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Independent RIAs in Wisconsin

As of October 2, 2026, 307 independent wealth management RIAs based in Wisconsin reported $94.0 billion in regulatory assets under management; the largest by assets was Orgel Wealth Management, LLC, with $9.5 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
307
SEC-registered
136
State-registered
171
Regulatory assets under management
$94.0 billion
Client accounts
233,896
Median firm size
$99.4 million
Broker-dealer affiliated firms, not included
19, with $21.1 billion

Wisconsin requires IAR continuing education, in effect since 2023. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Wisconsin.

Top firms in Wisconsin

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Orgel Wealth Management, LLC Altoona $9.5 billion
2 Annex Wealth Management, LLC Brookfield $8.1 billion
3 North Star Asset Management Inc Neenah $3.4 billion
4 Resonant Capital Advisors, LLC Madison $3.0 billion
5 Gateway Wealth Partners, LLC Appleton $2.3 billion
6 Ellenbecker Investment Group Waukesha $2.1 billion
7 Operose Advisors LLC Milwaukee $2.0 billion
8 KLCM Advisors, Inc. Milwaukee $1.9 billion
9 Iag Wealth Partners, LLC Waukesha $1.9 billion
10 Diversified Management Inc Milwaukee $1.9 billion

Top 100 in Wisconsin

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Gateway Wealth Partners, LLC Appleton 82.3% $1.2 billion
2 Atlatl Advisers Madison 70.8% $229.9 million
3 Wisconsin Wealth Advisors, LLC Sun Prairie 55.8% $114.2 million
4 Liberty Financial Group, Inc. Elm Grove 55.3% $125.2 million
5 Drake & Associates, LLC Waukesha 45.0% $418.8 million
6 Endowment Wealth Management, Inc. Appleton 42.5% $427.6 million
7 Calculated Wealth Madison 41.1% $142.3 million
8 Walkner Condon Financial Advisors LLC Verona 40.7% $732.8 million
9 Envision Financial LLC Brookfield 40.1% $252.0 million
10 Walleye Partners LLC Madison 37.6% $201.1 million

Top 100 in Wisconsin

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Park Capital Management, LLC Madison 41.6% $305.6 million
2 Madison Partners Madison 41.3% $461.6 million
3 Buska Wealth Management, LLC Wausau 40.4% $194.6 million
4 Envision Financial LLC Brookfield 39.9% $129.0 million
5 Rosemeyer Management Group Platteville 39.3% $338.1 million
6 Drake & Associates, LLC Waukesha 38.8% $227.2 million
7 Oarsman Capital, Inc Milwaukee 38.4% $440.0 million
8 Operose Advisors LLC Milwaukee 36.3% $805.7 million
9 Resonant Capital Advisors, LLC Madison 30.0% $1.3 billion
10 Mbe Wealth Management, LLC Tomah 29.5% $449.6 million

Top 100 in Wisconsin

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 McGlone Suttner Wealth Management, Inc. Appleton 47.0% $146.5 million
2 Operose Advisors LLC Milwaukee 43.2% $339.0 million
3 Madison Partners Madison 40.9% $235.0 million
4 Park Capital Management, LLC Madison 37.5% $176.5 million
5 Rosemeyer Management Group Platteville 33.5% $215.6 million
6 Buska Wealth Management, LLC Wausau 32.7% $131.1 million
7 Drake & Associates, LLC Waukesha 30.0% $163.4 million
8 Resonant Capital Advisors, LLC Madison 28.6% $840.1 million
9 Walkner Condon Financial Advisors LLC Verona 25.1% $336.1 million
10 Kerberrose Wealth Management, LLC Shawano 24.5% $385.7 million

Top 100 in Wisconsin

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Orgel Wealth Management, LLC Altoona $1.5 billion
2 Annex Wealth Management, LLC Brookfield $1.1 billion
3 Gateway Wealth Partners, LLC Appleton $1.0 billion
4 Resonant Capital Advisors, LLC Madison $738.4 million
5 Operose Advisors LLC Milwaukee $442.0 million
6 KLCM Advisors, Inc. Milwaukee $414.9 million
7 Ellenbecker Investment Group Waukesha $331.4 million
8 Walkner Condon Financial Advisors LLC Verona $298.4 million
9 Iag Wealth Partners, LLC Waukesha $283.6 million
10 Macco Financial Group, Inc. Green Bay $277.8 million

Top 100 in Wisconsin

Independent RIAs with the most clients

Rank Firm City Most clients
1 Gateway Wealth Partners, LLC Appleton 7,432
2 Annex Wealth Management, LLC Brookfield 6,802
3 N.E.W. Advisory Services, LLC De Pere 4,862
4 Orgel Wealth Management, LLC Altoona 3,976
5 Global View Capital Management LLC Waukesha 3,819
6 North Star Asset Management Inc Neenah 3,554
7 Drake & Associates, LLC Waukesha 3,401
8 Mbe Wealth Management, LLC Tomah 2,598
9 Iag Wealth Partners, LLC Waukesha 2,356
10 Ellenbecker Investment Group Waukesha 2,316

