Wealth manager, independent · Brookfield, WI
Annex Wealth Management, LLC
Annex Advisory Services, LLC · SEC-registered investment adviser · CRD 127987 · SEC 801-63505
At a glance
Annex Wealth Management, LLC is an SEC-registered investment adviser based in Brookfield, Wisconsin, with $8.1B in regulatory assets under management as of its Form ADV filed April 17, 2026. It reports 6,710 individual clients, 2,891 of them high-net-worth, holding an average of about $1.1 million each, and 151 employees. That ranks it 130th among the nation’s 5,657 independent wealth management RIAs and 1st of 97 in Wisconsin. It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity.
Main office 262-786-6363annexwealth.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $8.1B
- Rank among independent wealth managers
- #130 of 5,657
- Rank among all SEC RIAs
- #1,562 of 17,210
- Rank in Wisconsin
- #1 of 97
- Individual clients
- 6,710
- High-net-worth clients
- 2,891
- Accounts
- 22,003
- Discretionary
- 97% of AUM
- Employees
- 151
- Advisory staff
- 74
- Offices
- 9
Owners and executives on its Form ADV
- David J. SpanoCEO
- Naomi K. AckleyChief Compliance Officer
Custody and brokerage
Broker-dealer
No broker-dealer ties
Annex Wealth Management, LLC reports no employees registered with a broker-dealer and no affiliated broker-dealer.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 2,891 | $5.2B | 65% |
| Individuals | 3,819 | $2.2B | 28% |
| Pension and profit sharing plans | 85 | $541M | 7% |
| Charitable organizations | 7 | $11M | <1% |
| Corporations or other businesses | – | $2M | <1% |
| State or municipal government entities | – | $0M | <1% |
Disciplinary disclosures
Annex Wealth Management, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Pension consulting
- Selecting other advisers
- Periodicals or newsletters
- Educational seminars and workshops
- Other services
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗annexwealth.com ↗
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Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 511 peers of its type and size
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- 2 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Wisconsin
All of Wisconsin →| Firm | Regulatory AUM | Clients |
|---|---|---|
| North Star Asset Management IncNeenah | $3.4B | 3,442 |
| Resonant Capital Advisors, LLCMadison | $3.0B | 609 |
| Ellenbecker Investment GroupWaukesha | $2.1B | 2,277 |
| Operose Advisors LLCMilwaukee | $2.0B | 430 |
| IAG Wealth Partners, LLCWaukesha | $1.9B | 2,339 |
| Diversified Management IncMilwaukee | $1.9B | 339 |
Background
Questions
How much does Annex Wealth Management, LLC manage?
Annex Wealth Management, LLC reports $8.1B in regulatory assets under management across 22,003 accounts, 97% of it on a discretionary basis, on its Form ADV filed April 17, 2026.
How many clients does Annex Wealth Management, LLC have?
It reports 6,710 individual clients: 2,891 high-net-worth individuals and 3,819 other individuals. Individuals account for about 93% of its regulatory assets.
Where is Annex Wealth Management, LLC headquartered?
Its main office is in Brookfield, Wisconsin. It reports 9 offices in total and 151 employees, 74 of whom perform investment advisory functions.
How does Annex Wealth Management, LLC charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Annex Wealth Management, LLC use?
It reports 2 custodians for its clients’ separately managed accounts: Charles Schwab and Fidelity. On Schedule D of its Form ADV filed April 17, 2026, it reports these amounts held: Charles Schwab ($5.0B); Fidelity ($2.0B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Annex Wealth Management, LLC a hybrid RIA with a broker-dealer?
Annex Wealth Management, LLC reports no employees registered with a broker-dealer and no affiliated broker-dealer.
Is Annex Wealth Management, LLC a fiduciary?
As an SEC-registered investment adviser, Annex Wealth Management, LLC owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. It reports no employees who are registered representatives of a broker-dealer.
Where these numbers come from
Every figure is Annex Wealth Management, LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-04-17), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →