State market data

Independent RIAs in Montana

As of October 2, 2026, 77 independent wealth management RIAs based in Montana reported $10.9 billion in regulatory assets under management; the largest by assets was Stack Financial Management Inc, with $2.0 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs: 77
SEC-registered: 16
State-registered: 61
Regulatory assets under management: $10.9 billion
Client accounts: 21,835
Median firm size: $33.7 million
Broker-dealer affiliated firms, not included: 3, with $42.3 billion

Montana has not adopted IAR continuing education. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Montana.

Top firms in Montana

Largest independent RIAs by assets under management

Largest independent RIAs by assets under management in Montana, top 10
Rank	Firm	City	RAUM
1	Stack Financial Management Inc	Whitefish	$2.0 billion
2	Bitterroot Capital Advisors LLC	Bozeman	$1.8 billion
3	Allied Investment Advisors LLC	Billings	$1.5 billion
4	Xypn Sapphire	Bozeman	$1.3 billion
5	Main Line Retirement Advisors, LLC	Whitefish	$448.6 million
6	Evergreen Wealth Partners LLC	Kalispell	$405.2 million
7	Capstone Wealth	Billings	$354.3 million
8	Professional Financial Management, Inc.	Bozeman	$304.1 million
9	Willow Creek Capital Management, Inc.	Missoula	$280.0 million
10	Cladis Investment Advisory LLC	Billings	$242.6 million

Top 100 in Montana

Fastest-growing independent RIAs over one year

Fastest-growing independent RIAs over one year in Montana, top 10
Rank	Firm	City	Growth	Starting value
1	Xypn Sapphire	Bozeman	290.4%	$321.0 million
2	Allied Investment Advisors LLC	Billings	31.2%	$1.1 billion
3	Royal Palms Capital, LLC	Whitefish	22.8%	$101.1 million
4	Bitterroot Capital Advisors LLC	Bozeman	22.5%	$1.5 billion
5	Capstone Wealth	Billings	17.7%	$301.1 million
6	Cladis Investment Advisory LLC	Billings	17.4%	$206.6 million
7	Piedmont Capital Management, LLC	Whitefish	15.8%	$200.1 million
8	Professional Financial Management, Inc.	Bozeman	14.6%	$265.3 million
9	Main Line Retirement Advisors, LLC	Whitefish	13.8%	$394.2 million
10	Big Sky Wealth Advisors, LLC	Great Falls	10.9%	$121.4 million

Top 100 in Montana

Fastest-growing independent RIAs over three years

Fastest-growing independent RIAs over three years in Montana, top 10
Rank	Firm	City	Growth	Starting value
1	Cladis Investment Advisory LLC	Billings	32.2%	$104.9 million
2	Allied Investment Advisors LLC	Billings	26.5%	$734.3 million
3	Life Planning Advisors LLC	Bigfork	16.6%	$106.7 million
4	Piedmont Capital Management, LLC	Whitefish	14.2%	$155.6 million
5	Main Line Retirement Advisors, LLC	Whitefish	13.9%	$303.8 million
6	Bitterroot Capital Advisors LLC	Bozeman	13.2%	$1.2 billion
7	Stack Financial Management Inc	Whitefish	5.4%	$1.7 billion

Top 100 in Montana

Fastest-growing independent RIAs over five years

Fastest-growing independent RIAs over five years in Montana, top 10
Rank	Firm	City	Growth	Starting value
1	Xypn Sapphire	Bozeman	60.6%	$117.4 million
2	Allied Investment Advisors LLC	Billings	24.6%	$495.5 million
3	Bitterroot Capital Advisors LLC	Bozeman	10.9%	$1.1 billion
4	Piedmont Capital Management, LLC	Whitefish	10.3%	$141.7 million
5	Main Line Retirement Advisors, LLC	Whitefish	9.9%	$279.6 million
6	Stack Financial Management Inc	Whitefish	6.1%	$1.5 billion

Top 100 in Montana

Independent RIAs with the biggest asset gains over one year

Independent RIAs with the biggest asset gains over one year in Montana, top 10
Rank	Firm	City	Increase
1	Xypn Sapphire	Bozeman	$932.4 million
2	Evergreen Wealth Partners LLC	Kalispell	$405.2 million
3	Allied Investment Advisors LLC	Billings	$353.5 million
4	Bitterroot Capital Advisors LLC	Bozeman	$326.5 million
5	Stack Financial Management Inc	Whitefish	$96.9 million
6	Main Line Retirement Advisors, LLC	Whitefish	$54.4 million
7	Capstone Wealth	Billings	$53.2 million
8	Professional Financial Management, Inc.	Bozeman	$38.8 million
9	Cladis Investment Advisory LLC	Billings	$36.0 million
10	Piedmont Capital Management, LLC	Whitefish	$31.7 million

