Wealth manager, independent · Decatur, IL
IPI Wealth Management, Inc.
Koshinski Asset Management, Inc.-Dba IPI Asset Management, Inc. · SEC-registered investment adviser · CRD 111872 · SEC 801-56878
At a glance
IPI Wealth Management, Inc. is an SEC-registered investment adviser based in Decatur, Illinois, with $2.7B in regulatory assets under management as of its Form ADV filed March 20, 2026. It reports 13,138 individual clients, 435 of them high-net-worth, holding an average of about $0.2 million each, and 67 employees. That ranks it 422nd among the nation’s 5,657 independent wealth management RIAs and 21st of 226 in Illinois. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 217-425-6340ipiwm.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $2.7B
- Rank among independent wealth managers
- #422 of 5,657
- Rank among all SEC RIAs
- #3,058 of 17,210
- Rank in Illinois
- #21 of 226
- Individual clients
- 13,138
- High-net-worth clients
- 435
- Accounts
- 13,260
- Discretionary
- 93% of AUM
- Employees
- 67
- Advisory staff
- 65
- Offices
- 40
Owners and executives on its Form ADV
- Michelle S. HancockChief Operations Officer
- David P. KoshinskiCEO
- Allen B. ClosserPresident
- Lori L. FuerstenbergChief Compliance Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
IPI Wealth Management, Inc. is a hybrid RIA: 62 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Investment Planners, Inc..
- Investment Planners, Inc. ↗CRD 18557
An introducing broker-dealer: its trades clear through RBC Capital Markets, which holds the brokerage accounts. Its annual audited report filed with the SEC, March 2026
Its Form ADV brochure (filed March 2026) names Investment Planners as the broker-dealer its advisers are registered with.
ARs”) may also be registered representatives of our affiliated broker- dealer, Investment Planners, Inc., an SEC registered broker- dealer clearing transactions and introducing accounts on a fully disclosed basis to RBC Clearing and Custod
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 12,703 | $1.6B | 61% |
| High-net-worth individuals | 435 | $927M | 35% |
| Corporations or other businesses | 43 | $68M | 3% |
| Pension and profit sharing plans | 51 | $42M | 2% |
| Charitable organizations | 28 | $2M | <1% |
Disciplinary disclosures
IPI Wealth Management, Inc. 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
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗ipiwm.com ↗
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Similar-size RIAs in Illinois
All of Illinois →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Brownson, Rehmus & Foxworth, Inc.Chicago | $4.8B | 263 |
| Chesley, Taft & Associates, LLCChicago | $3.0B | 617 |
| Capstone Financial Advisors IncDowners Grove | $2.9B | 1,068 |
| Cozad Asset Management IncChampaign | $2.6B | 2,116 |
| North Star Investment Management CorporationChicago | $2.5B | 2,536 |
| Vestor Capital, LLCChicago | $2.3B | 1,197 |
Background
Questions
How much does IPI Wealth Management, Inc. manage?
IPI Wealth Management, Inc. reports $2.7B in regulatory assets under management across 13,260 accounts, 93% of it on a discretionary basis, on its Form ADV filed March 20, 2026.
How many clients does IPI Wealth Management, Inc. have?
It reports 13,138 individual clients: 435 high-net-worth individuals and 12,703 other individuals. Individuals account for about 96% of its regulatory assets.
Where is IPI Wealth Management, Inc. headquartered?
Its main office is in Decatur, Illinois. It reports 40 offices in total and 67 employees, 65 of whom perform investment advisory functions.
How does IPI Wealth Management, Inc. 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 IPI Wealth Management, Inc. use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed March 20, 2026, it reports these amounts held: Charles Schwab ($245M). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is IPI Wealth Management, Inc. a hybrid RIA with a broker-dealer?
IPI Wealth Management, Inc. is a hybrid RIA: 62 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Investment Planners, Inc.. Investment Planners, Inc. clears through RBC Capital Markets, according to its annual report filed with the SEC. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is IPI Wealth Management, Inc. a fiduciary?
As an SEC-registered investment adviser, IPI Wealth Management, Inc. owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 62 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is IPI Wealth Management, Inc.’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 (2026-03-20), 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 →