Clients
Madison Investment Advisors serves 16,164 clients, 2,243 of them high-net-worth individuals. The average client has about $856,000 with the firm, and high-net-worth clients hold 22% of its $13.8 billion in assets.
- Individuals12,359 clients24%
- High-net-worth individuals2,243 clients22%
- Banking or thrift institutions87 clients4%
- Pension and profit-sharing plans169 clients4%
- Charitable organizations622 clients15%
- OtherState or municipal government entities, Insurance companies, Corporations and other businesses31%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 12,359 | $3,280,990,915 | 23.7% | $265K |
| High-net-worth individuals | 2,243 | $3,044,060,797 | 22.0% | $1.36M |
| Banking or thrift institutions | 87 | $610,541,091 | 4.4% | $7.02M |
| Pension and profit-sharing plans | 169 | $498,922,041 | 3.6% | $2.95M |
| Charitable organizations | 622 | $2,056,807,739 | 14.9% | $3.31M |
| State or municipal government entities | 83 | $1,025,336,935 | 7.4% | $12.4M |
| Insurance companies | 106 | $1,973,148,601 | 14.3% | $18.6M |
| Corporations and other businesses | 495 | $1,349,661,377 | 9.8% | $2.73M |
| Total | 16,164 | $13,839,469,496 | 100% | $856K |
- Clients
- 12,359
- Regulatory AUM
- $3,280,990,915
- Share
- 23.7%
- Avg. per client
- $265K
- Clients
- 2,243
- Regulatory AUM
- $3,044,060,797
- Share
- 22.0%
- Avg. per client
- $1.36M
- Clients
- 87
- Regulatory AUM
- $610,541,091
- Share
- 4.4%
- Avg. per client
- $7.02M
- Clients
- 169
- Regulatory AUM
- $498,922,041
- Share
- 3.6%
- Avg. per client
- $2.95M
- Clients
- 622
- Regulatory AUM
- $2,056,807,739
- Share
- 14.9%
- Avg. per client
- $3.31M
- Clients
- 83
- Regulatory AUM
- $1,025,336,935
- Share
- 7.4%
- Avg. per client
- $12.4M
- Clients
- 106
- Regulatory AUM
- $1,973,148,601
- Share
- 14.3%
- Avg. per client
- $18.6M
- Clients
- 495
- Regulatory AUM
- $1,349,661,377
- Share
- 9.8%
- Avg. per client
- $2.73M
Total
- Clients
- 16,164
- Regulatory AUM
- $13,839,469,496
- Share
- 100%
- Avg. per client
- $856K
What it does
Madison Investment Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities. It is paid through a percentage of assets and fixed fees.
Madison Investment Advisors provided financial planning to 14,500 clients last fiscal year and advises no private funds.
100.0% of assets ($13.84B across 16,164 accounts) are managed with discretion. $5.66B sits in a wrap fee program the firm both sponsors and manages. 8% of clients are outside the U.S., and 74 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks47%
- Funds4%
- Pooled vehicles3%
- Registered funds1%
- Bonds46%
- Investment grade corporate bonds23%
- U.S. government and agency bonds19%
- State and local bonds4%
- Cash3%
Custodians
Madison Investment Advisors’ client accounts are held mainly at Charles Schwab, with 14% of managed assets, and UBS Financial Services, with 11%. Madison Investment Advisors has custody of $860.3M for 610 clients.
- Morgan StanleyMorgan Stanley Smith Barney LLC · Purchase, NY · $1.45B11%
- UBS Financial ServicesUBS Financial Services Inc. · Weehawken, NJ · $1.46B11%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.92B14%
- All other custodians$9.01B65%
Ownership and leadership
Madison Asset Management, LLC owns 75% or more of Madison Investment Advisors.
- Owns 75% or more of Madison Investment Advisors, LLC
Madison Asset Management, LLC
Control person · since November 2010
- Owns 75% or more of Madison Asset Management, LLC
Madison Investment Holdings, Inc
Control person · since November 2010
Leadership
- Mark HenricksonChief Financial Officer
- Steven FredricksChief Compliance Officer and Chief Legal Officer
- Steven CarlChief Distribution Officer, Chairman of the Executive Committee
- Richard EisingerHead of Equities, Portfolio Manager
- Jill FriedowHead of Operations and Chief Technology Officer
- Patrick RyanHead of Multi-Asset Solutions, Portfolio Manager
- Michael SandersHead of Fixed Income, Portfolio Manager
- Haruki ToyamaHead of Mid Cap & Large Cap Equity, Portfolio Manager
Staff
- 92 employees
- 44 in advisory functions
- 23 state-registered reps
- 20 broker-dealer reps
Fees
Madison Investment Advisors is paid through a percentage of assets under management and fixed fees (other than subscription fees).
Madison Investment Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Madison Investment Advisors has 1 office, with 2 listed addresses in 1 state.
Wisconsin · 2 listed addresses
- 550 Science Drive, MadisonHQ
- 111 East Wisconsin Avenue, Milwaukee
Registration details
- Legal name
- Madison Investment Advisors, LLC
- Headquarters
- 550 Science Drive, Madison, WI 53711
- Phone
- 608-274-0300
- Website
- Not reported
- SEC file
- 801-52751
- Structure
- Wisconsin LLC
- 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 Madison Investment Advisors have?
Madison Investment Advisors has 16,164 clients and manages $13.8 billion for them, as of March 2026. They include 12,359 other individuals, 2,243 high-net-worth individuals and 622 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 20 March 2026
What services does Madison Investment Advisors offer?
Madison Investment Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Madison Investment Advisors use?
Madison Investment Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1,922,252,315, UBS Financial Services Inc. (Weehawken, NJ), with $1,458,049,426 and Morgan Stanley Smith Barney LLC (Purchase, NY), with $1,453,194,145. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 20 March 2026
How many financial advisors does Madison Investment Advisors have?
Madison Investment Advisors has 23 investment adviser representatives registered with state securities authorities, out of 92 employees, and 44 perform investment advisory functions. 20 are registered representatives of a broker-dealer and 0 are 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 Madison Investment Advisors invest in?
At the end of its last fiscal year, Madison Investment Advisors’ separately managed accounts held 47% exchange-traded equities, 23% investment grade corporate bonds, 19% U.S. government and agency bonds, 4% state and local bonds, 3% pooled vehicles (private funds and similar), 3% cash and equivalents and 1% registered funds (mutual funds, ETFs, BDCs). 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 Madison Investment Advisors?
Madison Investment Advisors is owned through a holding company by Madison Investment Holdings, Inc. Its direct owner is Madison Asset Management, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 20 March 2026
How does Madison Investment Advisors get paid?
Madison Investment Advisors 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