The NAICS code for wealth management is 523940, Portfolio Management and Investment Advice. The 2022 NAICS revision created this code by merging 523920 (Portfolio Management) and 523930 (Investment Advice), so any RIA, financial planning firm, or fee-based wealth manager registering a business today should use 523940, not the older split codes.
Key takeaways
- 523940 is the current code. NAICS 2022 merged 523920 (Portfolio Management) and 523930 (Investment Advice) into a single industry: Portfolio Management and Investment Advice.
- "Wealth management" is not a literal NAICS entry. The official 2022 index has zero entries for "wealth management." The activities that make up a wealth management firm, customized investment advice, financial planning, and managing client portfolios, all map to 523940.
- The old codes still float around. Plenty of state forms, bank applications, and lookup tools still list 523920 or 523930. Agencies map them forward to 523940 through the official concordance, but use 523940 on anything new.
- The code has real money attached. SBA small business status for 523940 caps at $47 million in average annual receipts, which matters for SBA loans and government set-asides.
- Broker-dealers, custodians, and holding companies use different codes. If you execute trades as a broker, hold assets in custody, or run a family holding entity, 523940 is probably wrong for that entity.
What NAICS 523940 actually covers
The Census Bureau defines 523940 as establishments primarily engaged in managing the portfolio assets of others on a fee or commission basis, and/or providing customized investment advice to clients on a fee basis. The definition draws one useful line inside the industry: portfolio managers have the authority to make investment decisions and execute trades, while investment advisers provide planning and counseling but do not have trade authority. Both sit under the same six digits.
The official index entries under 523940 read like a directory of the wealth management business: certified financial planners (customized, fees paid by client), investment advisory services, investment management, managing mutual funds, pension fund managing, managing personal investment trusts, and private equity fund managing.
Two exclusions matter. Firms that give investment advice as a sideline to their primary business, say an insurance agency or a real estate brokerage, classify under that primary activity instead. And newsletter publishers selling generalized investment research to subscribers fall under publishing (Subsector 513), not 523940.
Scenario to code: which one is yours
| Your business | Correct 2022 NAICS code |
|---|---|
| RIA, fee-only financial planner, wealth management firm | 523940 Portfolio Management and Investment Advice |
| Fund manager (mutual fund, pension, private equity) | 523940 Portfolio Management and Investment Advice |
| Multi-family office charging fees to manage client assets | 523940 Portfolio Management and Investment Advice |
| Broker-dealer, securities brokerage, investment bank | 523150 Investment Banking and Securities Intermediation |
| Investing your own money (trader, investment club, single-family capital) | 523910 Miscellaneous Intermediation |
| Trust administration, custody, escrow services for others | 523991 Trust, Fiduciary, and Custody Activities |
| The trust or estate entity itself (a legal vehicle, not a service firm) | 525920 Trusts, Estates, and Agency Accounts |
| Family holding company that owns assets but does not manage them for fees | 551112 Offices of Other Holding Companies |
The pre-2022 codes map cleanly: 523920 and 523930 both became 523940, and the old broker-dealer pair 523110 and 523120 merged into 523150.
A note on family offices, since many readers here are building one: NAICS has no "family office" entry at all. The right code depends on what the entity does. Charging fees to manage other people's money, including other branches of the family, is 523940. A vehicle that only invests the founder's own capital fits 523910, and a pure holding structure fits 551112, whose index includes personal holding companies. If you are still deciding how to structure the entity, our wealth management hub covers the service models these codes describe.
Where the code actually shows up
EIN application and tax returns. The IRS online EIN application asks for your principal activity, and your business tax return (Schedule C, 1065, or 1120) asks for a principal business activity code built on NAICS. The IRS list compresses this industry to 523900, "Other Financial Investment Activities (including portfolio management and investment advice)." That is the correct choice on a return; 523940 is the correct answer everywhere the full NAICS code is requested.
SBA loans and size standards. Under 13 CFR 121.201, a 523940 business is small if average annual receipts over five years stay at or below $47 million. An advisory practice billing 1% on a few hundred million in AUM is comfortably small by SBA math, which keeps 7(a) loans and small business set-asides on the table.
