State market data

Wealth management firms in Vermont

As of October 2, 2026, 61 wealth management firms, including broker-dealer firms, based in Vermont reported $20.9 billion in regulatory assets under management; the largest by assets was Manchester Capital Management LLC, with $2.8 billion.

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

Wealth management firms: 61
SEC-registered: 31
State-registered: 30
Regulatory assets under management: $20.9 billion
Client accounts: 43,274
Median firm size: $120.5 million
Of which broker-dealer affiliated: 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 wealth firms by assets under management, including broker-dealer firms

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

Top 100 in Vermont

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

Fastest-growing wealth firms over one year, including broker-dealer firms 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	Bennington Financial Planning Group 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.	Bennington	25.8%	$223.8 million
6	One Day in July LLC	Burlington	25.2%	$1.1 billion
7	Hanson & Doremus Investment Management	Burlington	24.9%	$849.6 million
8	Marble Trail Advisors	Middlebury	18.9%	$490.2 million
9	Maple Capital Management, Inc.	Montpelier	17.6%	$2.2 billion
10	Rock Point Advisors, LLC	Burlington	17.0%	$560.4 million

Top 100 in Vermont

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

Fastest-growing wealth firms over three years, including broker-dealer firms 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	Bennington Financial Planning Group 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.	Bennington	23.3%	$150.0 million
6	Antoine Williams & Associates Wealth Management, LLC	Shelburne	22.6%	$173.1 million
7	Marble Trail Advisors	Middlebury	22.3%	$318.5 million
8	Hanson & Doremus Investment Management	Burlington	20.5%	$606.4 million
9	Esi Financial Advisors 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.	Montpelier	14.2%	$1.9 billion
10	Otto & Associates, Inc.	Norwich	13.8%	$194.5 million

Top 100 in Vermont

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

Fastest-growing wealth firms over five years, including broker-dealer firms 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	Bennington Financial Planning Group 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.	Bennington	16.0%	$134.2 million
6	Hanson & Doremus Investment Management	Burlington	14.6%	$537.0 million
7	Maple Capital Management, Inc.	Montpelier	14.6%	$1.3 billion
8	Antoine Williams & Associates Wealth Management, LLC	Shelburne	13.7%	$167.9 million
9	Copper Leaf Financial, LLC	Williston	13.6%	$116.2 million
10	Hutner Capital Management Inc.	Manchester	10.3%	$166.1 million

Top 100 in Vermont

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 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	Esi Financial Advisors 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.	Montpelier	$326.1 million
4	Silverlake Wealth Management LLC	Williston	$276.4 million
5	One Day in July LLC	Burlington	$274.3 million
6	Hanson & Doremus Investment Management	Burlington	$211.3 million
7	Rock Point Advisors, LLC	Burlington	$95.3 million
8	Marble Trail Advisors	Middlebury	$92.5 million
9	Antoine Williams & Associates Wealth Management, LLC	Shelburne	$89.6 million
10	Bennington Financial Planning Group 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.	Bennington	$57.7 million

Top 100 in Vermont

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

Wealth firms with the most clients, including broker-dealer firms in Vermont, top 10
Rank	Firm	City	Most clients
1	Esi Financial Advisors 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.	Montpelier	12,789
2	Maple Capital Management, Inc.	Montpelier	1,599
3	One Day in July LLC	Burlington	1,381
4	Silverlake Wealth Management LLC	Williston	1,072
5	Hanson & Doremus Investment Management	Burlington	622
6	Broadlake Financial Management	South Burlington	463
7	44 North Capital, LLC	Burlington	438
8	Bennington Financial Planning Group 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.	Bennington	386
9	Marble Trail Advisors	Middlebury	375
10	Antoine Williams & Associates Wealth Management, LLC	Shelburne	336

Top 100 in Vermont

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 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	Bennington Financial Planning Group 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.	Bennington	7.5%	359
9	Clean Yield Asset Management	Norwich	6.6%	241
10	Williams Financial, LLC	North Bennington	5.9%	256

Top 100 in Vermont

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

Wealth firms with the most accounts, including broker-dealer firms in Vermont, top 10
Rank	Firm	City	Most accounts
1	Esi Financial Advisors 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.	Montpelier	12,379
2	One Day in July LLC	Burlington	4,011
3	Maple Capital Management, Inc.	Montpelier	3,579
4	Silverlake Wealth Management LLC	Williston	2,641
5	Hanson & Doremus Investment Management	Burlington	1,557
6	Manchester Capital Management LLC	Manchester	1,457
7	Marble Trail Advisors	Middlebury	1,446
8	Broadlake Financial Management	South Burlington	1,166
9	Pathway Financial Advisors, LLC	South Burlington	1,147
10	Antoine Williams & Associates Wealth Management, LLC	Shelburne	993

Top 100 in Vermont

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

Wealth firms with the most advisory staff, including broker-dealer firms in Vermont, top 10
Rank	Firm	City	Most advisory staff
1	Esi Financial Advisors 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.	Montpelier	460
2	Maple Capital Management, Inc.	Montpelier	27
3	Manchester Capital Management LLC	Manchester	14
4	One Day in July LLC	Burlington	13
5	Silverlake Wealth Management LLC	Williston	11
6	Hanson & Doremus Investment Management	Burlington	10
7	Clean Yield Asset Management	Norwich	8
8	Pathway Financial Advisors, LLC	South Burlington	7
9	Marble Trail Advisors	Middlebury	6
10	M. Kraus & Company	Shelburne	5

