Mutual Group
Mutual Group is a privately held wealth management platform founded in 1982 that provides broker-dealer, RIA affiliation, and fee-only transformation services to over 270 independent financial advisor and RIA teams across the United States.
- Company typePrivate
- Founded1982
- HeadquartersCamarillo, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Mutual Group does
Mutual Group is a privately held wealth management platform founded in 1982 that serves independent financial advisors and registered investment advisors (RIAs) across the United States. The company operates through two wholly-owned subsidiaries: Mutual Securities, Inc., a FINRA member broker-dealer (CRD# 62154), and Mutual Advisors, LLC, an SEC-registered investment advisor (Firm ID 167658). Mutual Group supports over 270 advisor teams with combined advisory and brokerage assets of approximately $15.3 billion, structured around three distinct affiliation pathways: RIA Affiliation Partnership, the Friendly Broker-Dealer (Hybrid) platform, and the Fee-Only Transformation (Evolve) solution.
The platform's core technology centers on a hybrid broker-dealer and RIA infrastructure that integrates commission-based and fee-based business models. The Friendly Broker-Dealer offers 85%-92% commission payouts with no override on fee-based business run through the advisor's RIA, supported by specialized compliance, service, and operations capabilities. Evolve is positioned as a first-to-market solution that allows advisors to transition from commission-based to fee-only models while continuing to service legacy direct-held commissionable assets. The technology stack integrates with third-party platforms including Orion Advisor Technology for portfolio reporting (via the Evolve portal) and National Financial Services LLC for custody, clearing, and back-office services; advisor access is provided through a Microsoft Entra ID-authenticated member portal at apps.mutual.group. The company is headquartered in Camarillo, California, with additional offices in Westlake Village (CA), Omaha (NE), and North Little Rock (AR).
Mutual Group generates revenue primarily through transaction-based commissions on brokerage activities (equities, bonds, options, and mutual funds) and recurring advisory fees through its RIA entity. Pricing follows published fee schedules with commission rates ranging from 0.01% to 5% on various product types and minimum charges from $9.95 to $50.00 per transaction, plus unit-based fees for alternative investment custody and account services. The go-to-market is relationship-driven, relying on direct advisor affiliation through discovery calls and consultation rather than broad consumer marketing. In April 2026, Emigrant Partners — the RIA capital and advisory arm of Emigrant Bank — acquired a strategic minority investment intended to support national expansion and platform enhancement, with Mutual's existing leadership retaining majority ownership and operational control.
Mutual Group firmographics
Firmographics- Name
- Mutual Group
- Legal name
- Mutual Group
- Website
- https://mutual.group
- Company type
- Private
- Founded year
- 1982
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Mutual Group is a privately held wealth management platform founded in 1982 that provides broker-dealer, RIA affiliation, and fee-only transformation services to over 270 independent financial advisor and RIA teams across the United States.
- Ownership category
- akta.pro rank
Mutual Group industry classification
Industry- Product category
- Wealth Management Platform / Broker-Dealer & RIA Services
- NAICS
- Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)
- akta.pro secondary industries
- Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA), Financial Planning–Led RIAs (FSAAACAB)
Keywords
Where Mutual Group is headquartered
LocationHeadquarters
- HQ city
- Camarillo
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Mutual Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Broker-Dealer Services: Revenue generated from broker-dealer operations serving independent advisors, including commission payouts (85%-92% GDC payout to advisors), brokerage commissions on equities, bonds, options, and mutual funds.
- Advisory Services: Revenue from advisory capabilities through Mutual Advisors, LLC, providing investment advisory services to investors through affiliated RIAs.
