Summit Trail Advisors, LLC

• A percentage of assets under your management
• Hourly charges
• Fixed fees (other than subscription fees)
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$19,941,615,810 as of October 2026, filing dated September 4, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• 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)
• Other

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2015 (11 years)

Employees

Total: 94. Performing investment advisory functions: 31.

Wrap fee program participation

Yes.

Custodians (Schedule D, Section 5.K(3))

Charles Schwab & Co., Inc.Fidelity Brokerage Services LLCPershing 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.

Other offices (Schedule D, Section 1.F)

10 other offices, as of the October 2026 filing

Boston, MAChevy Chase, MDChicago, ILDallas, TXDenver, COHarrisburg, PALake Oswego, ORSan Francisco, CASeattle, WAWayzata, MN

States registered or notice-filed

37 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None Reports no disclosure items on Form ADV Item 11. View on IAPD.

Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $13,289,996,625 in the October 2021 data and $19,941,615,810 in the October 2026 data, up 50%.

Total employees: 56 in October 2021 and 94 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. June 2026
   • Changed its office addresses in Wayzata, MN.
   • Registered or notice-filed in DC.
2. May 2026
   • Added an office in San Francisco, CA.
3. April 2026
   • Employees performing advisory functions went from 34 to 31.
   • Regulatory assets under management went from $26,156,178,587 to $19,941,615,810 (-24%).
   • Changed its office addresses in Denver, CO.
   • Changed its office addresses in Lake Oswego, OR.
   • Changed its office addresses in Seattle, WA.
   • Added an office in Chicago, IL.
   • Added an office in Wayzata, MN.
   • No longer lists an office in Newport Beach, CA.
   • No longer lists an office in San Francisco, CA.
   • No longer lists an office in Southampton, NY.
4. January 2026
   • Added an office in Newport Beach, CA.
   • Added an office in Southampton, NY.
   • No longer registered or notice-filed in HI.
5. December 2025
   • Regulatory assets under management went from $23,635,841,356 to $26,156,178,587 (+11%).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.