State market data

Independent RIAs in Vermont

As of October 2, 2026, 59 independent wealth management RIAs based in Vermont reported $17.8 billion in regulatory assets under management; the largest by assets was Manchester Capital Management LLC, with $2.8 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs: 59
SEC-registered: 29
State-registered: 30
Regulatory assets under management: $17.8 billion
Client accounts: 30,137
Median firm size: $111.3 million
Broker-dealer affiliated firms, not included: 2, with $3.1 billion

Vermont requires IAR continuing education, in effect since 2022. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Vermont.

Top firms in Vermont

Largest independent RIAs by assets under management

Largest independent RIAs by assets under management in Vermont, top 10
Rank	Firm	City	RAUM
1	Manchester Capital Management LLC	Manchester	$2.8 billion
2	Maple Capital Management, Inc.	Montpelier	$2.6 billion
3	Pathway Financial Advisors, LLC	South Burlington	$1.6 billion
4	One Day in July LLC	Burlington	$1.4 billion
5	Hanson & Doremus Investment Management	Burlington	$1.1 billion
6	Silverlake Wealth Management LLC	Williston	$849.1 million
7	Rock Point Advisors, LLC	Burlington	$655.7 million
8	Marble Trail Advisors	Middlebury	$582.7 million
9	Clean Yield Asset Management	Norwich	$571.2 million
10	M. Kraus & Company	Shelburne	$559.3 million

Top 100 in Vermont

Fastest-growing independent RIAs over one year

Fastest-growing independent RIAs over one year in Vermont, top 10
Rank	Firm	City	Growth	Starting value
1	Pathway Financial Advisors, LLC	South Burlington	84.3%	$894.8 million
2	Silverlake Wealth Management LLC	Williston	48.3%	$572.7 million
3	Antoine Williams & Associates Wealth Management, LLC	Shelburne	39.1%	$229.2 million
4	Birchview Capital, LP	Burlington	30.6%	$183.1 million
5	One Day in July LLC	Burlington	25.2%	$1.1 billion
6	Hanson & Doremus Investment Management	Burlington	24.9%	$849.6 million
7	Marble Trail Advisors	Middlebury	18.9%	$490.2 million
8	Maple Capital Management, Inc.	Montpelier	17.6%	$2.2 billion
9	Rock Point Advisors, LLC	Burlington	17.0%	$560.4 million
10	Westview Investment Advisors	Burlington	16.2%	$196.8 million

Top 100 in Vermont

Fastest-growing independent RIAs over three years

Fastest-growing independent RIAs over three years in Vermont, top 10
Rank	Firm	City	Growth	Starting value
1	Pathway Financial Advisors, LLC	South Burlington	35.9%	$656.4 million
2	One Day in July LLC	Burlington	32.4%	$587.5 million
3	Silverlake Wealth Management LLC	Williston	26.4%	$420.7 million
4	Maple Capital Management, Inc.	Montpelier	23.6%	$1.4 billion
5	Antoine Williams & Associates Wealth Management, LLC	Shelburne	22.6%	$173.1 million
6	Marble Trail Advisors	Middlebury	22.3%	$318.5 million
7	Hanson & Doremus Investment Management	Burlington	20.5%	$606.4 million
8	Otto & Associates, Inc.	Norwich	13.8%	$194.5 million
9	Copper Leaf Financial, LLC	Williston	13.8%	$149.0 million
10	Westview Investment Advisors	Burlington	13.3%	$157.4 million

Top 100 in Vermont

Fastest-growing independent RIAs over five years

Fastest-growing independent RIAs over five years in Vermont, top 10
Rank	Firm	City	Growth	Starting value
1	One Day in July LLC	Burlington	29.9%	$368.8 million
2	Marble Trail Advisors	Middlebury	24.2%	$197.2 million
3	Pathway Financial Advisors, LLC	South Burlington	19.3%	$682.6 million
4	Silverlake Wealth Management LLC	Williston	18.3%	$365.8 million
5	Hanson & Doremus Investment Management	Burlington	14.6%	$537.0 million
6	Maple Capital Management, Inc.	Montpelier	14.6%	$1.3 billion
7	Antoine Williams & Associates Wealth Management, LLC	Shelburne	13.7%	$167.9 million
8	Copper Leaf Financial, LLC	Williston	13.6%	$116.2 million
9	Hutner Capital Management Inc.	Manchester	10.3%	$166.1 million
10	Williams Financial, LLC	North Bennington	9.9%	$130.9 million

