XML Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars, education planning, estate planning, insurance, and tax planning. Financial planning was provided to 1,500 clients last fiscal year.
XML Financial reports 2,944 clients. They include 2,057 individual clients, 833 high-net-worth individuals, and 22 pension and profit-sharing plans. Of its assets, 75.4% ($2.49B across 4,701 accounts) are managed with discretion; $811M across 1,286 accounts are not. A wrap fee program the firm both sponsors and manages holds $4.39B. Of its clients, 1% are outside the U.S. It advised 30 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 70% | 55% |
| High-net-worth individuals | 28% | 41% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | 2% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 2,057 | $1.83B | 55.4% | $888K |
| High-net-worth individuals | 833 | $1.36B | 41.2% | $1.63M |
| Pension and profit-sharing plans | 22 | $26.5M | 0.8% | $1.2M |
| Charitable organizations | 13 | $7.74M | 0.2% | $595K |
| Corporations and other businesses | 19 | $79M | 2.4% | $4.16M |
| Total | 2,944 | $3.3B | 100% | $1.12M |
- Clients
- 2,057
- Regulatory AUM
- $1.83B
- AUM share
- 55.4%
- Avg. per client
- $888K
- Clients
- 833
- Regulatory AUM
- $1.36B
- AUM share
- 41.2%
- Avg. per client
- $1.63M
- Clients
- 22
- Regulatory AUM
- $26.5M
- AUM share
- 0.8%
- Avg. per client
- $1.2M
- Clients
- 13
- Regulatory AUM
- $7.74M
- AUM share
- 0.2%
- Avg. per client
- $595K
- Clients
- 19
- Regulatory AUM
- $79M
- AUM share
- 2.4%
- Avg. per client
- $4.16M
Total
- Clients
- 2,944
- Regulatory AUM
- $3.3B
- AUM share
- 100%
- Avg. per client
- $1.12M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 30
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1500
XML Financial charges 0.10%–1.00% a year for its Portfolio Management Service. Each asset band is charged at its own rate. The fee is negotiable. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$3M | 1.00% |
| $3M–$4M | 0.90% |
| $4M–$5M | 0.80% |
| $5M–$6M | 0.70% |
| $6M–$7M | 0.60% |
| $7M–$8M | 0.50% |
| $8M–$9M | 0.40% |
| $9M–$10M | 0.30% |
| $10M–$11M | 0.20% |
| $11M–$12M | 0.20% |
| $12M–$13M | 0.20% |
| $13M–$14M | 0.20% |
| $14M–$15M | 0.20% |
| $15M–$20M | 0.20% |
| $20M and above | 0.10% |
Fee details and sources
Other fees
- Advisor Sold 529 Plan Consulting
- Consulting fee typically 0.75% for new 529 accounts in advisory share classes, 0.20% when Class A shares convert to institutional shares, or as negotiated.
- Financial Planning and Advisory Consulting
- Fixed fee typically $1,000 to $10,000 a year, negotiable, or hourly at $100 to $250 an hour as negotiated; hourly projects are billed half up front.
Focus Operating, LLC owns 75% or more of XML Financial and is in turn owned by Focus Financial Partners, LLC (75% or more). Brett Bernstein is CEO; the leadership team includes President Curtis Congdon, Chief Investment Officer Robert Kantor and Chief Operating Officer Todd Kullen. It has 54 employees, 26 of them in advisory roles.
Leadership
- Brett BernsteinChief Executive Officer
- Curtis CongdonPresident
- Todd KullenChief Operating Officer
- Jennifer SzaroChief Compliance Officer
- Alexandra KantarskiMember
- Robert KantorChief Investment Officer
- Jason KlopmanMember
- Mark SamsonPrincipal
Investment adviser representatives
28 representatives listed in the SEC register as of 9 October 2026.
