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Wealth Management Firms (RIAs) in Milwaukee

42 wealth management firms are on this list. Of those that report regulatory assets on Form ADV, Annex Wealth Management is the largest: $8.1 billion through Annex Advisory Services, LLC (filed ).

Ellenbecker Investment Group follows with $2.1 billion. The 42 advisers counted report $32.4 billion together; the ten largest hold 68% of it, and half report less than $349 million.

Updated . Rechecked quarterly; next check . Figures read , as filed to .

Where the $32.4BN sitsThe 42 firms counted, by size. The bar is each size band's share of the combined dollars.
  1. $5BN to $10BN25%1 firm
  2. $1BN to $5BN38%7 firms
  3. $500MM to $1BN17%8 firms
  4. Under $500MM20%26 firms

Latest Form ADV of each, filed Dec 2025 to Sep 2026. Read ; sources at the end of the page.

Wealth management firms listedList of November 2026; 41 are wealth managers and 1 is a wealth manager with a broker-dealer
42
Combined assets42 counted; as filed to Sep 2026
$32.4BN
Largest: Annex Wealth ManagementAs filed
$8.1BN
Median firmHalf of the 42 report less
$349MM
Held by the ten largestOf the $32.4BN combined
68%

Annex Wealth Management, Ellenbecker Investment Group and Operose Advisors lead the Milwaukee wealth management firms by assets

The twenty largest by regulatory assets on their latest Form ADV. Together they report $27.6BN, 85% of the $32.4BN the 42 counted report.

