Gradient Investments provides portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers.
Gradient Investments reports 26,806 clients. They include 24,809 individual clients, 1,994 high-net-worth individuals, and 3 pension and profit-sharing plans. Of its assets, 100.0% ($8.84B across 79,966 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 93% | 62% |
| High-net-worth individuals | 7% | 38% |
| Pension and profit-sharing plans | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 24,809 | $5.46B | 61.8% | $220K |
| High-net-worth individuals | 1,994 | $3.37B | 38.1% | $1.69M |
| Pension and profit-sharing plans | 3 | $4.46M | 0.1% | $1.49M |
| Total | 26,806 | $8.84B | 100% | $330K |
- Clients
- 24,809
- Regulatory AUM
- $5.46B
- AUM share
- 61.8%
- Avg. per client
- $220K
- Clients
- 1,994
- Regulatory AUM
- $3.37B
- AUM share
- 38.1%
- Avg. per client
- $1.69M
- Clients
- 3
- Regulatory AUM
- $4.46M
- AUM share
- 0.1%
- Avg. per client
- $1.49M
Total
- Clients
- 26,806
- Regulatory AUM
- $8.84B
- AUM share
- 100%
- Avg. per client
- $330K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
Gradient Investments is paid through a percentage of assets under management and fixed fees (other than subscription fees); its fees and minimums are set out in its brochures on the SEC website.
Lucius Family Revocable Trust owns 50% to 75% of Gradient Investments. The leadership team of Gradient Investments includes President Michael Binger and Chief Compliance Officer Nicole Alexander. It has 41 employees, 15 of them in advisory roles.
Leadership
Michael BingerPresident
Nicole AlexanderChief Compliance Officer
Investment adviser representatives
31 representatives listed in the SEC register as of 9 October 2026.
- Douglas Victor Amis
- Matthew Phillip Anderson
- Felipe Baeza Correa
- Dominic Schultz Boggio
- Thomas Henri Braun
- Jenna Lee Cairns
- Dwon Lee Clifton
- Brittany Danielson
- Ernesto De La Torre Marin
- Donald Raymond Delaria, JR.
- Tyler Patrick Ellegard
- Andrew Paul Fischer
- Charles Creig Foss
- Paige Fraasch
- Mark Brian Fricks
- Keith Daniel Gangl
- Justin Hamilton
- Paul Jacob Howland
- John Michael Ingham
- Kimberly Elizabeth Johnson
- Thomas John Klein
- Cheryl Lynn McCarthy
- Carter McGraw
- Abbey Recser
- William James Roach
- Lamaar Edward Steadman
- Sean Fredrich Stevenson
- Jonathan Adam Vanorden
- Nicholas Alexander Wellbrock
Staff
- 41 employees
- 15 in advisory functions
- 15 state-registered reps
- 509 soliciting firms
- Owns 50% to 75% of Gradient Investments, LLC
Lucius Family Revocable Trust
Control person · since November 2025
- Owns 10% to 25% of Gradient Investments, LLC
Meraki Private Equity, LLC
Control person · since February 2025
- Owns 75% or more of Meraki Private Equity, LLC
Meraki Intermediate Holdings, LLC
Control person · since October 2025
- Owns 75% or more of Meraki Intermediate Holdings, LLC
Meraki Holding, LLC
Control person · since October 2025
- Owns 75% or more of Meraki Holding, LLC
The Lucius Family Trust
Control person · since August 2025
Tami Lucius
Trustee · Control person · since August 2025
- Owns 10% to 25% of Gradient Investments, LLC
Gradient Distributions, LLC
since November 2025
Gradient Investments’ regulatory assets grew 2.7× from $3.24B (June 2021) to $8.84B (September 2026); clients rose from 15,553 to 26,806 and employees from 35 to 41.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $8.84B | 26,806 | 41 | 1 |
| May 2025 | $6.56B | 24,542 | 40 | 1 |
| April 2024 | $5.27B | 22,274 | 39 | 1 |
| May 2023 | $4.61B | 21,178 | 38 | 1 |
| June 2022 | $4.19B | 18,906 | 38 | 1 |
| June 2021 | $3.24B | 15,553 | 35 | 1 |
Besides its headquarters, Gradient Investments has 0 offices, with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 4105 Lexington Avenue North, Suite 250, Arden HillsHQ
Contact and registration details
- Legal name
- Gradient Investments, LLC
- Headquarters
- 4105 Lexington Avenue North, Suite 250, Arden Hills, MN 55126
- Website
- gradientinvestments.com
- Phone
- 888-824-3525
- SEC file
- 801-70812
- Structure
- Delaware LLC
- Fiscal year end
- December
Gradient Investments uses Charles Schwab ($8.82B) as custodian for its separately managed accounts. Gradient Investments does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $8.82B100%
At year end, Gradient Investments’ separately managed accounts were largely in stocks (40%) and funds (40%). Its reported 13F holdings for the quarter ended 30 June 2026 total $7.25B across 448 positions; the largest are SPDR Series Trust (5.4%), Nvidia Corporation (2.7%) and Doubleline ETF Trust (2.1%).
What the accounts hold
- Stocks40%
- Funds40%
- Cash5%
- Other15%
- Structured notes15%
Reported 13F holdings
- $7.25B
- Reported 13F value
- 448
- Positions
- 22.6%
- In the 10 largest
- +12.3%
- Value vs. prior quarter
- SPDR Series Trust · ST Str P500etf5.4%
- Nvidia Corporation2.7%
- Doubleline ETF Trust · Mortgage ETF2.1%
- Apple Inc.2.0%
- Amazon Com Inc.2.0%
- American Centy ETF TR · Intl EQT ETF1.8%
- Alphabet Inc. · Cap Stk CL C1.7%
- Janus Detroit Str TR · Henderson Mtg1.7%
- World Gold TR · SPDR Gld Minis1.7%
- Aim ETF Products Trust · Allianzim US Equ1.7%
Together, the ten largest are 22.6% of reported value.
How many clients does Gradient Investments have?
Gradient Investments has 26,806 clients and manages $8.84 billion for them, as of September 2026. They include 24,809 individual clients, 1,994 high-net-worth individuals, and 3 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 September 2026
What services does Gradient Investments offer?
Gradient Investments provides portfolio management for individuals and small businesses, 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
Which custodians does Gradient Investments use?
Gradient Investments’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $8.82B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 September 2026
How many financial advisors does Gradient Investments have?
Gradient Investments has 15 investment adviser representatives registered with state securities authorities, out of 41 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 Gradient Investments invest in?
At the end of its last fiscal year, Gradient Investments’ separately managed accounts held 40% exchange-traded equities, 40% registered funds (mutual funds, ETFs, BDCs), 15% other and 5% cash and equivalents. The 15% other category is described as: Structured Notes.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Gradient Investments?
Gradient Investments’ direct owners are Meraki Private Equity, LLC (10% to 25%), Gradient Distributions, LLC (10% to 25%) and Lucius Family Revocable Trust (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 30 September 2026
How does Gradient Investments get paid?
Gradient Investments 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
How do I contact Gradient Investments?
Gradient Investments’ main office is at 4105 Lexington Avenue North, Suite 250, Arden Hills, MN 55126. Its phone number is 888-824-3525. Its website is gradientinvestments.com.