{
  "crd_number": 265,
  "slug": "esi-financial-advisors-montpelier-vt-265",
  "primary_business_name": "ESI FINANCIAL ADVISORS",
  "legal_name": "EQUITY SERVICES, INC.",
  "dbas": [],
  "city": "Montpelier",
  "state": "VT",
  "country": "United States",
  "cbsa_code": "12740",
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1992-07-09",
  "years_registered": 34,
  "period": "2026-10-01",
  "filing_date": "2026-07-01",
  "carried_forward": false,
  "raum_total": 2777353969.0,
  "raum_discretionary": 1141036641.0,
  "raum_non_discretionary": 1636317328.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 500,
  "advisory_employees": 460,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 1171991.0,
      "count": 4,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 1432805003.0,
      "count": 8856
    },
    "banking_thrift": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    },
    "pension_profit_sharing": {
      "raum": 93138835.0,
      "count": 375
    },
    "other_investment_advisers": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 1207981287.0,
      "count": 3041
    },
    "corporations_other_businesses": {
      "raum": 42256853.0,
      "count": 103
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": null,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "commissions",
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "financial_planning",
    "pension_consulting",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 9,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV"
  ],
  "websites": [
    "https://equity-services.com",
    "https://linkedin.com/COMPANY/EQUITY-SERVICES-INC",
    "https://nationallife.com/OUR-BUSINESSES-ESI"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/265",
  "disclosure_items": [
    {
      "item": "11.B(2)",
      "question": "In the past ten years, has the firm or an advisory affiliate been charged with one of the misdemeanors listed in 11.B(1)?"
    },
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.E(1)",
      "question": "Has a self-regulatory organization (such as FINRA) or a commodities exchange ever found that the firm or an advisory affiliate made a false statement or omission?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    },
    {
      "item": "11.E(4)",
      "question": "Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?"
    }
  ],
  "city_as_filed": "MONTPELIER",
  "url": "https://advisorcensus.com/firm/esi-financial-advisors-montpelier-vt-265",
  "display_name": "ESI Financial Advisors",
  "summary": "ESI Financial Advisors is an SEC-registered investment advisory firm in Montpelier, VT, registered since 1992, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 1, 2026.",
  "citation": "AdvisorCensus. ESI Financial Advisors (CRD 265): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)",
    "Commissions"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)",
    "Educational seminars/workshops"
  ],
  "quick_answers": [
    {
      "q": "How is ESI Financial Advisors compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), ESI Financial Advisors reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); commissions."
    },
    {
      "q": "Where is ESI Financial Advisors located?",
      "a": "ESI Financial Advisors' principal office is in Montpelier, VT, according to its Form ADV; the August 2026 filing also lists 25 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is ESI Financial Advisors registered with the SEC or a state?",
      "a": "ESI Financial Advisors is an SEC-registered investment advisory firm, registered since 1992. Status as filed: Approved. CRD 265."
    },
    {
      "q": "How much does ESI Financial Advisors manage?",
      "a": "ESI Financial Advisors reports $2,777,353,969 in regulatory assets under management in its Form ADV filing dated July 1, 2026 (41% discretionary)."
    },
    {
      "q": "How have ESI Financial Advisors' assets and staff changed since 2021?",
      "a": "In the Form ADV data for ESI Financial Advisors: Regulatory assets under management: $1,758,669,569 in the October 2021 data and $2,777,353,969 in the October 2026 data, up 58%. Total employees: 440 in October 2021 and 500 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does ESI Financial Advisors serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (8,856); high net worth individuals (3,041); pension and profit sharing plans (but not the plan participants or government pension plans) (375)."
    },
    {
      "q": "Which custodians does ESI Financial Advisors use?",
      "a": "ESI Financial Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC and SEI Private Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does ESI Financial Advisors report any disciplinary disclosures?",
      "a": "Reports 9 disclosure items on Form ADV Item 11: yes answers to 1 question about criminal matters and 8 questions about regulatory matters (11.B(2), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(1), 11.E(2), 11.E(4)). 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/265"
    },
    {
      "q": "What changed in ESI Financial Advisors' recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $2,451,252,093 to $2,777,353,969 (+13%). Employees performing advisory functions went from 430 to 460. Changed its office addresses in Glastonbury, CT. Added an office in Amherst, NY. Added an office in Portland, OR. Added an office in Richmond, VA. Added an office in Sandy Springs, GA. No longer lists an office in Atlanta, GA. No longer lists an office in Escondido, CA. No longer lists an office in Manchester, NH. No longer lists an office in Pittsford, NY. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1758669569.0,
      "total_employees": 440,
      "filing_date": "2021-07-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2237698038.0,
      "total_employees": 440,
      "filing_date": "2022-07-20"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1866892398.0,
      "total_employees": 440,
      "filing_date": "2023-04-11"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2124751345.0,
      "total_employees": 450,
      "filing_date": "2024-07-08"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2451252093.0,
      "total_employees": 470,
      "filing_date": "2025-07-23"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 2777353969.0,
      "total_employees": 500,
      "filing_date": "2026-07-01"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $2,451,252,093 to $2,777,353,969 (+13%).",
        "Employees performing advisory functions went from 430 to 460.",
        "Changed its office addresses in Glastonbury, CT.",
        "Added an office in Amherst, NY.",
        "Added an office in Portland, OR.",
        "Added an office in Richmond, VA.",
        "Added an office in Sandy Springs, GA.",
        "No longer lists an office in Atlanta, GA.",
        "No longer lists an office in Escondido, CA.",
        "No longer lists an office in Manchester, NH.",
        "No longer lists an office in Pittsford, NY.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "National Financial Services LLC",
      "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC",
      "affiliated": false
    },
    {
      "name": "SEI Private Trust Company",
      "name_as_filed": "SEI PRIVATE TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/esi-financial-advisors-montpelier-vt-265.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 8856,
      "fewer_than_5": false,
      "raum": 1432805003.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 3041,
      "fewer_than_5": false,
      "raum": 1207981287.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 375,
      "fewer_than_5": false,
      "raum": 93138835.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 4,
      "fewer_than_5": true,
      "raum": 1171991.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 103,
      "fewer_than_5": false,
      "raum": 42256853.0
    }
  ],
  "disclosure_line": "Reports 9 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/265",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}