No commissions, no ads, no advice. This Pathstone profile draws only on public records, each linked so you can confirm it yourself.
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Check the SEC adviser record. Open the SEC's IAPD record for Pathstone (CRD #151736) and confirm its registration.
Read the filings. Review the Form ADV / Form CRS and any disclosure section linked from the IAPD page.
Confirm the entity. Match CRD #151736 / Pathstone Family Office so you're reading the right firm.
The short answer: is Pathstone a fiduciary?
Yes. Pathstone is a fiduciary for the whole advisory relationship. As a fee-only registered investment adviser, it owes you a duty to act in your interest. That duty comes from its adviser registration. Not being a broker-dealer matters for a separate reason: no second, sales-based standard covers some of its recommendations. Pathstone is an SEC-registered investment adviser (CRD #151736) and reported $110.3 billion in regulatory assets under management as of its latest Form ADV (filed March 31, 2026), across 2,244 clients. Because it's fee-only, it's paid by clients and earns no commissions on products. According to its Form CRS (March 2025), the firm charges an annual fee based on a percentage of assets under management, or hourly or fixed fees, and some qualified clients pay performance-based fees. None of this asks you to take anyone's word for it: the public filings have it, and they're quick to read.
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.
What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)
Pathstone at a glance
✅ Verified from public filings, last checked October 5, 2026. Pathstone (SEC CRD #151736) is a fiduciary for the whole advisory relationship, on a fee-only basis, with $110.3 billion in regulatory assets under management. Each figure below links to its primary source.
What | Pathstone | Source |
|---|---|---|
SEC CRD | #151736 | |
Registration | Registered investment adviser (RIA), not a broker-dealer | |
Registered since | December 4, 2009 (SEC) | |
Fiduciary? | Yes, for the whole advisory relationship (fee-only RIA) | |
Fee model | Fee-only | Form ADV Item 5.E |
How it's paid | A percentage of assets under management, hourly charges, fixed fees, and performance-based fees | Form ADV Item 5.E |
Regulatory Assets Under Management | $110.3 billion (Form ADV filed March 31, 2026) | |
Client accounts | 27,165 (17,133 discretionary) | |
Employees | 704 (365 in advisory roles) | |
Ownership | Partner-led, with private-equity investors Lovell Minnick Partners and Kelso & Company | |
Disclosures | Form ADV answers No to firm-level disciplinary questions | |
HQ | Englewood, NJ |
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Pathstone fees: what you'll pay
According to its Form CRS (March 2025), Pathstone charges an annual fee based on a percentage of assets under management, or hourly or fixed fees, and some qualified clients pay performance-based fees.
Account minimum: Pathstone requires a minimum initial and ongoing account size for portfolio management. The Form CRS summary cited here doesn't give a dollar figure, so ask the firm for its current minimum in writing.
Other costs you may pay: Clients also pay custodian fees, account maintenance fees, transaction costs, surrender charges, wire fees, and internal fund and annuity expenses.
Pathstone is fee-only: its Form ADV (Item 5.E) reports client-paid fees, such as a percentage of assets, hourly or fixed fees, and no commissions. That structure avoids commission conflicts. Fee-only doesn't automatically mean low-cost. It means the cost is the advisory fee, stated plainly.
Fee-only means the firm is paid only by its clients, not by commissions on the products it recommends. (Fee-only financial advisor: costs and how to find one)
Who owns Pathstone, and what conflicts does it disclose?
The Pathstone ownership picture is on file with the SEC. Pathstone is a privately held, partner-led RIA whose equity is held by its partners alongside vehicles controlled by private-equity firms Lovell Minnick Partners (2019) and Kelso & Company (minority stake, 2023). Both added capital in 2024 to support its acquisition of Hall Capital Partners. (Pathstone newsroom)
Being fee-only removes commission conflicts, not every conflict. These are the ones the firm names in its Form CRS (March 2025):
Asset-based fees rise as account assets grow, so the firm has an incentive to encourage clients to increase assets.
Performance-based fees create an incentive to recommend riskier or more speculative investments.
Pathstone may bear lower research expenses because of its affiliated funds, giving it an incentive to recommend those funds.
Pathstone serves as investment adviser to persons managing certain unaffiliated private funds it recommends.
Pathstone receives research and execution services from brokers it recommends as custodians.
Pathstone pays referral fees to third parties that refer clients.
How its financial professionals are paid: Financial professionals receive a salary and discretionary bonus, plus additional pay when they bring in new clients or assets.
Pathstone SEC record: disclosures
Pathstone's complaint and disclosure history lives in its regulatory filings, so start there. On its Form ADV, Pathstone answers No to the firm-level disciplinary-history questions. You can confirm that on the public record. Individual advisers can have their own records, so look them up on IAPD and BrokerCheck too. Its Form CRS answers "Do you or your financial professionals have legal or disciplinary history?" with No for the firm and Yes for some of its financial professionals. Look them up at Investor.gov.
On the record, the firm has been registered with the SEC since December 4, 2009, makes notice filings in 52 jurisdictions, and reports 704 employees, 365 of them (about 52%) in investment advisory roles. Its registration, CRD and filings are public and verifiable, which settles whether it's a real, regulated adviser. It doesn't settle which of its four fee types would apply to you, and that's the question to bring to a first meeting.
Reading Pathstone reviews against the public record
Star ratings and client comments describe what working with a firm felt like. They usually don't show what the firm reports to regulators. Before you weigh Pathstone reviews, check three things this profile takes from the public record. First, how the firm is paid: it reports being paid only by its clients and takes no commissions, which makes it fee-only. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history. The conflicts of interest its Form CRS names are set out above. Reviews rarely mention them. Read reviews alongside the record, not instead of it.
