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Fisher Investments is a fee-only registered investment advisor (RIA) with locations in the U.S. and across the globe. The firm has over 1,100 investment advisors on staff, and the team manages $159.6 billion in assets, including for its subsidiaries, making it one of the largest fee-only RIAs in the U.S. Its focus is investment management for institutions and high net worth individuals, and it also offers financial planning.
The bottom line: Fisher Investments features a customized, flexible investment approach, but doesn’t go as deep as some firms on financial planning, and requires a fairly high minimum investment.
| Assets under management (AUM): $159,611,530,686 | |
| Minimum investment: $500,000; $200,000 for WealthBuilder | |
| Individual investor to advisor ratio: 75:1 | |
| Fee structure: A percentage of AUM, performance-based fees | |
| Headquarters: 5525 NW Fisher Creek Drive Camas, WA 98607 Website: www.fisherinvestments.com/en-us Phone: 800-851-8845 |
All information included in this profile is accurate as of December 6, 2021. For more information, please consult Fisher Investments’ website.
Fisher Investments is a privately held investment advisory firm launched by Ken Fisher in 1979. Today, it has over $159.6 billion in assets under management (AUM). Fisher Investments has office locations in the U.S. and across the globe, and clients both domestic and international.
Fisher Investments has more than 3,500 employees in total across 30 countries and six continents. In terms of expertise, Fisher Investments promotes its global investment focus as well as guidance from its Investment Policy Committee.
Founder Ken Fisher is well-known in the investing space and holds a 75% ownership stake in the firm. He currently serves as Fisher Investments’ executive chairman and co-chief investment officer and previously served as CEO for 37 years. Fisher is the author of 11 financial books, including four New York Times bestsellers, and is also the longest-running columnist in Forbes’ history.
To open an account with Fisher Investments, you typically need to invest at least $500,000. However, the firm states that, at its discretion, it may be willing to work with clients who have less. The firm also offers a WealthBuilder account that targets investors with at least $200,000 in investable assets.
Nearly half of Fisher Investments’ assets under management come from high net worth individuals. The U.S. Securities and Exchange Commission (SEC) defines high net worth individuals as those who have at least $750,000 invested, so it’s possible to meet Fisher Investments’ $500,000 minimum, or to have a WealthBuilder account, without technically being a high net worth individual.
Clients are based across the globe, in the U.S., Europe, Canada, Asia, Australia and the Middle East.
Fisher Investments primarily focuses on providing investment and portfolio management services. As part of setting up your account, Fisher Investments may offer a financial plan at no additional cost. This service is offered as part of the firm’s client onboarding process, and you can then decide whether you want to implement the plan.
Here is a full list of services offered by Fisher Investments:
Fisher Investments is a discretionary investment firm that uses an active management style. Rather than selling broad portfolios that try to match an index like an S&P 500, the firm’s analysts closely study the market for opportunities to earn a higher return versus its benchmarks. The firm does so using qualitative and quantitative tools such as:
The firm’s Investment Policy Committee, chaired by founder Ken Fisher, helps guide this research and sets the foundation of these investment strategies.
Fisher Investments does not offer just one fund to every client but instead tries to personalize investment recommendations based on a client’s goals, time horizon, cash flow needs and risk tolerance. The firm’s portfolio recommendation will be a mix of equity, income or blended funds that best fit a client’s goals.
Fisher Investments takes a top-down approach to portfolio management, meaning broad economic analysis and forecasts drive decisions. The top-down approach comprises:
Fisher Investments puts client money in assets including:
The firm also may use hedging strategies such as short equity positions and options when appropriate.
Beyond that, Fisher Investments promotes its flexibility. It can adjust the types of asset classes, sectors and geographic regions represented in a client’s portfolio depending on its predictions. If the firm is worried about a potential downturn, it takes defensive strategies to mitigate losses.
Fisher Investments takes a global approach and will consider investments beyond the United States to fit a client’s goals.
