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Sage Advisory Services

SEC-registered adviser since 1996Austin, TXCRD 106236

$28.4B
AUM
14,363
Clients
See fees
Fee
37
Advisory staff

From Form ADV filed 30 March 2026 · data retrieved 15 October 2026SEC record

Sage Advisory Services is an investment adviser headquartered in Austin, Texas, and registered with the SEC since 1996. Its clients include pension and profit-sharing plans, corporations and other businesses, and high-net-worth individuals. High-net-worth individuals account for 15% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, and pension consulting. Fee arrangements include a percentage of assets under management and fixed fees. Robert Smith owns 25% to 50% of Sage Advisory Services.

Clients

Sage Advisory Services serves 14,363 clients, 11,158 of them other individuals. The average client has about $2 million with the firm, and high-net-worth clients hold 15% of its $28.4 billion in assets.

Regulatory assets by client type
  • Individuals11,158 clients12%
  • High-net-worth individuals1,283 clients15%
  • Pension and profit-sharing plans238 clients26%
  • Charitable organizations299 clients14%
  • State or municipal government entities51 clients6%
  • OtherInsurance companies, Corporations and other businesses, Investment companies, Pooled investment vehicles28%
Show client breakdown
Individuals (other than HNW)
Clients
11,158
Regulatory AUM
$3,305,629,919
Share
11.6%
Avg. per client
$296K
High-net-worth individuals
Clients
1,283
Regulatory AUM
$4,317,751,993
Share
15.2%
Avg. per client
$3.37M
Investment companies
Clients
2
Regulatory AUM
$178,745,371
Share
0.6%
Avg. per client
$89.4M
Pooled investment vehicles
Clients
7
Regulatory AUM
$157,313,392
Share
0.6%
Avg. per client
$22.5M
Pension and profit-sharing plans
Clients
238
Regulatory AUM
$7,291,164,025
Share
25.6%
Avg. per client
$30.6M
Charitable organizations
Clients
299
Regulatory AUM
$3,900,223,260
Share
13.7%
Avg. per client
$13.0M
State or municipal government entities
Clients
51
Regulatory AUM
$1,727,716,305
Share
6.1%
Avg. per client
$33.9M
Insurance companies
Clients
106
Regulatory AUM
$2,801,523,633
Share
9.9%
Avg. per client
$26.4M
Corporations and other businesses
Clients
1,219
Regulatory AUM
$4,747,703,784
Share
16.7%
Avg. per client
$3.89M

Total

Clients
14,363
Regulatory AUM
$28,427,771,682
Share
100%
Avg. per client
$1.98M

What it does

Sage Advisory Services provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and other activities. It is paid through a percentage of assets and fixed fees.

Sage Advisory Services provided financial planning to 0 clients last fiscal year and advises no private funds.

99.5% of assets ($28.29B across 14,355 accounts) are managed with discretion; $142.3M across 8 accounts are not. $9.80B sits in a wrap fee program the firm both sponsors and manages. 2% of clients are outside the U.S., and 15 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds1%
  • Bonds78%
    • Investment grade corporate bonds45%
    • U.S. government and agency bonds23%
    • State and local bonds8%
    • High-yield corporate bonds2%
  • Cash2%
  • Other19%
    • Other consists of asset backed, commercial mortgage backed, collateralized mortgage obligations (agency & non-agency), and mortgage passed through fixed income securities.19%

Custodians

Sage Advisory Services’ client accounts are held mainly at Morgan Stanley, with 30% of managed assets, and Northern Trust Securities, with 16%. Sage Advisory Services does not have custody of client assets.

Managed account assets by custodian
  • Morgan StanleyMorgan Stanley Smith Barney LLC · Purchase, NY · $8.48B30%
  • Northern Trust SecuritiesNorthern Trust Securities, Inc. · Chicago, IL · $4.60B16%
  • All other custodians$15.35B54%

Ownership and leadership

Robert Smith owns 25% to 50% of Sage Advisory Services.

