FinCEN AML scope: Massachusetts’s investment advisers
438 of Massachusetts’s SEC-registered investment advisers clear FinCEN’s three-part AML scope test, from the SEC’s own roster dated 2026-11-02. See the exact filter and sources for how that population is defined.
What stands out in Massachusetts
A median Massachusetts firm in scope manages $695.4 million, No. 3 of 10 median AUM among the ten largest states, behind only New York. Its median staff of 9 also runs above the national median of 7, and 47.7% of its firms advise at least one private fund against a national 39.8%. Massachusetts firms in this population skew larger and more fund-exposed than most of the other nine states here.
Massachusetts’s numbers, in full
- Firms in scope
- 438
- Median staff
- 9
- Fewer than 20 people
- 318 (72.6%)
- 5 people or fewer
- 139 (31.7%)
- Custody of client cash or securities
- 283 (64.6%)
- A related person holds custody
- 207 (47.3%)
- Advise at least one private fund
- 209 (47.7%)
- Median AUM
- $695.4 million
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. The custody figures above count roster disclosures only. Whether a qualified custodian’s own AML program covers the adviser is a separate question, answered on its own page.