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Stephens

SEC-registered adviser since 1980Little Rock, ARCRD 3496

$18.0B
AUM
21,991
Clients
See fees
Fee
247
Advisory staff

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

Stephens is an investment adviser headquartered in Little Rock, Arkansas, and registered with the SEC since 1980. Its clients include high-net-worth individuals, other individuals and other clients. High-net-worth individuals account for 56% of its regulatory assets under management.

Its services include financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters, and educational seminars. Fee arrangements include a percentage of assets under management, hourly charges, fixed fees, commissions and performance-based fees. Si Holdings Inc. owns 75% or more of Stephens, and Warren Miles Amerine Stephens is its CEO.

Clients

Stephens serves 21,991 clients, 3,088 of them high-net-worth individuals. The average client has about $821,000 with the firm, and high-net-worth clients hold 56% of its $18 billion in assets.

Regulatory assets by client type
  • Individuals18,080 clients23%
  • High-net-worth individuals3,088 clients56%
  • State or municipal government entities11 clients2%
  • Corporations and other businesses188 clients3%
  • Other338 clients13%
  • OtherBanking or thrift institutions, Pension and profit-sharing plans, Charitable organizations, Insurance companies2%
Show client breakdown
Individuals (other than HNW)
Clients
18,080
Regulatory AUM
$4,125,401,840
Share
22.9%
Avg. per client
$228K
High-net-worth individuals
Clients
3,088
Regulatory AUM
$10,111,333,840
Share
56.0%
Avg. per client
$3.27M
Banking or thrift institutions
Clients
1
Regulatory AUM
$29,055,020
Share
0.2%
Avg. per client
$29.1M
Pension and profit-sharing plans
Clients
249
Regulatory AUM
$226,541,669
Share
1.3%
Avg. per client
$910K
Charitable organizations
Clients
21
Regulatory AUM
$17,589,555
Share
0.1%
Avg. per client
$838K
State or municipal government entities
Clients
11
Regulatory AUM
$361,877,601
Share
2.0%
Avg. per client
$32.9M
Insurance companies
Clients
15
Regulatory AUM
$123,129,132
Share
0.7%
Avg. per client
$8.21M
Corporations and other businesses
Clients
188
Regulatory AUM
$620,733,625
Share
3.4%
Avg. per client
$3.30M
Other
Clients
338
Regulatory AUM
$2,429,181,951
Share
13.5%
Avg. per client
$7.19M

Total

Clients
21,991
Regulatory AUM
$18,044,844,233
Share
100%
Avg. per client
$821K

What it does

Stephens provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and educational seminars. It is paid through a percentage of assets, hourly charges, fixed fees, commissions and performance-based fees.

Stephens provided financial planning to 1,000 clients last fiscal year and advises no private funds.

76.6% of assets ($13.83B across 12,927 accounts) are managed with discretion; $4.22B across 9,064 accounts are not. $18.04B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 170 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks60%
    • Exchange-traded equities59%
    • Non-exchange-traded equities1%
  • Funds20%
    • Registered funds19%
    • Pooled vehicles1%
  • Bonds13%
    • U.S. government and agency bonds7%
    • State and local bonds4%
    • Investment grade corporate bonds1%
    • High-yield corporate bonds1%
  • Cash4%
  • Other3%
    • Mortgage backs = less than 1% alternative investments = less than 1% external assets = less than 1%3%

Custodians

Stephens’ client accounts are held mainly at Pershing, with 94% of managed assets. Stephens does not have custody of client assets.

Managed account assets by custodian
  • PershingPershing LLC · Jersey City, NJ · $17.01B94%
  • All other custodians$1.04B6%

Ownership and leadership

Si Holdings Inc. owns 75% or more of Stephens, and Warren Miles Amerine Stephens is its CEO.

Who owns the firm
Stephens Inc.· the adviser

  • Si Holdings Inc.

    Control person · since September 2006

    Owns 75% or more of Stephens Inc.