Who owns the firm
Sage Advisory Services LTD Co· the adviser

  • Robert Smith

    Control person · since September 1996

    Owns 25% to 50% of Sage Advisory Services LTD Co

  • Kudu Investment US, LLC

    since December 2023

    Owns 25% to 50% of Sage Advisory Services LTD Co

  • JR. Peck

    since May 2004

    Owns 10% to 25% of Sage Advisory Services LTD Co

  • Thomas Urano

    Control person · since January 2007

    Owns 10% to 25% of Sage Advisory Services LTD Co

  • Robert Williams

    Control person · since January 2007

    Owns 10% to 25% of Sage Advisory Services LTD Co

  • Sean Krasan

    since May 2004

    Owns 5% to 10% of Sage Advisory Services LTD Co

  • Jeffery Timlin

    since July 2009

    Owns 5% to 10% of Sage Advisory Services LTD Co

  • Michael Walton

    Control person · since January 2016

    Owns 5% to 10% of Sage Advisory Services LTD Co

Leadership

  • Andrew Demand
    Vice President
  • Leonard Finley
    Vice President
  • ALLISON Hartman
    Vice President
  • Seth Henry
    Vice President
  • Sean Krasan
    Vice President
  • Richard Ladd
    Vice President
  • JR. Peck
    Vice President
  • komson Silapachai
    Vice President
  • Robert Smith
    President and Co-Chief Investment Officer
  • Jeffery Timlin
    Vice President
  • John Slais
    Chief Financial Officer
  • Wade Uloth
    Chief Compliance Officer
  • Robert Moser
    Executive Committee Member
  • Thomas Urano
    Co-Chief Investment Officer
  • Michael Walton
    Executive Committee Member
  • Robert Williams
    Executive Committee Member

Staff

  • 58 employees
  • 37 in advisory functions
  • 40 state-registered reps

Reported holdings

Sage Advisory Services’ reported 13F holdings total $203.2M across 46 positions, and the ten largest make up 67.3% of it.

$203.2M
Reported 13F value
46
Positions
67.3%
In the 10 largest
+11.3%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. iShares TR · Core S&P500 ETF15.0%
  2. SPDR Series Trust · ST Str P500grw13.5%
  3. Franklin Templeton ETF TR · Senior Loan ETF7.8%
  4. SPDR Index Shs Fds · ST Str PO EX ETF7.2%
  5. Janus Detroit Str TR · Henderson Mtg5.7%
  6. SPDR Series Trust · ST Str Pfd ETF5.6%
  7. iShares Inc. · Core MSCI Emkt4.2%
  8. Janus Detroit Str TR · Hend Secu IN ETF2.8%
  9. Angel Oak Funds Trust · Income ETF2.8%
  10. iShares TR · US Hlthcr PR ETF2.7%

Together, the ten largest are 67.3% of reported value.

The 46 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 22 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $203.2M is not its $28.43B in regulatory assets and does not represent any individual client's portfolio.

Fees

Sage Advisory Services is paid through a percentage of assets under management and fixed fees (other than subscription fees).

Sage Advisory Services’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Sage Advisory Services has 0 offices, with 1 listed address in 1 state.

Listed office addresses by state

Texas · 1 listed address

  • 5900 Southwest Parkway, Building 1, Suite 100, AustinHQ

Registration details

Legal name
Sage Advisory Services LTD Co
Headquarters
5900 Southwest Parkway, Building 1, Suite 100, Austin, TX 78735-6202
Phone
512-327-5530
Website
www.sageadvisory.com
SEC file
801-52937
Structure
Texas 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 Sage Advisory Services have?

Sage Advisory Services has 14,363 clients and manages $28.4 billion for them, as of March 2026. They include 11,158 other individuals, 1,283 high-net-worth individuals and 1,219 corporations and other businesses.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026

What services does Sage Advisory Services offer?

Sage Advisory Services provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Sage Advisory Services use?

Sage Advisory Services’ separately managed account assets are held at Morgan Stanley Smith Barney LLC (Purchase, NY), with $8,477,060,859 and Northern Trust Securities, Inc. (Chicago, IL), with $4,596,231,262. 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 March 2026

How many financial advisors does Sage Advisory Services have?

Sage Advisory Services has 40 investment adviser representatives registered with state securities authorities, out of 58 employees, and 37 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 Sage Advisory Services invest in?

At the end of its last fiscal year, Sage Advisory Services’ separately managed accounts held 45% investment grade corporate bonds, 23% U.S. government and agency bonds, 19% other consists of asset backed, commercial mortgage backed, collateralized mortgage obligations (agency & non-agency), and mortgage passed through fixed income securities., 8% state and local bonds, 2% high-yield corporate bonds, 2% 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 Sage Advisory Services?

Sage Advisory Services is owned through a chain of holding companies by White Mountains Insurance Group, LTD. Its direct owners are Robert Smith, JR. Peck, Sean Krasan, Thomas Urano, Robert Williams, Jeffery Timlin, Michael Walton and Kudu Investment US, LLC, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026

How does Sage Advisory Services get paid?

Sage Advisory Services 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

Sources

  1. Form ADV Part 1A, amendment filed 30 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 106236.
  3. Form 13F-HR, filed 22 July 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Sage Advisory Services LTD Co and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.