Clifford Swan Investment Counsel provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, business succession planning, education planning, estate planning, insurance, and philanthropic planning. Financial planning was provided to 101–250 clients last fiscal year.
Clifford Swan Investment Counsel reports 970 clients. They include 588 high-net-worth individuals, 296 individual clients and 62 charitable organizations. Of its assets, 87.6% ($3.93B across 2,386 accounts) are managed with discretion; $557M across 212 accounts are not. Of its clients, 1% are outside the U.S. It advised 6 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 31% | 3% |
| High-net-worth individuals | 61% | 82% |
| Charitable organizations | 6% | 12% |
| Corporations and other businesses | 2% | 4% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 296 | $113M | 2.5% | $381K |
| High-net-worth individuals | 588 | $3.66B | 81.6% | $6.22M |
| Charitable organizations | 62 | $533M | 11.9% | $8.6M |
| Corporations and other businesses | 24 | $177M | 3.9% | $7.37M |
| Total | 970 | $4.48B | 100% | $4.62M |
- Clients
- 296
- Regulatory AUM
- $113M
- AUM share
- 2.5%
- Avg. per client
- $381K
- Clients
- 588
- Regulatory AUM
- $3.66B
- AUM share
- 81.6%
- Avg. per client
- $6.22M
- Clients
- 62
- Regulatory AUM
- $533M
- AUM share
- 11.9%
- Avg. per client
- $8.6M
- Clients
- 24
- Regulatory AUM
- $177M
- AUM share
- 3.9%
- Avg. per client
- $7.37M
Total
- Clients
- 970
- Regulatory AUM
- $4.48B
- AUM share
- 100%
- Avg. per client
- $4.62M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 6
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
Clifford Swan Investment Counsel charges 0.30%–1.00% a year for its Investment Counseling Fees. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and has a $10,000 annual minimum. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$2M | 1.00% |
| $2M–$5M | 0.75% |
| $5M–$15M | 0.50% |
| $15M–$25M | 0.40% |
| $25M and above | 0.30% |
Fee details and sources
Other fees
- Discrete assignment fee
- Discrete assignment fees are based on the scope of each assignment, with a minimum fee of $2,500.
The leadership team of Clifford Swan Investment Counsel includes President Kathleen Gilmore and Chief Compliance Officer Gretchen Lee. It has 40 employees, 17 of them in advisory roles.
Leadership
- Kathleen GilmoreChairman & President
- Gretchen LeeChief Compliance Officer
- Richard AdlerDirector
- Peter BoyleCEO & Director
- Roger GeweckeDirector
- David NelsonChief
- Maxwell PrayDirector
- Randall ZahariaMember
- Kevin CavanaughMember
Investment adviser representatives
17 representatives listed in the SEC register as of 9 October 2026.
- Charlotte Cheim Anten
- Peter James Boyle
- Kevin James Cavanaugh
- Raymundo Flores
- Austin Highsmith Gewecke
- Roger Leland (JR) Gewecke
- Kathleen Gilmore
- Leslie Ann Manuel Gutierrez
- George Edward Hasbun
- Elliott Curtis Hollingsworth
- Murcy Ya Ni Huang
- David Yi-Yen Lin
- Maxwell Ramsey Pray
- Raymond Gilbert Torres
- Lloyd Katharine Wong
- Billy J.H. Yeh
- Randall Lee Zaharia
Staff
- 40 employees
- 17 in advisory functions
- 17 state-registered reps
- Owns 10% to 25% of Clifford Swan Investment Counsel LLC
Peter Boyle
Control person · since July 2020
- Owns 10% to 25% of Clifford Swan Investment Counsel LLC
Maxwell Pray
Control person · since January 2011
- Owns 10% to 25% of Clifford Swan Investment Counsel LLC
Roger Gewecke
Control person · since January 2015
- Owns 10% to 25% of Clifford Swan Investment Counsel LLC
Kathleen Gilmore
Control person · since July 2020
- Owns 10% to 25% of Clifford Swan Investment Counsel LLC
Kevin Cavanaugh
since December 2015
- Owns 5% to 10% of Clifford Swan Investment Counsel LLC
Randall Zaharia
since December 2015
Clifford Swan Investment Counsel’s regulatory assets grew from $3.53B (March 2021) to $4.48B (February 2026); clients rose from 903 to 970 and employees from 29 to 40.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $4.48B | 970 | 40 | 1 |
| July 2025 | $4.14B | 938 | 33 | 1 |
| March 2024 | $3.85B | 944 | 31 | 2 |
| April 2023 | $3.63B | 937 | 31 | 2 |
| March 2022 | $4.19B | 932 | 30 | 2 |
| March 2021 | $3.53B | 903 | 29 | 2 |
Besides its headquarters, Clifford Swan Investment Counsel has 0 offices, with 1 listed address in California.
