# Stephens

> Stephens is an SEC-registered investment advisory firm in Little Rock, AR, registered since 1980, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 30, 2026.

- CRD: 3496
- Filed as: STEPHENS
- Legal name: Stephens Inc.
- Also doing business as: PROFESSIONAL WEALTH MANAGEMENT PROGRAM, STEPHENS ADVISOR NON-DISCRETIONARY PROGRAM, STEPHENS ALLOCATION STRATIGIES PROGRAM, STEPHENS CAPITAL MANAGEMENT, STEPHENS CAPITAL MANAGEMENT - PENSION MANAGEMENT TRUST PROGRAM, STEPHENS CAPITAL MANAGEMENT FIXED INCOME STRATEGY, STEPHENS CAPITAL MANAGEMENT NON-DISCRETIONARY, STEPHENS CAPITAL MANGEMENT - HEALTH MANAGEMENT TRUST, STEPHENS FIXED INCOME MANAGEMENT, STEPHENS INC. EQUITY RESEARCH SERVICES PROGRAM, STEPHENS MANAGED ASSETS PROGRAM, STEPHENS RETIREMENT ACCESS, STEPHENS RETIREMENT SOLUTIONS PROGRAM, STEPHENS SMALL-MID CAP GROWTH PROGRAM, STEPHENS SPECTRUM 401K, STEPHENS SPECTRUM PROGRAM, STEPHENS UNIFIED MANAGED ACCOUNT, STEPHENSCHOICE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Little Rock, AR
- Filing period: October 2026
- Form ADV filing dated: September 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/3496
- AdvisorCensus page: https://advisorcensus.com/firm/stephens-little-rock-ar-3496

## Quick answers

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

**Where is Stephens located?**
Stephens' principal office is in Little Rock, AR, according to its Form ADV; the October 2026 filing also lists 19 other offices (Schedule D, Section 1.F).

**Is Stephens registered with the SEC or a state?**
Stephens is an SEC-registered investment advisory firm, registered since 1980. Status as filed: Approved. CRD 3496.

**How much does Stephens manage?**
Stephens reports $18,044,844,233 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (77% discretionary).

**How have Stephens' assets and staff changed since 2021?**
In the Form ADV data for Stephens: Regulatory assets under management: $14,050,426,123 in the October 2021 data and $18,044,844,233 in the October 2026 data, up 28%. Total employees: 624 in October 2021 and 611 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stephens serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (18,080); high net worth individuals (3,088); other (338).

**Which custodians does Stephens use?**
Stephens' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Stephens report any disciplinary disclosures?**
Reports 5 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(2) (another regulator's finding of a violation), and 11.E(2) (self-regulatory organization's finding of a rule 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/3496

**What changed in Stephens' recent Form ADV filings?**
In the August 2026 filing data: Changed its office addresses in Austin, TX. 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
- Hourly charges
- Fixed fees (other than subscription fees)
- Commissions
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Pershing 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: $18,044,844,233
- Discretionary: $13,826,378,185
- Non-discretionary: $4,218,466,048

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 18,080 | $4,125,401,840 |
| High net worth individuals | 3,088 | $10,111,333,840 |
| Banking or thrift institutions | 1 | $29,055,020 |
| 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) | 249 | $226,541,669 |
| Charitable organizations | 21 | $17,589,555 |
| State or municipal government entities (including government pension plans) | 11 | $361,877,601 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 15 | $123,129,132 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 188 | $620,733,625 |
| Other | 338 | $2,429,181,951 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Educational seminars/workshops

### Firm details
- Registered since: 1980 (46 years)
- Employees: 611 total, 247 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, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 5 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 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?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

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/3496

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Atlanta, GA
- Austin, TX
- Charlotte, NC
- Chicago, IL
- Columbia, SC
- Conway, AR
- Dallas, TX
- Fayetteville, AR
- Hot Springs, AR
- Houston, TX
- Jonesoboro, AR
- Memphis, TN
- Nashville, TN
- New York, NY
- Portland, ME
- Ridgeland, MS
- Rogers, AR
- Shreveport, LA
- Winston Salem, NC

### Websites listed on Form ADV (Item 1.I)
- apps.apple.com/us/app/stephens-events/id1480282538
- itunes.apple.com/us/podcast/this-is-capitalism-ceo-stories/id1270233928
- jacksontstephenscup.com
- open.spotify.com/show/2ocMipFyc1ok2GbgcxWp0r
- stephens.com
- stephens.libsyn.com
- thisiscapitalism.libsyn.com
- thisiscapitalism.org
- vimeo.com/user15195929
- Facebook @ABOUT.STEPHENS
- Facebook @TICAPITALISM
- Facebook @TheStephensCup
- Instagram @thestephenscup
- Instagram @thisiscapitalism
- LinkedIn @stephens-inc-
- LinkedIn @this-is-capitalism
- X @STEPHENS_INC
- X @TICAPITALISM
- X @thestephenscup
- YouTube @JACKSONT.STEPHENSCUP8689
- YouTube @UCrOe4NqKjQO7NYPRAT37Mvw
- YouTube @UCsls9POCpO9038tGWG8GzRA

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $14,050,426,123 | 624 | September 1, 2021 |
| October 2022 | $12,430,026,407 | 619 | September 13, 2022 |
| October 2023 | $13,304,755,860 | 658 | September 12, 2023 |
| October 2024 | $13,609,251,985 | 629 | March 28, 2024 |
| October 2025 | $15,612,784,011 | 623 | June 24, 2025 |
| October 2026 | $18,044,844,233 | 611 | September 30, 2026 |

Regulatory assets under management: $14,050,426,123 in the October 2021 data and $18,044,844,233 in the October 2026 data, up 28%.
Total employees: 624 in October 2021 and 611 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Changed its office addresses in Austin, TX.
- Updated its list of owners and control persons (Schedule A).

### July 2026
- Item 11 disclosure answers changed: 5 yes answers, previously 7 (now no: 11.D(4), 11.D(5)).

### April 2026
- Employees performing advisory functions went from 246 to 247.
- Changed its office addresses in Shreveport, LA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stephens (CRD 3496): Form ADV filing data as of October 2026.