Niva WealthLet’s talk

Steven Carl

Chief Distribution Officer, Chairman of the Executive Committee at Madison Investment Advisors

Investment adviser and broker registrationsMadison, WISEC record checked 17 October 2026

30
Years in the industry
15
Years at the firm
4
Adviser firms
48
State registrations

IAPD record retrieved 17 October 2026SEC record

Steven Carl is Chief Distribution Officer, Chairman of the Executive Committee of Madison Investment Advisors, LLC, a Madison investment adviser managing $13.8B. Steven Carl has been registered through Madison Investment Advisors since 26 January 2011, has 30 years in the industry across 4 firms and has passed 7 licensing exams.

Role at Madison Investment Advisors

Title on Schedule A
Chief Distribution Officer, Chairman of the Executive Committee
Control
Steven Carl is a control person of Madison Investment Advisors.
Ownership
An individual ownership band is not available in the source record.
Tenure
Steven Carl has held the filed role since January 2014.

The firm

Madison Investment Advisors, LLC
Madison, WI

Form ADV filed 20 March 2026

$13.8B AUM16,164 clients44 advisers2 offices

Career on record

Steven Carl has been registered through Madison Investment Advisors since January 2011, and before that through Strong Capital Management Inc.

Firms and exams, newest first
  1. Passed Series 99TO · 2023
  2. Passed SIE · 2018
  3. Northroad Capital Management LLC
    – · 3 years
    Madison, WI · Adviser representative · Firm CRD 120865
  4. Madison Investment Advisors, LLCCurrent
    – present · 16 years
    Madison, WI · Adviser representative · Firm CRD 110297
  5. Madison Investment Holdings, Inc
    – · 8 years
    Madison, WI · Adviser representative · Firm CRD 110356
  6. Strong Capital Management Inc
    – · 2 years
    Menomonee Falls, WI · Adviser representative · Firm CRD 106638
  7. Passed Series 24 and Series 65 · 2001
  8. Passed Series 7 · 1997
  9. Passed Series 6 and Series 63 · 1996

Registrations and exams

Steven Carl has a current investment-adviser registration in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming and has passed 7 qualifying exams.

Alabama12 October 2021
Scope
Investment adviser representative
Status
Approved
Alaska15 October 2021
Scope
Investment adviser representative
Status
Approved
Arizona20 October 2021
Scope
Investment adviser representative
Status
Approved
Arkansas12 October 2021
Scope
Investment adviser representative
Status
Approved
California13 October 2021
Scope
Investment adviser representative
Status
Approved
Colorado12 October 2021
Scope
Investment adviser representative
Status
Approved
Connecticut12 October 2021
Scope
Investment adviser representative
Status
Approved
Delaware15 October 2021
Scope
Investment adviser representative
Status
Approved
Florida9 December 2021
Scope
Investment adviser representative
Status
Approved
Georgia13 October 2021
Scope
Investment adviser representative
Status
Approved
Hawaii13 October 2021
Scope
Investment adviser representative
Status
Approved
Idaho14 October 2021
Scope
Investment adviser representative
Status
Approved
Illinois18 October 2021
Scope
Investment adviser representative
Status
Approved
Indiana12 October 2021
Scope
Investment adviser representative
Status
Approved
Iowa12 October 2021
Scope
Investment adviser representative
Status
Approved
Kansas13 October 2021
Scope
Investment adviser representative
Status
Approved
Kentucky14 October 2021
Scope
Investment adviser representative
Status
Approved
Louisiana13 October 2021
Scope
Investment adviser representative
Status
Approved
Maine13 October 2021
Scope
Investment adviser representative
Status
Approved
Maryland12 October 2021
Scope
Investment adviser representative
Status
Approved
Massachusetts25 January 2022
Scope
Investment adviser representative
Status
Approved
Michigan14 October 2021
Scope
Investment adviser representative
Status
Approved
Minnesota14 October 2021
Scope
Investment adviser representative
Status
Approved
Mississippi13 October 2021
Scope
Investment adviser representative
Status
Approved
Missouri12 October 2021
Scope
Investment adviser representative
Status
Approved
Montana13 October 2021
Scope
Investment adviser representative
Status
Approved
Nebraska12 October 2021
Scope
Investment adviser representative
Status
Approved
Nevada19 October 2021
Scope
Investment adviser representative
Status
Approved
New Hampshire20 October 2021
Scope
Investment adviser representative
Status
Approved
New Jersey13 October 2021
Scope
Investment adviser representative
Status
Approved
New Mexico13 October 2021
Scope
Investment adviser representative
Status
Approved
New York12 October 2021
Scope
Investment adviser representative
Status
Approved
North Carolina13 October 2021
Scope
Investment adviser representative
Status
Approved
North Dakota19 October 2021
Scope
Investment adviser representative
Status
Approved
Ohio12 October 2021
Scope
Investment adviser representative
Status
Approved
Oklahoma12 October 2021
Scope
Investment adviser representative
Status
Approved
Pennsylvania13 October 2021
Scope
Investment adviser representative
Status
Approved
Rhode Island18 October 2021
Scope
Investment adviser representative
Status
Approved
South Carolina18 October 2021
Scope
Investment adviser representative
Status
Approved
South Dakota19 October 2021
Scope
Investment adviser representative
Status
Approved
Texas13 October 2021
Scope
Investment adviser representative
Status
Approved, resident
Utah12 October 2021
Scope
Investment adviser representative
Status
Approved
Vermont12 October 2021
Scope
Investment adviser representative
Status
Approved
Virginia13 October 2021
Scope
Investment adviser representative
Status
Approved
Washington20 October 2021
Scope
Investment adviser representative
Status
Approved
West Virginia13 October 2021
Scope
Investment adviser representative
Status
Approved
Wisconsin26 January 2011
Scope
Investment adviser representative
Status
Approved
Wyoming18 October 2021
Scope
Investment adviser representative
Status
Approved