Fisher Investments makes money by charging a fee based on a percentage of assets under management. The firm deducts a percentage of your portfolio every quarter to cover this fee. The amount you owe depends on the size of your portfolio, with lower rates offered for larger portfolios. The firm also offers an additional rate discount for portfolios over $5 million that only invest in fixed-income assets, not equities. See the tables below for the firm’s current rates.
Fisher Investments typically only accepts clients with $500,000 or more in assets. However, if it takes on a client with less than $500,000, it will charge a flat 1.50% fee on the portfolio. In addition, if you sign up with $500,000 or more but market losses push your portfolio to below $475,000, you would also owe the 1.50% fee rather than the rates outlined below.
| Fisher Investments’ Fee Schedule for Equity and Blended Accounts | |
|---|---|
| Equity and Blended Accounts Size | Annual Management Fee |
| First $1 million | 1.25% |
| Next $4 million | 1.125% |
| Additional amounts over $5 million | 1.00% |
| Fisher Investments’ Fee Schedule for Income-Only Accounts In Excess of $5 Million | |
|---|---|
| Income-Only Account Size (In Excess of $5 Million) |
Annual Management Fee |
| First $5 million | 0.75% |
| Next $10 million | 0.50% |
| Next $10 million | 0.43% |
| Next $10 million | 0.38% |
| Next $10 million | 0.33% |
| Next $45 million | 0.28% |
Besides its asset-based fee, Fisher Investment clients may also owe fees associated with handling their investment strategy, including brokerage commissions, custodian fees and expenses from investing in exchange-traded funds (ETFs) and structured notes. This money doesn’t go to Fisher Investments but instead to the brokerage firms processing the investments.
While Fisher Investments does offer financial planning to some clients, it does not charge for this service, which is instead covered by the asset-based fee charged for investment management.
Fisher Investments has not faced any disciplinary events or material legal events, nor has any action been taken against any management person at the firm. The firm currently has a clean disciplinary disclosure record.
When a firm registers with the SEC, it needs to report any criminal charges, regulatory actions or legal actions like liens or civil judgments that have been taken against them within the past decade. These are called disclosures and must be listed on a firm’s Form ADV filed with the SEC.
For more information, visit Fisher Investments’ Investment Adviser Public Disclosure (IAPD) page.
If you’re interested in working with Fisher Investments, you can:
The firm will then connect you with a regional vice president so you can learn more about the firm.
After the initial discussion, the firm will partner you with an investment counselor, who would become your point of contact and the person who manages your money. The investment counselor will ask you about your:
With this information, they can put together your customized investment recommendation. If you’re happy with the recommendation, you can fill out the paperwork to transfer over your savings to launch the account.
Once you’re a client, Fisher Investments states that your investment advisor will meet with you to go over your portfolio and make sure it’s still appropriate. The firm also says that you are free to contact them at any time with questions or concerns.
Fisher Investments has locations in the U.S. and across the globe, including in Canada and several European countries such as France, Germany and Denmark. The firm’s U.S. office locations are in the following cities:
If you’re looking to invest at least $500,000 and want an advisor that will actively manage your portfolio, Fisher Investments could be a good choice. If you have at least $200,000, you could also try applying for the firm’s WealthBuilder account. Just know that you aren’t guaranteed to be accepted and the fee will be higher for smaller accounts. But this could be worth it to access the firm’s customized investment recommendations, flexible strategies that react to market conditions, and highly experienced team.
Regardless of account size, this extra service does come at a cost, as Fisher Investments charges relatively high fees in comparison to median advisory fees. But if investment management is your top priority and you’re willing to pay a little more to get its support, Fisher Investments could be worth considering.
And if you want some help with your search for the ideal financial advisor, consider letting MagnifyMoney do the heavy lifting. You can use the form below to let us match you with a fiduciary financial advisor.
David RodeckDavid Rodeck is a financial freelance writer for MagnifyMoney. He has been writing for over a decade and also contributes to Forbes Advisor, Kiplinger and other financial publications. Before writing full-time, David was a financial advisor.
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