Empirical Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers. The firm advises 1 private fund.
Empirical Asset Management reports 474 clients. They include 267 high-net-worth individuals, 190 individual clients, and 10 corporations and other businesses. Of its assets, 96.4% ($540M across 1,296 accounts) are managed with discretion; $20.4M across 103 accounts are not. A wrap fee program the firm both sponsors and manages holds $220M. Of its clients, 1% are outside the U.S. It advised 2 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 40% | 13% |
| High-net-worth individuals | 56% | 75% |
| Pooled investment vehicles | <1% | <1% |
| Pension and profit-sharing plans | 1% | 6% |
| Charitable organizations | Fewer than 5 | <1% |
| Other client typesCorporations and other businesses | 2% | 4% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 190 | $74.8M | 13.4% | $394K |
| High-net-worth individuals | 267 | $423M | 75.5% | $1.58M |
| Pooled investment vehicles | 1 | $445K | 0.1% | $445K |
| Pension and profit-sharing plans | 6 | $35.3M | 6.3% | $5.89M |
| Charitable organizations | Fewer than 5 | $4.27M | 0.8% | — |
| Corporations and other businesses | 10 | $22.4M | 4.0% | $2.24M |
| Total | 474 | $560M | 100% | — |
- Clients
- 190
- Regulatory AUM
- $74.8M
- AUM share
- 13.4%
- Avg. per client
- $394K
- Clients
- 267
- Regulatory AUM
- $423M
- AUM share
- 75.5%
- Avg. per client
- $1.58M
- Clients
- 1
- Regulatory AUM
- $445K
- AUM share
- 0.1%
- Avg. per client
- $445K
- Clients
- 6
- Regulatory AUM
- $35.3M
- AUM share
- 6.3%
- Avg. per client
- $5.89M
- Clients
- Fewer than 5
- Regulatory AUM
- $4.27M
- AUM share
- 0.8%
- Avg. per client
- —
- Clients
- 10
- Regulatory AUM
- $22.4M
- AUM share
- 4.0%
- Avg. per client
- $2.24M
Total
- Clients
- 474
- Regulatory AUM
- $560M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 2
- Private funds advised
- 1
Empirical Asset Management charges 0.20%–2.00% a year for its Investment Management Services. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Retirement Plan Advisory Services
- Annual asset-based fee of up to 1.50% for retirement plan advisory services, negotiable depending on the size and complexity of the plan.
Mark Fiskio owns 50% to 75% of Empirical Asset Management. The leadership team of Empirical Asset Management includes Chief Investment Officer Glenn Caldicott and Chief Compliance Officer Mark Fiskio. It has 14 employees, 10 of them in advisory roles.
Leadership
- Mark FiskioManaging Member and Chief Compliance Officer
- Glenn CaldicottChief Investment Officer
- Robert WadsworthInvestor Member
Investment adviser representatives
12 representatives listed in the SEC register as of 9 October 2026.
- Thomas Frances Alessi
- Glenn Andrew Caldicott
- Mark Henry Fiskio
- Mark John Govoni
- Anthony Gale Gray
- Peter Joseph Martin
- Warren Francis Mulhern
- Philip Gabriel Nehro
- Richard Edward Oberuc
- Jonathan Charles Penta
- Joseph Rozzi
- John Patrick Shreenan JR
Staff
- 14 employees
- 10 in advisory functions
- 9 state-registered reps
- Owns 50% to 75% of Empirical Asset Management, LLC
Mark Fiskio
Control person · since September 2010
- Owns 5% to 10% of Empirical Asset Management, LLC
Seven Hills Foundation
since August 2011
- Owns 5% to 10% of Empirical Asset Management, LLC
Robert Wadsworth
since March 2016
Empirical Asset Management’s regulatory assets grew 5.2× from $108M (June 2021) to $560M (July 2026); clients rose from 144 to 474 and employees from 4 to 14.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| July 2026 | $560M | 474 | 14 | 6 |
| May 2025 | $467M | 434 | 14 | 7 |
| April 2024 | $329M | 339 | 12 | 5 |
| June 2023 | $290M | 335 | 11 | 5 |
| March 2022 | $205M | 193 | 7 | 3 |
| June 2021 | $108M | 144 | 4 | 1 |
Besides its headquarters, Empirical Asset Management has 5 offices (2 private residences, listed without an address), with 4 listed addresses in Massachusetts and New Hampshire.
