No commissions, no ads, no advice. This Iconiq Capital profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is Iconiq Capital a fiduciary?

Yes. Iconiq Capital is a fiduciary: as an SEC-registered investment adviser, it owes you a duty to act in your interest for the whole advisory relationship. Being fee-only is a separate fact. It doesn't create the duty, but it removes commissions as a source of conflict. It isn't a broker-dealer. Iconiq Capital is an SEC-registered investment adviser (CRD #159198) and reported $117.5 billion in regulatory assets under management as of its latest Form ADV (filed August 12, 2026), across 846 clients. Because it's fee-only, it's paid by clients and earns no commissions on products. Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management, fixed fees, and performance-based fees. Since pooled investment vehicles hold most of its assets, an individual client should ask first whether the performance-based fee applies to their own accounts or only to the firm's funds.

Its Form ADV doesn't report a broker-dealer registration or a related broker-dealer, so the adviser's fiduciary standard is the one that applies to its advice. Get started with Truthifi

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

Iconiq Capital at a glance

✅ Verified from public filings, last checked October 5, 2026. Iconiq Capital (SEC CRD #159198) is a fiduciary for the whole advisory relationship as an SEC-registered adviser, is paid on a fee-only basis, and reports $117.5 billion in regulatory assets under management. Every figure below links to its primary source.

What	Iconiq Capital	Source
SEC CRD	#159198	IAPD
Registration	Registered investment adviser (RIA), not a broker-dealer	IAPD
Registered since	December 1, 2011 (SEC)	IAPD
Fiduciary?	Yes, for the whole advisory relationship (SEC-registered RIA)	SEC adviser standard
Fee model	Fee-only	Form ADV Item 5.E
How it's paid	A percentage of assets under management, fixed fees, and performance-based fees	Form ADV Item 5.E
Regulatory Assets Under Management	$117.5 billion (Form ADV filed August 12, 2026)	IAPD
Clients	846	Form ADV Item 5.D
Client accounts	1,651 held by those 846 clients (698 discretionary, 953 non-discretionary)	IAPD
Employees	513 (158 in advisory roles)	IAPD
Ownership	Parent-owned by Iconiq Capital Group, L.P.	Form ADV Schedule A
Disclosures	Form ADV answers No to firm-level disciplinary questions	IAPD
HQ	San Francisco, CA	IAPD

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Iconiq Capital fees: what you'll pay

The firm is fee-only: according to its Form ADV (Item 5.E), clients pay it through a percentage of assets under management, fixed fees and performance-based fees, with no commissions. That structure avoids commission conflicts. Fee-only doesn't automatically mean low-cost, and with three fee types on the menu, what you pay at Iconiq depends on which ones apply to you.

The performance-based fee is what sets this fee structure apart. A fee linked to returns can pay the firm more in a strong year than a flat percentage would, so ask which of the three fee types applies to your accounts and how each is calculated. The schedule itself sits in its Form ADV Part 2A. (Are you paying too much? Why that might be the wrong question)

Fee-only means the firm is paid only by its clients, never by commissions on the products it recommends. (Fee-only financial advisor: costs and how to find one)

Who owns Iconiq Capital, and what conflicts does it disclose?

According to Schedule A of its Form ADV, Iconiq Capital is owned by Iconiq Capital Group, L.P. (Form ADV Schedule A) The adviser is one entity inside that larger group, so the CRD you check (#159198, legal name ICONIQ CAPITAL, LLC) belongs to the adviser, not the parent. Get started with Truthifi

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.

Iconiq Capital SEC record: disclosures

Iconiq Capital's regulatory record starts with the firm's own filings. On its Form ADV (2026), Iconiq Capital answers No to the firm-level disciplinary-history questions. That answer covers the firm only. Individual advisers can have their own records, so look them up on IAPD and FINRA BrokerCheck too. Any Iconiq Capital disclosures sit on the public record, not on anyone's characterization of them.

According to IAPD, it has been registered with the SEC since December 1, 2011, and reports 513 employees, 158 of them (about 31%) in investment advisory roles. It also makes notice filings in several jurisdictions, as reported on its Form ADV. Those are the state filings an SEC-registered adviser submits where it does business, so the SEC remains its primary regulator. Some people search "is Iconiq Capital legit?" Registration is easy to confirm: it has a public CRD and public filings anyone can pull.

