Wealth manager, independent · Milwaukee, WI
Oarsman Capital, Inc
SEC-registered investment adviser · CRD 109993 · SEC 801-60988
At a glance
Oarsman Capital, Inc is an SEC-registered investment adviser based in Milwaukee, Wisconsin, with $1.2B in regulatory assets under management as of its Form ADV filed September 8, 2026. It reports 670 individual clients, 356 of them high-net-worth, holding an average of about $1.7 million each, and 21 employees. That ranks it 939th among the nation’s 5,657 independent wealth management RIAs and 12th of 97 in Wisconsin. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 414-221-0081oarsman.netLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.2B
- Rank among independent wealth managers
- #939 of 5,657
- Rank among all SEC RIAs
- #4,919 of 17,210
- Rank in Wisconsin
- #12 of 97
- Individual clients
- 670
- High-net-worth clients
- 356
- Accounts
- 2,256
- Discretionary
- 95% of AUM
- Employees
- 21
- Advisory staff
- 13
- Offices
- 2
Owners and executives on its Form ADV
- Robert W. PhelpsPresident
- Benjamin J. KebbekusVice President
- Derek J. PawlakVice President
- Peter F. SchumacherShareholder
- Jaclyn A. GruberShareholder
- Eric J. SuttmillerShareholder
- Randy J. HeinigChief Compliance Officer
Custody and brokerage
Broker-dealer
No broker-dealer ties
Oarsman Capital, Inc 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 | 356 | $1.0B | 89% |
| Individuals | 314 | $121M | 10% |
| Charitable organizations | 6 | $5M | <1% |
| Pension and profit sharing plans | – | $1M | <1% |
| Corporations or other businesses | – | $0M | <1% |
Disciplinary disclosures
Oarsman Capital, 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
How it’s paid
- A percentage of assets under management
Form ADV and brochures on the SEC’s adviser search ↗oarsman.net ↗
AtlasMembers
The full record on Oarsman Capital, Inc
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
- Locked
- Growth over one, three and five years
- Locked
- Rank against 3,127 peers of its type and size
- Locked
- Owners and executives, with titles and stakes
- 10 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 3Locked
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 |
|---|---|---|
| N.E.W. Advisory Services, LLCDe Pere | $1.6B | 4,842 |
| Capital Investment Services of America IncMilwaukee | $1.3B | 898 |
| Madison PartnersMadison | $1.3B | 2,042 |
| Kerberrose Wealth Management, LLCShawano | $1.2B | 1,554 |
| Canopy Wealth ManagementMiddleton | $1.2B | 592 |
| Goldstein Advisors, LLCMadison | $1.1B | 1,069 |
Background
Questions
How much does Oarsman Capital, Inc manage?
Oarsman Capital, Inc reports $1.2B in regulatory assets under management across 2,256 accounts, 95% of it on a discretionary basis, on its Form ADV filed September 8, 2026.
How many clients does Oarsman Capital, Inc have?
It reports 670 individual clients: 356 high-net-worth individuals and 314 other individuals. Individuals account for about 99% of its regulatory assets.
Where is Oarsman Capital, Inc headquartered?
Its main office is in Milwaukee, Wisconsin. It reports 2 offices in total and 21 employees, 13 of whom perform investment advisory functions.
How does Oarsman Capital, Inc charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Oarsman Capital, Inc use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed September 8, 2026, it reports these amounts held: Charles Schwab ($923M). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Oarsman Capital, Inc a hybrid RIA with a broker-dealer?
Oarsman Capital, Inc reports no employees registered with a broker-dealer and no affiliated broker-dealer.
Is Oarsman Capital, Inc a fiduciary?
As an SEC-registered investment adviser, Oarsman Capital, Inc 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 Oarsman Capital, 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 (2026-09-08), 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 →