  1. 1

    Annex Wealth Management

    Wealth manager, Brookfield, WI

    $8.1BNRegulatory assets, Apr 2026

    65% high net worth, 28% other individuals, 7% pension plans

    Individual clients
    6,710
  2. 2

    Ellenbecker Investment Group

    Wealth manager, Waukesha, WI

    $2.1BNRegulatory assets, Mar 2026

    75% high net worth, 25% other individuals

    Individual clients
    2,277
  3. 3

    Operose Advisors

    Wealth manager, Milwaukee, WI

    $2.0BNRegulatory assets, Sep 2026

    74% high net worth, 14% charities, 5% businesses

    Individual clients
    430
    Private funds
    2
  4. 4

    Landaas & Company

    Wealth manager with a broker-dealer, Milwaukee, WI

    $1.9BNRegulatory assets, Sep 2026

    74% high net worth, 25% other individuals

    Individual clients
    1,800
  5. 5

    IAG Wealth Partners

    Wealth manager, Waukesha, WI

    $1.9BNRegulatory assets, Mar 2026

    63% high net worth, 36% other individuals

    Individual clients
    2,339
  6. 6

    Diversified Management

    Wealth manager, Milwaukee, WI

    $1.9BNRegulatory assets, Mar 2026

    91% high net worth, 6% charities, 3% other individuals

    Individual clients
    339
  7. 7

    Capital Investment Services of America

    Wealth manager, Milwaukee, WI

    $1.3BNRegulatory assets, Dec 2025

    68% high net worth, 14% other individuals, 9% charities

    Individual clients
    898
  8. 8

    Oarsman Capital

    Wealth manager, Milwaukee, WI

    $1.2BNRegulatory assets, Sep 2026

    89% high net worth, 10% other individuals

    Individual clients
    670
  9. 9

    PJS Investment Management

    Wealth manager, Cedarburg, WI

    $852MMRegulatory assets, Mar 2026

    85% high net worth, 10% other individuals, 3% pension plans

    Individual clients
    454
  10. 10

    Global View Capital Management

    Wealth manager, Waukesha, WI

    $775MMRegulatory assets, Aug 2026

    69% other individuals, 30% high net worth, 1% businesses

    Individual clients
    3,786
  11. 11

    Broadview Financial Management

    Wealth manager, Wauwatosa, WI

    $699MMRegulatory assets, Mar 2026

    95% high net worth, 5% other individuals

    Individual clients
    269
  12. 12

    Riverwater Partners

    Wealth manager, Milwaukee, WI

    $661MMRegulatory assets, Jun 2026

    70% high net worth, 16% other advisers, 12% charities

    Individual clients
    161
  13. 13

    BKM Wealth Management

    Wealth manager, Brookfield, WI

    $652MMRegulatory assets, Feb 2026

    74% high net worth, 20% other individuals, 2% businesses

    Individual clients
    590
  14. 14

    Shakespeare Wealth Management

    Wealth manager, Pewaukee, WI

    $642MMRegulatory assets, Jul 2026

    85% high net worth, 14% other individuals

    Individual clients
    312
  15. 15

    Drake & Associates

    Wealth manager, Waukesha, WI

    $607MMRegulatory assets, Sep 2026

    59% other individuals, 41% high net worth

    Individual clients
    3,401
  16. 16

    Richardson Capital Management

    Wealth manager, Menomonee Falls, WI

    $582MMRegulatory assets, Aug 2026

    92% high net worth, 8% other individuals

    Individual clients
    261
  17. 17

    The Milwealth Group

    Wealth manager, Milwaukee, WI

    $497MMRegulatory assets, Sep 2026

    94% high net worth, 5% other individuals, 1% businesses

    Individual clients
    236
  18. 18

    Charter Capital Management

    Wealth manager, Brookfield, WI

    $462MMRegulatory assets, Mar 2026

    79% high net worth, 21% other individuals

    Individual clients
    362
  19. 19

    Richmond Investment Services

    Wealth manager, Mequon, WI

    $453MMRegulatory assets, Aug 2026

    74% high net worth, 24% other individuals

    Individual clients
    877
  20. 20

    Blackhawk Capital Partners

    Wealth manager, Thiensville, WI

    $452MMRegulatory assets, Sep 2026

    78% high net worth, 10% other individuals, 6% pension plans

    Individual clients
    307

Regulatory assets each adviser reported in its latest Form ADV. Each pin opens the filing behind the figure; the ranking rule and sources are at the end of the page. Read .

One firm holds a quarter of the assets

How the 42 firms counted spread by size: most are small, the dollars sit at the top.

Every firm on one scaleEach dot is one firm's regulatory assets in its latest filing. Every dot is one adviser. Dollar scale is logarithmic.
Assets of each of the 42 firms counted, log scaleEach dot is one adviser and links to its row. Annex Wealth Management $8.1BN; Ellenbecker Investment Group $2.1BN; Operose Advisors $2.0BN; median $349MM.$100MM$1BN$10BNAnnex Wealth Management: $8.1BNEllenbecker Investment Group: $2.1BNOperose Advisors: $2.0BNLandaas & Company: $1.9BNIAG Wealth Partners: $1.9BNDiversified Management: $1.9BNCapital Investment Services of America: $1.3BNOarsman Capital: $1.2BNPJS Investment Management: $852MMGlobal View Capital Management: $775MMBroadview Financial Management: $699MMRiverwater Partners: $661MMBKM Wealth Management: $652MMShakespeare Wealth Management: $642MMDrake & Associates: $607MMRichardson Capital Management: $582MMThe Milwealth Group: $497MMCharter Capital Management: $462MMRichmond Investment Services: $453MMBlackhawk Capital Partners: $452MMEnvision Financial: $353MMFortress Planning Group: $345MMSterling Capital Management: $297MMGrant Koehler & Levin: $289MMBrook Capital: $283MMCushing Capital Partners: $275MM1492 Capital Management: $275MMTranscend Advisor Group: $253MMReview Services: $227MMDenali Wealth Management: $226MMPaladin Partners: $199MMEntasis Asset Management: $198MMBoardwalk Financial Strategies: $198MMLiberty Financial Group: $194MMGranite Financial Group: $186MMToptier Wealth Management: $176MMPlus Group Wealth Advisors: $159MMFinancial Strategies: $150MMLasalle Investment Advisors: $134MMElevated Private Wealth: $123MMPavlic Investment Advisors: $109MMMilborn Advisors: $108MMAnnex Wealth Management $8.1BNEllenbecker Investment Group $2.1BNOperose Advisors $2.0BNMedian $349MMAssets of each of the 42 firms counted, log scaleEach dot is one adviser and links to its row. Annex Wealth Management $8.1BN; Ellenbecker Investment Group $2.1BN; Operose Advisors $2.0BN; median $349MM.$1BNAnnex Wealth Management $8.1BNMedian $349MM

One dot per firm counted. Read .