- Sharon Lynn Abbey
- Brett Shane Bernstein
- Shawna T Bieda
- Douglas Callan
- Sharon Marie Cirillo
- Stephen Adam Clagett
- Steven Farnham Collins
- Curtis Jeffrey Congdon
- Michelle Perim Cooper
- Radley L Ellenbogen
- Noorjahan Enayat
- Alexandra Kantarski
- Robert David Kantor
- Jason Elliot Klopman
- Benjamin Kollender
- Beth J Levine
- David B Margulies
- John Richard May
- Lauren Kathryn O'Brien
- Kevin P Peters
- Mark Dale Samson
- John James Sciuto
- Jennifer Lara Szaro
- Jennifer Bixler Telesca
- Jordan Ross Vanoort
- Meredith Wade
- Zachary Scott Weaver
- John Eric Wightman
Staff
- 54 employees
- 26 in advisory functions
- 28 state-registered reps
- 27 broker-dealer reps
- 19 insurance agents
- Owns 75% or more of XML Financial, LLC
Focus Operating, LLC
Control person · since October 2016
- Owns 75% or more of Focus Operating, LLC
Focus Financial Partners, LLC
Control person · since January 2007
- Owns 50% to 75% of Focus Financial Partners, LLC
Focus Financial Partners Inc.
Control person · since July 2018
- Owns 75% or more of Focus Financial Partners Inc.
Ferdinand FFP Acquisition, LLC
Control person · since August 2023
- Owns 75% or more of Ferdinand FFP Acquisition, LLC
Ferdinand FFP Intermediate Holdings, LLC
Control person · since August 2023
- Owns 75% or more of Ferdinand FFP Intermediate Holdings, LLC
Ferdinand FFP Parent, Inc.
Control person · since August 2023
- Owns 75% or more of Focus Financial Partners Inc.
Ferdinand FFP Ultimate Holdings, LP
Control person · since August 2023
- Owns 50% to 75% of Ferdinand FFP Ultimate Holdings, LP
CD&R Ferdinand Holdings, L.P.
Control person · since August 2023
- Owns 50% to 75% of CD&R Ferdinand Holdings, L.P.
Clayton, Dubilier & Rice Fund Xii, L.P.
Control person · since August 2023
- Owns 25% to 50% of CD&R Ferdinand Holdings, L.P.
CD&R Ferdinand Co-Investor, L.P.
Control person · since August 2023
XML Financial’s regulatory assets grew 2.6× from $1.27B (May 2021) to $3.3B (June 2026); clients rose from 1,418 to 2,944 and employees from 24 to 54. Between 2019 and 2022, 3 advisory firms joined it. The most recent was Samson Wealth Management Group, in July 2022.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $3.3B | 2,944 | 54 | 26 |
| March 2025 | $2.99B | 4,185 | 53 | 25 |
| July 2024 | $2.75B | 4,175 | 52 | 17 |
| March 2023 | $2.32B | 5,800 | 52 | 19 |
| July 2022 | $2.26B | 2,022 | 41 | 8 |
| May 2021 | $1.27B | 1,418 | 24 | 4 |
Firms that joined
20221 joined
- Samson Wealth Management GroupNo filed AUM
20211 joined
- Collins Investment GroupNo filed AUM
20191 joined
- Lara, May & AssociatesNo filed AUM
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, XML Financial has 25 offices (21 private residences, listed without an address), with 5 listed addresses across 4 states.
Virginia · 2 listed addresses
- 277 S. Washington Street, Alexandria
- 10306 Eaton Place, Fairfax
Colorado · 1 listed address
- 311 S. Main St, Unit G, Breckenridge
Maryland · 1 listed address
- 6901 Rockledge Drive, Suite 730, BethesdaHQ
Pennsylvania · 1 listed address
- 500 Office Center Drive Suite 103, Fort Washington
Other business names
XML Financial has reported 2 other business names to the SEC.
- XML Financial Group
- XML Women
Contact and registration details
- Legal name
- XML Financial, LLC
- Headquarters
- 6901 Rockledge Drive, Suite 730, Bethesda, MD 20817
- Website
- xmlfg.com
- Phone
- 301-770-5234
- @xml-financial-group
- SEC file
- 801-108376
- Founded
- 2004
- Structure
- Delaware LLC
- Fiscal year end
- December
XML Financial uses Wells Fargo Clearing Services ($2.24B, 69%) and Fidelity ($991M, 31%) as custodians for its separately managed accounts. XML Financial has custody of $2.26B in client assets for 3,118 clients.
