Harris | Oakmark is a investment adviser based in Chicago, IL, that holds a 67.8/100 Fidelon TransparencyScore (th percentile), with 4 registered advisors. Score based on public SEC and FINRA filings.
Harris | Oakmark
Harris ASSOCIATES · CRD #106960
A registered investment adviser held to a fiduciary standard.
Fidelon Fact Sheet
Harris | Oakmark used to be called Harris Associates LP. It is an investment adviser in Chicago, Illinois that manages investment portfolios and helps plan for retirement. The firm charges 0.45% to 0.75% of assets per year. It also reports custody, which means it can hold or access client funds. Its regulatory record shows disclosures, with the most recent action in 2022.
Peer Context
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Charges fixed fees for specific services
- Can earn money selling products alongside advice — the product company pays that, so it never appears on an advisory invoice
What you’d pay
Your balance falls in the $15+ band, charged at 0.45% on the full amount.
Not included above
- • In addition to investment advisory fees payable to Harris, clients will also incur expenses that are generally not payable to Harris but arise in connection with Harris’ investment advisory services. These expenses may include, but are not limited to, pooled investment vehicle expenses, custodian fees and expenses, brokerage commissions, mark-ups and mark-downs, taxes, wire fees and other transaction costs.
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| $0 - $15 | 0.75% |
| $0 - $15 | 0.45% |
| $15+ | 0.45% |
Billed quarterly in advance for private wealth clients; quarterly in arrears for institutional clients; monthly in arrears for mutual fund clients
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Who They Typically Serve
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Registered as investment adviser with fiduciary obligation
Things You Should Know
- 5 regulatory complaints in public regulatory filings
- $93K in regulatory fines
- Fee disclosure could be more detailed — regulatory filings describe fee schedules and service terms less clearly than top-scoring peers
Conflict Audit
Our analysis identified 2 potential conflicts of interest in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
What this firm says about how it gets paid
“The more assets there are in your account, the more you will pay in fees, and we may therefore have an incentive to encourage you to increase the assets in your account.”
“For example, we sometimes invest client assets in funds that we or our affiliates manage. We earn management, supervisory and administrative fees for these funds, and therefore we have a financial incentive to use or recommend these funds.”
Source: the firm’s own Form CRS, filed 2026-03-31 — quoted directly
Regulatory Track Record
5
Disclosures
$93K
Total Fines
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
76/100
Fair
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
75/100
Fair
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
66/100
Fair
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
65/100
Fair
Avg for investment adviser firms: 99.7 | Top 10%: 100
Next Steps
Advisor Roster
4 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| Michael Joseph Mangan | 1902866 | — | — |
| Emily Shira Neumark | 7863611 | — | — |
| Brian Peter Hettinger | 4761079 | — | — |
| Bryan Charles Tennant | 2998094 | — | — |
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.8 · CRD #106960