The 42 firms, by size
Under $500MM2620%$6.6BN
$500MM to $1BN817%$5.5BN
$1BN to $5BN738%$12.2BN
$5BN to $10BN125%$8.1BN
$10BN to $25BN00%$0
$25BN and over00%$0

Assets each reported in its latest filing; shares are of the $32.4BN combined, one row per firm. Read .

25%

of the assets reported sits with one firm, Annex Wealth Management. The five largest hold 49%; 34 of 42 report under $1 billion.

25%Largest24%Next 451%Other 37
Who the 42 are
  1. Wealth managers41
  2. Wealth manager with a broker-dealer1

Kind of each, from its Form ADV (Items 5.G and 6.A), October 2026.

Whose money it isShare of the 42 advisers' assets by type of client
  1. High net worth71%
  2. Other individuals22%
  3. Charities2%
  4. Pension plans2%
  5. Businesses1%
  6. Other0%

Client types each adviser reports with its assets, latest filing; sums of filed figures.

Leaders beyond the ranking

Figures the main ranking does not compare: the most individual clients, the most high net worth clients.

The most individual clientsIndividuals each firm advises, high net worth and other, on its latest Form ADV (Item 5.D).
RankNameFigure
1Annex Wealth Management6,710Apr 2026
2Global View Capital Management3,786Aug 2026
3Drake & Associates3,401Sep 2026
4IAG Wealth Partners2,339Mar 2026
5Ellenbecker Investment Group2,277Mar 2026
6Landaas & Company1,800Sep 2026
7Capital Investment Services of America898Dec 2025
8Richmond Investment Services877Aug 2026

Counts of clients as filed; a client is an account holder the adviser counts, not a household.

The most high net worth clientsHigh net worth individuals each firm advises, on its latest Form ADV (Item 5.D).
RankNameFigure
1Annex Wealth Management2,891Apr 2026
2Ellenbecker Investment Group684Mar 2026
3Drake & Associates645Sep 2026
4Landaas & Company617Sep 2026
5IAG Wealth Partners547Mar 2026
6Richmond Investment Services393Aug 2026
7Oarsman Capital356Sep 2026
8Operose Advisors302Sep 2026

Counts of clients as filed; a client is an account holder the adviser counts, not a household.

The list is public. The warm path is not. Schedule a conversation

All 42 wealth management firms

A to Z, with each firm's regulatory assets, its clients, the share of its assets held for individuals and its private funds, each with a pin to its Form ADV.

Showing all 42 firms

Kind
Where
Size
Order
Wealth Management Firms (RIAs) in Milwaukee 42 firms, A to Z
OfficeAssetsBarClientsIndividualsPrivate funds
1492 Capital Management
Wealth manager, Milwaukee, WI.
Detail and sources for 1492 Capital Management

Form ADV of 1492 Capital Management, LLC (CRD 148566), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $275MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of 1492 Capital Management, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and other services. Clients (Item 5.D): 85 individuals, 74 of them high net worth; individuals hold 57% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$275MMMar 20269857%
Annex Wealth Management
Wealth manager, Brookfield, WI.
Detail and sources for Annex Wealth Management

Form ADV of Annex Advisory Services, LLC (CRD 127987), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $8.1BN; 151 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Annex Advisory Services, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, publications, educational seminars and other services. Clients (Item 5.D): 6,710 individuals, 2,891 of them high net worth; individuals hold 93% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$8.1BNApr 20266,80293%
BKM Wealth Management
Wealth manager, Brookfield, WI.
Detail and sources for BKM Wealth Management

Form ADV of BKM Wealth Management, LLC (CRD 323928), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $652MM; 9 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of BKM Wealth Management, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and selection of other advisers. Clients (Item 5.D): 590 individuals, 202 of them high net worth; individuals hold 95% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$652MMFeb 202660895%
Blackhawk Capital Partners
Wealth manager, Thiensville, WI.
Detail and sources for Blackhawk Capital Partners

Form ADV of Blackhawk Capital Partners, LLC (CRD 158020), SEC registered adviser, filed , main office Thiensville, WI: regulatory assets $452MM; 6 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, pension consulting and selection of other advisers. Clients (Item 5.D): 307 individuals, 162 of them high net worth; individuals hold 88% of its regulatory assets.

