Fulton Breakefield Broenniman,llc provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, business succession planning, estate planning, insurance, and tax planning. Financial planning was provided to 251–500 clients last fiscal year.
Fulton Breakefield Broenniman,llc reports 1,012 clients. They include 988 individual clients, 16 high-net-worth individuals and 8 charitable organizations. Of its assets, 100.0% ($2.39B across 3,187 accounts) are managed with discretion. Of its clients, 2% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 98% | 89% |
| High-net-worth individuals | 2% | 10% |
| Charitable organizations | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 988 | $2.13B | 88.9% | $2.16M |
| High-net-worth individuals | 16 | $246M | 10.3% | $15.4M |
| Charitable organizations | 8 | $18.3M | 0.8% | $2.29M |
| Total | 1,012 | $2.39B | 100% | $2.37M |
- Clients
- 988
- Regulatory AUM
- $2.13B
- AUM share
- 88.9%
- Avg. per client
- $2.16M
- Clients
- 16
- Regulatory AUM
- $246M
- AUM share
- 10.3%
- Avg. per client
- $15.4M
- Clients
- 8
- Regulatory AUM
- $18.3M
- AUM share
- 0.8%
- Avg. per client
- $2.29M
Total
- Clients
- 1,012
- Regulatory AUM
- $2.39B
- AUM share
- 100%
- Avg. per client
- $2.37M
- Clients outside the U.S.
- 2%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Fulton Breakefield Broenniman,llc charges 0.65%–1.00% a year for its Portfolio Management Fee. 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 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$1.5M | 1.00% |
| $1.5M–$2.5M | 0.85% |
| $2.5M–$5M | 0.75% |
| $5M and above | 0.65% |
Fee details and sources
Other fees
- Discovery and goal setting meeting
- Fixed fee not to exceed $500, credited against a portfolio management or planning engagement that follows.
- Financial planning
- Flat fee from $5,000 to $20,000 depending on the scope and complexity of the engagement; fees may be significantly reduced or waived for clients managed over $500,000.
Susan Fulton owns 25% to 50% of Fulton Breakefield Broenniman,llc. The leadership team of Fulton Breakefield Broenniman,llc includes President Michael Mussio and Chief Compliance Officer Stein Olavsrud. It has 21 employees, 15 of them in advisory roles.
Leadership
- Michael MussioPresident
- Stein OlavsrudChief Compliance Officer, EVP
- Bridget SimpsonDirector of Operations
- Susan FultonFounder
Investment adviser representatives
11 representatives listed in the SEC register as of 9 October 2026.
- Martha Callahan
- Mel Joseph Casey
- Danish Jawaid
- Maggi Mary Keating
- Michael John Mussio
- Jane DeLashmutt O'Mara
- Stein Andre Olavsrud
- John P Petrofsky
- Jaime Guillermo Quiros
- Jennifer Amy Scher
- Alejandro Alan Vela
Staff
- 21 employees
- 15 in advisory functions
- 11 state-registered reps
- Owns 25% to 50% of Fulton Breakefield Broenniman,llc
Susan Fulton
Control person · since March 2001
- Owns 25% to 50% of Fulton Breakefield Broenniman,llc
Michael Mussio
Control person · since February 2017
- Owns 10% to 25% of Fulton Breakefield Broenniman,llc
Stein Olavsrud
Control person · since July 2019
- Owns 5% to 10% of Fulton Breakefield Broenniman,llc
Bridget Simpson
Control person · since February 2017
Fulton Breakefield Broenniman,llc’s regulatory assets grew 1.7× from $1.42B (May 2021) to $2.39B (August 2026); clients were 1,012 in both filings and employees rose from 17 to 21.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $2.39B | 1,012 | 21 | 4 |
| June 2025 | $2.16B | 1,158 | 21 | 4 |
| February 2024 | $1.87B | 1,063 | 21 | 4 |
| May 2023 | $1.64B | 1,044 | 21 | 4 |
| July 2022 | $1.81B | 1,012 | 19 | 4 |
| May 2021 | $1.42B | 965 | 17 | 4 |
Besides its headquarters, Fulton Breakefield Broenniman,llc has 3 offices, with 4 listed addresses in Maryland and Virginia.