Top 100 in Vermont

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 Vermont, top 10
Rank	Firm	City	Most high net worth clients
1	Esi Financial Advisors 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.	Montpelier	3,041
2	Maple Capital Management, Inc.	Montpelier	654
3	One Day in July LLC	Burlington	379
4	Silverlake Wealth Management LLC	Williston	254
5	Hanson & Doremus Investment Management	Burlington	250
6	44 North Capital, LLC	Burlington	217
7	Pathway Financial Advisors, LLC	South Burlington	200
8	Marble Trail Advisors	Middlebury	188
9	Clean Yield Asset Management	Norwich	155
10	Manchester Capital Management LLC	Manchester	153

Top 100 in Vermont

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

Wealth firms with the most CFP professionals, including broker-dealer firms in Vermont, top 10
Rank	Firm	City	Most CFP professionals
1	Esi Financial Advisors 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.	Montpelier	50
2	Pathway Financial Advisors, LLC	South Burlington	6
3	Hanson & Doremus Investment Management	Burlington	5
4	Copper Leaf Financial, LLC	Williston	4
5	Otto & Associates, Inc.	Norwich	3
5	Manchester Capital Management LLC	Manchester	3
5	Williams Financial, LLC	North Bennington	3
8	Bennington Financial Planning Group 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.	Bennington	2
8	Silverlake Wealth Management LLC	Williston	2
8	Westview Investment Advisors	Burlington	2

Top 100 in Vermont

Newest wealth firms, including broker-dealer firms

Newest wealth firms, including broker-dealer firms 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 wealth firms based in Vermont, 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	19
October 1, 2019	20
October 1, 2020	22
October 4, 2021	26
October 3, 2022	24
October 5, 2023	27
October 1, 2024	28
September 2, 2025	28
October 2, 2026	31

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	$10.0 billion
October 1, 2019	$9.9 billion
October 1, 2020	$11.9 billion
October 4, 2021	$13.2 billion
October 3, 2022	$15.1 billion
October 5, 2023	$13.6 billion
October 1, 2024	$16.0 billion
September 2, 2025	$17.4 billion
October 2, 2026	$20.2 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	20,328
October 1, 2019	20,907
October 1, 2020	21,885
October 4, 2021	27,146
October 3, 2022	29,566
October 5, 2023	32,529
October 1, 2024	34,310
September 2, 2025	36,714
October 2, 2026	41,074

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	$294.2 million
October 1, 2019	$259.9 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	All wealth firms	SEC-registered	State-registered
Firms	61	31	30
Regulatory assets under management	$20.9 billion	$20.2 billion	$631.3 million
Accounts	43,274	41,074	2,200
Clients	24,824	23,763	1,061
Employees	785	743	42
Advisory employees	659	624	35
Investment adviser representatives	679	643	36
Median RAUM	$120.5 million	$286.6 million	$16.0 million
Average RAUM	$379.4 million	$652.8 million	$26.3 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	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	9	9	0
RAUM of firms $250 million to $500 million	$3.0 billion	$3.0 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	6	6	0
RAUM of firms $1 billion to $5 billion	$12.3 billion	$12.3 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	All wealth firms	SEC-registered	State-registered
Top 10 share of RAUM	71.5%	73.7%	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: all wealth firmsAs of October 2, 2026.
Measure	Bar	Value
Charge a percentage of assets		98.4%
Charge hourly fees		57.4%
Charge subscription fees		0.0%
Charge fixed fees		55.7%
Receive commissions		3.3%
Charge performance-based fees		9.8%
Other compensation		11.5%

How advisers are paid, as of October 2, 2026
Measure	All wealth firms	SEC-registered	State-registered
Charge a percentage of assets	98.4%	100.0%	96.7%
Charge hourly fees	57.4%	58.1%	56.7%
Charge subscription fees	0.0%	0.0%	0.0%
Charge fixed fees	55.7%	64.5%	46.7%
Receive commissions	3.3%	3.2%	3.3%
Charge performance-based fees	9.8%	9.7%	10.0%
Other compensation	11.5%	16.1%	6.7%

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	26.2%	48.4%	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	All wealth firms	SEC-registered	State-registered
Broker-dealer affiliated	1.6%	3.2%	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	All wealth firms	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	All wealth firms	SEC-registered	State-registered
Firms reporting RAUM	55	31	24
Discretionary RAUM	$18.9 billion	$18.4 billion	$591.1 million
CFP professionals	99	90	9
25th percentile RAUM	$21.6 million	$214.7 million	$9.2 million
75th percentile RAUM	$359.2 million	$619.2 million	$32.7 million
90th percentile RAUM	$976.2 million	$1.6 billion	$59.4 million
Average account size	$482,222	$492,680	$286,962
Offer financial planning	77.0%	83.9%	70.0%
RAUM growth, one year	No data	16.1%	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.