Examinations

Series 6511 April 2001
Name
Uniform Investment Adviser Law Examination
Series 6319 August 1996
Name
Uniform Securities Agent State Law Examination
Series 2415 March 2001
Name
General Securities Principal Examination
Series 99TO2 January 2023
Name
Operations Professional Examination
SIE1 October 2018
Name
Securities Industry Essentials Examination
Series 74 August 1997
Name
General Securities Representative Examination
Series 65 August 1996
Name
Investment Company Products/Variable Contracts Representative Examination

Individual record

Full name
Steven Allan Carl
CRD
2749848
Firm
Madison Investment Advisors, LLC
Registration status
Investment adviser and broker registrations
Office
550 SCIENCE DRIVE, Madison, WI 53711
Firm bio
madisoninvestments.com

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. Check this record on adviserinfo.sec.gov

Background

Madison identifies Steven Carl as chair of its Executive Committee and chief distribution officer. The firm says he previously worked at Coopers & Lybrand, Strong Capital Management and Hewitt Associates. He earned a BBA from the University of Wisconsin–Madison. Official firm biography

Common questions

Where does Steven Carl work?

Steven Carl has been Chief Distribution Officer, Chairman of the Executive Committee of Madison Investment Advisors, LLC since January 2014, and is a control person of the firm.

Source: Form ADV, Schedule A, filed 20 March 2026

Is Steven Carl a financial advisor?

Yes. Steven Carl has a current investment-adviser registration in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming, through Madison Investment Advisors since January 2011, as of 17 October 2026.

Source: IAPD individual record, checked 17 October 2026

How many years of experience does Steven Carl have?

Steven Carl has worked in the financial industry for 30 years as of 17 October 2026, counted from 15 October 1996, across 4 adviser firms.

Source: IAPD individual record, checked 17 October 2026

What exams has Steven Carl passed?

Steven Carl has passed 7 licensing exams: the Series 6, Series 63, Series 7, Series 24, Series 65, SIE and Series 99TO. The earliest, the Series 6, was passed in August 1996.

Source: IAPD individual record, checked 17 October 2026

Where did Steven Carl work before Madison Investment Advisors?

Before Madison Investment Advisors, Steven Carl was registered through Strong Capital Management Inc, May 2001 to July 2003.

Source: IAPD individual record, checked 17 October 2026

Where is Steven Carl based?

Steven Carl’s registered office is in Madison, WI.

Source: IAPD individual record, checked 17 October 2026

Leadership at Madison Investment Advisors

  • Mark Henrickson
    Chief Financial Officer
  • Steven Fredricks
    Chief Compliance Officer and Chief Legal Officer
  • Richard Eisinger
    Head of Equities, Portfolio Manager
  • Jill Friedow
    Head of Operations and Chief Technology Officer
  • Patrick Ryan
    Head of Multi-Asset Solutions, Portfolio Manager
  • Michael Sanders
    Head of Fixed Income, Portfolio Manager
  • Haruki Toyama
    Head of Mid Cap & Large Cap Equity, Portfolio Manager

Sources

  1. IAPD individual record, CRD 2749848. Registration status, employment history and examinations.
  2. Form ADV Part 1A, Schedules A and B of Madison Investment Advisors, LLC, filed 20 March 2026. Title, control and ownership bands.
  3. Madison Investment Advisors team page. Biography, education, credentials, awards.

Retrieved 17 October 2026. The SEC record may have been amended since.

Report a correction

This profile is compiled from public regulatory records and the firm's own published materials, and is provided for informational purposes only. Niva Wealth is not affiliated with Steven Carl or Madison Investment Advisors, LLC and makes no representation about the quality of their services. This directory does not report disciplinary history, in either direction.