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RIAs by state · SEC data as of October 1, 2026

RIAs in Wisconsin

The SEC-registered investment advisers based in Wisconsin, what they manage, and the largest independent wealth managers.

Wisconsin is home to 146 wealth-focused RIAs managing $117B, 20th of 51 states and DC. The largest is Annex Wealth Management, LLC in Brookfield, with $8.1B.

Wealth-focused RIAs
146
20th of 51
Their assets
$117B
27th of 51
$1B+ firms
29
Median $326M
All SEC RIAs
194
11,037 employees

Largest independent wealth managers in Wisconsin

Largest independent wealth managers headquartered in Wisconsin
#FirmHeadquartersRegulatory AUMIndividual clientsEmployees
1Annex Wealth Management, LLCSEC recordBrookfield$8.1B6,710151
2North Star Asset Management IncSEC recordNeenah$3.4B3,44219
3Resonant Capital Advisors, LLCSEC recordMadison$3.0B60925
4Ellenbecker Investment GroupSEC recordWaukesha$2.1B2,27751
5Operose Advisors LLCSEC recordMilwaukee$2.0B43020
6IAG Wealth Partners, LLCSEC recordWaukesha$1.9B2,33915
7Diversified Management IncSEC recordMilwaukee$1.9B3398
8Schaper Benz & Wise Investment Counsel IncSEC recordNeenah$1.8B38815
9N.E.W. Advisory Services, LLCSEC recordDe Pere$1.6B4,84223
10Capital Investment Services of America IncSEC recordMilwaukee$1.3B8989
11Madison PartnersSEC recordMadison$1.3B2,04217
12Oarsman Capital, IncSEC recordMilwaukee$1.2B67021
13Kerberrose Wealth Management, LLCSEC recordShawano$1.2B1,55413
14Canopy Wealth ManagementSEC recordMiddleton$1.2B59212
15Goldstein Advisors, LLCSEC recordMadison$1.1B1,06919

Ranked by regulatory assets under management on each firm’s latest Form ADV. Excludes broker-dealers’ advisory arms and managed-account platforms. Nationally: the 100 largest RIAs.

Questions

How many RIAs are there in Wisconsin?

194 SEC-registered investment advisers have their main office in Wisconsin, and 146 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Wisconsin 20th of 51 states and DC, according to Financial ADVSR’s count of SEC data as of October 1, 2026.

What is the largest RIA in Wisconsin?

Annex Wealth Management, LLC, based in Brookfield, is the largest independent wealth manager headquartered in Wisconsin, with $8.1B in regulatory assets under management and 6,710 individual clients on its latest Form ADV.

How much do Wisconsin RIAs manage?

Wealth-focused RIAs based in Wisconsin report $117B in regulatory assets under management, 27th among the states. 29 of them manage $1 billion or more; the median manages $326M.

How we built this

The SEC publishes a list of every registered investment adviser, drawn from each firm’s Form ADV. We used the list current through October 1, 2026, kept the 16,943 advisers the SEC shows as approved, and placed each in the state of its main office; 14,641 are based in the United States. Regulatory assets under management come from Item 5.F, client counts from Item 5.D.

Wealth-focused RIAs manage at least half of their assets for individuals and high-net-worth clients, the same test as our RIA Custody Tracker; there are 8,130 in the US. Rankings and each state’s largest-firms list show independent wealth managers only: wealth-focused firms that offer financial planning, are not themselves broker-dealers, and hold less than half their assets in wrap programs they sponsor or manage. That leaves out wirehouse and broker-dealer advisory arms and managed-account platforms, which still count in each state’s totals.

What it doesn’t show

  • State-registered advisers, most of which manage less than $100 million, register with their state regulator and aren’t in SEC data.
  • A firm counts only in its main office state, though many have offices in several.
  • Figures are as of each adviser’s latest annual Form ADV update, usually its December 31 fiscal year-end, so they lag recent deals.
  • Firms that file under more than one registration (an RIA and a separate institutional arm, for example) appear as separate advisers.

The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.

Other states