Heritage Investors Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers. Financial planning was provided to 51–100 clients last fiscal year.
Heritage Investors Management reports 762 clients. They include 585 high-net-worth individuals, 97 individual clients, and 34 corporations and other businesses. Of its assets, 99.8% ($4.62B across 1,464 accounts) are managed with discretion; $11.1M across 1 account is not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 13% | 1% |
| High-net-worth individuals | 77% | 85% |
| Pension and profit-sharing plans | 2% | 2% |
| Charitable organizations | 4% | 7% |
| Corporations and other businesses | 4% | 4% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 97 | $63.1M | 1.4% | $650K |
| High-net-worth individuals | 585 | $3.96B | 85.4% | $6.76M |
| Pension and profit-sharing plans | 13 | $113M | 2.4% | $8.69M |
| Charitable organizations | 33 | $316M | 6.8% | $9.58M |
| Corporations and other businesses | 34 | $184M | 4.0% | $5.4M |
| Total | 762 | $4.63B | 100% | $6.08M |
- Clients
- 97
- Regulatory AUM
- $63.1M
- AUM share
- 1.4%
- Avg. per client
- $650K
- Clients
- 585
- Regulatory AUM
- $3.96B
- AUM share
- 85.4%
- Avg. per client
- $6.76M
- Clients
- 13
- Regulatory AUM
- $113M
- AUM share
- 2.4%
- Avg. per client
- $8.69M
- Clients
- 33
- Regulatory AUM
- $316M
- AUM share
- 6.8%
- Avg. per client
- $9.58M
- Clients
- 34
- Regulatory AUM
- $184M
- AUM share
- 4.0%
- Avg. per client
- $5.4M
Total
- Clients
- 762
- Regulatory AUM
- $4.63B
- AUM share
- 100%
- Avg. per client
- $6.08M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 51–100
Heritage Investors Management charges 0.50%–1.00% a year for its Investment management. Each asset band is charged at its own rate. The fee has a $15,000 annual minimum.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.00% |
| $1M and above | 0.50% |
Fee details and sources
Michael Cornfeld owns 75% or more of Heritage Investors Management. The leadership team of Heritage Investors Management includes President Michael Cornfeld, Chief Investment Officer Andrew Schenker and Chief Operating Officer Beth Rosen. It has 22 employees, 8 of them in advisory roles.
Leadership
- Michael CornfeldPresident
- Kenneth LongExecutive Vice President
- Derek StoneSenior Vice President
- Beth RosenChief Operating Officer
- Craig LukinChief Compliance Officer
- Janet CornfeldTrustee of Cornfeld Family 2012 Trust
- Michael CornfeldTrustee of Sarah Cornfeld 2012 Trust, Jennifer Schenker 2012 Trust, Melissa Lynn Cornfeld 2012 Trust
- Andrew SchenkerChief Investment Officer
Investment adviser representatives
9 representatives listed in the SEC register as of 9 October 2026.
- Michael Stewart Cornfeld
- Brian Michael Curtin
- Taylor Jason Fucci
- Kenneth James Long
- Craig L Lukin
- Laura L McAree
- Andrew Marc Schenker
- Derek Robert Stone
- Scott B Wilson
Staff
- 22 employees
- 8 in advisory functions
- 8 state-registered reps
- Owns 75% or more of Heritage Investors Management Corp
Michael Cornfeld
Control person · since September 1985
- Owns 5% to 10% of Heritage Investors Management Corp
Sarah Lynn Cornfeld 2012 Trust
since March 2018
- Owns 5% to 10% of Heritage Investors Management Corp
Jennifer Schenker 2012 Trust
since March 2018
- Owns 5% to 10% of Heritage Investors Management Corp
Melissa Lynn Cornfeld 2012 Trust
since March 2018
- Owns 5% to 10% of Heritage Investors Management Corp
Cornfeld Family 2012 Trust
since March 2018
Heritage Investors Management’s regulatory assets grew 1.5× from $3.08B (March 2021) to $4.63B (August 2026); clients rose from 703 to 762 and employees from 15 to 22.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $4.63B | 762 | 22 | 1 |
| July 2025 | $4.18B | 763 | 20 | 1 |
| March 2024 | $3.66B | 761 | 20 | 1 |
| July 2023 | $3.13B | 718 | 16 | 1 |
| March 2022 | $3.62B | 716 | 16 | 1 |
| March 2021 | $3.08B | 703 | 15 | 1 |
Besides its headquarters, Heritage Investors Management has 0 offices, with 1 listed address in Maryland.
