{
  "crd_number": 121534,
  "slug": "shaker-financial-services-annapolis-md-121534",
  "primary_business_name": "SHAKER FINANCIAL SERVICES",
  "legal_name": "SHAKER FINANCIAL SERVICES, LLC",
  "dbas": [],
  "city": "Annapolis",
  "state": "MD",
  "country": "United States",
  "cbsa_code": "12580",
  "metro": {
    "cbsa_code": "12580",
    "common_name": "Baltimore",
    "msa_name": "Baltimore-Columbia-Towson, MD",
    "path": "/advisors/md/baltimore"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2004-01-23",
  "years_registered": 22,
  "period": "2026-10-01",
  "filing_date": "2026-03-27",
  "carried_forward": false,
  "raum_total": 286320400.0,
  "raum_discretionary": 286320400.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 6,
  "advisory_employees": 2,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 76660704.0,
      "count": 228
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 985152.0,
      "count": null,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 208674544.0,
      "count": 101
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": null,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "DC",
    "FL",
    "IL",
    "MD",
    "MO",
    "NC",
    "NJ",
    "NY",
    "OK",
    "OR",
    "TX",
    "VA",
    "WA"
  ],
  "websites": [
    "https://shakerfinancial.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/121534",
  "city_as_filed": "ANNAPOLIS",
  "url": "https://advisorcensus.com/firm/shaker-financial-services-annapolis-md-121534",
  "display_name": "Shaker Financial Services",
  "summary": "Shaker Financial Services is an SEC-registered investment advisory firm in Annapolis, MD, registered since 2004, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.",
  "citation": "AdvisorCensus. Shaker Financial Services (CRD 121534): 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"
  ],
  "quick_answers": [
    {
      "q": "How is Shaker Financial Services compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Shaker Financial Services reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "How much does Shaker Financial Services charge?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 states: Up to $1,000,000: 1.5% a year; $1,000,001 to $3,000,000: 1.3% a year; $3,000,001 to $5,000,000: 1.1% a year; Above $5,000,001: 1% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Shaker Financial Services located?",
      "a": "Shaker Financial Services' principal office is in Annapolis, MD, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Shaker Financial Services registered with the SEC or a state?",
      "a": "Shaker Financial Services is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 121534."
    },
    {
      "q": "How much does Shaker Financial Services manage?",
      "a": "Shaker Financial Services reports $286,320,400 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary)."
    },
    {
      "q": "How have Shaker Financial Services' assets and staff changed since 2021?",
      "a": "In the Form ADV data for Shaker Financial Services: Regulatory assets under management: $217,002,537 in the October 2021 data and $286,320,400 in the October 2026 data, up 32%. Total employees: 7 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Shaker Financial Services serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (228); high net worth individuals (101)."
    },
    {
      "q": "Does Shaker Financial Services 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/121534"
    },
    {
      "q": "Does Shaker Financial Services state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 says: \"SFS’s minimum account size is generally $ 100,000, but this amount is negotiable based upon extenuating circumstances.\""
    },
    {
      "q": "What changed in Shaker Financial Services' recent Form ADV filings?",
      "a": "In the January 2026 filing data: No longer registered or notice-filed in NM."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 217002537.0,
      "total_employees": 7,
      "filing_date": "2021-03-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 265941983.0,
      "total_employees": 8,
      "filing_date": "2022-03-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 207583087.0,
      "total_employees": 8,
      "filing_date": "2023-03-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 228387456.0,
      "total_employees": 8,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 260612020.0,
      "total_employees": 6,
      "filing_date": "2025-03-26"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 286320400.0,
      "total_employees": 6,
      "filing_date": "2026-03-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in NM."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 27, 2026",
    "provided_by_the_firm": false,
    "tiers": [
      {
        "band": "Up to $1,000,000",
        "rate": "1.5%"
      },
      {
        "band": "$1,000,001 to $3,000,000",
        "rate": "1.3%"
      },
      {
        "band": "$3,000,001 to $5,000,000",
        "rate": "1.1%"
      },
      {
        "band": "Above $5,000,001",
        "rate": "1%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$100,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "Up to $1,000,000: 1.5% a year",
          "$1,000,001 to $3,000,000: 1.3% a year",
          "$3,000,001 to $5,000,000: 1.1% a year",
          "Above $5,000,001: 1% a year"
        ],
        "quotes": [
          "Asset-based management fees are charged quarterly in advance, as agreed to with the client, based on a percentage of the client's assets under management at the beginning of the calendar quarter and are not negotiable.",
          "The fee schedule for new accounts is: Assets Under Management: Annual Fee: Less Than $1,000,000 1.50% $1,000,001 - $3,000,000 1.30% $3,000,001-$5,000,000 1.10% $5,000,001+ 1.00%"
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $100,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "SFS’s minimum account size is generally $ 100,000, but this amount is negotiable based upon extenuating circumstances."
        ]
      }
    ],
    "values": {
      "tiers": [
        {
          "min": 0.0,
          "max": 1000000.0,
          "rate_pct": 1.5
        },
        {
          "min": 1000001.0,
          "max": 3000000.0,
          "rate_pct": 1.3
        },
        {
          "min": 3000001.0,
          "max": 5000000.0,
          "rate_pct": 1.1
        },
        {
          "min": 5000001.0,
          "max": null,
          "rate_pct": 1.0
        }
      ],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 100000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "Asset-based management fees are charged quarterly in advance, as agreed to with the client, based on a percentage of the client's assets under management at the beginning of the calendar quarter and are not negotiable.",
      "The fee schedule for new accounts is: Assets Under Management: Annual Fee: Less Than $1,000,000 1.50% $1,000,001 - $3,000,000 1.30% $3,000,001-$5,000,000 1.10% $5,000,001+ 1.00%",
      "SFS’s minimum account size is generally $ 100,000, but this amount is negotiable based upon extenuating circumstances."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/shaker-financial-services-annapolis-md-121534.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 228,
      "fewer_than_5": false,
      "raum": 76660704.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 101,
      "fewer_than_5": false,
      "raum": 208674544.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "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": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": true,
      "raum": 985152.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": null,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "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/121534",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}