FinCEN AML scope: Pennsylvania's investment advisers
349 of Pennsylvania's SEC-registered investment advisers clear FinCEN's three-part AML scope test, from the SEC's own roster dated 2026-08-03. See the exact filter and sources for how that population is defined.
What stands out in Pennsylvania
A median Pennsylvania firm manages $440.1 million, almost exactly the national median of $440.3 million, the closest match to the country's typical firm size of any state in this set. Where Pennsylvania stands apart is wrap fee programs: 11.7% of its firms participate in one, the highest share of the ten, against a 7.4% national rate. Its private-fund exposure runs the other way, at 24.1% against a national 39.8%.
Pennsylvania's numbers, in full
- Firms in scope
- 349
- Median staff
- 7
- Fewer than 20 people
- 298 (85.4%)
- 5 people or fewer
- 139 (39.8%)
- Custody of client cash or securities
- 205 (58.7%)
- A related person holds custody
- 91 (26.1%)
- Advise at least one private fund
- 84 (24.1%)
- Median AUM
- $440.1 million
Firms in scope
Median staff
Fewer than 20 people
5 people or fewer
Custody of client cash or securities
A related person holds custody
Advise at least one private fund
Median AUM
This page is independent research, not legal advice, computed from the SEC's own public roster of investment advisers. See the method and sources. Verify anything load-bearing against the Federal Register text itself before acting on it.