# Nicola Wealth Management Ltd.

> Nicola Wealth Management Ltd. is an SEC-registered investment advisory firm in Vancouver, Canada, registered since 2020, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 9, 2026.

- CRD: 173201
- Filed as: NICOLA WEALTH MANAGEMENT LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Vancouver, Canada
- Filing period: October 2026
- Form ADV filing dated: September 9, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/173201
- AdvisorCensus page: https://advisorcensus.com/firm/nicola-wealth-management-ltd-vancouver-173201

## Quick answers

**How is Nicola Wealth Management Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), Nicola Wealth Management Ltd. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**How much does Nicola Wealth Management Ltd. charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Flat fee: $1,500 to $5,000 (formal financial plans). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Nicola Wealth Management Ltd. located?**
Nicola Wealth Management Ltd.'s principal office is in Vancouver, Canada, according to its Form ADV; the October 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Nicola Wealth Management Ltd. registered with the SEC or a state?**
Nicola Wealth Management Ltd. is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 173201.

**How much does Nicola Wealth Management Ltd. manage?**
Nicola Wealth Management Ltd. reports $11,042,694,801 in regulatory assets under management in its Form ADV filing dated September 9, 2026 (98% discretionary).

**How have Nicola Wealth Management Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for Nicola Wealth Management Ltd.: Regulatory assets under management: $5,729,570,595 in the October 2021 data and $11,042,694,801 in the October 2026 data, up 93%. Total employees: 292 in October 2021 and 531 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Nicola Wealth Management Ltd. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (3,569); high net worth individuals (2,378); charitable organizations (650).

**Which custodians does Nicola Wealth Management Ltd. use?**
Nicola Wealth Management Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Bank Independent Network (Nbin) and Pershing Advisor Solutions LLC as custodians holding 10% or more of its separately managed account assets.

**Does Nicola Wealth Management Ltd. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/173201

**Does Nicola Wealth Management Ltd. state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "In general, we require a minimum of $1,000,000 to open and maintain an advisory account. At our sole discretion, we may waive or lower this minimum account size."

**What changed in Nicola Wealth Management Ltd.'s recent Form ADV filings?**
In the October 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
- Fixed fees (other than subscription fees)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

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

> In general, we require a minimum of $1,000,000 to open and maintain an advisory account. At our sole discretion, we may waive or lower this minimum account size.

- Minimum annual fee: $10,000

> We charge a minimum annual fee in the amount of $10,000 to open and maintain an advisory account. At our sole discretion we may waive or lower this minimum fee.

- Flat fee: $1,500 to $5,000 (formal financial plans)

> We charge a fixed fee for formal financial plans, which generally ranges between $1,500USD to $5,000USD.

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

### Custodians (Schedule D, Section 5.K(3))
- National Bank Independent Network (Nbin)
- Pershing Advisor Solutions 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: $11,042,694,801
- Discretionary: $10,831,692,378
- Non-discretionary: $211,002,423

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3,569 | $1,085,768,766 |
| High net worth individuals | 2,378 | $9,071,261,086 |
| Charitable organizations | 650 | $479,539,848 |
| Corporations or other businesses not listed above | 121 | $406,125,101 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2020 (6 years)
- Employees: 531 total, 217 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY, TX, WA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/173201

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Calgary, Ab
- Kelowna
- Toronto
- Vancouver
- Victoria
- Woodbridge

### Websites listed on Form ADV (Item 1.I)
- [beacons.ai/nicolawealth](https://beacons.ai/nicolawealth)
- [nicolawealth.com](https://nicolawealth.com)
- [ninthavenuecapital.ca](https://ninthavenuecapital.ca)
- [us.nicolawealth.com](https://us.nicolawealth.com)
- Instagram @nicolawealth
- LinkedIn @nicola-crosby-real-estate-asset-management
- LinkedIn @nicola-institutional-realty-advisors
- LinkedIn @nicola-wealth-management
- LinkedIn @ninthavenuecapital
- LinkedIn @nicola-wealth-private-capital
- Threads @nicolawealth
- X @NicolaWealthRE
- X @nicolawealth
- YouTube @nicolawealth

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,729,570,595 | 292 | September 28, 2021 |
| October 2022 | $7,565,448,175 | 324 | March 30, 2022 |
| October 2023 | $8,147,770,585 | 393 | June 14, 2023 |
| October 2024 | $9,587,082,399 | 459 | September 6, 2024 |
| October 2025 | $10,043,703,386 | 491 | June 19, 2025 |
| October 2026 | $11,042,694,801 | 531 | September 9, 2026 |

Regulatory assets under management: $5,729,570,595 in the October 2021 data and $11,042,694,801 in the October 2026 data, up 93%.
Total employees: 292 in October 2021 and 531 in October 2026.

## Changes in the filing (last 12 months)

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

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

### April 2026
- Employees performing advisory functions went from 184 to 217.
- Updated its list of owners and control persons (Schedule A).

### 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. Nicola Wealth Management Ltd. (CRD 173201): Form ADV filing data as of October 2026.