Maryland · 3 listed addresses
- 4520 East-West Highway, Suite 450, BethesdaHQ
- 117 Bay Street, Easton
- 1997 Annapolis Exchange Parkway, Annapolis
Virginia · 1 listed address
- 1934 Old Gallows Road, Vienna
Contact and registration details
- Legal name
- Fulton Breakefield Broenniman,llc
- Headquarters
- 4520 East-West Highway, Suite 450, Bethesda, MD 20814
- Website
- fbbcapitalpartners.com
- Phone
- 301-657-8870
- @fbb-capital-partners
- SEC file
- 801-57836
- Founded
- 2000
- Structure
- Delaware LLC
- Fiscal year end
- December
Fulton Breakefield Broenniman,llc uses Charles Schwab ($2.25B) as custodian for its separately managed accounts. Fulton Breakefield Broenniman,llc has custody of $367M in client assets for 108 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $2.25B100%
At year end, Fulton Breakefield Broenniman,llc’s separately managed accounts were largely in stocks (43%) and funds (30%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.7B across 208 positions; the largest are iShares TR (10.2%), Vanguard Tax-managed Fds (5.7%) and Apple Inc. (4.9%).
What the accounts hold
- Stocks43%
- Funds30%
- Bonds24%
- Investment grade corporate bonds19%
- U.S. government and agency bonds4%
- State and local bonds1%
- Cash3%
Reported 13F holdings
- $1.7B
- Reported 13F value
- 208
- Positions
- 48.8%
- In the 10 largest
- +10.7%
- Value vs. prior quarter
- iShares TR · Core S&P500 ETF10.2%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt5.7%
- Apple Inc.4.9%
- Alphabet Inc. · Cap Stk CL A4.6%
- Taiwan Semiconductor Manufac · Sponsored ADS4.4%
- iShares TR · Core S&P Scp ETF4.2%
- iShares TR · Core S&P Mcp ETF4.0%
- Microsoft Corp.3.9%
- Nvidia Corporation3.8%
- Amazon Com Inc.3.1%
Together, the ten largest are 48.8% of reported value.
How many clients does Fulton Breakefield Broenniman,llc have?
Fulton Breakefield Broenniman,llc has 1,012 clients and manages $2.39 billion for them, as of August 2026. They include 988 individual clients, 16 high-net-worth individuals and 8 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 13 August 2026
What services does Fulton Breakefield Broenniman,llc offer?
Fulton Breakefield Broenniman,llc provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, business succession planning, estate planning, insurance, and tax 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 Fulton Breakefield Broenniman,llc charge?
Fulton Breakefield Broenniman,llc charges 0.65%–1.00% a year for its Portfolio Management Fee. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and has a $10,000 annual minimum.
Which custodians does Fulton Breakefield Broenniman,llc use?
Fulton Breakefield Broenniman,llc’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $2.25B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 13 August 2026
How many financial advisors does Fulton Breakefield Broenniman,llc have?
Fulton Breakefield Broenniman,llc has 11 investment adviser representatives registered with state securities authorities, out of 21 employees, and 15 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 Fulton Breakefield Broenniman,llc invest in?
At the end of its last fiscal year, Fulton Breakefield Broenniman,llc’s separately managed accounts held 43% exchange-traded equities, 30% registered funds (mutual funds, ETFs, BDCs), 19% investment grade corporate bonds, 4% U.S. government and agency bonds, 3% cash and equivalents and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Fulton Breakefield Broenniman,llc?
Fulton Breakefield Broenniman,llc’s direct owners are Susan Fulton, Michael Mussio, Stein Olavsrud and Bridget Simpson, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 13 August 2026
How does Fulton Breakefield Broenniman,llc get paid?
Fulton Breakefield Broenniman,llc 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 Fulton Breakefield Broenniman,llc registered with the SEC?
Yes, Fulton Breakefield Broenniman,llc has been registered with the SEC as an investment adviser since 4 August 2000. Its CRD number is 108967 and its SEC file number is 801-57836.
Source: Form ADV Part 1A, Item 1, filed 13 August 2026; IAPD firm record
How do I contact Fulton Breakefield Broenniman,llc?
Fulton Breakefield Broenniman,llc’s main office is at 4520 East-West Highway, Suite 450, Bethesda, MD 20814. Its phone number is 301-657-8870. Its website is fbbcapitalpartners.com.