NAICS Code 523940 — Portfolio Management and Investment Advice

National Industry in the official 2022 North American Industry Classification System (U.S. Census Bureau). It is the only national industry under 52394 (Portfolio Management and Investment Advice).

Code	523940
Title	Portfolio Management and Investment Advice
Level	National Industry (6-digit)
Edition	NAICS 2022 edition
SBA size standard	$47 million in average annual receipts

Official definition (2022 NAICS)

This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis and/or providing customized investment advice to clients on a fee basis. Establishments providing portfolio management have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. Establishments providing investment advice provide financial planning advice and investment counseling to meet the goals and needs of specific clients, but do not have the authority to execute trades.

Illustrative Examples:

Financial planning services, customized, fees paid by client

Investment advisory services, customized, fees paid by client

Managing trusts

Portfolio fund managing

Cross-References.

Is a business under 523940 "small"?

Under the SBA size standards (13 CFR 121.201, effective March 17, 2023), a business classified in NAICS 523940 qualifies as a small business if it does not exceed $47 million in average annual receipts. Small-business status determines eligibility for federal set-aside contracts, SAM.gov certifications and SBA loan programs — receipts are averaged over the latest 5 fiscal years.

Where 523940 sits in the hierarchy

Level	Code	Title
Sector	52	Finance and Insurance
Subsector	523	Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Industry Group	5239	Other Financial Investment Activities
NAICS Industry	52394	Portfolio Management and Investment Advice
National Industry	523940	Portfolio Management and Investment Advice

No direct SIC mapping is shown for this code: it was introduced or redefined after the official 1987 SIC ↔ 2002 NAICS concordance. Use the crosswalk tool to explore related legacy codes.

Data: official 2022 NAICS structure, descriptions and Census concordances, U.S. Census Bureau — U.S. government works in the public domain (17 U.S.C. §105). Suggested reference, not an official determination.