Top 100 in Vermont

Independent RIAs with the biggest asset gains over one year

Independent RIAs with the biggest asset gains over one year in Vermont, top 10
Rank	Firm	City	Increase
1	Pathway Financial Advisors, LLC	South Burlington	$754.4 million
2	Maple Capital Management, Inc.	Montpelier	$385.6 million
3	Silverlake Wealth Management LLC	Williston	$276.4 million
4	One Day in July LLC	Burlington	$274.3 million
5	Hanson & Doremus Investment Management	Burlington	$211.3 million
6	Rock Point Advisors, LLC	Burlington	$95.3 million
7	Marble Trail Advisors	Middlebury	$92.5 million
8	Antoine Williams & Associates Wealth Management, LLC	Shelburne	$89.6 million
9	Birchview Capital, LP	Burlington	$56.0 million
10	Broadlake Financial Management	South Burlington	$40.5 million

Top 100 in Vermont

Independent RIAs with the most clients

Independent RIAs with the most clients in Vermont, top 10
Rank	Firm	City	Most clients
1	Maple Capital Management, Inc.	Montpelier	1,599
2	One Day in July LLC	Burlington	1,381
3	Silverlake Wealth Management LLC	Williston	1,072
4	Hanson & Doremus Investment Management	Burlington	622
5	Broadlake Financial Management	South Burlington	463
6	44 North Capital, LLC	Burlington	438
7	Marble Trail Advisors	Middlebury	375
8	Antoine Williams & Associates Wealth Management, LLC	Shelburne	336
9	Quantum Leap Capital, LLC	South Burlington	333
10	Prentiss Smith & Company, Inc.	Brattleboro	319

Top 100 in Vermont

Independent RIAs with the fastest client growth over one year

Independent RIAs with the fastest client growth over one year in Vermont, top 10
Rank	Firm	City	Growth	Starting value
1	Quantum Leap Capital, LLC	South Burlington	136.2%	141
2	Silverlake Wealth Management LLC	Williston	48.5%	722
3	Maple Capital Management, Inc.	Montpelier	15.4%	1,386
4	One Day in July LLC	Burlington	10.4%	1,251
5	Westview Investment Advisors	Burlington	9.0%	155
6	44 North Capital, LLC	Burlington	9.0%	402
7	Marble Trail Advisors	Middlebury	8.7%	345
8	Clean Yield Asset Management	Norwich	6.6%	241
9	Williams Financial, LLC	North Bennington	5.9%	256
10	Hanson & Doremus Investment Management	Burlington	4.5%	595

Top 100 in Vermont

Independent RIAs with the most accounts

Independent RIAs with the most accounts in Vermont, top 10
Rank	Firm	City	Most accounts
1	One Day in July LLC	Burlington	4,011
2	Maple Capital Management, Inc.	Montpelier	3,579
3	Silverlake Wealth Management LLC	Williston	2,641
4	Hanson & Doremus Investment Management	Burlington	1,557
5	Manchester Capital Management LLC	Manchester	1,457
6	Marble Trail Advisors	Middlebury	1,446
7	Broadlake Financial Management	South Burlington	1,166
8	Pathway Financial Advisors, LLC	South Burlington	1,147
9	Antoine Williams & Associates Wealth Management, LLC	Shelburne	993
10	Silver Birch Financial LLC	Middlebury	949

Top 100 in Vermont

Independent RIAs with the most advisory staff

Independent RIAs with the most advisory staff in Vermont, top 10
Rank	Firm	City	Most advisory staff
1	Maple Capital Management, Inc.	Montpelier	27
2	Manchester Capital Management LLC	Manchester	14
3	One Day in July LLC	Burlington	13
4	Silverlake Wealth Management LLC	Williston	11
5	Hanson & Doremus Investment Management	Burlington	10
6	Clean Yield Asset Management	Norwich	8
7	Pathway Financial Advisors, LLC	South Burlington	7
8	Marble Trail Advisors	Middlebury	6
9	M. Kraus & Company	Shelburne	5
9	Prentiss Smith & Company, Inc.	Brattleboro	5

Top 100 in Vermont

Independent RIAs with the most high net worth clients

Independent RIAs with the most high net worth clients in Vermont, top 10
Rank	Firm	City	Most high net worth clients
1	Maple Capital Management, Inc.	Montpelier	654
2	One Day in July LLC	Burlington	379
3	Silverlake Wealth Management LLC	Williston	254
4	Hanson & Doremus Investment Management	Burlington	250
5	44 North Capital, LLC	Burlington	217
6	Pathway Financial Advisors, LLC	South Burlington	200
7	Marble Trail Advisors	Middlebury	188
8	Clean Yield Asset Management	Norwich	155
9	Manchester Capital Management LLC	Manchester	153
10	Rock Point Advisors, LLC	Burlington	150

Top 100 in Vermont

Independent RIAs with the most CFP professionals

Independent RIAs with the most CFP professionals in Vermont, top 10
Rank	Firm	City	Most CFP professionals
1	Pathway Financial Advisors, LLC	South Burlington	6
2	Hanson & Doremus Investment Management	Burlington	5
3	Copper Leaf Financial, LLC	Williston	4
4	Otto & Associates, Inc.	Norwich	3
4	Manchester Capital Management LLC	Manchester	3
4	Williams Financial, LLC	North Bennington	3
7	Silverlake Wealth Management LLC	Williston	2
7	Westview Investment Advisors	Burlington	2
7	Oak Maple Finance, LLC	Burlington	2
7	44 North Capital, LLC	Burlington	2

