Top RIAs in Wisconsin
Every SEC-registered RIA with a main office in Wisconsin, by regulatory AUM, from Form ADV
195 RIAs registered with the SEC are headquartered in Wisconsin, the 21st most of any state, managing $1.26T in regulatory assets as of Sep 1, 2026. The largest by regulatory AUM is Robert W. Baird & Co. Incorporated in Milwaukee at $394.1B. 55 firms report $1 billion or more.
195
SEC-registered RIAs
$1.26T
Regulatory AUM
55
Firms at $1B and above
$395.6M
Median firm AUM
Data as of Sep 1, 2026, file ia09012026-registered.zip. Retrieved Sep 10, 2026.
01 · The firms
Every SEC-registered RIA in Wisconsin, by regulatory AUM
The default sort is regulatory assets under management as each firm filed it, which puts asset managers and wealth managers on one list. The toggle for firms where individuals and high-net-worth individuals hold the majority of assets is what separates them, using the firm's own Form ADV Item 5.D figures.
All 195 firms, by regulatory AUM as filed.
| # | Firm | City | Regulatory AUM | Advisory staff | Accounts | Individual + HNW clients | Retail share | Filed |
|---|---|---|---|---|---|---|---|---|
| 1 | Robert W. Baird & Co. IncorporatedCRD 8158 | Milwaukee | $394.1B | 3,170 | 367,123 | 236,131 | 43% | Apr 2026 |
| 2 | Northwestern Mutual Investment Management Company, LLCCRD 307865 | Milwaukee | $323.1B | 213 | 32 | n.d. | 0% | May 2026 |
| 3 | Artisan Partners Limited PartnershipCRD 150114 | Milwaukee | $183.6B | 114 | 255 | 7 | 0% | Aug 2026 |
| 4 | Tidal Investments LLCCRD 164201 | Milwaukee | $45.8B | 50 | 491 | 12 | 0% | Mar 2026 |
| 5 | Trustage Investment ManagementCRD 105960 | Madison | $39.5B | 41 | 349 | 0 | 0% | Mar 2026 |
| 6 | Mason Street Advisors, LLCCRD 114085 | Milwaukee | $39.1B | 13 | 34 | 0 | 0% | Mar 2026 |
| 7 | National Investment Services of America, LLCCRD 307169 | Milwaukee | $16.3B | 16 | 360 | 10 | 0% | May 2026 |
| 8 | Madison Investment Advisors, LLCCRD 110297 | Madison | $13.8B | 44 | 16,164 | 14,602 | 46% | Mar 2026 |
| 9 | Fiduciary Management, Inc.CRD 109149 | Milwaukee | $11.4B | 17 | 577 | 394 | 16% | Jun 2026 |
| 10 | Heck Capital Advisors, LLCCRD 143848 | Rhinelander | $11.3B | 24 | 4,004 | 1,049 | 20% | Mar 2026 |
| 11 | Johnson Wealth Inc.CRD 125557 | Milwaukee | $10.3B | 71 | 6,701 | 2,238 | 38% | Mar 2026 |
| 12 | Harbour Investments, Inc.CRD 19258 | Madison | $9.6B | 213 | 44,629 | 29,827 | 96% | Aug 2026 |
| 13 | Orgel Wealth Management, LLCCRD 168219 | Altoona | $9.5B | 31 | 10,680 | 3,786 | 74% | Mar 2026 |
| 14 | Annex Wealth Management, LLCCRD 127987 | Brookfield | $8.1B | 74 | 22,003 | 6,710 | 93% | Apr 2026 |
| 15 | Provident Trust CompanyCRD 110118 | Waukesha | $6.9B | 2 | 1,037 | 992 | 85% | Apr 2026 |
| 16 | Nicholas Co IncCRD 108347 | Milwaukee | $6.1B | 7 | 13 | 3 | 0% | Jan 2026 |
| 17 | Dana Investment Advisors IncCRD 105879 | Waukesha | $6.1B | 28 | 3,979 | 1,330 | 37% | Mar 2026 |
| 18 | Geneva Capital Management LLCCRD 105432 | Milwaukee | $5.6B | 9 | 4,049 | 154 | 8% | Mar 2026 |
| 19 | Baker Tilly Wealth Management, LLCCRD 167811 | Madison | $5.2B | 21 | 2,666 | 537 | 25% | Aug 2026 |
