{
  "crd_number": 308960,
  "slug": "mercury-advisory-llc-san-francisco-ca-308960",
  "primary_business_name": "MERCURY ADVISORY, LLC",
  "legal_name": "MERCURY ADVISORY, LLC",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2020-06-05",
  "years_registered": 6,
  "period": "2026-10-01",
  "filing_date": "2026-08-21",
  "carried_forward": false,
  "raum_total": 17939211643.0,
  "raum_discretionary": 0.0,
  "raum_non_discretionary": 17939211643.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 7,
  "advisory_employees": 4,
  "client_count_bucket": null,
  "clients_by_type": {
    "individuals": {
      "raum": 23190000.0,
      "count": 955
    },
    "corporations_other_businesses": {
      "raum": 17916021643.0,
      "count": 9532
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "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://angel.co/company/mercury",
    "https://instagram.com/mercuryfi",
    "https://linkedin.com/company/mercuryhq",
    "https://medium.com/mercury-hq",
    "https://mercury.com",
    "https://tiktok.com/@mercury.fi",
    "https://x.com/mercury",
    "https://youtube.com/@Mercuryfi"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/308960",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/mercury-advisory-llc-san-francisco-ca-308960",
  "display_name": "Mercury Advisory, LLC",
  "summary": "Mercury Advisory, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2020, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 21, 2026.",
  "citation": "AdvisorCensus. Mercury Advisory, LLC (CRD 308960): 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 Mercury Advisory, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Mercury Advisory, LLC reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Mercury Advisory, LLC located?",
      "a": "Mercury Advisory, LLC's principal office is in San Francisco, CA, according to its Form ADV."
    },
    {
      "q": "Is Mercury Advisory, LLC registered with the SEC or a state?",
      "a": "Mercury Advisory, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 308960."
    },
    {
      "q": "How much does Mercury Advisory, LLC manage?",
      "a": "Mercury Advisory, LLC reports $17,939,211,643 in regulatory assets under management in its Form ADV filing dated August 21, 2026 (0% discretionary)."
    },
    {
      "q": "How have Mercury Advisory, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Mercury Advisory, LLC: Regulatory assets under management: $182,720,000 in the October 2021 data and $17,939,211,643 in the October 2026 data, up 9718%. Total employees: 25 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Mercury Advisory, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (9,532); individuals (other than high net worth individuals) (955)."
    },
    {
      "q": "Which custodians does Mercury Advisory, LLC use?",
      "a": "Mercury Advisory, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Apex Clearing Corporation as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Mercury Advisory, 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/308960"
    },
    {
      "q": "What changed in Mercury Advisory, LLC's recent Form ADV filings?",
      "a": "In the September 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 182720000.0,
      "total_employees": 25,
      "filing_date": "2021-03-23"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 650709737.0,
      "total_employees": 25,
      "filing_date": "2022-05-20"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1929668765.0,
      "total_employees": 25,
      "filing_date": "2023-06-08"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 6401152342.0,
      "total_employees": 7,
      "filing_date": "2024-03-08"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 11072489250.0,
      "total_employees": 7,
      "filing_date": "2025-03-21"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 17939211643.0,
      "total_employees": 7,
      "filing_date": "2026-08-21"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-09-01",
      "period_label": "September 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-06-01",
      "period_label": "June 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-05-01",
      "period_label": "May 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 3 to 4.",
        "Regulatory assets under management went from $15,366,750,045 to $17,939,211,643 (+17%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Regulatory assets under management went from $11,072,489,250 to $15,366,750,045 (+39%)."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Apex Clearing Corporation",
      "name_as_filed": "APEX CLEARING CORPORATION",
      "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/mercury-advisory-llc-san-francisco-ca-308960.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 955,
      "fewer_than_5": false,
      "raum": 23190000.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 9532,
      "fewer_than_5": false,
      "raum": 17916021643.0
    }
  ],
  "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/308960",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}