{
  "crd_number": 105609,
  "slug": "jay-a-fishman-ltd-troy-mi-105609",
  "primary_business_name": "JAY A. FISHMAN, LTD",
  "legal_name": "FISHMAN JAY A LTD",
  "dbas": [],
  "city": "Troy",
  "state": "MI",
  "country": "United States",
  "cbsa_code": "19820",
  "metro": {
    "cbsa_code": "19820",
    "common_name": "Detroit",
    "msa_name": "Detroit-Warren-Dearborn, MI",
    "path": "/advisors/mi/detroit"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1970-05-31",
  "years_registered": 56,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 1251193908.0,
  "raum_discretionary": 1251193908.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 8,
  "advisory_employees": 4,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": 26731940.0,
      "count": 5
    },
    "individuals": {
      "raum": 39601893.0,
      "count": 257
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 76368254.0,
      "count": 13
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 1052652064.0,
      "count": 244
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 55839757.0,
      "count": 18
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "FL",
    "IL",
    "LA",
    "MI",
    "NC",
    "NY",
    "PA",
    "SC",
    "TN",
    "TX",
    "VA"
  ],
  "websites": [
    "https://jaf-ltd.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105609",
  "city_as_filed": "TROY",
  "url": "https://advisorcensus.com/firm/jay-a-fishman-ltd-troy-mi-105609",
  "display_name": "JAY A. Fishman, Ltd",
  "summary": "JAY A. Fishman, Ltd is an SEC-registered investment advisory firm in Troy, MI, registered since 1970, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. JAY A. Fishman, Ltd (CRD 105609): 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 businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is JAY A. Fishman, Ltd compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), JAY A. Fishman, Ltd reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "What does JAY A. Fishman, Ltd's brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 30, 2026 states: Up to $1,000,000: 1% a year; $1,000,000 to $5,000,000: 0.75% a year; Above $5,000,000: 0.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is JAY A. Fishman, Ltd located?",
      "a": "JAY A. Fishman, Ltd's principal office is in Troy, MI, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is JAY A. Fishman, Ltd registered with the SEC or a state?",
      "a": "JAY A. Fishman, Ltd is an SEC-registered investment advisory firm, registered since 1970. Status as filed: Approved. CRD 105609."
    },
    {
      "q": "How much does JAY A. Fishman, Ltd manage?",
      "a": "JAY A. Fishman, Ltd reports $1,251,193,908 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have JAY A. Fishman, Ltd's assets and staff changed since 2021?",
      "a": "In the Form ADV data for JAY A. Fishman, Ltd: Regulatory assets under management: $786,329,932 in the October 2021 data and $1,251,193,908 in the October 2026 data, up 59%. Total employees: 8 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does JAY A. Fishman, Ltd serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (257); high net worth individuals (244); corporations or other businesses not listed above (18)."
    },
    {
      "q": "Which custodians does JAY A. Fishman, Ltd use?",
      "a": "JAY A. Fishman, Ltd's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does JAY A. Fishman, Ltd 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/105609"
    },
    {
      "q": "Does JAY A. Fishman, Ltd state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 30, 2026 says: \"We normally require an aggregate minimum account size of $1,000,000.\""
    },
    {
      "q": "What changed in JAY A. Fishman, Ltd's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $1,119,753,338 to $1,251,193,908 (+12%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 786329932.0,
      "total_employees": 8,
      "filing_date": "2021-03-26"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1013321883.0,
      "total_employees": 9,
      "filing_date": "2022-03-23"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 781898399.0,
      "total_employees": 9,
      "filing_date": "2023-03-22"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 959093701.0,
      "total_employees": 8,
      "filing_date": "2024-03-21"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1119753338.0,
      "total_employees": 8,
      "filing_date": "2025-07-22"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1251193908.0,
      "total_employees": 8,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $1,119,753,338 to $1,251,193,908 (+12%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 30, 2026",
    "tiers": [
      {
        "band": "Up to $1,000,000",
        "rate": "1%"
      },
      {
        "band": "$1,000,000 to $5,000,000",
        "rate": "0.75%"
      },
      {
        "band": "Above $5,000,000",
        "rate": "0.5%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $1,000,000: 1% a year",
          "$1,000,000 to $5,000,000: 0.75% a year",
          "Above $5,000,000: 0.5% a year"
        ],
        "quotes": [
          "1.00% of the first $1,000,000 of portfolio market value\n                                   0.75% of the next $1,000,000 - $5,000,000 of portfolio market value\n                                   0.50% of the excess over $5 million of portfolio market value"
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000"
        ],
        "quotes": [
          "We normally require an aggregate minimum account size of $1,000,000."
        ]
      }
    ],
    "quotes": [
      "1.00% of the first $1,000,000 of portfolio market value\n                                   0.75% of the next $1,000,000 - $5,000,000 of portfolio market value\n                                   0.50% of the excess over $5 million of portfolio market value",
      "We normally require an aggregate minimum account size of $1,000,000."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "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/jay-a-fishman-ltd-troy-mi-105609.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 257,
      "fewer_than_5": false,
      "raum": 39601893.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 244,
      "fewer_than_5": false,
      "raum": 1052652064.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 13,
      "fewer_than_5": false,
      "raum": 76368254.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 5,
      "fewer_than_5": false,
      "raum": 26731940.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 18,
      "fewer_than_5": false,
      "raum": 55839757.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "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/105609",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}