Madison Investment Advisors, Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 110297
· SEC file 801-52751
· Madison, WI
· www.linkedin.com
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ADV data as of Mar 20, 2026
- Regulatory AUM
- $13.8B
- Discretionary
- $13.8B
- Clients
- 16,164
- Avg AUM / client
- $856K
- Accounts
- 16,164
- Employees
- 92
AUM over time
$5.8B
$19.4B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 20, 2026
Asset allocation (SMA assets by investment type)
as of Mar 20, 2026
Exchange-traded equities
$6.5B
47%
Investment-grade corporate bonds
$3.2B
23%
US government & agency bonds
$2.6B
19%
State & local bonds
$554M
4%
Pooled investment vehicles
$415M
3%
Cash & equivalents
$415M
3%
Registered investment companies (funds/ETFs)
$138M
1%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 12,359 | $3.3B | 23.7% |
| High net worth individuals | 2,243 | $3.0B | 22.0% |
| Banking or thrift institutions | 87 | $611M | 4.41% |
| Pension and profit sharing plans | 169 | $499M | 3.61% |
| Charitable organizations | 622 | $2.1B | 14.9% |
| State or municipal government entities | 83 | $1.0B | 7.41% |
| Insurance companies | 106 | $2.0B | 14.3% |
| Corporations and other businesses | 495 | $1.3B | 9.75% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Neca Local 145 Ibew Pension Fund Neca Local 145 Ibew Pension Fund | Moline, IL | 2024 |
| Monterey Peninsula Restaurant And Hotel Pension Fund Board Of Trustees, Monterey Peninsula Restaurant And | 2024 | |
| Uswa Drummond Company Pension Agreement Drummond Company, Inc. | Birmingham, AL | 2024 |
| Millwrights' Local 1102 Supplemental Pension Fund Millwrights' Local 1102 Supplemental Pension Fund | 2024 | |
| Michigan Regional Council Of Carpenters' Annuity Fund Joint Board Of Trustees Of Mi Reg Council Of Carpenters Annuity Fund | 2024 | |
| Strand Associates, Inc. Employees Profit Sharing Trust Strand Associates, Inc. | 2024 | |
| Electrical Workers Pension Trust Fund Of Local Union No. 58 Ibew The Board Of Trustees Of The Electrical Workers Pension Trust | 2024 | |
| Annuity Fd Of The Iuoe Local Union 94, 94 A, 94 B Afl Cio Bd Of Trustees Annuity Fund Of The Iuoe Lcl Union 94, 94 A, 94 B Afl Cio | 2024 | |
| Weyco Group, Inc. Pension Plan Weyco Group, Inc. | 2024 | |
| Bradford White Corporation Uaw Retirement Income Plan Bradford White Corporation | 2024 | |
| Bradley Corporation Pension Plan Bradley Company, Llc | 2024 | |
| Pension Fund Of Heat And Frost Insulators Local 12 Board Of Trustees Pension Fund Of Heat And Frost Insulators Local 12 | 2024 |
People (28)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Steven Allan Carl | Chief Distribution Officer, Chairman Of The Executive Committee | Jan 2014 (13y) | Less than 5% | |
| Henrickson, Mark, Dana | Chief Financial Officer | Jan 2018 (9y) | Less than 5% | |
| Fredricks, Steven, Joseph | Chief Compliance Officer And Chief Legal Officer | May 2018 (8y) | Less than 5% | |
| Friedow, Jill, Manternach | Head Of Operations And Chief Technology Officer | Mar 2020 (6y) | Less than 5% | |
| Patrick F Ryan | Head Of Multi Asset Solutions, Portfolio Manager | Jan 2023 (4y) | Less than 5% | |
| Sanders, Michael, Scott | Head Of Fixed Income, Portfolio Manager | Jan 2023 (4y) | Less than 5% | |
| Toyama, Haruki | Head Of Mid Cap & Large Cap Equity, Portfolio Manager | Jan 2023 (4y) | Less than 5% | |
| Eisinger, Richard, Allen | Head Of Equities, Portfolio Manager | Nov 2023 (3y) | Less than 5% | |
| Jeffrey Edward Simonbaker | Registered representative | Jan 2011 (16y) | ||
| Jeffrey Thomas Matthias | Registered representative | CFA | Aug 2011 (15y) | |
| Donald Joseph Miller | Registered representative | CFA | Jan 2015 (12y) | |
