Best Investors
Sign in
Best Investors
Sign in
Form ADV Part 1A Item 5F(2)(f) · Answer type: number · Item 5F - Regulatory Assets Under Management
Item 5F(2)(f) is the total number of accounts included in the firm's regulatory AUM reporting. This represents the combined count of discretionary and non-discretionary accounts under continuous portfolio supervision.
This total should equal the sum of 5F(2)(d) discretionary accounts and 5F(2)(e) non-discretionary accounts when both categories are reported. It pairs with 5F(2)(c) total RAUM dollars to show both the scale and account distribution of the firm's regulatory AUM business.
The total account count includes only relationships that qualify as regulatory AUM under 5F(1) continuous and regular supervision. It excludes planning-only clients, project-based consulting, educational services, or other advisory arrangements that do not involve ongoing portfolio management.
Account counts represent individual accounts, not individual clients or households. One client might maintain multiple accounts (joint, individual, trust, or retirement accounts), while other clients might share accounts with family members. The count also does not distinguish between account types, sizes, or fee arrangements.
Different firms show different account distribution patterns. Some concentrate assets in fewer, larger accounts, showing high RAUM dollars with relatively low account counts. Others spread assets across many smaller relationships, showing higher account counts with lower per-account averages.
The total account count provides context for understanding the firm's business model - whether it focuses on high-net-worth relationships with larger accounts, serves broader markets with varied account sizes, or specializes in particular client segments.
5F(2)(f) - Total number of accounts (number).
This is one field in Item 5F, "Regulatory Assets Under Management." The firm reports the combined count of all accounts under regulatory AUM supervision as of its Form ADV reporting date.
The total account count helps you understand the firm's client base structure and scale. Combined with total RAUM dollars, it provides insight into typical account sizes and the firm's experience managing portfolios similar to your situation.
If you want to work with a firm experienced in accounts your size, compare your expected account value to the rough average account size (dividing 5F(2)(c) total RAUM by 5F(2)(f) account count). However, this is only a filing-date snapshot and actual account sizes vary significantly.
A large account count does not indicate service quality, investment performance, or operational efficiency. Some firms excel with many smaller relationships while others focus on fewer, larger accounts. The count also does not show client satisfaction, retention rates, or service delivery methods.
The figure does not represent the firm's total client relationships, since it excludes non-RAUM advisory services and since clients may hold multiple accounts. It also does not indicate household counts, family relationships, or referral patterns.
The value is a whole number representing the total count of regulatory AUM accounts as of the Form ADV reporting date. For example, 275 means 275 accounts under continuous supervision.
On the firm's Best Investors ADV panel, find Item 5F and look for the total accounts row labeled 5F(2)(f). This should equal the sum of discretionary and non-discretionary account counts when both are reported.
For rough average account size context, divide 5F(2)(c) total RAUM by the 5F(2)(f) account count. This provides only a filing-date calculation and actual account sizes vary widely above and below any average.
Compare the account count to 5C(1) total clients served when available to see whether the firm serves more clients than accounts (suggesting some clients do not have RAUM relationships) or more accounts than clients (suggesting multiple accounts per client).
When evaluating firms, ask about account minimums, typical account size ranges, and how they handle clients with different account sizes or multiple account relationships.