Clifford Swan Investment Counselors

What Clifford Swan Investment Counselors does

Clifford Swan Investment Counselors is a Pasadena, California-based, 100% employee-owned registered investment advisor founded in 1915. The firm provides fee-only wealth management and investment advisory services to approximately 950 clients, managing $4.5 billion in assets as of December 31, 2025. Its client base spans affluent individuals and families, private foundations, nonprofit organizations (including endowments and planned giving programs), professional trustees, and business owners with private pension plans.

The firm offers a holistic wealth management platform organized around Wealth Planning and Portfolio Management for individuals and families, supplemented by Retirement Planning, Estate Planning & Tax Strategy, and Legacy Planning & Philanthropy services. For institutional clients, the firm provides Endowment Management and a comprehensive Planned Giving Services offering that includes investment management, tax preparation (forms 5227, 1041, K-1s, 1099-Rs), accounting, recordkeeping, donor support, and state regulatory filings for charitable remainder trusts, gift annuities, and pooled income funds. Portfolio construction is built on a proprietary, fundamentals-based research process with internal valuation tools, supported by an industry-standard technology stack including eMoney, Orion, RedBlack, Bloomberg, and FactSet, with ShareFile used as a client portal and custodians (Charles Schwab, Fidelity, City National Bank, Union Bank of California) holding client assets.

The business model is recurring, AUM-based advisory fees with no commissions, product sales, or third-party compensation, aligned to a fiduciary standard. Go-to-market is high-touch and relationship-based, with new clients acquired primarily through referrals from existing clients, CPAs, estate attorneys, insurance professionals, and community reputation, particularly in the Pasadena area and across the United States. The firm is led by CEO Peter J. Boyle, CFA (joined 1992, CEO after serving as President and CIO), CIO David Y. Lin, CFA (since 2024), and COO David J. Nelson, CPA (since 2023), with a total of 39 employees as of 2025. Ownership opportunities are extended to key contributors, reinforcing the employee-owned structure.

Name

Clifford Swan Investment Counselors

Legal name

Clifford Swan Investment Counselors

Website

https://cliffordswan.com

Company type

Private

Founded year

1915

Operating status

Operating

Headcount range

11–50 employees

Short description

Clifford Swan Investment Counselors is a Pasadena-based, 100% employee-owned registered investment advisor managing $4.5 billion in assets for approximately 950 affluent individuals, families, private foundations, and nonprofit organizations through fee-only wealth planning, portfolio management, and planned giving services.

Ownership category

akta.pro rank

Product category

Wealth Management and Investment Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Only Advisory (FSAEAAAL)

akta.pro secondary industries

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Financial Planning & Goals-Based Advice (Mass Affluent) (FSAAAAAF)

Keywords

• Investment advisory services
• Wealth management
• Portfolio management
• Estate planning
• Endowment management

Headquarters

HQ city

Pasadena

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Investment Advisory Fees (AUM-Based): The firm operates as a fee-only registered investment advisor, earning revenue based on assets under management. This model aligns firm interests with client interests, as the firm's revenue grows when client portfolios grow. The firm has no products to sell and does not receive third-party compensation, reinforcing its fiduciary commitment.
2. Comprehensive Wealth Management Services: Revenue derived from providing holistic financial services including wealth planning, portfolio management, estate planning, tax strategy, retirement planning, and legacy planning to affluent individuals, families, and institutions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Clifford Swan Investment Counselors is a fee-only registered investment advisor providing wealth management, portfolio management, estate planning, retirement planning, legacy planning, endowment management, and planned giving administration services. The firm manages $4.5 billion in assets for approximately 950 affluent individuals, families, and nonprofit organizations through a 100% employee-owned, fiduciary model.

Product overview

Clifford Swan Investment Counselors offers a unified wealth management platform providing investment advisory and financial planning services to affluent individuals, families, and nonprofit institutions. The core offering for individuals and families includes Wealth Planning and Portfolio Management as primary services, supplemented by Retirement Planning, Estate Planning & Tax Strategy, and Legacy Planning & Philanthropy as interconnected sub-products within a holistic approach. For institutional clients (nonprofits, endowments, planned giving programs), the firm offers Endowment Management and Planned Giving Services. All services are built on the firm's proprietary, fundamentals-based investment research process. The firm is 100% employee-owned, fee-only, and operates as a fiduciary. No public API or technology product is offered; the firm's technology footprint consists of client portals (ShareFile), custodian integrations (Charles Schwab, Fidelity, City National Bank, Union Bank of California), and internal software tools (eMoney, Orion, RedBlack, Bloomberg, FactSet).

