Clients
- Other investment advisers100%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Other investment advisers | Not reported | $10,157,050,719 | 100.0% | — |
| Total | Not reported | $10,157,050,719 | 100% | — |
- Clients
- Not reported
- Regulatory AUM
- $10,157,050,719
- Share
- 100.0%
- Avg. per client
- —
Total
- Clients
- Not reported
- Regulatory AUM
- $10,157,050,719
- Share
- 100%
- Avg. per client
- —
What it does
Shepherd Kaplan provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting and selecting other managers. It is paid through other arrangements.
Shepherd Kaplan provided financial planning to 1–10 clients last fiscal year and advises no private funds.
8.5% of assets ($862.2M across 115 accounts) are managed with discretion; $9.29B across 1,274 accounts are not. 0% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks12%
- Exchange-traded equities9%
- Non-exchange-traded equities3%
- Funds79%
- Registered funds68%
- Pooled vehicles11%
- Bonds3%
- U.S. government and agency bonds1%
- State and local bonds1%
- Investment grade corporate bonds1%
- Cash6%
Custodians
Shepherd Kaplan’s client accounts are held mainly at Northern Trust Securities, with 50% of managed assets. Shepherd Kaplan has custody of $881.4M for 1 clients.
- Northern Trust SecuritiesNorthern Trust Securities, Inc. · Boston, MA · $5.07B50%
- All other custodians$5.08B50%
Ownership and leadership
Shepherd Kaplan Krochuk, LLC owns 75% or more of Shepherd Kaplan.
- Owns 75% or more of Shepherd Kaplan LLC
Shepherd Kaplan Krochuk, LLC
Control person · since November 2017
- Owns 25% to 50% of Shepherd Kaplan Krochuk, LLC
Frog Holdings, Inc.
Control person · since January 2020
- Owns 75% or more of Frog Holdings, Inc.
David Shepherd
Control person · since January 2020
Leadership
- Peter DilorenzoChief Operating Officer, Member, Non-Voting Shares
- Bayard DodgeChief Compliance Officer
- David KaplanCo-CEO
- David ShepherdCo-CEO
Staff
- 42 employees
- 24 in advisory functions
- 19 state-registered reps
Fees
Shepherd Kaplan is paid through other.
Shepherd Kaplan’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Shepherd Kaplan has 0 offices, with 1 listed address in 1 state.
Massachusetts · 1 listed address
- 53 State Street, 23rd Floor, BostonHQ
Registration details
- Legal name
- Shepherd Kaplan LLC
- Headquarters
- 53 State Street, 23rd Floor, Boston, MA 02109-2820
- Phone
- 617-896-1600
- Website
- Not reported
- SEC file
- 801-62349
- Structure
- Delaware 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
What services does Shepherd Kaplan offer?
Shepherd Kaplan provides financial planning, 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 Shepherd Kaplan use?
Shepherd Kaplan’s separately managed account assets are held at Northern Trust Securities, Inc. (Boston, MA), with $5,074,861,212. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Shepherd Kaplan have?
Shepherd Kaplan has 19 investment adviser representatives registered with state securities authorities, out of 42 employees, and 24 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 Shepherd Kaplan invest in?
At the end of its last fiscal year, Shepherd Kaplan’s separately managed accounts held 68% registered funds (mutual funds, ETFs, BDCs), 11% pooled vehicles (private funds and similar), 9% exchange-traded equities, 6% cash and equivalents, 3% non-exchange-traded equities, 1% U.S. government and agency bonds, 1% state and local bonds and 1% investment grade corporate bonds. 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 Shepherd Kaplan?
Shepherd Kaplan is owned through a chain of holding companies by David Shepherd. Its direct owner is Shepherd Kaplan Krochuk, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Shepherd Kaplan get paid?
Shepherd Kaplan is paid through other arrangements. 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