- Commission Revenue (Hybrid): Commissions and trails from active commission-based practices through the Friendly Broker-Dealer platform, with no override on fee-based business run through the advisor's RIA.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Equities Agency Commission |
| Transaction based/ take rate | Pay-as-you-go | Bonds and Notes |
| Transaction based/ take rate | Pay-as-you-go | Options |
| Transaction based/ take rate | Pay-as-you-go | No Load Mutual Funds |
| Unit Pricing | Annual | Alternative Investments Custody |
| Unit Pricing | Monthly | Account Services |
| Transaction based/ take rate | Pay-as-you-go | Advisor Payouts (Hybrid) |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Mutual Group product offering
Product offeringCore offering
Mutual Group is a national wealth management platform serving independent financial advisors and RIAs through two operating subsidiaries: Mutual Securities, Inc. (FINRA member broker-dealer) and Mutual Advisors, LLC (SEC-registered investment advisor). The company offers three core affiliation pathways — RIA Affiliation Partnership, Friendly Broker-Dealer (Hybrid), and Fee-Only Transformation (Evolve) — providing broker-dealer execution, compliance, technology, and back-office infrastructure to over 270 advisor teams managing approximately $15.3 billion in assets.
Product overview
Mutual Group is a national wealth management platform consisting of two core entities — Mutual Advisors, LLC (SEC-registered investment advisor) and Mutual Securities, Inc. (FINRA member broker-dealer) — serving independent financial advisors and RIAs since 1982. Its product portfolio is organized around three distinct service models: the RIA Affiliation Partnership, the Friendly Broker-Dealer (Hybrid) platform, and the Fee-Only Transformation (Evolve) solution. Together they form a unified platform addressing the full spectrum of advisor business structures, from pure RIA affiliation to hybrid commissionable advisory to full fee-only transitions. The Friendly Broker-Dealer (Hybrid) supports advisors who integrate commissionable products into a fiduciary practice, offering 85–92% GDC payouts. Evolve is the company's first-to-market solution for RIAs seeking to move away from FINRA-registered broker-dealer status while continuing to service legacy commissionable assets. Advisors can leverage one or both firms depending on their business model.
Differentiator
Problem solved
Functional benefit
Brands
- Hybrid: Friendly Broker-Dealer platform for hybrid RIAs who integrate directly-held commissionable products into their fiduciary practice with 85%-92% commission payouts and specialized compliance, service, operations, and technology capabilities.
- Evolve
Products and services
- Friendly Broker-Dealer (Hybrid) Custom-designed broker-dealer solution for hybrid RIAs who integrate directly-held commissionable assets (mutual funds, variable annuities, variable universal life) into their fiduciary practice. Provides specialized compliance, service, operations, and technology capabilities, including FINRA-compliant broker-dealer infrastructure. Offers 85%-92% commission payouts on commission-based business and no override on fee-based business run through the advisor's own RIA.
- Fee-Only Transformation (Evolve) First-to-market broker-dealer solution enabling independent RIAs to transition from commission-based to fee-only advisory models. Removes the broker-dealer regulatory burden while allowing advisors to continue managing legacy direct-held commissionable assets for advisory fee revenue, without FINRA registration or broker-dealer affiliation. Includes integrated Evolve portal with Orion reports for client insights.
- RIA Affiliation Partnership Partnership solution for independent, fee-based financial advisors that provides resources, support, and flexibility while maintaining complete control over their brand and business. Advisors affiliate with Mutual Group's SEC-registered investment advisor, Mutual Advisors, LLC, and retain autonomy over their advisory practice.
- Mutual Securities, Inc. (Broker-Dealer Services) Independent FINRA member broker-dealer (CRD# 62154) providing general securities brokerage execution, custody via clearing partner National Financial Services LLC (NFS), and back-office services. Operates under Regulation Best Interest (Reg BI) for its hybrid broker-dealer model and publishes quarterly SEC Rule 606 order flow disclosures.
- Mutual Advisors, LLC (RIA Advisory Services) SEC-registered investment advisor (Firm ID 167658) providing investment advisory services to investors through affiliated RIAs. Files Form ADV and operates the RIA Affiliation Partnership pathway for independent fee-based advisors.
Quantifiable outcome
- 85%-92% commission payouts for hybrid advisors
- +2 more outcomes
Companies that use Mutual Group
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Mutual Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature3 records
Mutual Group partnerships and signals
Strategic signalScale indicators5 records
Recent moves6 records
Expansion highlights5 records
Mutual Group competitors and assessment
Company assessmentBroad incumbents
- Advisor Group: Large multi-brand independent broker-dealer network (now part of Osaic). Competes with Mutual Group for hybrid advisors across its affiliated brands.