| 20 | Madison Asset ManagementCRD 130874 | Madison | $4.9B | 44 | 36 | 0 | 0% | Mar 2026 |
| 21 | Nicolet Wealth ManagementCRD 283940 | Green Bay | $4.3B | 45 | 9,812 | 3,791 | 65% | Mar 2026 |
| 22 | North Star Asset Management IncCRD 106489 | Neenah | $3.4B | 19 | 3,554 | 3,442 | 92% | Aug 2026 |
| 23 | Thompson Investment Management, Inc.CRD 129609 | Madison | $3.1B | 6 | 941 | 441 | 25% | Aug 2026 |
| 24 | Resonant Capital Advisors, LLCCRD 298451 | Madison | $3.0B | 14 | 2,816 | 609 | 98% | Jun 2026 |
| 25 | Kellogg Asset Management, LLCCRD 150031 | Green Bay | $2.9B | 9 | 104 | n.d. | 0% | Mar 2026 |
| 26 | Reinhart Partners, LLCCRD 106432 | Mequon | $2.5B | 6 | 217 | 148 | 5% | May 2026 |
| 27 | Gateway Wealth Partners, LLCCRD 322789 | Appleton | $2.3B | 83 | 10,635 | 7,312 | 98% | Jun 2026 |
| 28 | 1834 Investment Advisors Co.CRD 105435 | Milwaukee | $2.2B | 30 | 966 | 369 | 46% | Aug 2026 |
| 29 | Ellenbecker Investment GroupCRD 173851 | Waukesha | $2.1B | 13 | 2,287 | 2,277 | 100% | Mar 2026 |
| 30 | Operose Advisors LLCCRD 287465 | Milwaukee | $2.0B | 11 | 1,655 | 430 | 76% | Mar 2026 |
| 31 | Hammes Realty Advisors, LLCCRD 165693 | Milwaukee | $2.0B | 40 | 5 | n.d. | 0% | Mar 2026 |
| 32 | Landaas & CompanyCRD 47487 | Milwaukee | $1.9B | 21 | 4,098 | 1,800 | 99% | Mar 2026 |
| 33 | Heartland Advisors, Inc.CRD 29433 | Milwaukee | $1.9B | 10 | 93 | 80 | 10% | Feb 2026 |
| 34 | Klcm Advisors, Inc.CRD 107847 | Milwaukee | $1.9B | 5 | 637 | 625 | 95% | Mar 2026 |
| 35 | IAG Wealth Partners, LLCCRD 109721 | Waukesha | $1.9B | 15 | 6,310 | 2,339 | 99% | Mar 2026 |
| 36 | Diversified Management IncCRD 106680 | Milwaukee | $1.9B | 6 | 1,650 | 339 | 94% | Mar 2026 |
| 37 | Schaper Benz & Wise Investment Counsel IncCRD 107630 | Neenah | $1.8B | 11 | 1,077 | 388 | 97% | Jul 2026 |
| 38 | N.E.W. Advisory Services, LLCCRD 290405 | De Pere | $1.6B | 12 | 9,375 | 4,842 | 100% | Mar 2026 |
| 39 | Campbell Newman Asset Management IncCRD 107003 | Milwaukee | $1.4B | 4 | 1,475 | 1,422 | 75% | Mar 2026 |
| 40 | Isthmus Partners, LLCCRD 171279 | Madison | $1.4B | 8 | 1,894 | 357 | 89% | Jan 2026 |
| 41 | Sentry Investment Management, L.L.C.CRD 105176 | Stevens Point | $1.4B | 8 | 2 | n.d. | 0% | Mar 2026 |
| 42 | Mason Wells, Inc.CRD 173069 | Milwaukee | $1.4B | 20 | 4 | n.d. | 0% | Mar 2026 |
| 43 | Packerland Brokerage Services, Inc.CRD 37031 | Green Bay | $1.4B | 165 | 6,993 | 4,845 | 99% | Apr 2026 |
| 44 | The Milwaukee CompanyCRD 123452 | Thiensville | $1.3B | 4 | 319 | 37 | 36% | Mar 2026 |
| 45 | Capital Investment Services of America IncCRD 110639 | Milwaukee | $1.3B | 9 | 937 | 898 | 82% | Dec 2025 |
| 46 | Madison PartnersCRD 305824 | Madison | $1.3B | 17 | 6,213 | 2,042 | 96% | Jul 2026 |
| 47 | Associated Investment Services, Inc.CRD 1464 | Green Bay | $1.2B | 27 | 5,422 | 3,841 | 100% | Apr 2026 |
| 48 | Oarsman Capital, IncCRD 109993 | Milwaukee | $1.2B | 13 | 2,256 | 670 | 99% | May 2026 |
| 49 | Kerberrose Wealth Management, LLCCRD 168787 | Shawano | $1.2B | 13 | 3,345 | 1,554 | 51% | Aug 2026 |