Top 100 in Wisconsin

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Drake & Associates, LLC Waukesha 244.2% 988
2 Gateway Wealth Partners, LLC Appleton 78.2% 4,170
3 Calculated Wealth Madison 78.0% 109
4 Global Value Investment Corporation Milwaukee 35.2% 142
5 Walkner Condon Financial Advisors LLC Verona 27.4% 632
6 Avaii Wealth Management, LLC Appleton 24.1% 809
7 Endowment Wealth Management, Inc. Appleton 23.7% 397
8 Cornerstone Financial Group Appleton 23.2% 470
9 Liberty Financial Group, Inc. Elm Grove 19.6% 199
10 Rosemeyer Management Group Platteville 17.3% 994

Top 100 in Wisconsin

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Annex Wealth Management, LLC Brookfield 22,003
2 Orgel Wealth Management, LLC Altoona 10,680
3 Gateway Wealth Partners, LLC Appleton 10,635
4 N.E.W. Advisory Services, LLC De Pere 9,375
5 Global View Capital Management LLC Waukesha 8,863
6 Iag Wealth Partners, LLC Waukesha 6,310
7 Madison Partners Madison 6,213
8 Mbe Wealth Management, LLC Tomah 5,412
9 Advisors Management Group Inc La Crosse 4,960
10 Goldstein Advisors, LLC Madison 4,070

Top 100 in Wisconsin

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Global View Capital Management LLC Waukesha 107
2 Gateway Wealth Partners, LLC Appleton 83
3 Annex Wealth Management, LLC Brookfield 74
4 Orgel Wealth Management, LLC Altoona 31
5 North Star Asset Management Inc Neenah 19
6 Winch Financial Appleton 17
6 Madison Partners Madison 17
8 Walkner Condon Financial Advisors LLC Verona 16
9 Iag Wealth Partners, LLC Waukesha 15
9 Midwest Professional Planners, Ltd. Wausau 15

Top 100 in Wisconsin

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Annex Wealth Management, LLC Brookfield 2,891
2 Gateway Wealth Partners, LLC Appleton 1,605
3 Orgel Wealth Management, LLC Altoona 1,493
4 North Star Asset Management Inc Neenah 839
5 Ellenbecker Investment Group Waukesha 684
6 Drake & Associates, LLC Waukesha 645
7 Iag Wealth Partners, LLC Waukesha 547
8 N.E.W. Advisory Services, LLC De Pere 535
9 Resonant Capital Advisors, LLC Madison 416
10 KLCM Advisors, Inc. Milwaukee 397

Top 100 in Wisconsin

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Annex Wealth Management, LLC Brookfield 33
2 Gateway Wealth Partners, LLC Appleton 19
3 Madison Partners Madison 14
4 Orgel Wealth Management, LLC Altoona 9
5 McGlone Suttner Wealth Management, Inc. Appleton 7
6 Jacobson & Schmitt Advisors, LLC Middleton 6
6 Broadview Financial Management, LLC Wauwatosa 6
6 Milestone Investment Advisors, LLC Middleton 6
6 Ellenbecker Investment Group Waukesha 6
6 Form Wealth Advisors, LLC Lake Geneva 6

Top 100 in Wisconsin

Newest independent RIAs

Rank Firm City Amount
1 Sentinel Advisory Group, LLC Middleton $320.8 million
2 Paladin Partners Hartland $198.5 million
3 Fiduciary Financial Planning Network Onalaska $175.7 million
4 Central Wealth Management LLC Madison $136.8 million
5 LaSalle Investment Advisors, Inc. Pewaukee $133.6 million
6 Coast Advisory LLC East Troy $122.5 million
7 Professional Financial Management, Inc. Appleton $115.5 million
8 Leach, Bickmore & Weiss Wealth Management, LLC Madison $115.3 million
9 Yahara Wealth Management LLC Madison $112.0 million
10 Sullivan Investment Management LLC Wisconsin Rapids $111.8 million

