What Smartleaf Asset Management does

Smartleaf Asset Management LLC (SAM) is an SEC-registered investment advisor founded in 2014 and headquartered in Boston as a wholly owned subsidiary of Smartleaf, Inc. SAM provides wealth advisors, RIAs, bank trust departments, and asset managers with an outsourced, automated portfolio management platform that handles daily rebalancing, tax optimization, and customization across unified managed accounts (UMAs) and direct index portfolios. The platform supports fractional shares, ESG/faith-based screens, security-level constraints, and household-level tax management (Unified Managed Householding, or UMH), with native custodial integrations into Fidelity Institutional, Schwab Advisor Services, Interactive Brokers, Pershing, and Apex Clearing, and trust accounting system integrations into SEI, FIS, Accutech, and Innotrust.

The underlying technology is a proprietary automated rebalancing workflow operated by parent company Smartleaf, Inc., which uses a cost/benefit optimization approach to compare drift-reduction and loss-harvesting benefits against commissions, bid/ask spreads, and tax costs, executing trades only when benefits exceed a preset threshold. SAM's direct index model suite spans Large Cap (70/150/300 stocks), Mid Cap, SMID Cap, All Cap, International ADR, and factor-tilted variants (Growth, Value, Low Volatility, Income), augmented by access to 70+ third-party model providers via the Model Distribution Service. Documented client outcomes include average tax savings/deferrals of 1.68% (2023) and 2.86% (2022), and tax-sensitive transition costs averaging 0.29% versus 7.21% for full liquidation.

SAM earns AUM-based sub-advisory fees ranging from 10 to 25 basis points inclusive of all customization and tax management, with discounted tiers of 20 bps (equities), 5 bps (tax-managed ETFs/mutual funds), and 2.5 bps (qualified accounts) available to asset managers under the Asset Manager Partnership Program (AMPP). The firm has no disclosed external institutional funding and is founder-controlled under Jerry Michael (President, also co-founder and President of parent Smartleaf, Inc.). SAM grew AUM from $300K in 2020 to $6.75B by December 2025.

Name

Smartleaf Asset Management

Legal name

Smartleaf Asset Management LLC

Website

https://smartleafam.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Smartleaf Asset Management is an SEC-registered sub-advisor that automates personalized, tax-optimized portfolio management and direct indexing for RIAs, bank trust departments, and asset managers via custodial and trust-system integrations.

Ownership category

akta.pro rank

Product category

Wealth Management Technology

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industries

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM), Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG), Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF)

Keywords

• Automated portfolio rebalancing
• Tax-managed direct indexing
• Sub-advisory wealth management
• Unified managed accounts
• RIA portfolio outsourcing

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. AUM-Based Sub-Advisory Fees: SAM charges fees on assets under management as a sub-advisor. Fees range from 10 to 25 basis points inclusive of all customization and tax management. The Asset Manager Partnership Program (AMPP) offers discounted fee schedules for advisors using qualifying models: 20 bps for equities (with option to sponsor discounts to 10 bps), 5 bps for tax-managed mutual funds and ETFs, and 2.5 bps for managing mutual funds and ETFs in qualified accounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Smartleaf Asset Management (SAM) operates an SEC-registered sub-advisory platform that automates unified managed account (UMA) rebalancing and direct index portfolio management for wealth advisors, RIAs, bank trusts, and asset managers. The service delivers personalized, tax-optimized portfolios at scale through daily portfolio review, cost/benefit-optimized trade generation, tax-loss harvesting, gains deferral, and tax-sensitive transition from legacy holdings. Advisors retain control of asset allocation and product choice while SAM handles rebalancing, tax management, customization, and trade execution across custodians.

Product overview

Smartleaf Asset Management (SAM) operates as an SEC-registered investment advisor that provides an outsourced portfolio management platform enabling wealth advisors to deliver personalized, tax-optimized portfolios at scale. The core SAM Platform automates unified managed account (UMA) rebalancing and direct index management using the parent company Smartleaf's software. The platform is accessible through an Advisor Portal for per-account customization. SAM offers its own Direct Index Models (including Large Cap, Mid Cap, SMID Cap, All Cap, International ADR, and factor-tilted variants), which are included in the base offering alongside Morningstar index models. The Model Distribution Service (MDS) extends the platform by giving clients access to third-party models from 60+ asset managers including Capital Group, First Trust, T. Rowe Price, and State Street Global Advisors. The Asset Manager Partnership Program (AMPP) allows asset managers to offer their strategies to wealth advisors through SAM's platform with discounted fees and a branded portal. SAM also generates an Estimated Taxes Saved or Deferred Report for each account and supports Unified Managed Householding (UMH) for holistic household-level management. The platform integrates natively with Fidelity, Schwab, Interactive Brokers, Pershing, and Apex Clearing custodians, and serves trust organizations using SEI, FIS, Accutech, and Innotrust accounting systems.

Differentiator

Problem solved

Functional benefit

Products and services

• SAM Platform Core automated unified managed account (UMA) rebalancing, direct index management, and tax-optimized portfolio management platform enabling personalized portfolios at scale with daily account review, automated trade execution, and support for direct indexes, ETFs, and mutual funds.
• SAM Advisor Portal Client-facing dashboard enabling advisors to design customized investment solutions per account, manage asset allocation and product selection, apply ESG/religious value screens and security constraints, and monitor portfolio performance and tax savings.
• SAM Direct Index Models Proprietary direct index model portfolios including Large Cap (70, 150, 300 stocks), Mid Cap (125, 250 stocks), SMID Cap (200 stocks), All Cap (200 stocks), International ADR (200 stocks), and factor-tilted models (Growth, Value, Low Volatility, Income), plus Catholic Values and Russell-indexed models.
• Model Distribution Service (MDS) Open-architecture service providing SAM clients access to third-party investment models and strategies from over 60 asset managers including Capital Group, Morningstar, First Trust, T. Rowe Price, and State Street Global Advisors. SAM handles model onboarding, updates, and billing.
• Asset Manager Partnership Program (AMPP) Program enabling asset managers to provide wealth advisors with personalized, tax-optimized implementation of their strategies through SAM's platform. Includes discounted advisory fees (20 bps equities, 5 bps tax-managed ETFs, 2.5 bps qualified accounts), a branded Advisor Portal, branded landing page, and marketing support.
• Unified Managed Householding (UMH) Extension of SAM's UMA capability enabling household-level portfolio management. Allows advisors to manage all accounts within a household holistically, optimizing tax management and asset allocation across the entire household, including tax-optimized account selection and asset location.

