# Summit Trail Advisors, LLC

> Summit Trail Advisors, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 4, 2026.

- CRD: 220519
- Filed as: SUMMIT TRAIL ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: September 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/220519
- AdvisorCensus page: https://advisorcensus.com/firm/summit-trail-advisors-llc-new-york-ny-220519

## Quick answers

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

**Where is Summit Trail Advisors, LLC located?**
Summit Trail Advisors, LLC's principal office is in New York, NY, according to its Form ADV; the October 2026 filing also lists 10 other offices (Schedule D, Section 1.F).

**Is Summit Trail Advisors, LLC registered with the SEC or a state?**
Summit Trail Advisors, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 220519.

**How much does Summit Trail Advisors, LLC manage?**
Summit Trail Advisors, LLC reports $19,941,615,810 in regulatory assets under management in its Form ADV filing dated September 4, 2026 (55% discretionary).

**How have Summit Trail Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Summit Trail Advisors, LLC: 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. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Summit Trail Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (588); corporations or other businesses not listed above (56); individuals (other than high net worth individuals) (51).

**Which custodians does Summit Trail Advisors, LLC use?**
Summit Trail Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and Pershing LLC as custodians holding 10% or more of its separately managed account assets.

**Does Summit Trail Advisors, LLC report any disciplinary disclosures?**
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/220519

**What changed in Summit Trail Advisors, LLC's recent Form ADV filings?**
In the June 2026 filing data: Changed its office addresses in Wayzata, MN. Registered or notice-filed in DC.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services LLC
- 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: $19,941,615,810
- Discretionary: $11,063,331,227
- Non-discretionary: $8,878,284,583

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 51 | $194,326,483 |
| High net worth individuals | 588 | $16,333,311,810 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 38 | $16,088,953 |
| Charitable organizations | 9 | $925,099,140 |
| Corporations or other businesses not listed above | 56 | $2,472,789,424 |

### 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)
- Other

### Firm details
- Registered since: 2015 (11 years)
- Employees: 94 total, 31 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, LA, MA, MD, MI, MN, MO, NC, NH, NJ, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, WA, WI, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Boston, MA
- Chevy Chase, MD
- Chicago, IL
- Dallas, TX
- Denver, CO
- Harrisburg, PA
- Lake Oswego, OR
- San Francisco, CA
- Seattle, WA
- Wayzata, MN

### Websites listed on Form ADV (Item 1.I)
- summittrail.com
- LinkedIn @SUMMIT-TRAIL-ADVISORS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $13,289,996,625 | 56 | August 13, 2021 |
| October 2022 | $14,747,564,082 | 75 | September 30, 2022 |
| October 2023 | $14,487,629,910 | 93 | September 13, 2023 |
| October 2024 | $17,651,630,433 | 95 | July 22, 2024 |
| October 2025 | $23,635,841,356 | 107 | July 7, 2025 |
| October 2026 | $19,941,615,810 | 94 | September 4, 2026 |

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.

## Changes in the filing (last 12 months)

### June 2026
- Changed its office addresses in Wayzata, MN.
- Registered or notice-filed in DC.

### May 2026
- Added an office in San Francisco, CA.

### 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.

### January 2026
- Added an office in Newport Beach, CA.
- Added an office in Southampton, NY.
- No longer registered or notice-filed in HI.

### December 2025
- Regulatory assets under management went from $23,635,841,356 to $26,156,178,587 (+11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Summit Trail Advisors, LLC (CRD 220519): Form ADV filing data as of October 2026.