FinCEN AML scope: Pennsylvania’s investment advisers
354 of Pennsylvania’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 Pennsylvania
A median Pennsylvania firm manages $440.2 million, almost exactly the national median of $429.6 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: 11.9% 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 24.3% against a national 39.8%.
Pennsylvania’s numbers, in full
- Firms in scope
- 354
- Median staff
- 7
- Fewer than 20 people
- 302 (85.3%)
- 5 people or fewer
- 142 (40.1%)
- Custody of client cash or securities
- 209 (59.0%)
- A related person holds custody
- 91 (25.7%)
- Advise at least one private fund
- 86 (24.3%)
- Median AUM
- $440.2 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.