{
  "crd_number": 105981,
  "slug": "portfolio-advisors-llc-darien-ct-105981",
  "primary_business_name": "PORTFOLIO ADVISORS LLC",
  "legal_name": "PORTFOLIO ADVISORS LLC",
  "dbas": [
    "ASIA SELECT MANAGEMENT LIMITED (RELYING ADVISOR)"
  ],
  "city": "Darien",
  "state": "CT",
  "country": "United States",
  "cbsa_code": "14860",
  "metro": {
    "cbsa_code": "14860",
    "common_name": "Bridgeport",
    "msa_name": "Bridgeport-Stamford-Danbury, CT",
    "path": "/advisors/ct/bridgeport"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1994-04-25",
  "years_registered": 32,
  "period": "2026-10-01",
  "filing_date": "2026-03-27",
  "carried_forward": false,
  "raum_total": 47842535266.0,
  "raum_discretionary": 29530206362.0,
  "raum_non_discretionary": 18312328904.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 164,
  "advisory_employees": 83,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 2308571819.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 18050957488.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 8566431.0,
      "count": null,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 1685162798.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 1109753697.0,
      "count": null,
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 24679523033.0,
      "count": 113
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "IA",
    "IL",
    "IN",
    "KS",
    "LA",
    "MA",
    "MD",
    "MI",
    "MN",
    "MO",
    "NC",
    "ND",
    "NE",
    "NJ",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "WA",
    "WI"
  ],
  "websites": [
    "https://facebook.com/fsfuturestandard",
    "https://futurestandard.com",
    "https://instagram.com/futurestandardfs",
    "https://linkedin.com/company/futurestandardfs",
    "https://linkedin.com/company/portfolio-advisors",
    "https://linkedin.com/in/michael-forman",
    "https://linkedin.com/in/troy-a-gayeski-cfa-720366197",
    "https://music.amazon.com/es-us/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-fs-investments",
    "https://open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc",
    "https://player.fm/series/fireside-a-podcast-series-from-future-standard",
    "https://podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566",
    "https://podcastindex.org/podcast/2757367",
    "https://podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982",
    "https://portad.com",
    "https://x.com/MichaelFormanFS",
    "https://x.com/TroyGayeski",
    "https://x.com/futurestandard",
    "https://youtube.com/@futurestandardfs"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105981",
  "city_as_filed": "DARIEN",
  "url": "https://advisorcensus.com/firm/portfolio-advisors-llc-darien-ct-105981",
  "display_name": "Portfolio Advisors LLC",
  "summary": "Portfolio Advisors LLC is an SEC-registered investment advisory firm in Darien, CT, registered since 1994, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.",
  "citation": "AdvisorCensus. Portfolio Advisors LLC (CRD 105981): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Portfolio Advisors LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Portfolio Advisors LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); performance-based fees."
    },
    {
      "q": "Where is Portfolio Advisors LLC located?",
      "a": "Portfolio Advisors LLC's principal office is in Darien, CT, according to its Form ADV; the April 2026 filing also lists 8 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Portfolio Advisors LLC registered with the SEC or a state?",
      "a": "Portfolio Advisors LLC is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 105981."
    },
    {
      "q": "How much does Portfolio Advisors LLC manage?",
      "a": "Portfolio Advisors LLC reports $47,842,535,266 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (62% discretionary)."
    },
    {
      "q": "How have Portfolio Advisors LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Portfolio Advisors LLC: Regulatory assets under management: $30,640,468,027 in the October 2021 data and $47,842,535,266 in the October 2026 data, up 56%. Total employees: 118 in October 2021 and 164 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Portfolio Advisors LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (113); investment companies (1)."
    },
    {
      "q": "Does Portfolio Advisors 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/105981"
    },
    {
      "q": "What changed in Portfolio Advisors LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 84 to 83. Changed its office addresses in Jongno-Gu, Seoul. Added an office in Tokyo. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 30640468027.0,
      "total_employees": 118,
      "filing_date": "2021-04-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 38290334708.0,
      "total_employees": 126,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 40830389177.0,
      "total_employees": 140,
      "filing_date": "2023-07-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 42237636380.0,
      "total_employees": 158,
      "filing_date": "2024-03-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 44674354531.0,
      "total_employees": 157,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 47842535266.0,
      "total_employees": 164,
      "filing_date": "2026-03-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 84 to 83.",
        "Changed its office addresses in Jongno-Gu, Seoul.",
        "Added an office in Tokyo.",
        "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)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/portfolio-advisors-llc-darien-ct-105981.md",
  "clients": [
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 1685162798.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 113,
      "fewer_than_5": false,
      "raum": 24679523033.0
    },
    {
      "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": 1109753697.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 2308571819.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 18050957488.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": 8566431.0
    }
  ],
  "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/105981",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}