Clients
Fiduciary Counselling serves 1,761 clients, 643 of them high-net-worth individuals. The average client has about $5.7 million with the firm, and high-net-worth clients hold 81% of its $10.1 billion in assets.
- Individuals1,002 clients7%
- High-net-worth individuals643 clients81%
- Charitable organizations25 clients5%
- Corporations and other businesses87 clients7%
- OtherInvestment companies, Other investment advisers0%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,002 | $658,505,420 | 6.5% | $657K |
| High-net-worth individuals | 643 | $8,182,499,961 | 81.4% | $12.7M |
| Investment companies | 3 | $5,713,262 | 0.1% | $1.90M |
| Charitable organizations | 25 | $468,069,719 | 4.7% | $18.7M |
| Other investment advisers | 1 | $3,651,078 | 0.0% | $3.65M |
| Corporations and other businesses | 87 | $738,306,337 | 7.3% | $8.49M |
| Total | 1,761 | $10,056,745,777 | 100% | $5.71M |
- Clients
- 1,002
- Regulatory AUM
- $658,505,420
- Share
- 6.5%
- Avg. per client
- $657K
- Clients
- 643
- Regulatory AUM
- $8,182,499,961
- Share
- 81.4%
- Avg. per client
- $12.7M
- Clients
- 3
- Regulatory AUM
- $5,713,262
- Share
- 0.1%
- Avg. per client
- $1.90M
- Clients
- 25
- Regulatory AUM
- $468,069,719
- Share
- 4.7%
- Avg. per client
- $18.7M
- Clients
- 1
- Regulatory AUM
- $3,651,078
- Share
- 0.0%
- Avg. per client
- $3.65M
- Clients
- 87
- Regulatory AUM
- $738,306,337
- Share
- 7.3%
- Avg. per client
- $8.49M
Total
- Clients
- 1,761
- Regulatory AUM
- $10,056,745,777
- Share
- 100%
- Avg. per client
- $5.71M
What it does
Fiduciary Counselling provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutions, selecting other managers, educational seminars and other activities. It is paid through a percentage of assets and fixed fees.
Fiduciary Counselling provided financial planning to 251–500 clients last fiscal year and advises no private funds.
43.7% of assets ($4.39B across 1,530 accounts) are managed with discretion; $5.66B across 231 accounts are not. 1% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks34%
- Non-exchange-traded equities26%
- Exchange-traded equities8%
- Funds58%
- Registered funds46%
- Pooled vehicles12%
- Cash2%
- Other6%
- Types of assets included in section xii, "other," include 529 plans, notes receivable, individual retirement accounts, other retirement accounts, private investments, real estate investments and externally managed assets included by request of the client for asset allocation and reporting purposes.6%
Custodians
Fiduciary Counselling’s client accounts are held mainly at Fidelity, with 56% of managed assets. Fiduciary Counselling has custody of $7.35B for 416 clients.
- FidelityNational Financial Services LLC · Boston, MA · $5.61B56%
- All other custodians$4.45B44%
Ownership and leadership
Cassiopeia Holdings Company owns 75% or more of Fiduciary Counselling, and Sarah Isabel is its CEO.
- Owns 75% or more of Fiduciary Counselling Inc
Cassiopeia Holdings Company
Control person · since April 2023
- Owns 75% or more of Cassiopeia Holdings Company
Ties That Bind Purpose Trust
Control person · since April 2023
Fiduciary Services Company, LLC
Trustee · Control person · since April 2023
Leadership
- Sarah IsabelPresident, Chief Executive Officer and Director
- Shari CliffordChief Financial Officer
- Jason MitchellChief Compliance Officer and Chief Operations Officer
- Ann BurnsDirector
- James CastellanoDirector
- Amy FieldsDirector
- Andrew LangChief Investment Officer
- Joel SommersDirector - Estate, Trust &
- Steven WeinsteinDirector
Staff
- 87 employees
- 18 in advisory functions
- 18 state-registered reps
Reported holdings
Fiduciary Counselling’s reported 13F holdings total $40.6M across 11 positions, and the ten largest make up 99.6% of it.
- $40.6M
- Reported 13F value
- 11
- Positions
- 99.6%
- In the 10 largest
- +12.8%
- Value vs. prior quarter
- iShares TR · Rus 1000 ETF32.8%
- Berkshire Hathaway Inc. · Class A27.7%
- Weyerhaeuser CO15.1%
- Rayonier Inc.10.9%
- Vanguard Index Fds · Total Stk Mkt7.4%
- iShares TR · Esg Awr MSCI USA2.7%
- iShares TR · Esg AW MSCI Eafe1.2%
- SPDR Ser TR · S&P Oilgas Exp0.8%
- iShares Inc. · Esg Awr MSCI EM0.5%
- Columbia Bkg Sys Inc.0.5%
Together, the ten largest are 99.6% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $40.6M is not its $10.06B in regulatory assets and does not represent any individual client's portfolio.
Fees
Fiduciary Counselling is paid through a percentage of assets under management and fixed fees (other than subscription fees).
Fiduciary Counselling’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Fiduciary Counselling has 1 office, with 2 listed addresses across 2 states.
Minnesota · 1 listed address
- 30 East 7th Street, Suite 2000, ST PaulHQ
Washington · 1 listed address
- Tacoma Financial Center, Tacoma
Registration details
- Legal name
- Fiduciary Counselling Inc
- Headquarters
- 30 East 7th Street, Suite 2000, ST Paul, MN 55101-4930
- Phone
- 651-228-0935
- Website
- Not reported
- SEC file
- 801-4158
- Structure
- Minnesota corporation
- Fiscal year end
- December
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. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Fiduciary Counselling have?
Fiduciary Counselling has 1,761 clients and manages $10.1 billion for them, as of March 2026. They include 1,002 other individuals, 643 high-net-worth individuals and 87 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 March 2026
What services does Fiduciary Counselling offer?
Fiduciary Counselling provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutions, selecting other managers, educational seminars and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Fiduciary Counselling use?
Fiduciary Counselling’s separately managed account assets are held at National Financial Services LLC (Boston, MA), with $5,605,970,100. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 March 2026
How many financial advisors does Fiduciary Counselling have?
Fiduciary Counselling has 18 investment adviser representatives registered with state securities authorities, out of 87 employees, and 18 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 Fiduciary Counselling invest in?
At the end of its last fiscal year, Fiduciary Counselling’s separately managed accounts held 46% registered funds (mutual funds, ETFs, BDCs), 26% non-exchange-traded equities, 12% pooled vehicles (private funds and similar), 8% exchange-traded equities, 6% types of assets included in section xii, "other," include 529 plans, notes receivable, individual retirement accounts, other retirement accounts, private investments, real estate investments and externally managed assets included by request of the client for asset allocation and reporting purposes. and 2% cash and equivalents. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Fiduciary Counselling?
Fiduciary Counselling’s direct owner is Cassiopeia Holdings Company (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 17 March 2026
How does Fiduciary Counselling get paid?
Fiduciary Counselling is paid through a percentage of assets under management 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