{
  "crd_number": 109149,
  "slug": "fiduciary-management-inc-milwaukee-wi-109149",
  "primary_business_name": "FIDUCIARY MANAGEMENT, INC.",
  "legal_name": "FIDUCIARY MANAGEMENT, INC.",
  "dbas": [],
  "city": "Milwaukee",
  "state": "WI",
  "country": "United States",
  "cbsa_code": "33340",
  "metro": {
    "cbsa_code": "33340",
    "common_name": "Milwaukee",
    "msa_name": "Milwaukee-Waukesha, WI",
    "path": "/advisors/wi/milwaukee"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1980-04-18",
  "years_registered": 46,
  "period": "2026-10-01",
  "filing_date": "2026-06-09",
  "carried_forward": false,
  "raum_total": 11359924535.0,
  "raum_discretionary": 11359924535.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 25,
  "advisory_employees": 17,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 193904341.0,
      "count": null,
      "description": "WRAP FEE PROGRAMS",
      "fewer_than_5": true
    },
    "charitable": {
      "raum": 783792684.0,
      "count": 93
    },
    "individuals": {
      "raum": 720788733.0,
      "count": 198
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 163533244.0,
      "count": 16
    },
    "insurance_companies": {
      "raum": 192131109.0,
      "count": null,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 6020535538.0,
      "count": 6
    },
    "pension_profit_sharing": {
      "raum": 1146870052.0,
      "count": 35
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 1135633245.0,
      "count": 196
    },
    "pooled_investment_vehicles": {
      "raum": 810085440.0,
      "count": 5
    },
    "corporations_other_businesses": {
      "raum": 192650149.0,
      "count": 21
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CT",
    "DE",
    "FL",
    "GA",
    "IL",
    "IN",
    "KS",
    "MA",
    "MD",
    "MI",
    "MN",
    "MO",
    "NJ",
    "NY",
    "OH",
    "PA",
    "TN",
    "TX",
    "VA",
    "WI"
  ],
  "websites": [
    "https://facebook.com/people/Fiduciary-Management-Inc/61574875114687",
    "https://fmimgt.com",
    "https://linkedin.com/company/fiduciary-management-inc-",
    "https://x.com/FiduciaryMgt"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109149",
  "city_as_filed": "MILWAUKEE",
  "url": "https://advisorcensus.com/firm/fiduciary-management-inc-milwaukee-wi-109149",
  "display_name": "Fiduciary Management, Inc.",
  "summary": "Fiduciary Management, Inc. is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1980, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 9, 2026.",
  "citation": "AdvisorCensus. Fiduciary Management, Inc. (CRD 109149): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "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"
  ],
  "quick_answers": [
    {
      "q": "How is Fiduciary Management, Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Fiduciary Management, Inc. reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Fiduciary Management, Inc. located?",
      "a": "Fiduciary Management, Inc.'s principal office is in Milwaukee, WI, according to its Form ADV."
    },
    {
      "q": "Is Fiduciary Management, Inc. registered with the SEC or a state?",
      "a": "Fiduciary Management, Inc. is an SEC-registered investment advisory firm, registered since 1980. Status as filed: Approved. CRD 109149."
    },
    {
      "q": "How much does Fiduciary Management, Inc. manage?",
      "a": "Fiduciary Management, Inc. reports $11,359,924,535 in regulatory assets under management in its Form ADV filing dated June 9, 2026 (100% discretionary)."
    },
    {
      "q": "How have Fiduciary Management, Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Fiduciary Management, Inc.: Regulatory assets under management: $16,869,752,608 in the October 2021 data and $11,359,924,535 in the October 2026 data, down 33%. Total employees: 25 in October 2021 and 25 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Fiduciary Management, Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (198); high net worth individuals (196); charitable organizations (93)."
    },
    {
      "q": "Which custodians does Fiduciary Management, Inc. use?",
      "a": "Fiduciary Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab, The Northern Trust Company. and U.S. Bank as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Fiduciary Management, Inc. report any disciplinary disclosures?",
      "a": "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/109149"
    },
    {
      "q": "What changed in Fiduciary Management, Inc.'s recent Form ADV filings?",
      "a": "In the July 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 16869752608.0,
      "total_employees": 25,
      "filing_date": "2021-03-26"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 17323689295.0,
      "total_employees": 25,
      "filing_date": "2022-03-16"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 13213149862.0,
      "total_employees": 26,
      "filing_date": "2023-06-20"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 14936427714.0,
      "total_employees": 26,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 14977293915.0,
      "total_employees": 24,
      "filing_date": "2025-03-17"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 11359924535.0,
      "total_employees": 25,
      "filing_date": "2026-06-09"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $14,977,293,915 to $11,359,924,535 (-24%).",
        "Registered or notice-filed in AZ, MD.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab",
      "name_as_filed": "CHARLES SCHWAB",
      "affiliated": false
    },
    {
      "name": "The Northern Trust Company.",
      "name_as_filed": "THE NORTHERN TRUST COMPANY.",
      "affiliated": false
    },
    {
      "name": "U.S. Bank",
      "name_as_filed": "U.S. BANK",
      "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/fiduciary-management-inc-milwaukee-wi-109149.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 198,
      "fewer_than_5": false,
      "raum": 720788733.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 196,
      "fewer_than_5": false,
      "raum": 1135633245.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 6,
      "fewer_than_5": false,
      "raum": 6020535538.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 5,
      "fewer_than_5": false,
      "raum": 810085440.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 35,
      "fewer_than_5": false,
      "raum": 1146870052.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 93,
      "fewer_than_5": false,
      "raum": 783792684.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 16,
      "fewer_than_5": false,
      "raum": 163533244.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": 192131109.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 21,
      "fewer_than_5": false,
      "raum": 192650149.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": true,
      "raum": 193904341.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "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/109149",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}