Files: SEC Form ADV.

$452MMSep 202634288%
Boardwalk Financial Strategies
Wealth manager, Hartland, WI.
Detail and sources for Boardwalk Financial Strategies

Form ADV of Boardwalk Financial Strategies LLC (CRD 165048), SEC registered adviser, filed , main office Hartland, WI: regulatory assets $198MM; 6 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 85 individuals, 67 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$198MMAug 202685100%
Broadview Financial Management
Wealth manager, Wauwatosa, WI.
Detail and sources for Broadview Financial Management

Form ADV of Broadview Financial Management, LLC (CRD 143550), SEC registered adviser, filed , main office Wauwatosa, WI: regulatory assets $699MM; 9 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Broadview Financial Management, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, selection of other advisers and educational seminars. Clients (Item 5.D): 269 individuals, 209 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$699MMMar 2026269100%
Brook Capital
Wealth manager, Brookfield, WI.
Detail and sources for Brook Capital

Form ADV of Ramiah Investment Group, Inc. (CRD 130919), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $283MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Ramiah Investment Group, Inc., quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and educational seminars. Clients (Item 5.D): 626 individuals, 68 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$283MMJul 202663199%
Capital Investment Services of America
Wealth manager, Milwaukee, WI.
Detail and sources for Capital Investment Services of America

Form ADV of Capital Investment Services of America Inc. (CRD 110639), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $1.3BN; 9 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Capital Investment Services of America Inc., quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and portfolio management for businesses and institutions. Clients (Item 5.D): 898 individuals, 256 of them high net worth; individuals hold 82% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$1.3BNDec 202593782%
Charter Capital Management
Wealth manager, Brookfield, WI.
Detail and sources for Charter Capital Management

Form ADV of Charter Capital Management, LLC (CRD 35919), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $462MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 362 individuals, 139 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$462MMMar 2026362100%
Cushing Capital Partners
Wealth manager, Delafield, WI.
Detail and sources for Cushing Capital Partners

Form ADV of Cushing Capital Partners, LLC (CRD 313497), SEC registered adviser, filed , main office Delafield, WI: regulatory assets $275MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Cushing Capital Partners, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and selection of other advisers. Clients (Item 5.D): 199 individuals, 97 of them high net worth; individuals hold 98% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$275MMSep 202619998%
Denali Wealth Management
Wealth manager, Mequon, WI.
Detail and sources for Denali Wealth Management

Form ADV of Denali Wealth Management, Inc. (CRD 153323), SEC registered adviser, filed , main office Mequon, WI: regulatory assets $226MM; 6 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 236 individuals, 95 of them high net worth; individuals hold 92% of its regulatory assets.

Files: SEC Form ADV.

$226MMMar 202624392%
Diversified Management
Wealth manager, Milwaukee, WI.
Detail and sources for Diversified Management

Form ADV of Diversified Management Inc. (CRD 106680), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $1.9BN; 8 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and selection of other advisers. Clients (Item 5.D): 339 individuals, 212 of them high net worth; individuals hold 94% of its regulatory assets.

Files: SEC Form ADV.

$1.9BNMar 202634094%
Drake & Associates
Wealth manager, Waukesha, WI.
Detail and sources for Drake & Associates

Form ADV of Drake & Associates, LLC (CRD 154854), SEC registered adviser, filed , main office Waukesha, WI: regulatory assets $607MM; 36 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, selection of other advisers and educational seminars. Clients (Item 5.D): 3,401 individuals, 645 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$607MMSep 20263,401100%
Elevated Private Wealth
Wealth manager, Hartland, WI.
Detail and sources for Elevated Private Wealth

Form ADV of Elevated Private Wealth, LLC (CRD 335270), SEC registered adviser, filed : regulatory assets $123MM; 4 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 112 individuals, 40 of them high net worth; individuals hold 100% of its regulatory assets. Placed by the city of its main office on its SEC record, since its Form ADV withholds the address as a residence.

