AdvisorCensus / Financial advisors / Massachusetts / Boston / Income Research + Management
Income Research + Management is an SEC-registered investment advisory firm in Boston, MA, registered since 1987, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 24, 2026.
Quick answers
From the filingHow is Income Research + Management compensated?
On its Form ADV (Item 5.E, October 2026), Income Research + Management reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.
Where is Income Research + Management located?
Income Research + Management's principal office is in Boston, MA, according to its Form ADV.
Is Income Research + Management registered with the SEC or a state?
Income Research + Management is an SEC-registered investment advisory firm, registered since 1987. Status as filed: Approved. CRD 104863.
How much does Income Research + Management manage?
Income Research + Management reports $130,653,386,930 in regulatory assets under management in its Form ADV filing dated August 24, 2026 (100% discretionary).
How have Income Research + Management's assets and staff changed since 2021?
In the Form ADV data for Income Research + Management: Regulatory assets under management: $88,334,783,976 in the October 2021 data and $130,653,386,930 in the October 2026 data, up 48%. Total employees: 181 in October 2021 and 218 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Income Research + Management serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (454); charitable organizations (165); pension and profit sharing plans (but not the plan participants or government pension plans) (118).
Which custodians does Income Research + Management use?
Income Research + Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.
Does Income Research + Management 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/104863
What changed in Income Research + Management's recent Form ADV filings?
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).
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
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 2AThe brochure lists different fees for different services or strategies. See the firm's brochure (dated August 24, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$130,653,386,930 as of October 2026, filing dated August 24, 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
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 1987 (39 years)
- Employees
- Total: 218. Performing investment advisory functions: 63.
- Wrap fee program participation
- No.
- 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.
- States registered or notice-filed
-
50 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 | $130,653,386,930 | 218 | August 24, 2026 |
| October 2025 | $108,988,159,964 | 204 | July 30, 2025 |
| October 2024 | $96,989,577,589 | 201 | August 28, 2024 |
| October 2023 | $88,998,286,890 | 210 | March 30, 2023 |
| October 2022 | $95,994,970,999 | 193 | March 28, 2022 |
| October 2021 | $88,334,783,976 | 181 | March 30, 2021 |
Regulatory assets under management: $88,334,783,976 in the October 2021 data and $130,653,386,930 in the October 2026 data, up 48%.
Total employees: 181 in October 2021 and 218 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- September 2026
- Updated its list of owners and control persons (Schedule A).
- August 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Employees performing advisory functions went from 61 to 63.
- Regulatory assets under management went from $108,988,159,964 to $130,653,386,930 (+20%).
- Updated its list of owners and control persons (Schedule A).
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. Income Research + Management (CRD 104863): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/income-research-plus-management-boston-ma-104863