How many RIAs are in Montana?

24 RIAs registered with the SEC list a main office in Montana in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.

What is the largest RIA in Montana?

By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in Montana is D.A. Davidson & Co. in Great Falls, at $41.8B. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.

How many Montana RIAs manage more than $1 billion?

7 of the 24 SEC-registered RIAs headquartered in Montana report regulatory assets under management of $1 billion or more. The median firm in the state reports $372.9M.

Where does this data come from?

From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.

Back to the map

Top RIAs in Montana

Every SEC-registered RIA with a main office in Montana, by regulatory AUM, from Form ADV

24 RIAs registered with the SEC are headquartered in Montana, the 46th most of any state, managing $63.5B in regulatory assets as of Sep 1, 2026. The largest by regulatory AUM is D.A. Davidson & Co. in Great Falls at $41.8B. 7 firms report $1 billion or more.

SEC-registered RIAs

$63.5B

Regulatory AUM

Firms at $1B and above

$372.9M

Median firm AUM

Data as of Sep 1, 2026, file ia09012026-registered.zip. Retrieved Sep 10, 2026.

01 · The firms

Every SEC-registered RIA in Montana, by regulatory AUM

The default sort is regulatory assets under management as each firm filed it, which puts asset managers and wealth managers on one list. The toggle for firms where individuals and high-net-worth individuals hold the majority of assets is what separates them, using the firm's own Form ADV Item 5.D figures.

All 24 firms, by regulatory AUM as filed.

#	Firm	City	Regulatory AUM	Advisory staff	Accounts	Individual + HNW clients	Retail share	Filed
1	D.A. Davidson & Co.CRD 199	Great Falls	$41.8B	410	92,146	68,135	90%	Jul 2026
2	Investment Management GroupCRD 122166	Billings	$5.2B	23	3,098	1,339	26%	Jul 2026
3	Davidson Investment Advisors, Inc.CRD 110552	Great Falls	$5.2B	13	4,407	4,091	69%	Dec 2025
4	Stack Financial Management IncCRD 106785	Whitefish	$2.0B	7	1,524	779	92%	Mar 2026
5	Bitterroot Capital Advisors LLCCRD 109088	Bozeman	$1.8B	7	15	20	100%	Aug 2026
6	Allied Investment Advisors LLCCRD 159103	Billings	$1.5B	11	2,411	953	65%	Jul 2026
7	Xypn SapphireCRD 285967	Bozeman	$1.3B	60	4,262	721	75%	Aug 2026
8	Front Street Capital Management, Inc.CRD 141974	Missoula	$862.0M	4	1,207	1,185	71%	May 2026
9	Destra Capital Advisors LLCCRD 148574	Bozeman	$463.8M	12	2	0	0%	Mar 2026
10	Main Line Retirement Advisors, LLCCRD 284780	Whitefish	$448.6M	2	679	158	57%	Mar 2026
11	Evergreen Wealth Partners LLCCRD 335451	Kalispell	$405.2M	4	1,792	708	98%	Mar 2026
12	SGL Investment Advisors, Inc.CRD 145167	Missoula	$391.6M	6	1,236	712	87%	Jul 2026
13	Capstone WealthCRD 130128	Billings	$354.3M	4	508	159	89%	Mar 2026
14	Professional Financial Management, Inc.CRD 118117	Bozeman	$304.1M	2	692	163	98%	Mar 2026
15	Willow Creek Capital Management, Inc.CRD 333911	Missoula	$280.0M	4	431	397	92%	Aug 2026
16	Cladis Investment Advisory LLCCRD 153873	Billings	$242.6M	3	274	114	62%	Mar 2026
17	Piedmont Capital Management, LLCCRD 165775	Whitefish	$231.8M	3	1,172	464	99%	Mar 2026
18	DFC Preferred Advisors LLCCRD 309927	Bozeman	$228.7M	2	1	n.d.	0%	Mar 2026
19	Life Planning Advisors LLCCRD 151292	Bigfork	$169.2M	4	1,071	975	99%	Mar 2026
20	Big Sky Wealth Advisors, LLCCRD 321272	Great Falls	$134.6M	2	570	201	97%	Jun 2026
21	Pathfinder Planning and InvestmentsCRD 159486	Missoula	$122.3M	2	375	78	100%	Aug 2026
22	Bergen Park Capital Management, LLCCRD 315162	Bigfork	$99.3M	2	12	11	44%	Mar 2026
23	Network CapitalCRD 342019	Kalispell	$0	1	0	n.d.	n.d.	Apr 2026
24	Springhill Wealth Management, LLCCRD 342137	Bozeman	$0	1	0	0	n.d.	Aug 2026

02 · By city

Where in Montana the firms sit

Main-office city as filed. Up to the twenty-five cities with the most firms.

Bozeman6 · $4.0B
Billings4 · $7.3B
Missoula4 · $1.7B
Great Falls3 · $47.2B
Whitefish3 · $2.7B
Bigfork2 · $268.4M
Kalispell2 · $405.2M

03 · Questions

Questions people ask about RIAs in Montana

How many RIAs are in Montana?: 24 RIAs registered with the SEC list a main office in Montana in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.
What is the largest RIA in Montana?: By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in Montana is D.A. Davidson & Co. in Great Falls, at $41.8B. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.
How many Montana RIAs manage more than $1 billion?: 7 of the 24 SEC-registered RIAs headquartered in Montana report regulatory assets under management of $1 billion or more. The median firm in the state reports $372.9M.
Where does this data come from?: From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.

Definitions and source

What each column means, in the SEC's words

Regulatory assets under management Form ADV Item 5.F(2)(c): If yes, what is the amount of your regulatory assets under management and total number of accounts? Total, discretionary plus non-discretionary.
Total accounts Form ADV Item 5.F(2)(f): Total number of accounts, discretionary plus non-discretionary.
Employees Form ADV Item 5.A: Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
Advisory employees Form ADV Item 5.B(1): Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
Broker-dealer registered representatives Form ADV Item 5.B(2): Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
Individual and high-net-worth clients Form ADV Item 5.D(a), 5.D(b): Number of clients and amount of regulatory assets under management for individuals (other than high net worth individuals) and for high net worth individuals.
Commissions Form ADV Item 5.E(5): You are compensated for your investment advisory services by (check all that apply): (5) Commissions.
Private funds Form ADV Item 7.B: Are you an adviser to any private fund?

Source: U.S. Securities and Exchange Commission, Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip (data as of Sep 1, 2026), retrieved Sep 10, 2026. Figures are as self-reported by each firm on Form ADV Item 5; the SEC does not verify them. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy.

Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. Firms on this page are listed by arithmetic on the SEC's file, not by any relationship with us, and none is ranked, labelled or recommended.