SEC-registered advisers appeared for the first time and 13 were no longer listed.
The largest reported change: Mercury Advisory, LLC (San Francisco, CA) reported $22.6 billion in regulatory assets in its Form ADV filed October 22, 2026, up from $17.9 billion in its previous filing.
Biggest reported asset gains
Largest increases in reported regulatory assets, firms with $100 million or more previously
Firm
Location
Reported assets
Previous filing
Change
Filed
Mercury Advisory, LLC (CRD 308960)
San Francisco, CA
$22.57B
$17.94B
$4.63B (+26%)
Oct 22, 2026
Gulf International Bank (UK) Limited (CRD 281609)
London
$8.03B
$4.98B
$3.05B (+61%)
Oct 21, 2026
Uhy Wealth Management RIA LLC (CRD 317608)
Sterling Heights, MI
$912M
$103M
$809M (+789%)
Oct 23, 2026
Fundsmith Partners US LLC (CRD 343726)
Stamford, CT
$1.02B
$435M
$587M (+135%)
Oct 19, 2026
Founders Family Office (CRD 315653)
Miami, FL
$1.40B
$1.12B
$288M (+26%)
Oct 23, 2026
Beau Morgan Advisors (CRD 336355)
—
$1.06B
$793M
$270M (+34%)
Oct 20, 2026
Vision One Management Partners, LP (CRD 316551)
Miami, FL
$394M
$185M
$209M (+113%)
Oct 21, 2026
Ferghana Investment Partners, LP (CRD 337822)
New York, NY
$222M
$100M
$122M (+122%)
Oct 20, 2026
Magarian Capital Management, LLC (CRD 341292)
—
$358M
$260M
$97.8M (+38%)
Oct 23, 2026
Arrowroot Family Office, LLC (CRD 168744)
Marina Del Rey, CA
$499M
$431M
$67.8M (+16%)
Oct 19, 2026
Biggest reported asset declines
Largest decreases in reported regulatory assets, firms with $100 million or more previously
Firm
Location
Reported assets
Previous filing
Change
Filed
Orix Advisers, LLC (CRD 307580)
New York, NY
$5.05B
$9.63B
-$4.58B (-48%)
Oct 22, 2026
WFM Asia (BVI) Limited (CRD 139173)
Hong Kong
$1.66B
$2.59B
-$925M (-36%)
Oct 22, 2026
WFM Asia (HK) Limited (CRD 139184)
Hong Kong
$1.66B
$2.59B
-$925M (-36%)
Oct 22, 2026
Axim Planning & Wealth (CRD 319618)
Springboro, OH
$39.3M
$127M
-$87.9M (-69%)
Oct 21, 2026
Ironoak Wealth (CRD 306403)
Cedar Park, TX
$133M
$162M
-$29.4M (-18%)
Oct 20, 2026
New to the SEC list
SEC-registered advisers listed for the first time that report regulatory assets, largest first (35 new advisers in all)
An adviser leaves the SEC list when it withdraws its SEC registration on Form ADV-W, moves to state registration or merges into another registered adviser; the data does not say which. Each firm's filing history is on the SEC's Investment Adviser Public Disclosure site.
Advisers in the Oct 17, 2026 data but not in the Oct 24, 2026 data (13 in all)
Firm
Location
Last reported assets
Last filing
H.M. Payson (CRD 2993)
Portland, ME
$9.09B
Mar 31, 2026
West Rim Capital Associates II, L.P. (CRD 145085)
Lehi, UT
$1.66B
Mar 30, 2026
Silicon Valley Retirement Services, LLC (CRD 154756)
San Jose, CA
$1.40B
Feb 9, 2026
Sandy Cove Advisors, LLC (CRD 152482)
Hingham, MA
$685M
Mar 23, 2026
Cannon Wealth Management Services (CRD 323302)
Winston Salem, NC
$245M
Apr 30, 2026
Silver Lake Capital Partners (CRD 329997)
Dallas, TX
$212M
Mar 9, 2026
Lanier Asset Management, LLC (CRD 150888)
Louisville, KY
$142M
May 26, 2026
Private Counsel Group, LTD. (CRD 300083)
Indianapolis, IN
$116M
Feb 25, 2026
Cannon Global Investment Management, LLC (CRD 301911)
Davie, FL
$92.9M
Mar 5, 2026
Evolution Vision Wealth Management (CRD 340871)
—
$65.4M
Oct 1, 2026
Boundary Creek Advisors LP (CRD 300768)
—
$49.8M
Mar 27, 2026
Kestra Institutional Services, LLC (CRD 151790)
Austin, TX
$0
Jun 30, 2026
Quantitative Finance LLC (CRD 323380)
—
$0
Apr 28, 2026
Headcount changes
Largest changes in reported employees, firms with 20 or more previously
Firm
Location
Employees
Previous filing
Change
Gulf International Bank (UK) Limited (CRD 281609)
London
68
117
-49
Name changes
Advisers reporting a new business name
Firm
Previously
Filed
Avivar Advisors (CRD 215516)
Avivar Capital, LLC
Oct 23, 2026
First Security Investment Management, Inc. (CRD 108350)
Financial Management, Inc.
Oct 20, 2026
Camerata Capital (CRD 343111)
CMK Partners, LLC
Oct 23, 2026
Marsh Investments US LLC (CRD 133449)
Mercer Investments LLC
Oct 21, 2026
How this is built: figures are as each firm reported them on Form ADV (Item 5.F regulatory assets under management, Item 5.A employees) and as the SEC publishes them in its Investment Adviser Public Disclosure data. A change reflects a new filing between the two data dates, not a dated flow of client assets. Changes that look like filing errors, such as a fall to zero or a move of more than tenfold, are left out until a later filing confirms them. Exempt reporting advisers are not included.