California · 1 listed address
- 177 E. Colorado BLVD, Ste 550, PasadenaHQ
Other business names
Clifford Swan Investment Counsel has reported 2 other business names to the SEC.
- Clifford Swan
- Clifford Swan Investment Counsel
Contact and registration details
- Legal name
- Clifford Swan Investment Counsel LLC
- Headquarters
- 177 E. Colorado BLVD, Ste 550, Pasadena, CA 91105-1965
- Website
- cliffordswan.com
- Phone
- 626-792-2228
- SEC file
- 801-56675
- Founded
- 1915
- Structure
- California LLC
- Fiscal year end
- December
Clifford Swan Investment Counsel uses Charles Schwab ($3.35B) as custodian for its separately managed accounts. Clifford Swan Investment Counsel has custody of $752M in client assets for 159 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $3.35B100%
At year end, Clifford Swan Investment Counsel’s separately managed accounts were mostly in stocks (65%) and bonds (16%). Its reported 13F holdings for the quarter ended 30 June 2026 total $3.12B across 340 positions; the largest are Apple Inc. (5.9%), Alphabet Inc. (4.3%) and Microsoft Corp. (3.6%).
What the accounts hold
- Stocks65%
- Exchange-traded equities64%
- Non-exchange-traded equities1%
- Funds12%
- Registered funds11%
- Pooled vehicles1%
- Bonds16%
- U.S. government and agency bonds7%
- State and local bonds6%
- Investment grade corporate bonds3%
- Cash6%
- Other1%
- Other assets are non-exchange traded over the counter, adrs and foreign equities.1%
Reported 13F holdings
- $3.12B
- Reported 13F value
- 340
- Positions
- 30.4%
- In the 10 largest
- +6.1%
- Value vs. prior quarter
- Apple Inc.5.9%
- Alphabet Inc. · Cap Stk CL A4.3%
- Microsoft Corp.3.6%
- United Parcel Svcs Inc. · CL B3.3%
- Costco Wholesale Corporation2.9%
- Arista Networks Inc. · Com Shs2.7%
- Berkshire Hathaway Inc. Del · CL B New2.6%
- JPMORGAN Chase & CO1.8%
- Johnson & Johnson1.7%
- Chevron Corporation1.6%
Together, the ten largest are 30.4% of reported value.
How many clients does Clifford Swan Investment Counsel have?
Clifford Swan Investment Counsel has 970 clients and manages $4.48 billion for them, as of February 2026. They include 588 high-net-worth individuals, 296 individual clients and 62 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 10 February 2026
What services does Clifford Swan Investment Counsel offer?
Clifford Swan Investment Counsel provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, business succession planning, education planning, estate planning, insurance, and philanthropic planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Clifford Swan Investment Counsel charge?
Clifford Swan Investment Counsel charges 0.30%–1.00% a year for its Investment Counseling Fees. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and has a $10,000 annual minimum.
Source: CLIFFORD SWAN ADV PART 2A 12 31 2025, filed 10 February 2026
Which custodians does Clifford Swan Investment Counsel use?
Clifford Swan Investment Counsel’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $3.35B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 10 February 2026
How many financial advisors does Clifford Swan Investment Counsel have?
Clifford Swan Investment Counsel has 17 investment adviser representatives registered with state securities authorities, out of 40 employees, and 17 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Clifford Swan Investment Counsel invest in?
At the end of its last fiscal year, Clifford Swan Investment Counsel’s separately managed accounts held 64% exchange-traded equities, 11% registered funds (mutual funds, ETFs, BDCs), 7% U.S. government and agency bonds, 6% state and local bonds, 6% cash and equivalents, 3% investment grade corporate bonds, 1% non-exchange-traded equities, 1% pooled vehicles (private funds and similar) and 1% other. The 1% other category is described as: Other Assets Are Non-Exchange Traded Over the Counter, Adrs and Foreign Equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Clifford Swan Investment Counsel?
Clifford Swan Investment Counsel’s direct owners are Peter Boyle, Maxwell Pray, Roger Gewecke, Randall Zaharia, Kathleen Gilmore and Kevin Cavanaugh, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 10 February 2026
How does Clifford Swan Investment Counsel get paid?
Clifford Swan Investment Counsel is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Clifford Swan Investment Counsel registered with the SEC?
Yes, Clifford Swan Investment Counsel has been registered with the SEC as an investment adviser since 27 July 1999. Its CRD number is 108033 and its SEC file number is 801-56675.
Source: Form ADV Part 1A, Item 1, filed 10 February 2026; IAPD firm record
How do I contact Clifford Swan Investment Counsel?
Clifford Swan Investment Counsel’s main office is at 177 E. Colorado BLVD, Ste 550, Pasadena, CA 91105-1965. Its phone number is 626-792-2228. Its website is cliffordswan.com.