State market data

Wealth management firms in Montana

As of October 2, 2026, 80 wealth management firms, including broker-dealer firms, based in Montana reported $53.2 billion in regulatory assets under management; the largest by assets was D.A. Davidson & Co., with $41.8 billion.

Showing all wealth firms, including wirehouses and broker-dealer firms. Independent RIAs only

Wealth management firms: 80
SEC-registered: 18
State-registered: 62
Regulatory assets under management: $53.2 billion
Client accounts: 115,704
Median firm size: $35.2 million
Of which broker-dealer affiliated: 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 wealth firms by assets under management, including broker-dealer firms

Largest wealth firms by assets under management, including broker-dealer firms in Montana, top 10
Rank	Firm	City	RAUM
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	$41.8 billion
2	Stack Financial Management Inc	Whitefish	$2.0 billion
3	Bitterroot Capital Advisors LLC	Bozeman	$1.8 billion
4	Allied Investment Advisors LLC	Billings	$1.5 billion
5	Xypn Sapphire	Bozeman	$1.3 billion
6	Main Line Retirement Advisors, LLC	Whitefish	$448.6 million
7	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	$440.3 million
8	Evergreen Wealth Partners LLC	Kalispell	$405.2 million
9	Capstone Wealth	Billings	$354.3 million
10	Professional Financial Management, Inc.	Bozeman	$304.1 million

Top 100 in Montana

Fastest-growing wealth firms over one year, including broker-dealer firms

Fastest-growing wealth firms over one year, including broker-dealer firms 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	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	25.3%	$351.3 million
4	Royal Palms Capital, LLC	Whitefish	22.8%	$101.1 million
5	Bitterroot Capital Advisors LLC	Bozeman	22.5%	$1.5 billion
6	Capstone Wealth	Billings	17.7%	$301.1 million
7	Cladis Investment Advisory LLC	Billings	17.4%	$206.6 million
8	Piedmont Capital Management, LLC	Whitefish	15.8%	$200.1 million
9	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	15.7%	$36.2 billion
10	Professional Financial Management, Inc.	Bozeman	14.6%	$265.3 million

Top 100 in Montana

Fastest-growing wealth firms over three years, including broker-dealer firms

Fastest-growing wealth firms over three years, including broker-dealer firms 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	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	20.5%	$23.9 billion
4	Life Planning Advisors LLC	Bigfork	16.6%	$106.7 million
5	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	14.6%	$292.4 million
6	Piedmont Capital Management, LLC	Whitefish	14.2%	$155.6 million
7	Main Line Retirement Advisors, LLC	Whitefish	13.9%	$303.8 million
8	Bitterroot Capital Advisors LLC	Bozeman	13.2%	$1.2 billion
9	Stack Financial Management Inc	Whitefish	5.4%	$1.7 billion

Top 100 in Montana

Fastest-growing wealth firms over five years, including broker-dealer firms

Fastest-growing wealth firms over five years, including broker-dealer firms 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	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	15.2%	$20.7 billion
4	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	15.0%	$218.5 million
5	Bitterroot Capital Advisors LLC	Bozeman	10.9%	$1.1 billion
6	Piedmont Capital Management, LLC	Whitefish	10.3%	$141.7 million
7	Main Line Retirement Advisors, LLC	Whitefish	9.9%	$279.6 million
8	Stack Financial Management Inc	Whitefish	6.1%	$1.5 billion

Top 100 in Montana

Wealth firms with the biggest asset gains over one year, including broker-dealer firms

Wealth firms with the biggest asset gains over one year, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Increase
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	$5.7 billion
2	Xypn Sapphire	Bozeman	$932.4 million
3	Evergreen Wealth Partners LLC	Kalispell	$405.2 million
4	Allied Investment Advisors LLC	Billings	$353.5 million
5	Bitterroot Capital Advisors LLC	Bozeman	$326.5 million
6	Stack Financial Management Inc	Whitefish	$96.9 million
7	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	$88.9 million
8	Main Line Retirement Advisors, LLC	Whitefish	$54.4 million
9	Capstone Wealth	Billings	$53.2 million
10	Professional Financial Management, Inc.	Bozeman	$38.8 million