Quantifiable outcome

• In 2023, clients of Smartleaf Asset Management users saved or deferred an average of 1.68% of portfolio value in taxes. In 2022, the average was 2.86%.
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability4 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Axos Advisor Services (AAS)minorChannel Partner/ Reseller/ Distributor · 27 August 2025SAM's sub-advisory service became available on the Axos Advisor Services platform, enabling Axos's network of registered investment advisors to access SAM's personalized, tax-optimized portfolio management.
• Choreo, LLCminorStrategic or Co-development Partner · 4 March 2025SAM serves as sub-advisor for Choreo Tax Advantage portfolios. Choreo is a registered investment advisor focused on faith-based and values-oriented investment strategies. SAM's tax optimization and personalization capabilities support Choreo's mission-driven investment approach.
• Clearstead AdvisorsminorStrategic or Co-development Partner · 13 July 2023Collaboration announced to deliver personalization and tax optimization at scale to Clearstead Advisors' client base of wealth advisors and institutional investors.
• YieldX (Principal Asset Management)minorStrategic or Co-development Partner · 19 October 2022SAM announced collaboration with Principal Asset Management and YieldX to launch Bond Direct Indexes, extending direct indexing capabilities beyond equities to fixed income.
• Principal Global InvestorscoreStrategic or Co-development Partner · 3 May 2022SAM was selected to provide sub-advisory service for Principal Global Investors' fintech-enabled portfolios. SAM manages portfolios to one of 37 advisor-selected asset allocation models provided by Principal, with customization options including security restrictions, ESG overlays, direct indexing, and tax management capabilities. The partnership enables advisors to access institutional-caliber, open-architecture portfolio solutions.
• Everence FinancialminorStrategic or Co-development Partner · 28 April 2022Everence selected SAM for outsourced UMAs with direct index cores. Everence provides faith-based (Anabaptist values) financial services and investment management, aligning with SAM's Catholic Values and ESG screening capabilities.
• Morningstar, Inc.coreTechnology or Integration · 6 October 2021SAM includes Morningstar asset allocation models and core beta indexes in its base offering at no additional cost. Morningstar Wide Moat Focus Indexes are available for an additional fee. SAM's direct index portfolios are based on Morningstar Indexes, with customization options including ESG and faith-based screens, security constraints, and custom cash management.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• AssetMark: Major TAMP serving RIAs and wealth advisors with managed account programs, model portfolios, and overlay services. SAM competes as a focused direct-indexing and tax-optimized sub-advisor versus AssetMark's broader turnkey platform.
• SEI Investments (Wealth Platform): Large wealth management platform serving RIAs, bank trusts, and institutions with overlay management, model portfolios, and trust accounting. SAM's trust-channel integrations and overlay-style offerings position it as a focused alternative to SEI's broader platform.
• Envestnet: Largest US TAMP/UMA platform providing turnkey asset management, overlay, and direct-indexing capabilities to advisors. SAM competes as an 'unbundled' alternative that lets advisors retain asset allocation and product control rather than outsourcing to Envestnet's full platform.
• Orion Advisor Solutions: Wealth tech platform providing portfolio accounting, rebalancing, model marketplace, and direct-indexing capabilities to RIAs. Overlaps with SAM in the custom-index, rebalancing, and tax-overlay segments served to independent advisors.
• Parametric Portfolio Associates: Direct indexing pioneer and customized portfolio management firm (owned by Morgan Stanley). Operates as a sub-advisor providing direct-indexed and tax-managed portfolios to advisors — directly comparable in service model, customer base, and tax-optimization focus to SAM.
• Morningstar Wealth Platform / Model Portfolios: Provider of asset allocation models, managed portfolios, and research that SAM both consumes (via Model Distribution Service) and competes with. Comparable in serving the RIA market with model-based and tax-aware portfolio construction.

Broad incumbents

• Vanguard Personal Advisor / Managed Accounts: Vanguard's direct-indexing and personalized managed account program. Competes at the retail and mass-affluent tier on price and brand; SAM targets a more bespoke, advisor-channel segment of the same direct-indexing opportunity.
• Aperio Group (State Street Global Advisors): Direct indexing and customized index portfolios within SSGA's $4T+ asset management franchise. Competes with SAM in direct-index SMA/UMA implementation but operates with vastly greater scale, distribution, and balance sheet backing from State Street.
• BlackRock iShares Direct Indexing: BlackRock's direct-indexing offering within its broader iShares and Strategic Portfolio Management franchise. Competes head-on with SAM on personalized, tax-managed index portfolios but with materially more resources, captive BlackRock model ecosystem, and global distribution.

Emerging players

• Adhesion Wealth (now Brinker Capital Destinations / Vestmark): Wealthtech platforms serving RIAs with rebalancing, UMA, and model marketplace capabilities. Comparable in being a sub-advisory/overlay technology layer that advisors plug into for customized, tax-managed portfolio implementation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/smartleaf-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Smartleaf Asset Management