Our take: with the firm-level disciplinary questions answered No, the more useful due diligence at Pathstone is the fee conversation. Ask specifically whether performance-based fees or its affiliated funds would touch your account, since those are the two conflicts tied most directly to what you pay.
How to verify Pathstone yourself
You can verify everything above yourself in three steps:
SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/151736.
Form CRS: https://reports.adviserinfo.sec.gov/crs/crs_151736.pdf.
Confirm the entity: match Pathstone (CRD #151736, legal name Pathstone Family Office) so you're reading the right firm.
Comparing Pathstone with another firm? Start from the Truthifi /advisors hub.
What Pathstone does and who it serves
According to its Form CRS (March 2025), Pathstone offers wealth management to retail investors, including financial planning, portfolio management, recommending other advisers, and family office services such as bill pay and concierge services. On its Form ADV it reports providing financial planning, portfolio management for individuals and small businesses, portfolio management (pooled vehicles), portfolio management for businesses and institutions, selection of other advisers, and educational seminars.
It reports providing financial planning to about 1,500 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.
According to its 2026 Form ADV (Item 5.D), its clients break down by type, about 2,244 in all:
Client type | Clients | Assets managed |
|---|---|---|
Individuals | 145 | $74.4 million |
High-net-worth individuals | 1,834 | $91 billion |
Pooled investment vehicles | 165 | $10.66 billion |
Pension and profit-sharing plans | 5 | $306.6 million |
Charities | 72 | $6.34 billion |
Corporations or other businesses | 23 | $1.91 billion |
The table shows where Pathstone's business sits. High-net-worth individuals make up about 82% of its clients and hold about 82% of its regulatory assets, averaging roughly $50 million each. The 145 clients the form counts as ordinary individuals hold $74.4 million in total, roughly $513,000 each. If your portfolio looks more like that second group, ask how the minimum and fee schedule apply to you rather than assuming the high-net-worth terms do.
It reports 27,165 client accounts (Item 5.F). That's more than the roughly 2,244 clients counted above, since many clients hold more than one account. About 63% of those accounts, 17,133, are discretionary, meaning the firm can trade without seeking your approval first. The other 10,032 are non-discretionary. Its main office is in Englewood, NJ.
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.
Recent developments at Pathstone
In October 2024 Pathstone combined with San Francisco-based Hall Capital Partners, significantly expanding its scale. (Pathstone newsroom) Combinations like this can shift fee schedules, staffing and service teams. If you came to Pathstone through Hall Capital, compare your current advisory agreement with Pathstone's latest Form CRS rather than relying on what you signed before the deal.
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You've vetted the firm. Now make sure the advice runs on the full picture.
Confirming Pathstone is registered takes a few minutes. Any advisor can only act on what they can see, and what they see is partial: scattered accounts, an old rollover, costs that never surface on a statement. This is where Truthifi comes in.
How Truthifi can help
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. You can share the accounts you choose with your advisor at Pathstone.
Prefer your own AI? Paid Truthifi plans let you connect an AI assistant that supports MCP sign-in, such as Claude. The simplest next step is the Monitoring Checkup below. To ask that assistant about your fees, you'll need Monitoring or Monitoring Plus+; Truthifi Connect is the lighter membership for people who only want to use their own assistant.
Ask AI about your Pathstone accounts
Once your accounts are connected read-only, you can ask in plain English:
"What do I own across my Pathstone accounts and everything else, and how is it allocated?"
"What am I paying in fees across all of these accounts?"
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). Monitoring Checkup is free. Per Truthifi platform data, you can link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.
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FAQ
Is Pathstone a fiduciary? Yes. It's a registered investment adviser (CRD #151736), 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.
What does Pathstone charge? Pathstone charges an annual fee based on a percentage of assets under management, or hourly or fixed fees, and some qualified clients pay performance-based fees. Pathstone requires a minimum initial and ongoing account size for portfolio management; the Form CRS summary cited here doesn't give the dollar figure, so ask the firm for it. Source: its Form CRS (March 2025). The full fee schedule is in its Form ADV Part 2A.
Who owns Pathstone? It is a privately held, partner-led RIA whose equity is held by its partners alongside vehicles controlled by private-equity firms Lovell Minnick Partners (2019) and Kelso & Company (minority stake, 2023). Both added capital in 2024 to support the firm's acquisition of Hall Capital Partners.
Does Pathstone 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. Its Form CRS answers "Do you or your financial professionals have legal or disciplinary history?" with No for the firm and Yes for some of its financial professionals. Look them up at Investor.gov.
Is Pathstone legit? The firm is registered with the SEC (CRD #151736) 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 and Form CRS.
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.
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A note on sources. The facts on this page come from publicly available documents, Pathstone's SEC filings and its Form CRS, 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 Pathstone. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.
Disclaimer: This article is for educational purposes only and does not constitute financial, tax, or legal advice. It should not be construed as a personalized recommendation regarding any investment, financial advisor, or financial product. All calculations use hypothetical scenarios and historical return assumptions; actual results will vary. Past performance does not guarantee future results. Consult a qualified financial professional for guidance specific to your situation. Truthifi is an investment monitoring platform — not a financial advisor, broker-dealer, or tax professional. Truthifi does not manage assets, recommend investments, sell financial products, or provide personalized financial advice. Truthifi earns no revenue from advisor referrals, product commissions, or AUM fees. Statistics and data cited reflect publicly available sources current as of the article’s publication date. Sources are linked throughout.