Top 100 in Vermont

Newest independent RIAs

Newest independent RIAs in Vermont, top 10
Rank	Firm	City	Amount
1	Silver Birch Financial LLC	Middlebury	$399.5 million
2	Milne Financial Planning, Inc.	St. Johnsbury	$111.3 million
3	Equinox Financial Advisors, Inc.	Manchester Center	$110.9 million
4	Stage 2 Planning Partners LLC	S Burlington	$106.5 million
5	Arque Advisors, LLC	Morgan	$6.3 million
6	Tack Wealth	Burlington	$0
6	Ox Lux Advisory LLC	Chester	$0
6	Amor Fati Financial Services LLC	South Burlington	$0
6	Focus 50 Wealth Management LLC	Shelburne	$0
6	Cedar Wing LLC	Shelburne	$0

Top 100 in Vermont

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Vermont, 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	18
October 1, 2019	19
October 1, 2020	20
October 4, 2021	24
October 3, 2022	22
October 5, 2023	25
October 1, 2024	26
September 2, 2025	26
October 2, 2026	29

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	$8.7 billion
October 1, 2019	$8.6 billion
October 1, 2020	$10.4 billion
October 4, 2021	$11.3 billion
October 3, 2022	$12.7 billion
October 5, 2023	$11.6 billion
October 1, 2024	$13.7 billion
September 2, 2025	$14.7 billion
October 2, 2026	$17.2 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	10,820
October 1, 2019	12,149
October 1, 2020	12,689
October 4, 2021	17,044
October 3, 2022	18,582
October 5, 2023	20,610
October 1, 2024	22,110
September 2, 2025	23,908
October 2, 2026	27,937

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	$258.4 million
October 1, 2019	$242.0 million
October 1, 2020	$277.3 million
October 4, 2021	$296.7 million
October 3, 2022	$403.2 million
October 5, 2023	$301.8 million
October 1, 2024	$293.4 million
September 2, 2025	$278.5 million
October 2, 2026	$286.6 million

The market in Vermont now

Headline figures

Headline figures, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Firms	59	29	30
Regulatory assets under management	$17.8 billion	$17.2 billion	$631.3 million
Accounts	30,137	27,937	2,200
Clients	11,649	10,588	1,061
Employees	282	240	42
Advisory employees	196	161	35
Investment adviser representatives	170	134	36
Median RAUM	$111.3 million	$286.6 million	$16.0 million
Average RAUM	$336.0 million	$592.3 million	$26.3 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	24	0	24
RAUM of firms under $100 million	$631.3 million	$0	$631.3 million
Firms $100 million to $250 million	11	11	0
RAUM of firms $100 million to $250 million	$1.8 billion	$1.8 billion	$0
Firms $250 million to $500 million	8	8	0
RAUM of firms $250 million to $500 million	$2.7 billion	$2.7 billion	$0
Firms $500 million to $1 billion	5	5	0
RAUM of firms $500 million to $1 billion	$3.2 billion	$3.2 billion	$0
Firms $1 billion to $5 billion	5	5	0
RAUM of firms $1 billion to $5 billion	$9.5 billion	$9.5 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	71.3%	74.0%	78.2%

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		98.3%
Charge hourly fees		55.9%
Charge subscription fees		0.0%
Charge fixed fees		55.9%
Receive commissions		1.7%
Charge performance-based fees		10.2%
Other compensation		11.9%

How advisers are paid, as of October 2, 2026
Measure	Independent RIAs	SEC-registered	State-registered
Charge a percentage of assets	98.3%	100.0%	96.7%
Charge hourly fees	55.9%	55.2%	56.7%
Charge subscription fees	0.0%	0.0%	0.0%
Charge fixed fees	55.9%	65.5%	46.7%
Receive commissions	1.7%	0.0%	3.3%
Charge performance-based fees	10.2%	10.3%	10.0%
Other compensation	11.9%	17.2%	6.7%

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	27.1%	51.7%	3.3%

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	0.0%	0.0%	0.0%

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	11	4	7
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	53	29	24
Discretionary RAUM	$17.5 billion	$16.9 billion	$591.1 million
CFP professionals	47	38	9
25th percentile RAUM	$19.2 million	$209.9 million	$9.2 million
75th percentile RAUM	$318.9 million	$582.7 million	$32.7 million
90th percentile RAUM	$810.4 million	$1.4 billion	$59.4 million
Average account size	$590,928	$614,865	$286,962
Offer financial planning	76.3%	82.8%	70.0%
RAUM growth, one year	No data	16.5%	No data

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

Cities

Burlington 11 independent RIAs, $3.8 billion
South Burlington 11 independent RIAs, $3.0 billion

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.