Maryland · 1 listed address
- 7101 Wisconsin Avenue, Suite 950, BethesdaHQ
Contact and registration details
- Legal name
- Heritage Investors Management Corp
- Headquarters
- 7101 Wisconsin Avenue, Suite 950, Bethesda, MD 20814-4878
- Website
- heritageinvestors.com
- Phone
- 301-951-0440
- @heritage-investors-management
- SEC file
- 801-10612
- Structure
- District of Columbia corporation
- Fiscal year end
- December
Heritage Investors Management uses Chevy Chase Trust ($4.35B) as custodian for its separately managed accounts. Heritage Investors Management has custody of $4.63B in client assets for 762 clients.
- Chevy Chase TrustChevy Chase Trust Company · Bethesda, MD · $4.35B100%
At year end, Heritage Investors Management’s separately managed accounts were mostly in stocks (71%) and bonds (18%). Its reported 13F holdings for the quarter ended 30 June 2026 total $3.61M across 257 positions; the largest are Apple Inc. (5.4%), Palo Alto Networks Inc. (5.2%) and Broadcom Inc. (5.0%).
What the accounts hold
- Stocks71%
- Funds5%
- Bonds18%
- State and local bonds16%
- U.S. government and agency bonds2%
- Cash5%
Filed values cover 99%. The neutral 1% gap has no reported category.
Reported 13F holdings
- $3.61M
- Reported 13F value
- 257
- Positions
- 35.9%
- In the 10 largest
- +9.7%
- Value vs. prior quarter
- Apple Inc.5.4%
- Palo Alto Networks Inc.5.2%
- Broadcom Inc.5.0%
- Alphabet Inc. · Cap Stk CL A3.7%
- Alphabet Inc. · Cap Stk CL C3.4%
- Caterpillar Inc.3.1%
- Microsoft Corp.3.0%
- Nvidia Corporation2.7%
- Marriott Intl Inc. New · CL A2.2%
- Amazon Com Inc.2.2%
Together, the ten largest are 35.9% of reported value.
How many clients does Heritage Investors Management have?
Heritage Investors Management has 762 clients and manages $4.63 billion for them, as of August 2026. They include 585 high-net-worth individuals, 97 individual clients, and 34 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 August 2026
What services does Heritage Investors Management offer?
Heritage Investors Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Heritage Investors Management charge?
Heritage Investors Management charges 0.50%–1.00% a year for its Investment management. Each asset band is charged at its own rate. The fee has a $15,000 annual minimum.
Which custodians does Heritage Investors Management use?
Heritage Investors Management’s separately managed account assets are held at Chevy Chase Trust Company (Bethesda, MD), with $4.35B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 August 2026
How many financial advisors does Heritage Investors Management have?
Heritage Investors Management has 8 investment adviser representatives registered with state securities authorities, out of 22 employees, and 8 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 Heritage Investors Management invest in?
At the end of its last fiscal year, Heritage Investors Management’s separately managed accounts held 71% exchange-traded equities, 16% state and local bonds, 5% registered funds (mutual funds, ETFs, BDCs), 5% cash and equivalents and 2% U.S. government and agency bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Heritage Investors Management?
Heritage Investors Management’s direct owners are Michael Cornfeld (75% or more), Sarah Lynn Cornfeld 2012 Trust (5% to 10%), Jennifer Schenker 2012 Trust (5% to 10%), Melissa Lynn Cornfeld 2012 Trust (5% to 10%) and Cornfeld Family 2012 Trust (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 27 August 2026
How does Heritage Investors Management get paid?
Heritage Investors Management 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 Heritage Investors Management registered with the SEC?
Yes, Heritage Investors Management has been registered with the SEC as an investment adviser since 26 February 1975. Its CRD number is 110420 and its SEC file number is 801-10612.
Source: Form ADV Part 1A, Item 1, filed 27 August 2026; IAPD firm record
How do I contact Heritage Investors Management?
Heritage Investors Management’s main office is at 7101 Wisconsin Avenue, Suite 950, Bethesda, MD 20814-4878. Its phone number is 301-951-0440. Its website is heritageinvestors.com.