AdvisorCensus / Financial advisors / Maryland / Baltimore / Brown Advisory
Brown Advisory is an SEC-registered investment advisory firm in Baltimore, MD, registered since 1991, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Brown Advisory compensated?
On its Form ADV (Item 5.E, October 2026), Brown Advisory reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.
Where is Brown Advisory located?
Brown Advisory's principal office is in Baltimore, MD, according to its Form ADV; the April 2026 filing also lists 12 other offices (Schedule D, Section 1.F).
Is Brown Advisory registered with the SEC or a state?
Brown Advisory is an SEC-registered investment advisory firm, registered since 1991. Status as filed: Approved. CRD 110181.
How much does Brown Advisory manage?
Brown Advisory reports $124,314,645,098 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (96% discretionary).
How have Brown Advisory's assets and staff changed since 2021?
In the Form ADV data for Brown Advisory: Regulatory assets under management: $87,863,970,785 in the October 2021 data and $124,314,645,098 in the October 2026 data, up 41%. Total employees: 557 in October 2021 and 782 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Brown Advisory serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (2,484); individuals (other than high net worth individuals) (745); charitable organizations (683).
Which custodians does Brown Advisory use?
Brown Advisory's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC and U.S. Bank as custodians holding 10% or more of its separately managed account assets.
Does Brown Advisory report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110181
What changed in Brown Advisory's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 269 to 272.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$124,314,645,098 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
Registration and firm details
Items 1, 2, 5- Legal name
- Brown Advisory LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 1991 (35 years)
- Employees
- Total: 782. Performing investment advisory functions: 272.
- Wrap fee program participation
- Yes.
- Custodians (Schedule D, Section 5.K(3))
-
Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.
- Other offices (Schedule D, Section 1.F)
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12 other offices, as of the April 2026 filing
- States registered or notice-filed
-
43 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $124,314,645,098 | 782 | March 31, 2026 |
| October 2025 | $121,936,354,796 | 733 | June 11, 2025 |
| October 2024 | $108,331,371,643 | 657 | May 17, 2024 |
| October 2023 | $98,298,071,437 | 629 | July 28, 2023 |
| October 2022 | $120,621,194,750 | 637 | April 13, 2022 |
| October 2021 | $87,863,970,785 | 557 | August 13, 2021 |
Regulatory assets under management: $87,863,970,785 in the October 2021 data and $124,314,645,098 in the October 2026 data, up 41%.
Total employees: 557 in October 2021 and 782 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 269 to 272.
- January 2026
- No longer registered or notice-filed in OK.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Brown Advisory (CRD 110181): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/brown-advisory-baltimore-md-110181