- LPL Financial: Largest independent broker-dealer in the U.S. with extensive RIA and hybrid programs. Sets industry benchmarks for advisor payouts and platform capabilities that Mutual Group measures against.
- Cetera Financial Group: Large independent broker-dealer serving thousands of advisors across multiple affiliation models. Broader scale than Mutual Group but directly overlaps in advisor affiliation services.
- Ameriprise Financial: Large financial services firm with independent advisor and RIA channels. Overlaps with Mutual Group in providing advisor infrastructure, though its scale and product breadth are far greater.
- Raymond James Financial Services: Major wealth management firm with independent advisor channel. Competes for the same hybrid advisor segment that Mutual Group serves, though at significantly larger scale.
Direct peers
- Kestra Financial: Independent broker-dealer and RIA platform backed by Stone Point Capital. Comparable to Mutual Group in providing hybrid infrastructure and pursuing strategic growth via PE backing.
- Cambridge Investment Research: Independent broker-dealer supporting RIAs and hybrid advisors with affiliation models. Operates in the same niche as Mutual Group with similar advisor-facing services and hybrid platform capabilities.
- Commonwealth Financial Network: Privately held broker-dealer/RIA platform serving independent advisors with hybrid and fee-only models. Closely comparable to Mutual Group in scale, ownership structure, and advisor affiliation approach.
Emerging players
- Concourse Financial Group: Independent broker-dealer and RIA platform providing affiliation services to advisors. Similar niche positioning to Mutual Group with overlapping advisor-facing offerings.
- Silver Oak Securities: Smaller independent broker-dealer serving hybrid RIAs. Comparable to Mutual Group's hybrid platform specialty but operates at smaller scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Mutual Group social profiles
Digital presenceMutual Group compliance and trust
Trust signalCompliance5 records
Mutual Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mutual Group leadership team
Management profileNumber of profiles
Mutual Group subsidiaries and ownership
Company hierarchySubsidiaries2 records
Mutual Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mutual Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mutual Group
What does Mutual Group do?
Mutual Group is a national wealth management platform serving independent financial advisors and RIAs through two operating subsidiaries: Mutual Securities, Inc. (FINRA member broker-dealer) and Mutual Advisors, LLC (SEC-registered investment advisor). The company offers three core affiliation pathways — RIA Affiliation Partnership, Friendly Broker-Dealer (Hybrid), and Fee-Only Transformation (Evolve) — providing broker-dealer execution, compliance, technology, and back-office infrastructure to over 270 advisor teams managing approximately $15.3 billion in assets.
Is Mutual Group a public or private company?
Mutual Group is a private company. It is classified as management employee owned and is currently operating.
When was Mutual Group founded?
Mutual Group was founded in 1982. It employs 51 to 100 people.
Where is Mutual Group based?
Mutual Group is headquartered in Camarillo, United States, in the North America region.
How does Mutual Group make money?
Three revenue lines are on record. Broker-Dealer Services are the primary driver. The others are advisory Services and commission Revenue (Hybrid).
Who are Mutual Group's main competitors?
Broad incumbents on record are Advisor Group, LPL Financial, Cetera Financial Group, Ameriprise Financial and Raymond James Financial Services. Direct peers are Kestra Financial, Cambridge Investment Research and Commonwealth Financial Network. Emerging players are Concourse Financial Group and Silver Oak Securities.
Does Mutual Group have an API?
No public API is recorded for Mutual Group.
What industry is Mutual Group in?
Mutual Group's product category is Wealth Management Platform / Broker-Dealer & RIA Services. Its primary akta.pro industry code is FSAEABAA, Registered Investment Advisor (RIA) Wealth Management, with a secondary code of FSAAACAA, Comprehensive/Full-Service RIAs & Independent Wealth Managers. Its NAICS code is 523940 and its SIC code is 6282.