Top 100 in Wisconsin

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Wisconsin, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050100150201820202021202320242026136October 1, 2018: 101October 1, 2019: 102October 1, 2020: 101October 4, 2021: 107October 3, 2022: 114October 5, 2023: 110October 1, 2024: 114September 2, 2025: 125October 2, 2026: 136
Data table
As ofFirms
October 1, 2018101
October 1, 2019102
October 1, 2020101
October 4, 2021107
October 3, 2022114
October 5, 2023110
October 1, 2024114
September 2, 2025125
October 2, 2026136
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$25B$50B$75B$100B201820202021202320242026$90.1BOctober 1, 2018: $46.7 billionOctober 1, 2019: $44.1 billionOctober 1, 2020: $52.8 billionOctober 4, 2021: $59.7 billionOctober 3, 2022: $69.1 billionOctober 5, 2023: $57.8 billionOctober 1, 2024: $67.8 billionSeptember 2, 2025: $76.3 billionOctober 2, 2026: $90.1 billion
Data table
As ofRegulatory assets under management
October 1, 2018$46.7 billion
October 1, 2019$44.1 billion
October 1, 2020$52.8 billion
October 4, 2021$59.7 billion
October 3, 2022$69.1 billion
October 5, 2023$57.8 billion
October 1, 2024$67.8 billion
September 2, 2025$76.3 billion
October 2, 2026$90.1 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
0100K200K300K201820202021202320242026217KOctober 1, 2018: 112,364October 1, 2019: 125,831October 1, 2020: 137,351October 4, 2021: 148,496October 3, 2022: 167,936October 5, 2023: 166,573October 1, 2024: 186,532September 2, 2025: 200,370October 2, 2026: 217,381
Data table
As ofClient accounts
October 1, 2018112,364
October 1, 2019125,831
October 1, 2020137,351
October 4, 2021148,496
October 3, 2022167,936
October 5, 2023166,573
October 1, 2024186,532
September 2, 2025200,370
October 2, 2026217,381
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M$400M201820202021202320242026$294MOctober 1, 2018: $247.7 millionOctober 1, 2019: $227.1 millionOctober 1, 2020: $275.6 millionOctober 4, 2021: $315.4 millionOctober 3, 2022: $329.8 millionOctober 5, 2023: $303.7 millionOctober 1, 2024: $355.2 millionSeptember 2, 2025: $349.7 millionOctober 2, 2026: $293.6 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$247.7 million
October 1, 2019$227.1 million
October 1, 2020$275.6 million
October 4, 2021$315.4 million
October 3, 2022$329.8 million
October 5, 2023$303.7 million
October 1, 2024$355.2 million
September 2, 2025$349.7 million
October 2, 2026$293.6 million

The market in Wisconsin now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms307136171
Regulatory assets under management$94.0 billion$90.1 billion$3.9 billion
Accounts233,896217,38116,515
Clients106,41093,39813,012
Employees1,7751,508267
Advisory employees1,2261,005221
Investment adviser representatives1,3231,105218
Median RAUM$99.4 million$293.6 million$16.7 million
Average RAUM$341.9 million$667.4 million$28.0 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million1380138
RAUM of firms under $100 million$3.7 billion$0$3.7 billion
Firms $100 million to $250 million57552
RAUM of firms $100 million to $250 million$9.1 billion$8.9 billion$217.4 million
Firms $250 million to $500 million30300
RAUM of firms $250 million to $500 million$10.3 billion$10.3 billion$0
Firms $500 million to $1 billion27270
RAUM of firms $500 million to $1 billion$18.5 billion$18.5 billion$0
Firms $1 billion to $5 billion21210
RAUM of firms $1 billion to $5 billion$34.8 billion$34.8 billion$0
Firms $5 billion to $10 billion220
RAUM of firms $5 billion to $10 billion$17.6 billion$17.6 billion$0
Firms $10 billion and up000
RAUM of firms $10 billion and up$0$0$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 38.2%
Top 100 share of RAUM 90.8%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM38.2%39.8%24.0%
Top 100 share of RAUM90.8%94.7%97.1%

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Charge a percentage of assets 93.5%
Charge hourly fees 51.1%
Charge subscription fees 0.7%
Charge fixed fees 60.3%
Receive commissions 2.6%
Charge performance-based fees 3.9%
Other compensation 9.4%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets93.5%99.3%88.9%
Charge hourly fees51.1%55.1%48.0%
Charge subscription fees0.7%0.7%0.6%
Charge fixed fees60.3%64.7%56.7%
Receive commissions2.6%4.4%1.2%
Charge performance-based fees3.9%4.4%3.5%
Other compensation9.4%7.4%11.1%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

MeasureIndependent RIAsSEC-registeredState-registered
Have custody25.4%46.3%8.8%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated0.7%1.5%0.0%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

MeasureIndependent RIAsSEC-registeredState-registered
New registrations301614
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM275135140
Discretionary RAUM$87.8 billion$84.3 billion$3.5 billion
CFP professionals35929960
25th percentile RAUM$15.4 million$174.6 million$5.6 million
75th percentile RAUM$290.4 million$676.6 million$46.0 million
90th percentile RAUM$839.1 million$1.4 billion$71.3 million
Average account size$401,969$414,469$237,432
Offer financial planning79.8%85.3%75.4%
RAUM growth, one yearNo data18.1%No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Cities with at least five independent RIAs.

Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.