Reading Iconiq Capital reviews against the public record

Star ratings and client comments describe what working with a firm felt like, and they rarely show what it reports to regulators. With Iconiq Capital there's an extra wrinkle: pooled investment vehicles hold most of its assets, so commentary about the Iconiq name may concern its funds rather than individual advisory relationships. Before you weigh Iconiq Capital reviews, check three things from the filings. First, how it's paid: client fees, including performance-based fees, and no commissions. Second, who owns it and what conflicts Part 2A discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it.

How to verify Iconiq Capital yourself

Here's how to confirm all of it in three steps:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/159198.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match Iconiq Capital (CRD #159198, legal name ICONIQ CAPITAL, LLC) so you're reading the right firm.

What Iconiq Capital does and who it serves

On its Form ADV, Iconiq Capital reports providing portfolio management for individuals, small businesses and institutions and selection of other advisers.

Its Form ADV (Item 5.D) breaks its clients down by type, 846 in all:

Client type	Clients	Assets managed
High-net-worth individuals	380	$10.77 billion
Pooled investment vehicles	353	$82.65 billion
Charities	113	$24.11 billion

The split shows who the firm is built around. According to Item 5.D, pooled investment vehicles hold $82.65 billion, roughly 70% of the $117.5 billion total, and charities hold about 20%. The 380 high-net-worth individuals account for $10.77 billion, about 9% of assets, or an average of roughly $28 million each. For an individual, that means joining a book where funds and other institutional clients hold most of the assets, so ask who handles your day-to-day relationship and how your accounts are reported to you.

Those 846 clients hold 1,651 accounts between them (Item 5.F), since many clients have more than one. Of those, 698 (about 42%) are discretionary, meaning the firm can trade without seeking your approval first; the other 953 are non-discretionary. Its main office is in San Francisco, CA.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

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Great advice runs on the truth. Here's how to bring yours to the table.

Confirming Iconiq Capital is registered takes a few minutes. Even a great advisor can only act on what reaches them. When a family's wealth also sits in a foundation, a held-away 401(k) or fund stakes managed elsewhere, those pieces rarely arrive reconciled, and some fund costs never reach a statement. Truthifi is built to put those pieces in one read-only view.

How Truthifi can help

If your Iconiq Capital relationship covers only part of what your family holds, Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. With a firm that can bill three different fee types, seeing fees by type on each account gives you something concrete to raise. You can share the accounts you choose with your advisor at Iconiq Capital. Get started with Truthifi

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. Get started with Truthifi · See how Truthifi keeps your accounts secure

Ask AI about your Iconiq Capital accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my Iconiq Capital accounts and everything else, and how is it allocated?"
• "What am I paying in fees across all of these accounts, in total?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Per Truthifi platform data, Monitoring Checkup is free and lets you link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is Iconiq Capital a fiduciary? Yes. It's a registered investment adviser (CRD #159198), so it owes a fiduciary duty when it advises you. Its Form ADV doesn't report a broker-dealer registration or a related broker-dealer.

Is Iconiq Capital fee-only? Yes. Its Form ADV (Item 5.E) doesn't report commissions as compensation. It's paid by clients through a percentage of assets under management, fixed fees and performance-based fees. The fee schedule is in its Form ADV Part 2A.

Who owns Iconiq Capital? Iconiq Capital is owned by Iconiq Capital Group, L.P., as listed in Schedule A of its Form ADV.

Does Iconiq Capital have complaints or disclosures? Its Form ADV answers No to the firm-level disciplinary-history questions. Individual advisers can have their own records on IAPD and BrokerCheck.

Is Iconiq Capital legit? Iconiq Capital is registered with the SEC (CRD #159198) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.

Read next from the Truthifi blog

• Fee-only financial advisor: costs and how to find one
• What is a fiduciary?
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, Iconiq Capital's SEC filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with Iconiq Capital. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.

One question the filings can't answer. Form ADV tells you which fee types Iconiq Capital may charge, not which ones land on your accounts or what they add up to in a year. That figure lives in your own statements, and it's the number worth bringing to your next review.