Files: SEC Form ADV.

$123MMSep 2026112100%
Ellenbecker Investment Group
Wealth manager, Waukesha, WI.
Detail and sources for Ellenbecker Investment Group

Form ADV of Ellenbecker Investment Group, Inc. (CRD 173851), SEC registered adviser, filed , main office Waukesha, WI: regulatory assets $2.1BN; 51 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Ellenbecker Investment Group, Inc., quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, selection of other advisers, publications and educational seminars. Clients (Item 5.D): 2,277 individuals, 684 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$2.1BNMar 20262,283100%
Entasis Asset Management
Wealth manager, Brookfield, WI.
Detail and sources for Entasis Asset Management

Form ADV of Entasis Asset Management LLC (CRD 282711), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $198MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting and educational seminars. Clients (Item 5.D): 153 individuals, 47 of them high net worth; individuals hold 91% of its regulatory assets.

Files: SEC Form ADV.

$198MMMar 202615991%
Envision Financial
Wealth manager, Brookfield, WI.
Detail and sources for Envision Financial

Form ADV of Envision Financial LLC (CRD 314365), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $353MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 125 individuals, 125 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV.

$353MMMar 202612599%
Financial Strategies
Wealth manager, Brookfield, WI.
Detail and sources for Financial Strategies

Form ADV of Financial Strategies, Inc. (CRD 113097), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $150MM; 7 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 199 individuals, 19 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$150MMSep 2026199100%
Fortress Planning Group
Wealth manager, Pewaukee, WI.
Detail and sources for Fortress Planning Group

Form ADV of Fortress Planning Group, LLC (CRD 157900), SEC registered adviser, filed , main office Pewaukee, WI: regulatory assets $345MM; 6 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 283 individuals, 68 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$345MMAug 2026283100%
Global View Capital Management
Wealth manager, Waukesha, WI.
Detail and sources for Global View Capital Management

Form ADV of Global View Capital Management LLC (CRD 158292), SEC registered adviser, filed , main office Waukesha, WI: regulatory assets $775MM; 122 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Global View Capital Management LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, selection of other advisers and other services. Clients (Item 5.D): 3,786 individuals, 128 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$775MMAug 20263,81999%
Granite Financial Group
Wealth manager, Brookfield, WI.
Detail and sources for Granite Financial Group

Form ADV of Granite Financial Group, LLC (CRD 168675), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $186MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 250 individuals, 50 of them high net worth; individuals hold 97% of its regulatory assets.

Files: SEC Form ADV.

$186MMFeb 202625297%
Grant Koehler & Levin
Wealth manager, Mequon, WI.
Detail and sources for Grant Koehler & Levin

Form ADV of Grant Koehler & Levin Ltd. (CRD 125531), SEC registered adviser, filed : regulatory assets $289MM; 3 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 191 individuals, 118 of them high net worth; individuals hold 96% of its regulatory assets. Placed by the city of its main office on its SEC record, since its Form ADV withholds the address as a residence.

Files: SEC Form ADV.

$289MMMar 202619196%
IAG Wealth Partners
Wealth manager, Waukesha, WI.
Detail and sources for IAG Wealth Partners

Form ADV of IAG Wealth Partners, LLC (CRD 109721), SEC registered adviser, filed , main office Waukesha, WI: regulatory assets $1.9BN; 15 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, selection of other advisers and educational seminars. Clients (Item 5.D): 2,339 individuals, 547 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV.

$1.9BNMar 20262,35699%
Landaas & Company
Wealth manager with a broker-dealer, Milwaukee, WI.
Detail and sources for Landaas & Company

Form ADV of Landaas & Company, LLC (CRD 47487), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $1.9BN; 27 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and other services. Clients (Item 5.D): 1,800 individuals, 617 of them high net worth; individuals hold 99% of its regulatory assets. It is also registered as a broker-dealer (Item 6.A).

Files: SEC Form ADV.