Massachusetts · 3 listed addresses
- 57 River Street, Suite 301, WellesleyHQ
- 60 Kendrick St, Needham
- 314 Avalon Drive, Hull
New Hampshire · 1 listed address
- 15 East Main Street, Warner
Other business names
Empirical Asset Management has reported 3 other business names to the SEC.
- Boston Platinum Management
- Kearsage Investment Advisors
- Penta Wealth Management, LLC
Contact and registration details
- Legal name
- Empirical Asset Management, LLC
- Headquarters
- 57 River Street, Suite 301, Wellesley, MA 02481
- Website
- empiricalam.com
- Phone
- 781-431-2223
- SEC file
- 801-71967
- Founded
- 2010
- Structure
- Delaware LLC
- Fiscal year end
- December
Empirical Asset Management uses Charles Schwab ($266M, 51%) and Fidelity ($257M, 49%) as custodians for its separately managed accounts. Empirical Asset Management has custody of $39.5M in client assets for 81 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $266M51%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $257M49%
At year end, Empirical Asset Management’s separately managed accounts were largely in funds (48%) and stocks (34%). Its reported 13F holdings for the quarter ended 30 June 2026 total $444M across 448 positions; the largest are Apple Inc. (4.7%), State Str SPDR S&P 500 ETF T (2.6%) and Nvidia Corporation (2.2%).
What the accounts hold
- Stocks34%
- Funds48%
- Registered funds47%
- Pooled vehicles1%
- Bonds9%
- U.S. government and agency bonds4%
- Investment grade corporate bonds2%
- State and local bonds1%
- Sovereign bonds1%
- High-yield corporate bonds1%
- Cash8%
- Other1%
- Derivatives1%
Reported 13F holdings
- $444M
- Reported 13F value
- 448
- Positions
- 19.6%
- In the 10 largest
- +17.1%
- Value vs. prior quarter
- Apple Inc.4.7%
- State Str SPDR S&P 500 ETF T · TR Unit2.6%
- Nvidia Corporation2.2%
- ETFS Gold TR · Physcl Gold Shs2.0%
- iShares TR · U.S. Tech ETF1.8%
- Micron Technology Inc.1.6%
- Eli Lilly & CO1.3%
- Uscf ETF TR · Summerhaven K11.2%
- Alphabet Inc. · Cap Stk CL A1.2%
- Amazon Com Inc.1.0%
Together, the ten largest are 19.6% of reported value.
How many clients does Empirical Asset Management have?
Empirical Asset Management has 474 clients and manages $560 million for them, as of July 2026. They include 267 high-net-worth individuals, 190 individual clients, and 10 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 7 July 2026
What services does Empirical Asset Management offer?
Empirical Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Empirical Asset Management charge?
Empirical Asset Management charges 0.20%–2.00% a year for its Investment Management Services. The fee is billed in advance and is negotiable.
Source: EAM DISCLOSURE BROCHURE AND WRAP FEE PROGRAM BROCHURE, filed 7 July 2026
Which custodians does Empirical Asset Management use?
Empirical Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $266M and Fidelity Brokerage Services LLC (Smithfield, RI), with $257M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 7 July 2026
How many financial advisors does Empirical Asset Management have?
Empirical Asset Management has 9 investment adviser representatives registered with state securities authorities, out of 14 employees, and 10 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 Empirical Asset Management invest in?
At the end of its last fiscal year, Empirical Asset Management’s separately managed accounts held 47% registered funds (mutual funds, ETFs, BDCs), 34% exchange-traded equities, 8% cash and equivalents, 4% U.S. government and agency bonds, 2% investment grade corporate bonds, 1% state and local bonds, 1% sovereign bonds, 1% high-yield corporate bonds, 1% derivatives and 1% pooled vehicles (private funds and similar). It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Empirical Asset Management?
Empirical Asset Management’s direct owners are Mark Fiskio (50% to 75%), Seven Hills Foundation (5% to 10%) and Robert Wadsworth (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 7 July 2026
How does Empirical Asset Management get paid?
Empirical Asset Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Empirical Asset Management?
Empirical Asset Management’s main office is at 57 River Street, Suite 301, Wellesley, MA 02481. Its phone number is 781-431-2223. Its website is empiricalam.com.