| Stuart Paul Dybdahl | Registered representative | Sep 2015 (11y) | ||
| Leslie Oliversen | Registered representative | Feb 2017 (9y) | ||
| Michael Ryan Glatkowski | Registered representative | Feb 2019 (8y) | ||
| Christopher Allen Ridberg | Registered representative | Mar 2019 (7y) | ||
| Christopher Anthony Aleman | Registered representative | Apr 2019 (7y) | ||
| David Geisler | Registered representative | Aug 2019 (7y) | ||
| Thomas Ralph Henry Tibbles | Registered representative | CFA | Oct 2020 (6y) | |
| Natalie L Johnson | Registered representative | Feb 2021 (5y) | ||
| Joel Arthur Dykman | Registered representative | Jul 2021 (5y) | ||
| Matthew Howard Weiss | Registered representative | Jun 2022 (4y) | ||
| Timothy John Van Pelt | Registered representative | Mar 2023 (3y) | ||
| Kiernan Haney | Registered representative | Mar 2023 (3y) | ||
| Mindi Anne Endres | Registered representative | May 2024 (2y) | ||
| Christopher James Hodges | Registered representative | Jun 2024 (2y) | ||
| Michael Zachariah Grimes | Registered representative | Mar 2025 (1y) | ||
| Nicholas Andrew Harenda | Registered representative | Oct 2025 (1y) | ||
| Aaron Ryan Hanson | Registered representative | CFA | Feb 2026 (0y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Madison Asset Management, Llc | Immediate Corporate Parent | Nov 2010 | A | 75% or more |
| Madison Investment Holdings, Inc | Holding Company | Nov 2010 | B | ≈ 56.25% – 100% via Madison Asset Management, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Madison Investment Holdings, Inc: 75% – 100% of Madison Asset Management, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Retirement plans served (12)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Neca Local 145 Ibew Pension Fund | Neca Local 145 Ibew Pension Fund | 865 | $275M | 09/01/2024 |
| Monterey Peninsula Restaurant And Hotel Pension Fund | Board Of Trustees, Monterey Peninsula Restaurant And | 1,025 | $71.3M | 08/01/2024 |
| Uswa Drummond Company Pension Agreement | Drummond Company, Inc. | 309 | $53.0M | 07/01/2024 |
| Millwrights' Local 1102 Supplemental Pension Fund | Millwrights' Local 1102 Supplemental Pension Fund | 2,386 | $0 | 05/01/2024 |
| Michigan Regional Council Of Carpenters' Annuity Fund | Joint Board Of Trustees Of Mi Reg Council Of Carpenters Annuity Fund | 17,503 | $531M | 05/01/2024 |
| Strand Associates, Inc. Employees Profit Sharing Trust | Strand Associates, Inc. | 480 | $190M | 01/01/2024 |
| Electrical Workers Pension Trust Fund Of Local Union No. 58 Ibew | The Board Of Trustees Of The Electrical Workers Pension Trust | 3,182 | $923M | 01/01/2024 |
| Annuity Fd Of The Iuoe Local Union 94, 94 A, 94 B Afl Cio | Bd Of Trustees Annuity Fund Of The Iuoe Lcl Union 94, 94 A, 94 B Afl Cio | 5,885 | $1.8B | 01/01/2024 |
| Weyco Group, Inc. Pension Plan | Weyco Group, Inc. | 79 | $39.0M | 01/01/2024 |
| Bradford White Corporation Uaw Retirement Income Plan | Bradford White Corporation | 295 | $79.3M | 01/01/2024 |
| Bradley Corporation Pension Plan | Bradley Company, Llc | 0 | $7.9M | 01/01/2024 |
| Pension Fund Of Heat And Frost Insulators Local 12 | Board Of Trustees Pension Fund Of Heat And Frost Insulators Local 12 | 391 | $155M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/20/2026 | 1.27 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
- • Other services
Custody
Reported custodians
- Wells Fargo $2.0B (15% of AUM) Mar 2024
- U.S. Bank $2.0B (16% of AUM) Dec 2023
- Charles Schwab & Co. $1.9B (14% of AUM) Mar 2026
- UBS $1.5B (11% of AUM) Mar 2026
- Morgan Stanley $1.5B (11% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 20, 2026.
View current Form ADV (SEC/IAPD) ↗