Government contracting. SAM.gov registration requires at least one NAICS code, and contract opportunities are posted against specific codes. Agencies buying investment management or advisory services post under 523940, so a registration under a stale 523930 can leave you invisible to exactly the solicitations you want.
Business insurance. E&O and cyber underwriters price from industry classification. 523940 signals fee-based advice, a very different risk profile from a broker-dealer executing trades under 523150. Getting classified as the wrong one can mean quotes for risk you do not carry.
Banking and credit. Banks record a NAICS code when you open a business account, and Dun & Bradstreet files carry one. Lenders benchmark your financials against your code's industry peers, so a wealth manager misfiled under a generic consulting code gets compared against the wrong margin structure.
One practical reassurance: there is no NAICS police. The Census Bureau assigns codes for statistical purposes and self-selection is the norm. A wrong code will not void your RIA registration, but it quietly costs you in the four places above, and it is a two-minute fix on most forms.
How to pick correctly
Classify by primary activity, meaning the one that generates the most revenue. A firm that earns 80% advisory fees and 20% insurance commissions is a 523940 business. Run your activity through the Census Bureau's NAICS search at census.gov/naics to confirm, and be suspicious of third-party lookup tools that still surface 523930 or push fee-based planning into 541990, a catch-all professional services code where it does not belong.
The big incumbents illustrate the boundaries. A firm like Northern Trust spans trust and custody (523991), banking, and advisory lines, which is why large institutions carry different codes across subsidiaries; our Northern Trust wealth management review breaks down those service lines. Wells Fargo similarly runs brokerage under one entity and advisory under another, a split you can see in how the offering is packaged in our Wells Fargo wealth management review. Your single-entity RIA has it easier: one activity, one code.
If the firm you are classifying is one you are building rather than hiring, the codes are the least interesting part of the job. The entrepreneurship hub covers the parts that move the needle, from entity choice to what a fee-based practice is worth when you eventually sell it.
NAICS updates every five years. The 2027 revision process is already underway, with the Office of Management and Budget collecting comments through 2026, so check for a fresh code before you fill out anything new after the next revision lands.
Frequently asked questions
What is the NAICS code for wealth management?
The NAICS code for wealth management is 523940, Portfolio Management and Investment Advice. The 2022 NAICS revision created this code by merging 523920 (Portfolio Management) and 523930 (Investment Advice), so any RIA, financial planning firm, or fee-based wealth manager registering today should use 523940, not the older split codes.
Is there a specific NAICS code for a family office?
No, NAICS has no family office entry at all, so the right code depends on what the entity does. Charging fees to manage other people's money, including other branches of the family, is 523940. A vehicle that only invests the founder's own capital fits 523910, Miscellaneous Intermediation. A pure holding structure that owns assets without managing them for fees fits 551112, Offices of Other Holding Companies.
Why does the right NAICS code matter for a wealth management firm?
The code has real money and visibility attached. SBA small business status for 523940 caps at $47 million in average annual receipts, which keeps 7(a) loans and set-asides available. Government contracts post against specific codes, so a stale 523930 registration leaves you invisible to solicitations. E&O and cyber insurers also price from your classification, and banks benchmark your financials against your code's industry peers.
What NAICS code goes on my tax return for an advisory firm?
On a tax return, use 523900, Other Financial Investment Activities, which the IRS list uses to compress this industry including portfolio management and investment advice. That is the correct choice on Schedule C, 1065, or 1120. The full six-digit code 523940 is the correct answer everywhere the complete NAICS code is requested, such as SAM.gov or business insurance applications.
What NAICS code does a broker-dealer use instead of 523940?
A broker-dealer, securities brokerage, or investment bank uses 523150, Investment Banking and Securities Intermediation, not 523940. The 2022 revision merged the old broker-dealer pair 523110 and 523120 into 523150. The distinction matters for insurance, since 523940 signals fee-based advice, a very different risk profile from a broker-dealer executing trades. Trust and custody services for others use 523991.