{
  "crd_number": 154744,
  "slug": "marble-trail-advisors-middlebury-vt-154744",
  "primary_business_name": "MARBLE TRAIL ADVISORS",
  "legal_name": "ADDISON ADVISORS LLC",
  "dbas": [
    "MARBLE TRAIL ADVISORS"
  ],
  "city": "Middlebury",
  "state": "VT",
  "country": "United States",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2019-05-21",
  "years_registered": 7,
  "period": "2026-10-01",
  "filing_date": "2026-02-17",
  "carried_forward": false,
  "raum_total": 582695913.0,
  "raum_discretionary": 581767972.0,
  "raum_non_discretionary": 927941.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 9,
  "advisory_employees": 6,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 820077.0,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 95510382.0,
      "count": 180
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 3004600.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 483360854.0,
      "count": 188
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "pension_consulting",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "FL",
    "MA",
    "ME",
    "NH",
    "NY",
    "VT"
  ],
  "websites": [
    "https://linkedin.com/company/addison-advisors-llc",
    "https://marbletrail.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154744",
  "city_as_filed": "MIDDLEBURY",
  "url": "https://advisorcensus.com/firm/marble-trail-advisors-middlebury-vt-154744",
  "display_name": "Marble Trail Advisors",
  "summary": "Marble Trail Advisors is an SEC-registered investment advisory firm in Middlebury, VT, registered since 2019, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated February 17, 2026.",
  "citation": "AdvisorCensus. Marble Trail Advisors (CRD 154744): 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)",
    "Other"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Marble Trail Advisors compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Marble Trail Advisors reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other."
    },
    {
      "q": "Where is Marble Trail Advisors located?",
      "a": "Marble Trail Advisors' principal office is in Middlebury, VT, according to its Form ADV; the March 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Marble Trail Advisors registered with the SEC or a state?",
      "a": "Marble Trail Advisors is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 154744."
    },
    {
      "q": "How much does Marble Trail Advisors manage?",
      "a": "Marble Trail Advisors reports $582,695,913 in regulatory assets under management in its Form ADV filing dated February 17, 2026 (100% discretionary)."
    },
    {
      "q": "How have Marble Trail Advisors' assets and staff changed since 2021?",
      "a": "In the Form ADV data for Marble Trail Advisors: Regulatory assets under management: $197,231,770 in the October 2021 data and $582,695,913 in the October 2026 data, up 195%. Total employees: 5 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Marble Trail Advisors serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (188); individuals (other than high net worth individuals) (180)."
    },
    {
      "q": "Which custodians does Marble Trail Advisors use?",
      "a": "Marble Trail Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Pershing LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Marble Trail Advisors 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/154744"
    },
    {
      "q": "What changed in Marble Trail Advisors' recent Form ADV filings?",
      "a": "In the March 2026 filing data: Employees performing advisory functions went from 5 to 6. Regulatory assets under management went from $490,221,306 to $582,695,913 (+19%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 197231770.0,
      "total_employees": 5,
      "filing_date": "2021-09-23"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 358453707.0,
      "total_employees": 10,
      "filing_date": "2022-03-08"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 318514531.0,
      "total_employees": 8,
      "filing_date": "2023-02-09"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 431057209.0,
      "total_employees": 9,
      "filing_date": "2024-04-01"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 490221306.0,
      "total_employees": 9,
      "filing_date": "2025-07-22"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 582695913.0,
      "total_employees": 9,
      "filing_date": "2026-02-17"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Employees performing advisory functions went from 5 to 6.",
        "Regulatory assets under management went from $490,221,306 to $582,695,913 (+19%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated February 17, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": "$2,500",
    "planning_fees": [],
    "figures": [
      {
        "label": "Minimum annual fee",
        "statements": [
          "Minimum annual fee: $2,500"
        ],
        "quotes": [
          "Marble Trail has established a minimum annual planning fee of $2,500 per household, but may negotiate a fee below the annual minimum where circumstances warrant."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": 2500.0,
      "planning": []
    },
    "quotes": [
      "Marble Trail has established a minimum annual planning fee of $2,500 per household, but may negotiate a fee below the annual minimum where circumstances warrant."
    ],
    "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": "Pershing LLC",
      "name_as_filed": "PERSHING LLC",
      "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/marble-trail-advisors-middlebury-vt-154744.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 180,
      "fewer_than_5": false,
      "raum": 95510382.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 188,
      "fewer_than_5": false,
      "raum": 483360854.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 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": null,
      "fewer_than_5": true,
      "raum": 3004600.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 820077.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "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/154744",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}