# Mercury Advisory, LLC

> 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.

- CRD: 308960
- Filed as: MERCURY ADVISORY, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: August 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/308960
- AdvisorCensus page: https://advisorcensus.com/firm/mercury-advisory-llc-san-francisco-ca-308960

## Quick answers

**How is Mercury Advisory, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Mercury Advisory, LLC reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Mercury Advisory, LLC located?**
Mercury Advisory, LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Mercury Advisory, LLC registered with the SEC or a state?**
Mercury Advisory, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 308960.

**How much does Mercury Advisory, LLC manage?**
Mercury Advisory, LLC reports $17,939,211,643 in regulatory assets under management in its Form ADV filing dated August 21, 2026 (0% discretionary).

**How have Mercury Advisory, LLC's assets and staff changed since 2021?**
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.

**What types of clients does Mercury Advisory, LLC serve?**
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).

**Which custodians does Mercury Advisory, LLC use?**
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.

**Does Mercury Advisory, 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/308960

**What changed in Mercury Advisory, LLC's recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- Apex Clearing Corporation

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: $17,939,211,643
- Discretionary: $0
- Non-discretionary: $17,939,211,643

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 955 | $23,190,000 |
| Corporations or other businesses not listed above | 9,532 | $17,916,021,643 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2020 (6 years)
- Employees: 7 total, 4 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.

### Websites listed on Form ADV (Item 1.I)
- angel.co/company/mercury
- medium.com/mercury-hq
- mercury.com
- Instagram @mercuryfi
- LinkedIn @mercuryhq
- TikTok @mercury.fi
- X @mercury
- YouTube @Mercuryfi

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $182,720,000 | 25 | March 23, 2021 |
| October 2022 | $650,709,737 | 25 | May 20, 2022 |
| October 2023 | $1,929,668,765 | 25 | June 8, 2023 |
| October 2024 | $6,401,152,342 | 7 | March 8, 2024 |
| October 2025 | $11,072,489,250 | 7 | March 21, 2025 |
| October 2026 | $17,939,211,643 | 7 | August 21, 2026 |

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.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### June 2026
- Updated its list of owners and control persons (Schedule A).

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- 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).

### January 2026
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Regulatory assets under management went from $11,072,489,250 to $15,366,750,045 (+39%).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Mercury Advisory, LLC (CRD 308960): Form ADV filing data as of October 2026.