$1.9BNSep 20261,80499%
Lasalle Investment Advisors
Wealth manager, Pewaukee, WI.
Detail and sources for Lasalle Investment Advisors

Form ADV of Lasalle Investment Advisors, Inc. (CRD 109303), SEC registered adviser, filed , main office Pewaukee, WI: regulatory assets $134MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 233 individuals, 37 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$134MMMar 2026233100%
Liberty Financial Group
Wealth manager, Elm Grove, WI.
Detail and sources for Liberty Financial Group

Form ADV of Liberty Financial Group, Inc. (CRD 111272), SEC registered adviser, filed , main office Elm Grove, WI: regulatory assets $194MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 238 individuals, 28 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$194MMMar 2026238100%
Milborn Advisors
Wealth manager, Milwaukee, WI.
Detail and sources for Milborn Advisors

Form ADV of Milborn Advisors, Ltd (CRD 291305), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $108MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 178 individuals, 17 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV.

$108MMMay 202618199%
The Milwealth Group
Wealth manager, Milwaukee, WI.
Detail and sources for The Milwealth Group

Form ADV of The Milwealth Group, LLC (CRD 108931), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $497MM; 8 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of The Milwealth Group, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and other services. Clients (Item 5.D): 236 individuals, 179 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$497MMSep 202623699%
Oarsman Capital
Wealth manager, Milwaukee, WI.
Detail and sources for Oarsman Capital

Form ADV of Oarsman Capital, Inc. (CRD 109993), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $1.2BN; 21 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Oarsman Capital, Inc., quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and selection of other advisers. Clients (Item 5.D): 670 individuals, 356 of them high net worth; individuals hold 99% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$1.2BNSep 202667699%
Operose Advisors
Wealth manager, Milwaukee, WI.
Detail and sources for Operose Advisors

Form ADV of Operose Advisors LLC (CRD 287465), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $2.0BN; 2 private funds, $6.5MM gross; 20 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Operose Advisors LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, management of private funds, portfolio management for businesses and institutions and selection of other advisers. Clients (Item 5.D): 430 individuals, 302 of them high net worth; individuals hold 76% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$2.0BNSep 202651176%2
Paladin Partners
Wealth manager, Hartland, WI.
Detail and sources for Paladin Partners

Form ADV of Paladin Partners, LLC (CRD 132024), SEC registered adviser, filed , main office Hartland, WI: regulatory assets $199MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Paladin Partners, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, pension consulting and selection of other advisers. Clients (Item 5.D): 45 individuals, 32 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$199MMAug 202645100%
Pavlic Investment Advisors
Wealth manager, Delafield, WI.
Detail and sources for Pavlic Investment Advisors

Form ADV of Pavlic Investment Advisors, Inc. (CRD 111246), SEC registered adviser, filed , main office Delafield, WI: regulatory assets $109MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and portfolio management for businesses and institutions. Clients (Item 5.D): 86 individuals, 28 of them high net worth; individuals hold 98% of its regulatory assets.

Files: SEC Form ADV.

$109MMMay 20268798%
PJS Investment Management
Wealth manager, Cedarburg, WI.
Detail and sources for PJS Investment Management

Form ADV of P. J. Schmidt Investment Management, Inc. (CRD 104701), SEC registered adviser, filed , main office Cedarburg, WI: regulatory assets $852MM; 18 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of P. J. Schmidt Investment Management, Inc., quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 454 individuals, 188 of them high net worth; individuals hold 95% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$852MMMar 202647495%
Plus Group Wealth Advisors
Wealth manager, Belgium, WI.
Detail and sources for Plus Group Wealth Advisors

Form ADV of Plus Group Wealth Advisors, LLC (CRD 300714), SEC registered adviser, filed , main office Belgium, WI: regulatory assets $159MM; 4 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and pension consulting. Clients (Item 5.D): 514 individuals, 28 of them high net worth; individuals hold 97% of its regulatory assets.

Files: SEC Form ADV.

