# Carnegie Investment Counsel

> Carnegie Investment Counsel is an SEC-registered investment advisory firm in Pepper Pike, OH, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 9, 2026.

- CRD: 150488
- Filed as: CARNEGIE INVESTMENT COUNSEL
- Legal name: Carnegie Capital Asset Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pepper Pike, OH
- Filing period: October 2026
- Form ADV filing dated: July 9, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/150488
- AdvisorCensus page: https://advisorcensus.com/firm/carnegie-investment-counsel-pepper-pike-oh-150488

## Quick answers

**How is Carnegie Investment Counsel compensated?**
On its Form ADV (Item 5.E, October 2026), Carnegie Investment Counsel reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Carnegie Investment Counsel located?**
Carnegie Investment Counsel's principal office is in Pepper Pike, OH, according to its Form ADV; the August 2026 filing also lists 10 other offices (Schedule D, Section 1.F).

**Is Carnegie Investment Counsel registered with the SEC or a state?**
Carnegie Investment Counsel is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 150488.

**How much does Carnegie Investment Counsel manage?**
Carnegie Investment Counsel reports $7,513,187,008 in regulatory assets under management in its Form ADV filing dated July 9, 2026 (90% discretionary).

**How have Carnegie Investment Counsel's assets and staff changed since 2021?**
In the Form ADV data for Carnegie Investment Counsel: Regulatory assets under management: $2,943,018,459 in the October 2021 data and $7,513,187,008 in the October 2026 data, up 155%. Total employees: 49 in October 2021 and 69 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Carnegie Investment Counsel serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (1,870); high net worth individuals (1,186); corporations or other businesses not listed above (129).

**Which custodians does Carnegie Investment Counsel use?**
Carnegie Investment Counsel's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Carnegie Investment Counsel report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.H(1)(b) (court finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/150488

**What changed in Carnegie Investment Counsel's recent Form ADV filings?**
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- National Financial Services LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $7,513,187,008
- Discretionary: $6,781,231,272
- Non-discretionary: $731,955,736

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1,870 | $876,011,102 |
| High net worth individuals | 1,186 | $5,274,055,025 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 13 | $76,001,554 |
| Charitable organizations | 77 | $404,438,419 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $21,027,914 |
| Other investment advisers | 6 | $188,244,561 |
| Insurance companies | Fewer than 5 | $3,088,090 |
| Corporations or other businesses not listed above | 129 | $670,320,343 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2009 (17 years)
- Employees: 69 total, 39 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NE, NH, NJ, NM, NY, OH, OR, PA, SC, TN, TX, UT, VA, VT, WA, WV
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.H(1)(b): Has a domestic or foreign court ever found that the firm or an advisory affiliate was involved in a violation of investment-related statutes or regulations?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/150488

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Canonsburg, PA
- Cincinnati, OH
- Cranberry Township, PA
- Fort Myers, FL
- Los Angeles, CA
- Maumee, OH
- Philadelphia, PA
- Sag Harbor, NY
- Stamford, CT
- Winter Park, FL

### Websites listed on Form ADV (Item 1.I)
- carnegieinvest.com
- carroll-financial.com
- Facebook @CARNEGIEINVEST
- Instagram @CARNEGIEINVESTMENTCOUNSEL
- LinkedIn @THE-NONPROFIT-INVESTMENT-HUB
- LinkedIn @carnegieinvest
- X @CarnegieInvest
- YouTube @CARNEGIEINVESTMENTCOUNSEL
- YouTube @NONPROFITSTHATINVEST

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,943,018,459 | 49 | May 11, 2021 |
| October 2022 | $3,981,844,794 | 53 | May 23, 2022 |
| October 2023 | $3,470,336,580 | 54 | October 3, 2023 |
| October 2024 | $4,519,647,788 | 58 | March 22, 2024 |
| October 2025 | $6,520,130,588 | 70 | April 1, 2025 |
| October 2026 | $7,513,187,008 | 69 | July 9, 2026 |

Regulatory assets under management: $2,943,018,459 in the October 2021 data and $7,513,187,008 in the October 2026 data, up 155%.
Total employees: 49 in October 2021 and 69 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### May 2026
- Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.H(1)(b)).

### April 2026
- Employees performing advisory functions went from 40 to 39.
- Regulatory assets under management went from $6,520,130,588 to $7,513,187,008 (+15%).
- Added an office in Winter Park, FL.
- Registered or notice-filed in UT.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Carnegie Investment Counsel (CRD 150488): Form ADV filing data as of October 2026.