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Wilshire Advisors

SEC-registered adviser since 1990Santa Monica, CACRD 6210

$149.1B
AUM
760,289
Clients
See fees
Fee
86
Advisory staff

From Form ADV filed 1 October 2026 · data retrieved 15 October 2026SEC record

Wilshire Advisors is an investment adviser headquartered in Santa Monica, California, and registered with the SEC since 1990. Its clients include other investment advisers, pooled investment vehicles, and pension and profit-sharing plans.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters, and educational seminars. Fee arrangements include a percentage of assets under management, fixed fees, performance-based fees and other arrangements. Monica Holdco (us) Inc. owns 75% or more of Wilshire Advisors, and Jason Schwarz is its CEO.

Clients

Wilshire Advisors serves 760,289 clients, 662,119 of them other investment advisers. The average client has about $196,000 with the firm.

Regulatory assets by client type
  • Pooled investment vehicles101 clients28%
  • Pension and profit-sharing plans94,431 clients6%
  • Other investment advisers662,119 clients62%
  • OtherInvestment companies, Charitable organizations, State or municipal government entities, Sovereign wealth funds and foreign official institutions, Corporations and other businesses, Other4%
Show client breakdown
Investment companies
Clients
4
Regulatory AUM
$1,836,765,134
Share
1.2%
Avg. per client
$459.2M
Pooled investment vehicles
Clients
101
Regulatory AUM
$41,576,337,099
Share
27.9%
Avg. per client
$411.6M
Pension and profit-sharing plans
Clients
94,431
Regulatory AUM
$8,514,374,384
Share
5.7%
Avg. per client
$90K
Charitable organizations
Clients
19
Regulatory AUM
$498,614,268
Share
0.3%
Avg. per client
$26.2M
State or municipal government entities
Clients
29
Regulatory AUM
$1,509,310,194
Share
1.0%
Avg. per client
$52.0M
Other investment advisers
Clients
662,119
Regulatory AUM
$92,381,181,836
Share
62.0%
Avg. per client
$140K
Sovereign wealth funds and foreign official institutions
Clients
5
Regulatory AUM
$49,203,159
Share
0.0%
Avg. per client
$9.84M
Corporations and other businesses
Clients
Not reported
Regulatory AUM
$12,348
Share
0.0%
Avg. per client
—
Other
Clients
3,581
Regulatory AUM
$2,736,745,249
Share
1.8%
Avg. per client
$764K

Total

Clients
760,289
Regulatory AUM
$149,102,543,671
Share
100%
Avg. per client
$196K

What it does

Wilshire Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters and educational seminars. It is paid through a percentage of assets, fixed fees, performance-based fees and other arrangements.

Wilshire Advisors provided financial planning to 0 clients last fiscal year and advises 95 private funds.

99.4% of assets ($148.24B across 650,318 accounts) are managed with discretion; $859.0M across 1 account is not. $2.82B sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 109,978 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds98%
  • Cash2%

Custodians

Wilshire Advisors’ client accounts are held mainly at American Enterprise Investment Services, with 62% of managed assets. Wilshire Advisors has custody of $51.29B for 118 clients.

Managed account assets by custodian
  • American Enterprise Investment ServicesAmerican Enterprise Investment Services Inc. · Minneapolis, MN · $92.19B62%
  • All other custodians$56.91B38%

Ownership and leadership

Monica Holdco (us) Inc. owns 75% or more of Wilshire Advisors, and Jason Schwarz is its CEO.

Who owns the firm
Wilshire Advisors LLC· the adviser

  • Monica Holdco (us) Inc.

    Control person · since January 2021

    Owns 75% or more of Wilshire Advisors LLC

Leadership

  • Jason Schwarz
    Chief Executive Officer
  • Christina Walsh
    Chief Financial Officer
  • Jason Hubschman
    Co-Chief Operating Officer
  • Johanna Valva
    Co-Chief Operating Officer
  • Steven O'Connor
    Chief Compliance Officer
  • Joshua Emanuel
    Chief Investment Officer
  • Erin Simpson
    Head of Operations and Risk

Staff

  • 307 employees
  • 86 in advisory functions
  • 2 state-registered reps
  • 17 broker-dealer reps
  • 4 soliciting firms

Reported holdings

Wilshire Advisors’ reported 13F holdings total $10.3M across 7 positions, and the ten largest make up 100.0% of it.

$10.3M
Reported 13F value
7
Positions
100.0%
In the 10 largest
+3.7%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. iShares TR · Core MSCI Eafe38.4%
  2. iShares TR · Core S&P Mcp ETF17.1%
  3. iShares TR · US Treas BD ETF16.1%
  4. iShares TR · Core S&P Scp ETF11.9%
  5. iShares TR · Ishs 1-5yr Invs10.9%
  6. iShares Inc. · Core MSCI Emkt5.4%
  7. Loandepot Inc. · Com CL A0.3%

Together, the ten largest are 100.0% of reported value.

The 7 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 27 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $10.3M is not its $149.10B in regulatory assets and does not represent any individual client's portfolio.

Fees

Wilshire Advisors is paid through a percentage of assets under management, fixed fees (other than subscription fees), performance-based fees and other.

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

Offices and registrations

Besides its headquarters, Wilshire Advisors has 5 offices, with 5 listed addresses across 5 states.

Listed office addresses by state

California · 1 listed address

  • 1299 Ocean Avenue Suite 600, Santa MonicaHQ

Registration details

Legal name
Wilshire Advisors LLC
Headquarters
1299 Ocean Avenue Suite 600, Santa Monica, CA 90401-1085
Phone
310-451-3051
Website
www.wilshire.com
SEC file
801-36233
Structure
California 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 Wilshire Advisors have?

Wilshire Advisors has 760,289 clients and manages $149.1 billion for them, as of October 2026. They include 662,119 other investment advisers, 94,431 pension and profit-sharing plans and 3,581 other clients.

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

What services does Wilshire Advisors offer?

Wilshire Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, 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 Wilshire Advisors use?

Wilshire Advisors’ separately managed account assets are held at American Enterprise Investment Services Inc. (Minneapolis, MN), with $92,187,556,300. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 1 October 2026

How many financial advisors does Wilshire Advisors have?

Wilshire Advisors has 2 investment adviser representatives registered with state securities authorities, out of 307 employees, and 86 perform investment advisory functions. 17 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 Wilshire Advisors invest in?

At the end of its last fiscal year, Wilshire Advisors’ separately managed accounts held 98% registered funds (mutual funds, ETFs, BDCs) and 2% cash and equivalents. It advises 95 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Wilshire Advisors?

Wilshire Advisors is owned through a chain of holding companies by Mark Makepeace, Paul Luc Heyvaert and Motive Partners Holdings II, LP. Its direct owner is Monica Holdco (us) Inc. (75% or more).

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

How does Wilshire Advisors get paid?

Wilshire Advisors is paid through a percentage of assets under management, fixed fees, performance-based fees and other arrangements. Its Form ADV lists no commissions 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 1 October 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 6210.
  3. Form 13F-HR, filed 27 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 Wilshire Advisors LLC 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.