| 50 | Canopy Wealth ManagementCRD 297717 | Middleton | $1.2B | 7 | 2,608 | 592 | 99% | Apr 2026 |
02 · By city
Where in Wisconsin the firms sit
Main-office city as filed. Up to the twenty-five cities with the most firms.
- Milwaukee47 · $1.06T
- Madison30 · $89.0B
- Appleton15 · $7.3B
- Brookfield13 · $11.1B
- Waukesha8 · $19.2B
- Green Bay7 · $10.3B
- Mequon6 · $4.7B
- Middleton5 · $3.5B
- Altoona3 · $10.6B
- De Pere3 · $1.8B
- Neenah3 · $5.1B
- Pewaukee3 · $1.1B
- Wausau3 · $1.4B
- West Bend3 · $674.1M
- Delafield2 · $383.5M
- Hartland2 · $396.1M
- La Crosse2 · $1.1B
- Lake Geneva2 · $1.5B
- Oshkosh2 · $362.8M
- Stevens Point2 · $1.8B
- Thiensville2 · $1.8B
- Wauwatosa2 · $828.7M
- Belgium1 · $158.9M
- Cedarburg1 · $852.0M
- East Troy1 · $122.5M
03 · Questions
Questions people ask about RIAs in Wisconsin
- How many RIAs are in Wisconsin?
- 195 RIAs registered with the SEC list a main office in Wisconsin in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.
- What is the largest RIA in Wisconsin?
- By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in Wisconsin is Robert W. Baird & Co. Incorporated in Milwaukee, at $394.1B. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.
- How many Wisconsin RIAs manage more than $1 billion?
- 55 of the 195 SEC-registered RIAs headquartered in Wisconsin report regulatory assets under management of $1 billion or more. The median firm in the state reports $395.6M.
- Where does this data come from?
- From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.
Definitions and source
What each column means, in the SEC's words
- Regulatory assets under management Form ADV Item 5.F(2)(c)
- If yes, what is the amount of your regulatory assets under management and total number of accounts? Total, discretionary plus non-discretionary.
- Total accounts Form ADV Item 5.F(2)(f)
- Total number of accounts, discretionary plus non-discretionary.
- Employees Form ADV Item 5.A
- Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
- Advisory employees Form ADV Item 5.B(1)
- Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
- Broker-dealer registered representatives Form ADV Item 5.B(2)
- Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
- Individual and high-net-worth clients Form ADV Item 5.D(a), 5.D(b)
- Number of clients and amount of regulatory assets under management for individuals (other than high net worth individuals) and for high net worth individuals.
- Commissions Form ADV Item 5.E(5)
- You are compensated for your investment advisory services by (check all that apply): (5) Commissions.
- Private funds Form ADV Item 7.B
- Are you an adviser to any private fund?
Source: U.S. Securities and Exchange Commission, Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip (data as of Sep 1, 2026), retrieved Sep 10, 2026. Figures are as self-reported by each firm on Form ADV Item 5; the SEC does not verify them. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy.
Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. Firms on this page are listed by arithmetic on the SEC's file, not by any relationship with us, and none is ranked, labelled or recommended.