Top 100 in Montana

Wealth firms with the most clients, including broker-dealer firms

Wealth firms with the most clients, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Most clients
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	71,168
2	Allied Investment Advisors LLC	Billings	1,071
3	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	1,020
4	Life Planning Advisors LLC	Bigfork	979
5	Stack Financial Management Inc	Whitefish	833
6	Xypn Sapphire	Bozeman	796
7	Evergreen Wealth Partners LLC	Kalispell	758
8	Piedmont Capital Management, LLC	Whitefish	470
9	Willow Creek Capital Management, Inc.	Missoula	413
10	Main Line Retirement Advisors, LLC	Whitefish	360

Top 100 in Montana

Wealth firms with the fastest client growth over one year, including broker-dealer firms

Wealth firms with the fastest client growth over one year, including broker-dealer firms 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	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	5.5%	67,488
6	Main Line Retirement Advisors, LLC	Whitefish	5.3%	342
7	Capstone Wealth	Billings	3.3%	183
8	Life Planning Advisors LLC	Bigfork	1.6%	964
9	Cladis Investment Advisory LLC	Billings	0.0%	125
10	Stack Financial Management Inc	Whitefish	-2.1%	851

Top 100 in Montana

Wealth firms with the most accounts, including broker-dealer firms

Wealth firms with the most accounts, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Most accounts
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	92,146
2	Xypn Sapphire	Bozeman	4,262
3	Allied Investment Advisors LLC	Billings	2,411
4	Evergreen Wealth Partners LLC	Kalispell	1,792
5	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	1,533
6	Stack Financial Management Inc	Whitefish	1,524
7	Piedmont Capital Management, LLC	Whitefish	1,172
8	Life Planning Advisors LLC	Bigfork	1,071
9	Professional Financial Management, Inc.	Bozeman	692
10	Main Line Retirement Advisors, LLC	Whitefish	679

Top 100 in Montana

Wealth firms with the most advisory staff, including broker-dealer firms

Wealth firms with the most advisory staff, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Most advisory staff
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	410
2	Xypn Sapphire	Bozeman	60
3	S.G. Long & Company Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	15
4	Allied Investment Advisors LLC	Billings	11
5	Stack Financial Management Inc	Whitefish	7
5	Bitterroot Capital Advisors LLC	Bozeman	7
7	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	6
8	Capstone Wealth	Billings	4
8	Life Planning Advisors LLC	Bigfork	4
8	Willow Creek Capital Management, Inc.	Missoula	4

Top 100 in Montana

Wealth firms with the most high net worth clients, including broker-dealer firms

Wealth firms with the most high net worth clients, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Most high net worth clients
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	18,223
2	Stack Financial Management Inc	Whitefish	590
3	Allied Investment Advisors LLC	Billings	307
4	Xypn Sapphire	Bozeman	182
5	Evergreen Wealth Partners LLC	Kalispell	119
6	Willow Creek Capital Management, Inc.	Missoula	98
7	SGL Investment Advisors, Inc. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	92
8	Capstone Wealth	Billings	84
9	Professional Financial Management, Inc.	Bozeman	83
10	Piedmont Capital Management, LLC	Whitefish	61

Top 100 in Montana

Wealth firms with the most CFP professionals, including broker-dealer firms

Wealth firms with the most CFP professionals, including broker-dealer firms in Montana, top 10
Rank	Firm	City	Most CFP professionals
1	D.A. Davidson & Co. Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Great Falls	85
2	Xypn Sapphire	Bozeman	41
3	Professional Financial Management, Inc.	Bozeman	2
3	Pathfinder Planning and Investments	Missoula	2
3	Cocreate Financial	Bozeman	2
3	Monteith Wealth	Bozeman	2
3	Evergreen Financial Group	Billings	2
3	Opulence Planning	Helena	2
3	Evergreen Wealth Partners LLC	Kalispell	2
10	S.G. Long & Company Broker-dealer affiliated: A wealth firm that is, or is part of, a broker-dealer or a bank: a wirehouse, a broker-dealer or its advisory arm, or a bank's. It appears in the all wealth firms view, not in the main lists of independent RIAs.	Missoula	1

