Pathways Advisory Group provides financial planning, portfolio management for individuals and small businesses, publishing newsletters, education planning, estate planning, insurance, retirement plan services, and tax planning. Financial planning was provided to 101–250 clients last fiscal year.
Pathways Advisory Group reports 186 clients. They include 99 high-net-worth individuals and 87 individual clients. Of its assets, 0.0% ($0 across 0 accounts) are managed with discretion; $388M across 1,013 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 47% | 18% |
| High-net-worth individuals | 53% | 82% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 87 | $68.6M | 17.6% | $788K |
| High-net-worth individuals | 99 | $320M | 82.4% | $3.23M |
| Total | 186 | $388M | 100% | $2.09M |
- Clients
- 87
- Regulatory AUM
- $68.6M
- AUM share
- 17.6%
- Avg. per client
- $788K
- Clients
- 99
- Regulatory AUM
- $320M
- AUM share
- 82.4%
- Avg. per client
- $3.23M
Total
- Clients
- 186
- Regulatory AUM
- $388M
- AUM share
- 100%
- Avg. per client
- $2.09M
- 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
- 101–250
Pathways Advisory Group is paid through a percentage of assets under management and hourly charges. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 4 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Consulting Service
- Annual rate on portfolio value: 1.50% on the first $500,000, 0.75% to $1,000,000, 0.50% to $3,000,000 and 0.25% above; minimum $1,250 a quarter.
- Foundational Consulting Service
- Annual consulting fee of $2,400 in the first year plus a $600 administrative fee waived that year; then hourly at $300 an hour, capped at $2,500 in year two and rising $100 a year.
- Hourly Consulting Service
- Billed at $300 an hour for advisor time, $225 for paraplanner time and $150 for other staff, plus a $150 quarterly administrative fee for clients receiving investment management.
- Trustee Consulting Service
- Annual rate on portfolio value: 1.00% on the first $1,000,000, 0.50% to $3,000,000 and 0.25% above; minimum $1,250 a quarter.
Dustin Smith owns 25% to 50% of Pathways Advisory Group. The leadership team of Pathways Advisory Group includes President Jeffrey Karst and Chief Compliance Officer Nicole Swanson. It has 10 employees, 5 of them in advisory roles.
Leadership
- Jeffrey KarstPresident
- Dustin SmithVice-President
- Nicole SwansonSecretary, Chief Compliance Officer
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
- Michelle Lyn Carter
- Jeffrey Scott Karst
- Whitney Suzanne Kelley
- Michael Mazman
- Dustin Joseph Smith
Staff
- 10 employees
- 5 in advisory functions
- 5 state-registered reps
- Owns 25% to 50% of Pathways Advisory Group, Inc.
Dustin Smith
Control person · since January 2014
- Owns 25% to 50% of Pathways Advisory Group, Inc.
Jeffrey Karst
Control person · since January 2015
- Owns 25% to 50% of Pathways Advisory Group, Inc.
Nicole Swanson
Control person · since January 2022
Pathways Advisory Group’s regulatory assets grew 1.9× from $203M (June 2021) to $388M (September 2026); clients rose from 165 to 186 and employees from 9 to 10.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $388M | 186 | 10 | 1 |
| June 2025 | $276M | 181 | 9 | 1 |
| March 2024 | $258M | 184 | 10 | 1 |
| March 2023 | $225M | 181 | 11 | 1 |
| March 2022 | $246M | 167 | 10 | 1 |
| June 2021 | $203M | 165 | 9 | 1 |
Besides its headquarters, Pathways Advisory Group has 0 offices, with 1 listed address in California.
California · 1 listed address
- 684 West Cromwell Avenue, Suite 103, FresnoHQ
Contact and registration details
- Legal name
- Pathways Advisory Group, Inc.
- Headquarters
- 684 West Cromwell Avenue, Suite 103, Fresno, CA 93711
- Website
- pathwaysadvisorygroup.com
- Phone
- 559-431-4700
- @pathways-advisory-group-inc-
- SEC file
- 801-67921
- Founded
- 2007
- Structure
- California corporation
- Fiscal year end
- December
Pathways Advisory Group uses Charles Schwab ($298M) as custodian for its separately managed accounts. Pathways Advisory Group has custody of $122M in client assets for 115 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $298M100%
At year end, Pathways Advisory Group’s separately managed accounts were mostly in funds (59%) and stocks (41%).
What the accounts hold
- Stocks41%
- Funds59%
How many clients does Pathways Advisory Group have?
Pathways Advisory Group has 186 clients and manages $388 million for them, as of September 2026. They include 99 high-net-worth individuals and 87 individual clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 September 2026
What services does Pathways Advisory Group offer?
Pathways Advisory Group provides financial planning, portfolio management for individuals and small businesses, publishing newsletters, education planning, estate planning, insurance, retirement plan services, 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
Which custodians does Pathways Advisory Group use?
Pathways Advisory Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $298M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 September 2026
How many financial advisors does Pathways Advisory Group have?
Pathways Advisory Group has 5 investment adviser representatives registered with state securities authorities, out of 10 employees, and 5 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 Pathways Advisory Group invest in?
At the end of its last fiscal year, Pathways Advisory Group’s separately managed accounts held 59% registered funds (mutual funds, ETFs, BDCs) and 41% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Pathways Advisory Group?
Pathways Advisory Group’s direct owners are Dustin Smith, Jeffrey Karst and Nicole Swanson, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 24 September 2026
How does Pathways Advisory Group get paid?
Pathways Advisory Group is paid through a percentage of assets under management and hourly charges. 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 Pathways Advisory Group?
Pathways Advisory Group’s main office is at 684 West Cromwell Avenue, Suite 103, Fresno, CA 93711. Its phone number is 559-431-4700. Its website is pathwaysadvisorygroup.com.