Top 100 in Montana

Independent RIAs with the most clients

Independent RIAs with the most clients in Montana, top 10
Rank	Firm	City	Most clients
1	Allied Investment Advisors LLC	Billings	1,071
2	Life Planning Advisors LLC	Bigfork	979
3	Stack Financial Management Inc	Whitefish	833
4	Xypn Sapphire	Bozeman	796
5	Evergreen Wealth Partners LLC	Kalispell	758
6	Piedmont Capital Management, LLC	Whitefish	470
7	Willow Creek Capital Management, Inc.	Missoula	413
8	Main Line Retirement Advisors, LLC	Whitefish	360
9	Diamond Investment Management Services, LLC	Arlee	253
10	Big Sky Wealth Advisors, LLC	Great Falls	207

Top 100 in Montana

Independent RIAs with the fastest client growth over one year

Independent RIAs with the fastest client growth over one year in Montana, top 10
Rank	Firm	City	Growth	Starting value
1	Xypn Sapphire	Bozeman	144.9%	325
2	Allied Investment Advisors LLC	Billings	12.7%	950
3	Big Sky Wealth Advisors, LLC	Great Falls	8.4%	191
4	Professional Financial Management, Inc.	Bozeman	7.0%	157
5	Main Line Retirement Advisors, LLC	Whitefish	5.3%	342
6	Capstone Wealth	Billings	3.3%	183
7	Life Planning Advisors LLC	Bigfork	1.6%	964
8	Cladis Investment Advisory LLC	Billings	0.0%	125
9	Stack Financial Management Inc	Whitefish	-2.1%	851
10	Piedmont Capital Management, LLC	Whitefish	-7.3%	507

Top 100 in Montana

Independent RIAs with the most accounts

Independent RIAs with the most accounts in Montana, top 10
Rank	Firm	City	Most accounts
1	Xypn Sapphire	Bozeman	4,262
2	Allied Investment Advisors LLC	Billings	2,411
3	Evergreen Wealth Partners LLC	Kalispell	1,792
4	Stack Financial Management Inc	Whitefish	1,524
5	Piedmont Capital Management, LLC	Whitefish	1,172
6	Life Planning Advisors LLC	Bigfork	1,071
7	Professional Financial Management, Inc.	Bozeman	692
8	Main Line Retirement Advisors, LLC	Whitefish	679
9	Big Sky Wealth Advisors, LLC	Great Falls	570
10	Capstone Wealth	Billings	508

Top 100 in Montana

Independent RIAs with the most advisory staff

Independent RIAs with the most advisory staff in Montana, top 10
Rank	Firm	City	Most advisory staff
1	Xypn Sapphire	Bozeman	60
2	Allied Investment Advisors LLC	Billings	11
3	Stack Financial Management Inc	Whitefish	7
3	Bitterroot Capital Advisors LLC	Bozeman	7
5	Capstone Wealth	Billings	4
5	Life Planning Advisors LLC	Bigfork	4
5	Willow Creek Capital Management, Inc.	Missoula	4
5	Evergreen Wealth Partners LLC	Kalispell	4
9	Cladis Investment Advisory LLC	Billings	3
9	Piedmont Capital Management, LLC	Whitefish	3

Top 100 in Montana

Independent RIAs with the most high net worth clients

Independent RIAs with the most high net worth clients in Montana, top 10
Rank	Firm	City	Most high net worth clients
1	Stack Financial Management Inc	Whitefish	590
2	Allied Investment Advisors LLC	Billings	307
3	Xypn Sapphire	Bozeman	182
4	Evergreen Wealth Partners LLC	Kalispell	119
5	Willow Creek Capital Management, Inc.	Missoula	98
6	Capstone Wealth	Billings	84
7	Professional Financial Management, Inc.	Bozeman	83
8	Piedmont Capital Management, LLC	Whitefish	61
9	Pathfinder Planning and Investments	Missoula	60
9	Main Line Retirement Advisors, LLC	Whitefish	60

Top 100 in Montana

Independent RIAs with the most CFP professionals

Independent RIAs with the most CFP professionals in Montana, top 10
Rank	Firm	City	Most CFP professionals
1	Xypn Sapphire	Bozeman	41
2	Professional Financial Management, Inc.	Bozeman	2
2	Pathfinder Planning and Investments	Missoula	2
2	Cocreate Financial	Bozeman	2
2	Monteith Wealth	Bozeman	2
2	Evergreen Financial Group	Billings	2
2	Opulence Planning	Helena	2
2	Evergreen Wealth Partners LLC	Kalispell	2
9	Stack Financial Management Inc	Whitefish	1
9	Bibler Financial Group	Big Sky	1

Top 100 in Montana

Newest independent RIAs

Newest independent RIAs in Montana, top 10
Rank	Firm	City	Amount
1	Willow Creek Capital Management, Inc.	Missoula	$280.0 million
2	Pathfinder Planning and Investments	Missoula	$122.3 million
3	Springhill Wealth Management	Bozeman	$82.0 million
4	Switchbacks Capital Advisory, LLC	Missoula	$0
4	406 PM	Billings	$0
4	CFD Investment Advisory LLC	Billings	$0
4	Evergreen Summit Advisors, LLC	Missoula	$0
4	High Country Stewardship	Bozeman	$0

