Investment Advice
Key Figures
Figures are published for NAICS 523930 directly.
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Official definition
This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, but do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients.
Source: US Census Bureau, 2017 NAICS Definitions. Public domain.
Illustrative examples
- Financial investment advice services, customized, fees paid by client
- Investment advisory services, customized, fees paid by client
- Financial planning services, customized, fees paid by client
Which code does this activity belong in?
Investment advice establishments provide customized financial planning and investment counseling to specific clients on a fee basis, but critically do not execute trades on behalf of those clients. Portfolio management establishments, by contrast, are classified in a different code because they actively manage and execute trades within client portfolios. Investment advice focuses on providing counsel and recommendations tailored to individual client goals, distinguishing it from the broader financial intermediation and investment services covered in all other financial investment activities.