# Madison Investment Advisors, LLC

> 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.

- CRD: 110297
- Filed as: MADISON INVESTMENT ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Madison, WI
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110297
- AdvisorCensus page: https://advisorcensus.com/firm/madison-investment-advisors-llc-madison-wi-110297

## Quick answers

**How is Madison Investment Advisors, LLC compensated?**
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).

**Where is Madison Investment Advisors, LLC located?**
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).

**Is Madison Investment Advisors, LLC registered with the SEC or a state?**
Madison Investment Advisors, LLC is an SEC-registered investment advisory firm, registered since 1996. Status as filed: Approved. CRD 110297.

**How much does Madison Investment Advisors, LLC manage?**
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).

**How have Madison Investment Advisors, LLC's assets and staff changed since 2021?**
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.

**What types of clients does Madison Investment Advisors, LLC serve?**
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).

**Which custodians does Madison Investment Advisors, LLC use?**
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.

**Does Madison Investment Advisors, LLC 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/110297

**Does Madison Investment Advisors, LLC state an account minimum?**
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 ."

**What changed in Madison Investment Advisors, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 42 to 44.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 20, 2026)

- Account minimum: $500,000

> Our minimum account size is typically $500,000 for equity and fixed income portfolio management .

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Morgan Stanley
- UBS Financial Services Inc.

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.

### Regulatory assets under management (Item 5.F)
- Total: $13,839,469,496
- Discretionary: $13,839,469,496
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 12,359 | $3,280,990,915 |
| High net worth individuals | 2,243 | $3,044,060,797 |
| Banking or thrift institutions | 87 | $610,541,091 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 169 | $498,922,041 |
| Charitable organizations | 622 | $2,056,807,739 |
| State or municipal government entities (including government pension plans) | 83 | $1,025,336,935 |
| Insurance companies | 106 | $1,973,148,601 |
| Corporations or other businesses not listed above | 495 | $1,349,661,377 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1996 (30 years)
- Employees: 92 total, 44 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: 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
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Milwaukee, WI

### Websites listed on Form ADV (Item 1.I)
- madisoninvestments.com
- LinkedIn @madison-investment-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $13,800,829,928 | 91 | June 11, 2021 |
| October 2022 | $19,427,234,565 | 95 | June 10, 2022 |
| October 2023 | $12,949,877,511 | 96 | March 29, 2023 |
| October 2024 | $13,237,436,659 | 95 | March 22, 2024 |
| October 2025 | $13,346,155,459 | 94 | March 28, 2025 |
| October 2026 | $13,839,469,496 | 92 | March 20, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 42 to 44.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Madison Investment Advisors, LLC (CRD 110297): Form ADV filing data as of October 2026.