Top 100 in Montana

Newest wealth firms, including broker-dealer firms

Newest wealth firms, including broker-dealer firms 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 wealth firms based in Montana, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Firms
As of	Firms
October 1, 2018	5
October 1, 2019	6
October 1, 2020	7
October 4, 2021	8
October 3, 2022	10
October 5, 2023	8
October 1, 2024	10
September 2, 2025	14
October 2, 2026	18

Regulatory assets under managementSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Regulatory assets under management
As of	Regulatory assets under management
October 1, 2018	$17.9 billion
October 1, 2019	$19.8 billion
October 1, 2020	$21.4 billion
October 4, 2021	$24.5 billion
October 3, 2022	$31.7 billion
October 5, 2023	$28.4 billion
October 1, 2024	$33.4 billion
September 2, 2025	$43.0 billion
October 2, 2026	$51.7 billion

Client accountsSEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Client accounts
As of	Client accounts
October 1, 2018	50,061
October 1, 2019	56,318
October 1, 2020	60,900
October 4, 2021	67,266
October 3, 2022	76,634
October 5, 2023	82,924
October 1, 2024	89,435
September 2, 2025	98,846
October 2, 2026	109,871

Median firm size (RAUM)SEC-registered wealth firms, including broker-dealer firms. 9 snapshots, October 1, 2018 to October 2, 2026.

Data table

Median firm size (RAUM)
As of	Median firm size (RAUM)
October 1, 2018	$1.1 billion
October 1, 2019	$996.0 million
October 1, 2020	$935.3 million
October 4, 2021	$397.7 million
October 3, 2022	$309.2 million
October 5, 2023	$515.9 million
October 1, 2024	$354.4 million
September 2, 2025	$321.0 million
October 2, 2026	$329.2 million

The market in Montana now

Headline figures

Headline figures, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms	80	18	62
Regulatory assets under management	$53.2 billion	$51.7 billion	$1.5 billion
Accounts	115,704	109,871	5,833
Clients	81,776	78,814	2,962
Employees	1,238	1,141	97
Advisory employees	621	533	88
Investment adviser representatives	919	830	89
Median RAUM	$35.2 million	$329.2 million	$22.4 million
Average RAUM	$759.9 million	$2.9 billion	$28.8 million

Firms by size

Advisers grouped by regulatory assets under management.

Firms by size, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Firms under $100 million	52	1	51
RAUM of firms under $100 million	$1.5 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	6	6	0
RAUM of firms $250 million to $500 million	$2.2 billion	$2.2 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	1	1	0
RAUM of firms $10 billion and up	$41.8 billion	$41.8 billion	$0

Concentration

How much of the market the largest advisers hold.

Concentration, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Top 10 share of RAUM	94.6%	97.3%	45.3%

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: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Charge a percentage of assets		97.5%
Charge hourly fees		50.0%
Charge subscription fees		1.3%
Charge fixed fees		46.3%
Receive commissions		1.3%
Charge performance-based fees		1.3%
Other compensation		3.8%

How advisers are paid, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Charge a percentage of assets	97.5%	100.0%	96.8%
Charge hourly fees	50.0%	61.1%	46.8%
Charge subscription fees	1.3%	5.6%	0.0%
Charge fixed fees	46.3%	55.6%	43.5%
Receive commissions	1.3%	0.0%	1.6%
Charge performance-based fees	1.3%	0.0%	1.6%
Other compensation	3.8%	5.6%	3.2%

Custody

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

Custody, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Have custody	16.3%	33.3%	11.3%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

Broker-dealer and other affiliations, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Broker-dealer affiliated	3.8%	5.6%	3.2%

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	All wealth firms	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	All wealth firms	SEC-registered	State-registered
Firms reporting RAUM	70	18	52
Discretionary RAUM	$47.7 billion	$46.4 billion	$1.3 billion
CFP professionals	160	140	20
25th percentile RAUM	$15.8 million	$184.8 million	$10.1 million
75th percentile RAUM	$103.3 million	$1.1 billion	$41.9 million
90th percentile RAUM	$408.7 million	$1.8 billion	$53.5 million
Average account size	$459,708	$470,482	$256,772
Offer financial planning	72.5%	88.9%	67.7%
RAUM growth, one year	No data	20.3%	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.