Leadership

  • Warren Miles Amerine Stephens
    Co-Chief Executive Officer
  • John Calhoun Stephens
    Co-Chief Executive Officer
  • Laura Stephens Brookshire
    Senior Executive Vice President
  • Donald Lawrence Chaney
    Senior Vice President and Chief Compliance Officer - Broker Dealer/Investment Advisor
  • Mark Christopher Doramus
    Senior Executive Vice President/CFO/Secretary/Treasurer
  • Rachel Elizabeth Mondl Mayo
    Executive Vice President/General Counsel
  • Joseph Bradford Eichler
    SR Exec VP, Chief Operating Officer, Director
  • Curtis Franklin JR Bradbury
    Vice Chairman of Board
  • Zoe Ann Hines
    Executive VP, Assistant CFO & Controller, Designated Nyse Chief Operations Officer

Staff

  • 611 employees
  • 247 in advisory functions
  • 247 state-registered reps
  • 611 broker-dealer reps
  • 137 insurance agents

Reported holdings

Stephens’ reported 13F holdings total $8.93B across 1,332 positions, and the ten largest make up 19.9% of it.

$8.93B
Reported 13F value
1,332
Positions
19.9%
In the 10 largest
+11.7%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Vanguard Index Fds · Total Stk Mkt2.7%
  2. Apple Inc.2.7%
  3. Invesco Qqq TR · Unit Ser 12.2%
  4. Walmart Inc.2.0%
  5. Nvidia Corporation1.9%
  6. Amazon Com Inc.1.8%
  7. Broadcom Inc.1.7%
  8. Microsoft Corp.1.6%
  9. iShares TR · Rus 1000 Val ETF1.6%
  10. JPMORGAN Chase & CO1.6%

Together, the ten largest are 19.9% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 29 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $8.93B is not its $18.04B in regulatory assets and does not represent any individual client's portfolio.

Fees

Stephens is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees), commissions and performance-based fees.

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

Offices and registrations

Besides its headquarters, Stephens has 20 offices, with 21 listed addresses across 11 states.

Listed office addresses by state

Arkansas · 6 listed addresses

  • 111 Center ST, Little RockHQ
  • 703 Chestnut Street, Conway
  • 2479 Browns Lane, Jonesoboro
  • 161 Television Hill Road, Hot Springs
  • 3425 N Futrall Drive, Fayetteville
  • 3100 Market Street, Rogers

Other business names

Stephens has reported 18 other business names to the SEC.

  • Professional Wealth Management Program
  • Stephens Advisor Non-Discretionary Program
  • Stephens Allocation Stratigies Program
  • Stephens Capital Management
  • Stephens Capital Management - Pension Management Trust Program
  • Stephens Capital Management Fixed Income Strategy
  • Stephens Capital Management Non-Discretionary
  • Stephens Capital Mangement - Health Management Trust
  • Stephens Fixed Income Management
  • Stephens Inc. Equity Research Services Program
  • Stephens Managed Assets Program
  • Stephens Retirement Access
  • Stephens Retirement Solutions Program
  • Stephens Small-Mid Cap Growth Program
  • Stephens Spectrum 401k
  • Stephens Spectrum Program
  • Stephens Unified Managed Account
  • Stephenschoice

Registration details

Legal name
Stephens Inc.
Headquarters
111 Center ST, Little Rock, AR 72201
Phone
501-377-2000
Website
stephens.libsyn.com
SEC file
801-15510
Structure
Arkansas corporation
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 Stephens have?

Stephens has 21,991 clients and manages $18 billion for them, as of September 2026. They include 18,080 other individuals, 3,088 high-net-worth individuals and 338 other clients.

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

What services does Stephens offer?

Stephens provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and educational seminars.

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

Which custodians does Stephens use?

Stephens’ separately managed account assets are held at Pershing LLC (Jersey City, NJ), with $17,007,525,999. 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 September 2026

How many financial advisors does Stephens have?

Stephens has 247 investment adviser representatives registered with state securities authorities, out of 611 employees, and 247 perform investment advisory functions. 611 are registered representatives of a broker-dealer and 137 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 Stephens invest in?

At the end of its last fiscal year, Stephens’ separately managed accounts held 59% exchange-traded equities, 19% registered funds (mutual funds, ETFs, BDCs), 7% U.S. government and agency bonds, 4% state and local bonds, 4% cash and equivalents, 3% mortgage backs = less than 1% alternative investments = less than 1% external assets = less than 1%, 1% non-exchange-traded equities, 1% investment grade corporate bonds, 1% high-yield corporate bonds and 1% pooled vehicles (private funds and similar). 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 Stephens?

Stephens is owned through a chain of holding companies by Warren Amerine Stephens. Its direct owner is Si Holdings Inc. (75% or more).

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

How does Stephens get paid?

Stephens is paid through a percentage of assets under management, hourly charges, fixed fees, commissions and performance-based fees.

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 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 3496.
  3. Form 13F-HR, filed 29 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 Stephens Inc. 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.