Firm Description
Fisher Asset Management, LLC, doing business as Fisher Investments (“FI”), a privately held limited liability company,
is an investment adviser with offices in California, Florida, Texas and Washington. FI is registered with the U.S.
Securities and Exchange Commission (“SEC”); in Canada with the Alberta Securities Commission, British Columbia
Securities Commission, Manitoba Securities Commission, New Brunswick Securities Commission, Newfoundland and
Labrador Financial Services Regulation Division, Nova Scotia Securities Commission, Ontario Securities Commission,
Prince Edward Island Securities Office, Quebec Autorité des Marchés Financiers, and Saskatchewan Financial Services
Commission; and with the Netherlands Authority for the Financial Markets. FI has a branch office registered with the
Dubai International Financial Centre. Being registered with the SEC or any other regulatory authority does not imply FI
has a certain level of skill or training.
FI manages assets within different client groups: 401(k) Solutions; Institutional (including Personalized Retirement
Outcomes); US and Canadian private clients; UK private clients; European private clients; and Australian private clients.
Collectively, these groups comprise a global client base of diverse investors including corporate, public and multi-
employer pension plans, foundations and endowments, insurance companies, healthcare organizations, governments,
investment companies and high net worth individuals. The firm offers a broad array of US, non-US, global equity, and
fixed income strategies with various capitalization and style orientations. Founded in 1979, all strategies are supported
by the firm’s global research platform developed over its 40+ year history. Investment decisions are made by the firm’s
five member Investment Policy Committee (“IPC”). In the mid-1990s, FI began offering separate portfolio management
directly to high net worth individuals. In early 2000, FI expanded service offerings into Canada and Europe. 401(k)
Solutions was launched in 2014.
The bedrock of FI’s business is based on maintaining a culture of ethics and integrity with the highest possible emphasis
on clear and transparent communications with the investing public. Embedded within the firm’s culture is its embrace of
the fiduciary duty to put client interests first. FI fosters a culture that hires, trains, and rewards employees in direct
support of the values of openness, honesty, integrity, and trust.
Principal Owners
Fisher Investments, Inc. owns 100% of the voting interests in FI, with the CEO (as co-trustee, with his spouse,
of a family trust) holding non-voting interests. Ken Fisher (as co-trustee, with his
spouse, of a family trust)
owns more than 75% of the shares of Fisher Investments, Inc.
Types of Advisory Services
FI, through 401(k) Solutions, provides fiduciary and non-fiduciary services for retirement plan sponsors in the United
States. Depending on retirement plan type and FI’s agreement with each plan, these services generally include the
following:
Provide a dedicated service team
Lead service provider transitions
Help plan sponsors establish and understand plan goals, rules, and features
Help establish an investment policy statement (“IPS”)
Build a goals-driven fund lineup (Fiduciary Service)
Provide a customizable employee introduction to the plan
Hold one-on-one enrollment and retirement guidance meetings with all employees
March 28, 2024 Form ADV Part 2A 5
Keep investment lineup aligned with plan needs (Fiduciary Service)
Help maintain IPS
Help plan sponsors understand plan governance and compliance issues
Champion the plan with other service providers and spearhead transitions as needed
Analyze service provider fees and compare to industry averages
Deliver an annual plan review to key stakeholders
Compile fiduciary audit file materials
Execute ongoing financial education programs for employees
Provide employees direct access to Retirement Specialist support
Host ongoing customized employee events and one-on-one meetings
Provide additional plan compliance support
Provide ongoing fiduciary education
The Funds include registered investment companies (i.e., mutual funds) that are not advised by FI, and/or collective
funds (“Collective Funds”) for which FI may serve as investment adviser. These are explained in more detail in Methods
of Analysis, Investment Strategies, Risk of Loss, and Affiliations sections for additional information. FI does not receive
any fees from funds, including fund distribution fees, revenue sharing, advisory fees, or management fees. When
selecting funds, FI evaluates a range of qualitative and quantitative factors, including fund fees. FI seeks funds with
reasonable fees that also meet our other fund evaluation criteria. Collective Funds, when utilized, are designed to be low
fee for the participant. Some plan sponsors may elect to make additional investment options available to plan participants
through a self-directed brokerage account.
Assets under Management
FI manages client assets on a discretionary basis. As of December 31, 2023, FI managed a total of:
401(k) Solutions Private Client Institutional Total
Discretionary $4,093,948,454 $195,488,349,846 $36,361,057,165 $235,943,355,465
Non-Discretionary $0 $0 $0 $0
Total $4,093,948,454 $195,488,349,846 $36,361,057,165 $235,943,355,465