SEC-registered wealth management firm Broker-dealer affiliated
Esi Financial Advisors
As of its Form ADV filed July 1, 2026, Esi Financial Advisors, an SEC-registered, broker-dealer affiliated wealth management firm in Montpelier, Vermont, reported $2.8 billion in regulatory assets under management across 12,379 accounts, ranking #2 among all wealth firms in Vermont by assets.
Registration
- Main office
- Montpelier, VT
- Registration
- SEC-registered, Approved
- CRD number
- 265
- SEC file number
- 801-41722
- Registered since
- July 9, 1992
- Latest Form ADV filing
- July 1, 2026
- Legal name
- EQUITY SERVICES, INC.
- Organized as
- Corporation
- Fiscal year ends
- December
- Other offices
- 257
Key figures
- Regulatory assets under management
- $2.8 billion
- Discretionary
- $1.1 billion (41.1%)
- Non-discretionary
- $1.6 billion
- Accounts
- 12,379 (3,538 discretionary)
- Clients
- 12,789, approximate as reported
- Employees
- 500
- Advisory staff
- 460 performing investment advisory functions
- Average account
- $224,360
- Asset growth, 1 year
- 13.3% (from $2.5 billion a year earlier)
- Asset growth, 3-year annual rate
- 14.2% (from $1.9 billion three years earlier)
- Asset growth, 5-year annual rate
- 9.6% (from $1.8 billion five years earlier)
- Client growth, 1 year
- 4.0% (from 12,300)
Broker-dealer affiliated. The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1)). It is ranked among all wealth firms, the directory's view that includes wirehouses and broker-dealer firms, not in the main lists of independent RIAs. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among all wealth firms, including wirehouses and broker-dealer firms.
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 1, 2010 | $887.0 million |
| October 3, 2011 | $881.8 million |
| October 1, 2012 | $728.3 million |
| October 1, 2013 | $824.7 million |
| October 1, 2014 | $924.2 million |
| October 1, 2015 | $974.4 million |
| October 3, 2016 | $974.6 million |
| October 2, 2017 | $1.1 billion |
| October 1, 2018 | $1.3 billion |
| October 1, 2019 | $1.3 billion |
| October 1, 2020 | $1.5 billion |
| October 4, 2021 | $1.8 billion |
| October 3, 2022 | $2.2 billion |
| October 5, 2023 | $1.9 billion |
| October 1, 2024 | $2.1 billion |
| September 2, 2025 | $2.5 billion |
| October 2, 2026 | $2.8 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| Individuals (other than high net worth) 8,856 clients | $1.4 billion | |
| High net worth individuals 3,041 clients | $1.2 billion | |
| Pension and profit sharing plans 375 clients | $93.1 million | |
| Corporations or other businesses 103 clients | $42.3 million | |
| Charitable organizations fewer than 5 clients | $1.2 million | |
| Banking or thrift institutions fewer than 5 clients | $0 | |
| State or municipal government entities fewer than 5 clients | $0 | |
| Other investment advisers fewer than 5 clients | $0 | |
| Insurance companies fewer than 5 clients | $0 | |
| Sovereign wealth funds and foreign official institutions fewer than 5 clients | $0 |
How the firm is paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Commissions
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Pension consulting
- Selection of other advisers
- Educational seminars or workshops
Financial planning clients (Item 5.H): 251-500.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Broker-dealer
- Insurance broker or agent
Financial industry affiliations (Item 7.A)
- Other investment adviser
- Accountant or accounting firm
- Lawyer or law firm
- Insurance company or agency
Custody (Item 9)
The firm reported no custody of client cash or securities.
Investment adviser representatives
- IARs registered with the firm
- 506
- Also registered through a broker-dealer
- 475
- Employees who are IARs (Form ADV 5.B(3))
- 495
Designations held by the firm's IARs: ChFC 59, CFP 50, CFA 4, PFS 3.
Between 184 and 228 of the firm's 506 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 9 disclosure questions. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in Vermont
| Firm | City | RAUM |
|---|---|---|
| Manchester Capital Management LLC | Manchester | $2.8 billion |
| Maple Capital Management, Inc. | Montpelier | $2.6 billion |
| Pathway Financial Advisors, LLC | South Burlington | $1.6 billion |
| One Day in July LLC | Burlington | $1.4 billion |
| Hanson & Doremus Investment Management | Burlington | $1.1 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Esi Financial Advisors on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.equity-services.com
- Wealth management firms in Vermont
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.