523940 — Portfolio Management and Investment Advice
Description
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 (as defined in the official U.S. Census Bureau 2022 NAICS Manual).
Illustrative Examples
- Financial planning services, customized, fees paid by client
- Investment advisory services, customized, fees paid by client
- Managing trusts
- Portfolio fund managing
Overview Facts
Legacy SIC Concordance
Trace the historical mapping chain from the 1987 Standard Industrial Classification (SIC) to the modern 2022 NAICS code format.
- SIC 6282 - Investment Advice (via SIC1987:6282→NAICS1997:52392→2002:523920→2007:523920→2012:523920→2017:523920→2022:523940)
- SIC 6371 - Pension, Health, and Welfare Funds (via SIC1987:6371→NAICS1997:52392→2002:523920→2007:523920→2012:523920→2017:523920→2022:523940)
- SIC 6733 - Trusts, Except Educational, Religious, and Charitable (via SIC1987:6733→NAICS1997:52392→2002:523920→2007:523920→2012:523920→2017:523920→2022:523940)
- SIC 6799 - Investors, NEC (via SIC1987:6799→NAICS1997:52392→2002:523920→2007:523920→2012:523920→2017:523920→2022:523940)
Suggested Product Service Codes (Advisory)
The following Product Service Codes (PSCs) are advisory suggestions aligned with this NAICS code. Note: NAICS and PSC codes map to different dimensions of procurement (industry vs. product/service). There is no official binding 1:1 crosswalk.
- PSC R710 — Financial Services (includes credit card services and any other financial services. See revision to description for code R703 above)
Source: DoD DPCAP PSC Selection Tool (Ingested: 2026-06-29)
Frequently Asked Questions (FAQ)
Is NAICS code 523940 valid in 2022? ▾
Yes, 523940 is a valid 6-digit 2022 NAICS national industry code representing 'Portfolio Management and Investment Advice' under Sector 52 in the official classification index.
What is the SBA size standard for NAICS code 523940? ▾
The Small Business Administration (SBA) has established a small business size standard of $47,000,000 for NAICS code 523940 (Portfolio Management and Investment Advice), calculated based on receipts.
What is the legacy SIC equivalent for NAICS 523940? ▾
According to official Census Bureau concordance tables, NAICS code 523940 (Portfolio Management and Investment Advice) maps to legacy 1987 Standard Industrial Classification (SIC) codes: 6282 - Investment Advice, 6371 - Pension, Health, and Welfare Funds, 6733 - Trusts, Except Educational, Religious, and Charitable, 6799 - Investors, NEC.
Related Pages & Tools
Further regulatory reference links for NAICS code 523940:
- Sector 52 Directory Hub — List of related industries in the Finance and Insurance sector.
- SIC ↔ NAICS Crosswalk Tool — Look up mappings between legacy SIC codes and modern classifications.
- NAICS 523940 to SIC Crosswalk — Bidirectional mapping to legacy SIC codes (Portfolio Management and Investment Advice).
- IRS PBA Code for Financial Advisor — Principal Business Activity tax reporting details.
- IRS PBA Code for Financial Planning — Principal Business Activity tax reporting details.
- SBA Size Standards Guide — Complete rules and averaging periods for small business classifications.
- Calculating Annual Receipts Guide — Detailed worked example of revenue calculation rules.
- IRS Principal Business Activity Guide — How NAICS codes map to corporate and entity tax filings.