$159MMFeb 202651697%
Review Services
Wealth manager, Brookfield, WI.
Detail and sources for Review Services

Form ADV of Review Services Inc. (CRD 110277), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $227MM; 3 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 173 individuals, 94 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$227MMApr 2026173100%
Richardson Capital Management
Wealth manager, Menomonee Falls, WI.
Detail and sources for Richardson Capital Management

Form ADV of Richardson Capital Management, LLC (CRD 130985), SEC registered adviser, filed , main office Menomonee Falls, WI: regulatory assets $582MM; 9 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Richardson Capital Management, LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and other services. Clients (Item 5.D): 261 individuals, 153 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$582MMAug 2026262100%
Richmond Investment Services
Wealth manager, Mequon, WI.
Detail and sources for Richmond Investment Services

Form ADV of Richmond Investment Services LLC (CRD 327451), SEC registered adviser, filed , main office Mequon, WI: regulatory assets $453MM; 22 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and pension consulting. Clients (Item 5.D): 877 individuals, 393 of them high net worth; individuals hold 98% of its regulatory assets.

Files: SEC Form ADV.

$453MMAug 202689098%
Riverwater Partners
Wealth manager, Milwaukee, WI.
Detail and sources for Riverwater Partners

Form ADV of Riverwater Partners LLC (CRD 283540), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $661MM; 11 employees.

Tied to this row by the CRD the list cites from the filing.

Listed stocks, Form 13F-HR of Riverwater Partners LLC, quarter ended , filed .

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and portfolio management for businesses and institutions. Clients (Item 5.D): 161 individuals, 87 of them high net worth; individuals hold 73% of its regulatory assets.

Files: SEC Form ADV, SEC Form 13F.

$661MMJun 202618573%
Shakespeare Wealth Management
Wealth manager, Pewaukee, WI.
Detail and sources for Shakespeare Wealth Management

Form ADV of Shakespeare Wealth Management, LLC (CRD 111950), SEC registered adviser, filed , main office Pewaukee, WI: regulatory assets $642MM; 9 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions and selection of other advisers. Clients (Item 5.D): 312 individuals, 184 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$642MMJul 2026312100%
Sterling Capital Management
Wealth manager, Brookfield, WI.
Detail and sources for Sterling Capital Management

Form ADV of Sterling Capital Management Inc. (CRD 106822), SEC registered adviser, filed , main office Brookfield, WI: regulatory assets $297MM; 3 employees.

Tied to this row by the CRD the list cites from the filing.

Possible match by name only, not counted: Sterling Capital Management LLC (CRD 135405), registered adviser, filed , Charlotte, NC.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting and selection of other advisers. Clients (Item 5.D): 333 individuals, 123 of them high net worth; individuals hold 77% of its regulatory assets.

Files: SEC Form ADV.

$297MMMar 202638877%
Toptier Wealth Management
Wealth manager, Muskego, WI.
Detail and sources for Toptier Wealth Management

Form ADV of Toptier Wealth Management (CRD 292959), SEC registered adviser, filed : regulatory assets $176MM; 2 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning, portfolio management for individuals and selection of other advisers. Clients (Item 5.D): 105 individuals, 52 of them high net worth; individuals hold 99% of its regulatory assets. Placed by the city of its main office on its SEC record, since its Form ADV withholds the address as a residence.

Files: SEC Form ADV.

$176MMFeb 202610599%
Transcend Advisor Group
Wealth manager, Milwaukee, WI.
Detail and sources for Transcend Advisor Group

Form ADV of Transcend Advisor Group, LLC (CRD 311746), SEC registered adviser, filed , main office Milwaukee, WI: regulatory assets $253MM; 5 employees.

Tied to this row by the CRD the list cites from the filing.

Services on its Form ADV (Item 5.G): financial planning and portfolio management for individuals. Clients (Item 5.D): 360 individuals, 60 of them high net worth; individuals hold 100% of its regulatory assets.

Files: SEC Form ADV.

$253MMJul 2026360100%

Assets are the regulatory assets in the adviser's latest Form ADV (Item 5.F; solid bar). Clients are every client it counts (Item 5.D); Individuals is the share of its assets held for individuals, high net worth and other; private funds are the funds it advises (Item 7.B). Each pin opens the filing behind the figure. The square beside a name opens every figure with its filing and notes.