Top 100 in Montana

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Montana, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Firms
As of	Firms
October 1, 2018	4
October 1, 2019	5
October 1, 2020	6
October 4, 2021	7
October 3, 2022	8
October 5, 2023	6
October 1, 2024	8
September 2, 2025	12
October 2, 2026	16

Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Regulatory assets under management
As of	Regulatory assets under management
October 1, 2018	$2.8 billion
October 1, 2019	$2.7 billion
October 1, 2020	$2.9 billion
October 4, 2021	$3.8 billion
October 3, 2022	$4.2 billion
October 5, 2023	$4.2 billion
October 1, 2024	$5.1 billion
September 2, 2025	$6.4 billion
October 2, 2026	$9.4 billion

Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Client accounts
As of	Client accounts
October 1, 2018	2,860
October 1, 2019	3,010
October 1, 2020	3,188
October 4, 2021	4,830
October 3, 2022	5,449
October 5, 2023	5,694
October 1, 2024	7,231
September 2, 2025	11,088
October 2, 2026	16,192

Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Median firm size (RAUM)
As of	Median firm size (RAUM)
October 1, 2018	$695.5 million
October 1, 2019	$664.8 million
October 1, 2020	$677.2 million
October 4, 2021	$299.9 million
October 3, 2022	$309.2 million
October 5, 2023	$515.9 million
October 1, 2024	$264.9 million
September 2, 2025	$301.1 million
October 2, 2026	$292.1 million

The market in Montana now

Headline figures

Headline figures, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms	77	16	61
Regulatory assets under management	$10.9 billion	$9.4 billion	$1.5 billion
Accounts	21,835	16,192	5,643
Clients	9,432	6,626	2,806
Employees	226	144	82
Advisory employees	190	117	73
Investment adviser representatives	195	121	74
Median RAUM	$33.7 million	$292.1 million	$20.9 million
Average RAUM	$162.4 million	$588.3 million	$28.7 million

Firms by size

Advisers grouped by regulatory assets under management.

Firms by size, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms under $100 million	51	1	50
RAUM of firms under $100 million	$1.4 billion	$82.0 million	$1.4 billion
Firms $100 million to $250 million	7	6	1
RAUM of firms $100 million to $250 million	$1.1 billion	$1.0 billion	$107.6 million
Firms $250 million to $500 million	5	5	0
RAUM of firms $250 million to $500 million	$1.8 billion	$1.8 billion	$0
Firms $500 million to $1 billion	0	0	0
RAUM of firms $500 million to $1 billion	$0	$0	$0
Firms $1 billion to $5 billion	4	4	0
RAUM of firms $1 billion to $5 billion	$6.5 billion	$6.5 billion	$0
Firms $5 billion to $10 billion	0	0	0
RAUM of firms $5 billion to $10 billion	$0	$0	$0
Firms $10 billion and up	0	0	0
RAUM of firms $10 billion and up	$0	$0	$0

Concentration

How much of the market the largest advisers hold.

Concentration, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Top 10 share of RAUM	78.6%	90.8%	46.4%

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Measure	Bar	Value
Charge a percentage of assets		97.4%
Charge hourly fees		50.6%
Charge subscription fees		1.3%
Charge fixed fees		46.8%
Receive commissions		1.3%
Charge performance-based fees		1.3%
Other compensation		3.9%

How advisers are paid, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Charge a percentage of assets	97.4%	100.0%	96.7%
Charge hourly fees	50.6%	62.5%	47.5%
Charge subscription fees	1.3%	6.3%	0.0%
Charge fixed fees	46.8%	56.3%	44.3%
Receive commissions	1.3%	0.0%	1.6%
Charge performance-based fees	1.3%	0.0%	1.6%
Other compensation	3.9%	6.3%	3.3%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

Custody, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Have custody	15.6%	31.3%	11.5%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

Broker-dealer and other affiliations, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Broker-dealer affiliated	2.6%	0.0%	3.3%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

New firms and successions, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
New registrations	8	3	5
Successions	No data	0	No data

Other measures

Other measures, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms reporting RAUM	67	16	51
Discretionary RAUM	$9.0 billion	$7.6 billion	$1.3 billion
CFP professionals	73	54	19
25th percentile RAUM	$15.1 million	$160.5 million	$9.9 million
75th percentile RAUM	$87.6 million	$649.8 million	$42.3 million
90th percentile RAUM	$324.2 million	$1.6 billion	$54.0 million
Average account size	$498,170	$581,328	$259,559
Offer financial planning	72.7%	93.8%	67.2%
RAUM growth, one year	No data	46.0%	No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Bozeman 23 independent RIAs, $4.1 billion
Whitefish 6 independent RIAs, $2.9 billion
Billings 11 independent RIAs, $2.2 billion
Kalispell 5 independent RIAs, $516.5 million
Missoula 9 independent RIAs, $484.4 million
Bigfork 5 independent RIAs, $353.3 million

Cities with at least five independent RIAs.

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.