{
  "crd_number": 110297,
  "slug": "madison-investment-advisors-llc-madison-wi-110297",
  "primary_business_name": "MADISON INVESTMENT ADVISORS, LLC",
  "legal_name": "MADISON INVESTMENT ADVISORS, LLC",
  "dbas": [],
  "city": "Madison",
  "state": "WI",
  "country": "United States",
  "cbsa_code": "31540",
  "metro": {
    "cbsa_code": "31540",
    "common_name": "Madison",
    "msa_name": "Madison, WI",
    "path": "/advisors/wi/madison"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1996-08-29",
  "years_registered": 30,
  "period": "2026-10-01",
  "filing_date": "2026-03-20",
  "carried_forward": false,
  "raum_total": 13839469496.0,
  "raum_discretionary": 13839469496.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 92,
  "advisory_employees": 44,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 2056807739.0,
      "count": 622
    },
    "individuals": {
      "raum": 3280990915.0,
      "count": 12359
    },
    "banking_thrift": {
      "raum": 610541091.0,
      "count": 87
    },
    "state_municipal": {
      "raum": 1025336935.0,
      "count": 83
    },
    "insurance_companies": {
      "raum": 1973148601.0,
      "count": 106
    },
    "pension_profit_sharing": {
      "raum": 498922041.0,
      "count": 169
    },
    "high_net_worth_individuals": {
      "raum": 3044060797.0,
      "count": 2243
    },
    "corporations_other_businesses": {
      "raum": 1349661377.0,
      "count": 495
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "other",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "PR",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VI",
    "VT",
    "WA",
    "WI",
    "WV",
    "WY"
  ],
  "websites": [
    "https://linkedin.com/company/madison-investment-advisors",
    "https://madisoninvestments.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110297",
  "city_as_filed": "MADISON",
  "url": "https://advisorcensus.com/firm/madison-investment-advisors-llc-madison-wi-110297",
  "display_name": "Madison Investment Advisors, LLC",
  "summary": "Madison Investment Advisors, LLC is an SEC-registered investment advisory firm in Madison, WI, registered since 1996, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.",
  "citation": "AdvisorCensus. Madison Investment Advisors, LLC (CRD 110297): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "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"
  ],
  "quick_answers": [
    {
      "q": "How is Madison Investment Advisors, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Madison Investment Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees)."
    },
    {
      "q": "Where is Madison Investment Advisors, LLC located?",
      "a": "Madison Investment Advisors, LLC's principal office is in Madison, WI, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Madison Investment Advisors, LLC registered with the SEC or a state?",
      "a": "Madison Investment Advisors, LLC is an SEC-registered investment advisory firm, registered since 1996. Status as filed: Approved. CRD 110297."
    },
    {
      "q": "How much does Madison Investment Advisors, LLC manage?",
      "a": "Madison Investment Advisors, LLC reports $13,839,469,496 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary)."
    },
    {
      "q": "How have Madison Investment Advisors, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Madison Investment Advisors, LLC: Regulatory assets under management: $13,800,829,928 in the October 2021 data and $13,839,469,496 in the October 2026 data, unchanged. Total employees: 91 in October 2021 and 92 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Madison Investment Advisors, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (12,359); high net worth individuals (2,243); charitable organizations (622)."
    },
    {
      "q": "Which custodians does Madison Investment Advisors, LLC use?",
      "a": "Madison Investment Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Morgan Stanley and UBS Financial Services Inc. as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Madison Investment Advisors, LLC 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/110297"
    },
    {
      "q": "Does Madison Investment Advisors, LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 20, 2026 says: \"Our minimum account size is typically $500,000 for equity and fixed income portfolio management .\""
    },
    {
      "q": "What changed in Madison Investment Advisors, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 42 to 44."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 13800829928.0,
      "total_employees": 91,
      "filing_date": "2021-06-11"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 19427234565.0,
      "total_employees": 95,
      "filing_date": "2022-06-10"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 12949877511.0,
      "total_employees": 96,
      "filing_date": "2023-03-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 13237436659.0,
      "total_employees": 95,
      "filing_date": "2024-03-22"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 13346155459.0,
      "total_employees": 94,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 13839469496.0,
      "total_employees": 92,
      "filing_date": "2026-03-20"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 42 to 44."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 20, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$500,000",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $500,000"
        ],
        "quotes": [
          "Our minimum account size is typically $500,000 for equity and fixed income portfolio management ."
        ]
      }
    ],
    "quotes": [
      "Our minimum account size is typically $500,000 for equity and fixed income portfolio management ."
    ],
    "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
    },
    {
      "name": "Morgan Stanley",
      "name_as_filed": "MORGAN STANLEY",
      "affiliated": false
    },
    {
      "name": "UBS Financial Services Inc.",
      "name_as_filed": "UBS FINANCIAL SERVICES 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/madison-investment-advisors-llc-madison-wi-110297.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 12359,
      "fewer_than_5": false,
      "raum": 3280990915.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 2243,
      "fewer_than_5": false,
      "raum": 3044060797.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 87,
      "fewer_than_5": false,
      "raum": 610541091.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 169,
      "fewer_than_5": false,
      "raum": 498922041.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 622,
      "fewer_than_5": false,
      "raum": 2056807739.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 83,
      "fewer_than_5": false,
      "raum": 1025336935.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 106,
      "fewer_than_5": false,
      "raum": 1973148601.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 495,
      "fewer_than_5": false,
      "raum": 1349661377.0
    }
  ],
  "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/110297",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}