A few large advisers hold most of the money

Five findings from the filings of the 42 firms counted.

  1. 25%

    of the $32.4 billion the 42 firms counted report is one firm's: Annex Wealth Management. Without it, the other 41 report $24.3 billion.

    Assets, latest Form ADV of each; sums of filed figures

  2. $349MM

    is the median: half of the 42 report less, and 34 report under $1 billion.

    Assets, latest Form ADV of each

  3. 2

    private funds are advised by the firms counted; Operose Advisors advises the most, 2.

    Private funds on each Form ADV (Schedule D); sums of filed figures

  4. 71%

    of their assets is high net worth money; the next largest client type is other individuals, at 22%.

    Client types each adviser reports with its assets; sums of filed figures

  5. 25

    of the 42 have their main office in Waukesha County, WI; the next place is Milwaukee County, WI, with 11.

    Main office on each Form ADV

Questions

How many wealth management firms are there in Milwaukee?

This list holds 42 wealth management firms in the Milwaukee metro; 42 of them report regulatory assets on Form ADV, $32.4 billion together.

What are the largest wealth management firms in Milwaukee?

By the regulatory assets they report: Annex Wealth Management $8.1 billion, Ellenbecker Investment Group $2.1 billion, Operose Advisors $2.0 billion, Landaas & Company $1.9 billion, IAG Wealth Partners $1.9 billion.

How much do wealth management firms in Milwaukee typically manage?

Of the 42 that report, the median reports $349 million in regulatory assets; 34 report under $1 billion.

How do you start a relationship with wealth management firms in Milwaukee?

Each figure on this page carries a pin that opens the firm's Form ADV, which names its services, its clients and how to reach it. For fund managers and companies raising capital, Praxis Rock runs capital formation programs; see Raise Capital.

Sources and method

Who is listed
42 wealth management firms, 41 are wealth managers and 1 is a wealth manager with a broker-dealer. Every SEC registered adviser with a main office in Milwaukee-Waukesha, WI MSA (Census CBSA 33340) that reports $100 million or more in regulatory assets, half or more of them for individuals, less the firms our other lists carry as another kind.
Ranking rule
The top 20, every total, share and median, the charts and the answers to the questions use one set: the 42 advisers that report regulatory assets in their latest SEC Form ADV, with a main office in the Milwaukee metro, that the filing itself ties to the row (the CRD the list cites, or the row's own website in Item 1.I), one figure per adviser. A name match with no such tie is shown in the row's detail only, never ranked or counted.
Our arithmetic
The $32.4BN, the median, shares, charts and boards are sums and medians of filed numbers over that one set; 0 firms with a figure outside it stay listed with the figure and the reason.
Pins
Each figure's pin opens the filing it comes from: the adviser's Form ADV as filed, or the SEC filing index of its latest 13F report. The pin's label names the source and its date.
What we searched
On we read every firm's latest Form ADV in the SEC monthly file by its CRD and searched 13F reports by the CIK on its Form ADV record. Of the 42, 42 report on a current Form ADV and 16 file 13F reports.
Words
Each firm's kind is read from its Form ADV: a wealth manager advises individuals and offers financial planning (Items 5.D and 5.G); "also a broker-dealer" where Item 6.A is checked. Firm names only: no person, contact or website is shown.
Sources and dates
FigureSourcePeriod, read
Assets, private funds, client types, main office, employeesSEC Form ADV adviser data, October 2026 report, and each adviser's Form ADV as filed, 42 advisersFilings to 2026-10-01; read 2026-11-06
Reports of listed stocks (13F filer)SEC EDGAR Form 13F, 16 filers, by the CIK on each Form ADVLatest filing; read 2026-11-06
Main office to metroHUD USPS ZIP to county crosswalk, 2026 Q2, and the Census metro delineation, July 2023Read 2026-11-06
LogosNone shown: each firm has a monogramRead 2026-11-06

Cite as: Praxis Rock Advisors, "Wealth Management Firms (RIAs) in Milwaukee," updated November 6, 2026, praxisrock.com/resources/investors/wealth-management-firms-milwaukee

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