Fisher Investments: Platform Profile

Overview

Fisher Investments is a large SEC-registered investment adviser providing discretionary portfolio management and financial-planning support.

It is structurally different from Facet and Range.

Facet and Range center their current consumer pricing around fixed-dollar memberships.

Fisher's current U.S. wealth-management relationship is primarily asset-based.

The current Personal Wealth Management page targets investors with:

• Current public investable assets: $1,000,000+

The current February 2026 Form CRS shows an advisory fee structure that includes relationships below $1 million and a graduated schedule for larger relationships.

That creates an important guard:

Fisher rejects every possible client below $1 million.

The current regulator-facing fee disclosure itself contemplates relationships below that amount.

May fit better for

• investors seeking discretionary portfolio management;
• households with approximately $1 million or more in investable assets;
• clients who want an adviser to make portfolio decisions without approving each trade;
• investors who value a dedicated service relationship rather than a self-directed brokerage;
• households seeking financial-planning support alongside portfolio management;
• investors comfortable with a traditional AUM-fee structure;
• clients who want global macro/top-down portfolio management rather than a purely passive robo allocation.

May fit less well for

• investors seeking a low-cost automated ETF-only robo adviser;
• small accounts;
• active self-directed traders;
• investors who want flat-dollar membership pricing;
• clients who want to approve each portfolio trade;
• investors who interpret SEC registration as protection against losses;
• clients who assume the advisory fee includes every possible third-party product or brokerage expense.

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Fisher Investments is the registered adviser

Current regulatory information identifies:

• Investment adviser: Fisher Investments
• CRD: 107342
• SEC number: 801-29362
• SEC registration approved: 1987-03-26

Current aliases in regulatory records can include related Fisher Asset Management / Fisher Investments names.

Use the current advisory identity and supplied disclosures.

The February 2026 Form CRS describes Fisher as an SEC-registered investment adviser providing:

• investment advisory services;
• discretionary management;
• financial planning.

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The current public wealth reference is $1 million+

Fisher's current Personal Wealth Management page says prospective clients with:

• Investable assets: $1,000,000 or more

should contact the firm.

This is the best current public consumer reference for the wealth relationship.

Older public materials and third-party reviews can still contain a $500,000 minimum or target reference.

Why is the universal minimum undisclosed?

Because the current Form CRS contains a specific fee treatment for relationships with less than $1 million.

That is stronger evidence than a stale third-party minimum.

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Current fees are asset-based

Fisher's February 2026 Form CRS states that relationships below $1 million generally pay:

• Relationships below 1m: 1.50% annually on managed assets

For total aggregated relationship values of $1 million or more, the schedule is:

• First 1m: 1.25%
• Next 4m 1m to 5m: 1.125%
• Amount over 5m: 1.00%

This is a graduated schedule.

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Fisher fee math is incremental above $1 million

$750,000 relationship

At 1.50%:

$750,000 × 1.50% = $11,250

$1,000,000 relationship

At 1.25%:

$1,000,000 × 1.25% = $12,500

$3,000,000 relationship

First $1 million at 1.25%:

$1,000,000 × 1.25% = $12,500

Next $2 million at 1.125%:

$2,000,000 × 1.125% = $22,500

Illustrative total:

$35,000

$6,000,000 relationship

First $1 million:

$12,500

Next $4 million:

$4,000,000 × 1.125% = $45,000

Amount over $5 million:

$1,000,000 × 1.00% = $10,000

Illustrative total:

$67,500

These examples use only the stated advisory fee schedule.

They exclude:

• broker/custodian charges;
• security-level costs;
• ETF/ETN expenses;
• taxes;
• outside professional services;
• other applicable costs.

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The AUM fee creates an economic conflict that the disclosure acknowledges

An asset-based fee gives the adviser an incentive to increase assets under management.

That does not make the relationship improper.

It is an economic conflict that belongs in the analysis.

Examples can include advice about whether to:

• roll assets into a managed account;
• withdraw assets;
• pay down debt using managed assets;
• hold assets outside the advisory relationship.

The existence of a fiduciary duty does not make the compensation incentive disappear.

A good review should preserve both facts:

• Fiduciary adviser: Yes
• AUM fee conflict exists: Yes

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Fisher exercises discretionary portfolio authority

Current Form CRS states that Fisher generally manages client investments on a discretionary basis.

That means the client hires Fisher to make portfolio decisions within the agreed mandate.

The client does not need to approve every stock or bond transaction.

That is materially different from:

• research software;
• financial coaching;
• one-time planning;
• non-discretionary recommendations.

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Portfolio construction can extend beyond a simple ETF model

Fisher's current Form CRS states that portfolios can include:

• stocks;
• bonds;
• cash;
• ETFs;
• ETNs;
• mutual funds;
• options;
• other securities where applicable.

Portfolio structure depends on:

• mandate;
• household circumstances;
• tax status;
• objectives;
• risk;
• restrictions.

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Financial planning is part of the relationship, not a separate brokerage product

Current Fisher wealth materials include planning support around topics such as:

• retirement;
• income needs;
• cash-flow planning;
• estate considerations;
• Social Security;
• taxes;
• portfolio withdrawal planning.

The scope of planning does not make Fisher:

• a law firm;
• a tax-preparation firm;
• an insurance guarantor.

Third-party legal, tax, estate, or other services can remain separate.

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Custody is held at third-party brokerages

Fisher advises and manages.

Client securities are held through third-party brokerage/custody relationships.

Current disclosure does not support applying one universal brokerage name to every Fisher client relationship.

SIPC protection, where applicable at a custodian, follows that broker's membership and account rules.

SIPC does not protect against Fisher's investment strategy losing money.

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The advisory fee is not automatically all-in

Fisher marketing can emphasize the absence of some layered advisory arrangements.

The current Form CRS still makes clear that clients can incur separate costs, including:

• brokerage fees;
• trading charges where applicable;
• ETF or ETN issuer expenses;
• mutual-fund expenses;
• third-party service costs.

A Fisher client pays only the Fisher percentage and nothing else.

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Current scale statistics are dated facts

Fisher's current facts-and-figures materials, as of June 30, 2026, reference approximately:

• AUM reference 2026 06 30: $441 billion
• Client relationships or served: approximately 210,000
• Employee: approximately 7,000

These figures are useful context.

They must remain dated.

Assessment

Fisher Investments is the most traditional private-client wealth manager in Batch 46.

The central tradeoff is straightforward.

Clients receive discretionary portfolio management and planning support from a large advisory organization.

They pay a recurring percentage of managed assets.

That fee becomes substantial in dollar terms as assets rise.

A household evaluating Fisher should therefore compare:

• advisory depth;
• portfolio customization;
• planning support;
• service model;
• tax considerations;
• complete fee stack

against alternatives that charge a flat membership or lower percentage.

The current $1 million+ public target is also an important update.

ROIStreet should not revive an older $500,000 minimum simply because it remains widespread on stale comparison pages.