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Planning A holistic wealth planning service that includes cash flow analysis, tax strategy, retirement planning, family financial coordination, wills and trusts planning, business owner consulting, and coordination with external advisors such as estate planners, CPAs, and insurance professionals. Designed for affluent individuals and families seeking integrated, ongoing financial planning.
• Portfolio Management Investment management service constructing portfolios security-by-security using proprietary institutional-quality research, asset allocation, and ongoing portfolio monitoring. The firm employs proprietary valuation tools and avoids speculative trends, focusing on long-term fundamentals. For individuals, families, and institutional clients.
• Retirement Planning Personalized retirement planning covering withdrawal strategies, income diversification across multiple income sources, Social Security optimization, business transition planning, and coordination with other advisors for a comprehensive retirement strategy. For individuals and families approaching or in retirement.
• Estate Planning & Tax Strategy Estate planning and tax strategy services including wealth transfer planning, trusts and wills coordination, estate tax planning, insurance planning, liability management, asset protection, tax efficiency optimization, and charitable giving strategies. For individuals and families with significant wealth.
• Legacy Planning & Philanthropy Legacy planning service that helps clients structure charitable giving through foundations and donor-advised funds, define family values, educate heirs, and integrate philanthropy into estate plans for multi-generational wealth stewardship. For individuals, families, and private foundations.
• Endowment Management
• Planned Giving Services Comprehensive turnkey administrative and investment management service for nonprofit planned giving programs, covering charitable remainder trusts, charitable gift annuities, and pooled income funds. Includes investment management, beneficiary distributions, tax preparation (forms 5227, 1041, K-1s, 1099-Rs), accounting, recordkeeping, donor support, and state regulatory filings. For nonprofits operating planned giving programs.

Quantifiable outcome

• Client portfolios declined approximately 10% during the dot-com bubble burst while market losses exceeded 50%
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature2 records

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Aspiriant: Fee-only RIA serving HNW individuals, families, and institutions with integrated wealth planning and investment management. Closely comparable in size ($15B+ AUM), fee-only model, and holistic service offering.
• Bahl & Gaynor: Independent, employee-owned investment counsel firm in Cincinnati managing concentrated equity portfolios for HNW individuals, families, and institutions. Comparable in independent employee-owned RIA structure and research-driven active management.
• Segall Bryant & Hamill: Employee-owned, fee-only investment management and wealth advisory firm serving HNW families and institutions with active portfolio management. Comparable in independent ownership, research-driven fundamental approach, and institutional-quality process.
• Savant Wealth Management: Employee-owned, fee-only RIA providing wealth management, investment advisory, tax and estate planning to individuals, families, and institutions. Direct comparable in business model, scale ($10B+ AUM), and fiduciary positioning.
• Buckingham Strategic Wealth: National fee-only RIA headquartered in St. Louis serving HNW individuals and families with holistic wealth management and research-driven portfolio construction, broadly comparable in size, business model, and fee-only fiduciary positioning to Clifford Swan.
• Mariner Wealth Advisors: Large independent, employee-owned RIA offering comprehensive wealth advisory to HNW/UHNW individuals and institutions. Comparable in fee-only fiduciary structure, integrated wealth planning services, and target client base.

Others

• Focus Financial Partners: Leading RIA roll-up/partner firm that has acquired dozens of fee-only RIAs serving HNW clients. Relevant as a potential strategic acquirer or capital partner for Clifford Swan given its scale, independent RIA focus, and consolidation strategy.

Broad incumbents

• Bessemer Trust: Privately held, fee-only wealth and investment management firm specializing in UHNW individuals and families with multi-generational wealth planning. Comparable on UHNW focus and nonprofit/family office services, but materially larger in AUM.
• Northern Trust Wealth Management: Major wealth management franchise serving HNW/UHNW individuals, families, and institutions with investment management, trust, and private banking. Competes directly for Clifford Swan's target clients and is a known prior employer of multiple Clifford Swan counselors.
• Brown Brothers Harriman (BBH Wealth Management): Long-established, privately held partnership offering wealth management and investment advisory services to HNW families, foundations, and endowments. Comparable on multi-generational UHNW service, endowment management, and independent partnership model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/clifford-swan-investment-counselors

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clifford Swan Investment Counselors