The firm offers these services through separately managed accounts (SMAs), wrap programs, and model portfolio arrangements, rather than positioning them as automated or robo-advisory tools.
Founded in 1974 through its parent organization, Madison Investments is headquartered in Madison, Wisconsin and managed approximately $23 billion in assets as of December 31, 2024.
The service is designed for investors who want professionally managed portfolios built and monitored by Madison’s internal portfolio management teams.
Madison Investments: How does it work?
Madison’s advisors work with their clients to establish investment objectives and any portfolio guidelines.
The advisor then manages the portfolio on an ongoing basis—buying and selling securities within those guidelines.
Client meetings are generally centered on periodic reporting and reviews rather than continuous self-directed trading or app-based tools.
Madison Investments' philosophy is “Participate and Protect®,” which emphasizes participating in market appreciation while seeking to limit downside risk over full market cycles.
The firm offers management across multiple strategy types, including:
Fixed income portfolios (government, corporate, municipal, and limited-duration bonds)
Equity strategies (large-cap, mid-cap, multi-cap and small-cap; dividend income; sustainable equity; international equity)
Multi-asset and asset allocation approaches that may use mutual funds and ETFs, depending on the strategy and account structure
What are the pros and cons of Madison Investments?
Madison Investments provides advisor-led, discretionary portfolio management, making it a fit for investors who want professional management rather than a robo-advisor experience.
Its key strengths include broad strategy coverage, multiple ways to access management, and an investment philosophy focused on balancing participation and risk management.
However, its typically high minimum account size and managed-account structure may be less suitable for smaller investors or those who want a self-directed, app-based investing experience.
Pros of Madison Investments:
Advisor-led, discretionary portfolio management: For many clients, Madison has discretionary authority to buy and sell securities within mutually agreed portfolio guidelines.
Broad set of strategies across asset classes: Madison states it has expertise in bond management, risk-managed equity, and customized multi-asset portfolios, with multiple portfolio types across fixed income, equity, and multi-asset approaches.
Multiple ways to access the service: Clients may work with Madison via SMAs, third-party wrap programs (in which Madison serves as a sub-advisor), or model/UMA-style programs in which Madison provides model updates.
Defined investment approach and risk framing: Madison describes its “Participate and Protect®” philosophy as aiming to participate in market appreciation while seeking protection in down markets.
Ongoing monitoring and reporting: Madison states it reviews client accounts at least quarterly and describes continuous portfolio monitoring, with periodic client reporting depending on account type.
Cons of Madison Investments:
High minimum investment: Madison states its minimum account size is typically $500,000 for equity and fixed-income portfolio management (with acceptance subject to the relationship).
Not self-directed trading or app-based investing: Madison describes most accounts as “managed accounts,” which generally will not accept individual security instructions or place trades at the client’s direction, except in very limited circumstances.
Affiliated product conflicts may apply: Madison may recommend investments in affiliated Madison Funds or Madison ETFs, and Madison or its affiliates may receive fees from those products as disclosed in the applicable prospectus.
Wrap/model program economics and control vary by program: In wrap programs, the sponsor charges an all-in wrap fee and pays Madison a portion; in model programs, the outside program is responsible for accepting/rejecting model changes and executing trades.
Madison Investments fees: How much does Madison Investments cost?
Madison Investments charges asset-based advisory fees for separately managed accounts (SMAs) across Fixed Income, Multi-Asset Solutions, and Equity and Balanced portfolios.
Fixed Income and Multi-Asset Solutions
| Account size tier | Annual advisory fee |
|---|---|
| First $5 million | 0.50% |
| Balance over $5 million | 0.40% |
Equity and Balanced
| Account size tier | Annual advisory fee |
|---|---|
| First $15 million | 0.80% |
| Balance over $15 million | 0.60% |
Fees may be negotiable depending on the relationship and service factors.
Affiliated funds and ETFs
Madison may recommend investing in affiliated Madison Funds and Madison ETFs, and that it (or an affiliate) will receive any fees paid by those funds/ETFs. This will be disclosed beforehand.
For retirement client assets subject to ERISA and/or the Internal Revenue Code, Madison states it will either waive the portion of its advisory fee attributable to assets invested in a Madison Fund/ETF or rebate the advisory fee by an amount equal to the fee it earns from the affiliated product for that client’s investment.
Other fees：
In addition to Madison’s advisory fee, clients may pay custodian fees and, except in wrap programs, brokerage and other transaction costs.
If trades are executed through brokers other than the account custodian, clients may also incur separate custodian charges such as “trade-away,” “step-out,” and/or prime broker fees (unless waived by the custodian).
What is Madison Investments’ minimum account size?
Madison Investments states that its minimum account size is typically $500,000 for equity and fixed income portfolio management.
The firm does caveat that whether it accepts an individual account or not depends on the nature and circumstances of the relationship.
Who should choose Madison Investments?
Madison Investments works well for:
Clients who want discretionary portfolio management: Madison typically has discretionary authority to determine which securities are bought and sold within client guidelines.
Investors seeking actively managed fixed income, equity, and multi-asset strategies: Madison states it has expertise in bond management (including corporate, government, and municipal bonds), risk-managed equity management, and customized multi-asset portfolios.
Investors who prefer periodic review and reporting: Madison offers ongoing monitoring and at least quarterly account reviews, with reporting provided on a periodic basis depending on account type.
Financial advisors and home-office teams: Madison serves financial advisors and highlights offerings that support home-office and advisor teams, including access to its investment strategies and managed-account solutions.
Who might not benefit as much:
Investors looking for a self-directed or automated platform: Madison’s service is built around advisor-led portfolio management rather than automated tools or client-driven trading.
Investors who cannot meet the stated minimum: Madison states that the typical minimum account size for equity and fixed income portfolio management is $500,000.
Clients who want to direct individual trades: Madison states that it typically does not manage accounts on a non-discretionary basis, except through wrap-fee, model, or other sub-advisory arrangements.
Madison Investments: Is it secure?
Madison Investments is registered with the U.S. Securities and Exchange Commission (SEC) as an investment advisor and operates under a fiduciary framework, meaning it must act in the client's best interests.
Client assets are held with third-party custodians appointed by the client or by the sponsoring platform in wrap or model programs.
Madison also states that it maintains administrative, technical, and physical safeguards to protect personal information, and that access to such information is restricted to employees and service providers who need it to perform their job functions, with security controls applied based on the sensitivity of the data involved.
As with any investment advisory relationship, no system can eliminate all risk. However, Madison’s combination of SEC registration, third-party custody of client assets, and publicly disclosed information security practices aligns with the standard safeguards used by established investment advisory firms.
Madison Investments: Customer service
Madison Investments’ customer service is structured around advisor-led, relationship-based support, rather than a digital helpdesk model with live chat or 24/7 availability.
Client interaction typically occurs through direct communication, scheduled reviews, and periodic reporting within an ongoing advisory relationship.
Support expectations can vary depending on how a client accesses Madison’s services.
In addition to advisor-led communication, Madison’s website lists traditional contact options, including phone support and physical office locations.
Is Madison Investments worth it?
Whether Madison Investments is worth it depends on what an investor is looking for in an advisory relationship.
For investors seeking professional, advisor-led portfolio management across fixed income, equities, or multi-asset strategies, Madison offers a traditional managed-account approach.
However, investors who prefer low minimums, app-based, or automated investing solutions may find Madison less suitable.
In addition, those who want to place individual trades themselves or rely on on-demand digital support may find the service structure more restrictive than alternatives designed for hands-on or technology-first users.
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