- FidelityNational Financial Services LLC · Boston, MA · $991M31%
- Wells Fargo Clearing ServicesWells Fargo Clearing Services, LLC · St. Louis, MO · $2.24B69%
At year end, XML Financial’s separately managed accounts were mostly in funds (65%) and stocks (21%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.37B across 447 positions; the largest are Schwab Strategic TR (4.1%), iShares TR (3.2%) and Schwab Strategic TR (3.2%).
What the accounts hold
- Stocks21%
- Funds65%
- Bonds6%
- State and local bonds4%
- U.S. government and agency bonds1%
- High-yield corporate bonds1%
- Cash4%
- Other4%
- <1% each for non exchange-traded equity securities, sovereign bonds, investment grade corporate bonds, derivatives, securities issued by pooled investment vehicles, (other than registered investment companies or business development companies, unassigned.4%
Reported 13F holdings
- $1.37B
- Reported 13F value
- 447
- Positions
- 26.2%
- In the 10 largest
- +10.9%
- Value vs. prior quarter
- Schwab Strategic TR · US Lcap GR ETF4.1%
- iShares TR · Core Div Grwth3.2%
- Schwab Strategic TR · US Lcap VA ETF3.2%
- Vanguard World FD · Inf Tech ETF2.5%
- iShares TR · Rus 1000 Grw ETF2.5%
- iShares TR · Rus 1000 ETF2.4%
- Apple Inc.2.4%
- iShares TR · Core S&P500 ETF2.0%
- iShares TR · Rus Mid Cap ETF1.9%
- Vanguard BD Index Fds · Short Trm Bond1.8%
Together, the ten largest are 26.2% of reported value.
How many clients does XML Financial have?
XML Financial has 2,944 clients and manages $3.3 billion for them, as of June 2026. They include 2,057 individual clients, 833 high-net-worth individuals, and 22 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 2 June 2026
What services does XML Financial offer?
XML Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, educational seminars, education planning, estate planning, insurance, 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
How much does XML Financial charge?
XML Financial charges 0.10%–1.00% a year for its Portfolio Management Service. Each asset band is charged at its own rate. The fee is negotiable.
Source: ADV 2A BROCHURE FOR XML FINANCIAL, LLC, filed 2 June 2026
Which custodians does XML Financial use?
XML Financial’s separately managed account assets are held at Wells Fargo Clearing Services, LLC (St. Louis, MO), with $2.24B and National Financial Services LLC (Boston, MA), with $991M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 2 June 2026
How many financial advisors does XML Financial have?
XML Financial has 28 investment adviser representatives registered with state securities authorities, out of 54 employees, and 26 perform investment advisory functions. 27 employees are registered representatives of a broker-dealer and 19 employees 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 XML Financial invest in?
At the end of its last fiscal year, XML Financial’s separately managed accounts held 65% registered funds (mutual funds, ETFs, BDCs), 21% exchange-traded equities, 4% state and local bonds, 4% cash and equivalents, 4% other, 1% U.S. government and agency bonds and 1% high-yield corporate bonds. The 4% other category is described as: <1% Each for Non Exchange-Traded Equity Securities, Sovereign Bonds, Investment Grade Corporate Bonds, Derivatives, Securities Issued by Pooled Investment Vehicles, (Other Than Registered Investment Companies Or Business Development Companies, Unassigned.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns XML Financial?
XML Financial is owned through a chain of holding companies by Ferdinand FFP Parent, Inc., CD&R Ferdinand Co-Investor, L.P. and Clayton, Dubilier & Rice Fund Xii, L.P. Its direct owner is Focus Operating, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 2 June 2026
How does XML Financial get paid?
XML Financial is paid through a percentage of assets under management, hourly charges 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
Is XML Financial registered with the SEC?
Yes, XML Financial has been registered with the SEC as an investment adviser since 12 September 2016. Its CRD number is 284987 and its SEC file number is 801-108376.
Source: Form ADV Part 1A, Item 1, filed 2 June 2026; IAPD firm record
How do I contact XML Financial?
XML Financial’s main office is at 6901 Rockledge Drive, Suite 730, Bethesda, MD 20817. Its phone number is 301-770-5234. Its website is xmlfg.com.