# Middleton & Company Inc.

> Middleton & Company Inc. is an SEC-registered investment advisory firm in Boston, MA, registered since 1984, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 4, 2026.

- CRD: 104549
- Filed as: MIDDLETON & COMPANY INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: May 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/104549
- AdvisorCensus page: https://advisorcensus.com/firm/middleton-and-company-inc-boston-ma-104549

## Quick answers

**How is Middleton & Company Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Middleton & Company Inc. reports these compensation arrangements: a percentage of assets under its management.

**Where is Middleton & Company Inc. located?**
Middleton & Company Inc.'s principal office is in Boston, MA, according to its Form ADV.

**Is Middleton & Company Inc. registered with the SEC or a state?**
Middleton & Company Inc. is an SEC-registered investment advisory firm, registered since 1984. Status as filed: Approved. CRD 104549.

**How much does Middleton & Company Inc. manage?**
Middleton & Company Inc. reports $1,234,225,339 in regulatory assets under management in its Form ADV filing dated May 4, 2026 (100% discretionary).

**How have Middleton & Company Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Middleton & Company Inc.: Regulatory assets under management: $1,110,022,529 in the October 2021 data and $1,234,225,339 in the October 2026 data, up 11%. Total employees: 15 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Middleton & Company Inc. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (238); individuals (other than high net worth individuals) (108); charitable organizations (17).

**Which custodians does Middleton & Company Inc. use?**
Middleton & Company Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., FNZ TRUST/STATE Street Bank and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Middleton & Company Inc. 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/104549

**Does Middleton & Company Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "Generally, Middleton’s seeks to initiate new client relationships where the family’s aggregate assets are in excess of $1,000,000, but in certain instances Middleton will waive this requirement at its sole discretion."

**What changed in Middleton & Company Inc.'s recent Form ADV filings?**
In the June 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

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> Generally, Middleton’s seeks to initiate new client relationships where the family’s aggregate assets are in excess of $1,000,000, but in certain instances Middleton will waive this requirement at its sole discretion.

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.
- FNZ TRUST/STATE Street Bank
- National Financial Services LLC

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: $1,234,225,339
- Discretionary: $1,234,225,339
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 108 | $50,889,017 |
| High net worth individuals | 238 | $1,015,278,735 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 5 | $74,130,541 |
| Charitable organizations | 17 | $93,927,046 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### 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: 1984 (42 years)
- Employees: 16 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, CT, FL, MA, MD, ME, MN, NC, NH, NJ, NY, OR, RI, SC, TX, VA, VT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- middletonco.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,110,022,529 | 15 | March 19, 2021 |
| October 2022 | $1,293,176,432 | 16 | August 19, 2022 |
| October 2023 | $895,206,516 | 14 | August 9, 2023 |
| October 2024 | $1,040,720,685 | 14 | March 22, 2024 |
| October 2025 | $1,159,077,098 | 15 | March 28, 2025 |
| October 2026 | $1,234,225,339 | 16 | May 4, 2026 |

Regulatory assets under management: $1,110,022,529 in the October 2021 data and $1,234,225,339 in the October 2026 data, up 11%.
Total employees: 15 in October 2021 and 16 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Registered or notice-filed in CO, OR.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Middleton & Company Inc. (CRD 104549): Form ADV filing data as of October 2026.