Acropolis Investment Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, publishing newsletters, educational seminars, and retirement plan services. Financial planning was provided to 1,000 clients last fiscal year.
Acropolis Investment Management reports 1,045 clients. They include 636 high-net-worth individuals, 401 individual clients and 8 charitable organizations. Of its assets, 100.0% ($2.61B across 3,984 accounts) are managed with discretion. It advised 195 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 38% | 8% |
| High-net-worth individuals | 61% | 87% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | Fewer than 5 | 4% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 401 | $215M | 8.2% | $536K |
| High-net-worth individuals | 636 | $2.26B | 86.7% | $3.56M |
| Pension and profit-sharing plans | Fewer than 5 | $7.28M | 0.3% | — |
| Charitable organizations | 8 | $19.3M | 0.7% | $2.41M |
| Corporations and other businesses | Fewer than 5 | $107M | 4.1% | — |
| Total | 1,045 | $2.61B | 100% | — |
- Clients
- 401
- Regulatory AUM
- $215M
- AUM share
- 8.2%
- Avg. per client
- $536K
- Clients
- 636
- Regulatory AUM
- $2.26B
- AUM share
- 86.7%
- Avg. per client
- $3.56M
- Clients
- Fewer than 5
- Regulatory AUM
- $7.28M
- AUM share
- 0.3%
- Avg. per client
- —
- Clients
- 8
- Regulatory AUM
- $19.3M
- AUM share
- 0.7%
- Avg. per client
- $2.41M
- Clients
- Fewer than 5
- Regulatory AUM
- $107M
- AUM share
- 4.1%
- Avg. per client
- —
Total
- Clients
- 1,045
- Regulatory AUM
- $2.61B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 195
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1000
Acropolis Investment Management charges 0.40%–1.25% for its Private Client Fee Schedule. The brochure does not state whether the rate is annual. Each asset band is charged at its own rate. The fee is billed in arrears, is negotiable and requires an account of at least $1,000,000.
| Asset band | Rate (period not stated) |
|---|---|
| $0–$500K | 1.25% |
| $500K–$1.5M | 1.15% |
| $1.5M–$3M | 1.00% |
| $3M–$5.5M | 0.85% |
| $5.5M–$10.5M | 0.75% |
| $10.5M and above | 0.40% |
Fee details and sources
Christopher Lissner owns 25% to 50% of Acropolis Investment Management. The leadership team of Acropolis Investment Management includes President Christopher Lissner, Chief Investment Officer David Ott and Chief Compliance Officer Robert Fleming. It has 44 employees, 38 of them in advisory roles.
Leadership
- Christopher LissnerManaging Member & President
- Robert FlemingChief Compliance Officer
- David OttMember & Chief Investment Officer
- Dannelle WardMember
- Michael LissnerMember
- Marie TustinMember
- Cliff ReynoldsMember
Investment adviser representatives
37 representatives listed in the SEC register as of 9 October 2026.
- Matthew Adrignola
- Stacie Renee Brost
- Heather Marie Burke
- Jack C Carpenter
- Michele Rene' Clark
- Bradley A Combs
- Ryan R. Craft
- Amy Jo Crews
- Rebecca L Dollens
- Robert Stanley Fleming
- Miranda Hagar
- Ryanne Ashley Harmann
- Jessica R Hendricks
- Joseph A. Kelley
- Lauren Janus Kingsten
- Andrea T Lathrop
- Andrea Levinson
- Nathan D Levinson
- Christopher Bart Lissner
- Jennifer Anne Lissner
- Michael Timothy Lissner
- John Russell McClelland
- Cynthia Lynn McKillip
- William Scott McKillip
- Amanda Mertens
- Jennifer Orr
- David Baker Ott
- Kaley Suzanne Pogrelis
- Cliff J. Reynolds
- Sakis Sotirios Salas
- Robert J. Schramm
- Minjung Son
- Marie L Tustin
- Alex M Umble
- Christian Edward Wagner
- Dannelle Dyan Ward
- Nathan Alexander Ward
Staff
- 44 employees
- 38 in advisory functions
- 36 state-registered reps
- 1 soliciting firm
- Owns 25% to 50% of Acropolis Investment Management, L.L.C.
Christopher Lissner
Control person · since August 2002
- Owns 25% to 50% of Acropolis Investment Management, L.L.C.
David Ott
Control person · since August 2002
- Owns 10% to 25% of Acropolis Investment Management, L.L.C.
Dannelle Ward
Control person · since August 2002
- Owns 10% to 25% of Acropolis Investment Management, L.L.C.
Michael Lissner
Control person · since January 2003
- Owns 5% to 10% of Acropolis Investment Management, L.L.C.
Marie Tustin
Control person · since January 2023
- Owns 5% to 10% of Acropolis Investment Management, L.L.C.
Cliff Reynolds
Control person · since January 2023
Acropolis Investment Management’s regulatory assets grew 1.6× from $1.65B (June 2021) to $2.61B (March 2026); clients were 1,045 in both filings and employees rose from 39 to 44.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $2.61B | 1,045 | 44 | 1 |
| May 2025 | $2.2B | 1,026 | 43 | 1 |
| March 2024 | $1.92B | 999 | 43 | 1 |
| March 2023 | $1.74B | 1,096 | 44 | 1 |
| July 2022 | $1.92B | 1,055 | 40 | 1 |
| June 2021 | $1.65B | 1,055 | 39 | 1 |
Besides its headquarters, Acropolis Investment Management has 0 offices, with 1 listed address in Missouri.
Missouri · 1 listed address
- 14567 North Outer Forty Road, Suite 200, ChesterfieldHQ
Other business names
Acropolis Investment Management has reported 1 other business name to the SEC.
- Ullico Retirement Solutions ("Urs")
Contact and registration details
- Legal name
- Acropolis Investment Management, L.L.C.
- Headquarters
- 14567 North Outer Forty Road, Suite 200, Chesterfield, MO 63017
- Website
- acrinv.com
- Phone
- 888-882-0072
- SEC file
- 801-61444
- Founded
- 2002
- Structure
- Missouri LLC
- Fiscal year end
- December
Acropolis Investment Management uses Charles Schwab ($1.39B) as custodian for its separately managed accounts. Acropolis Investment Management has custody of $77.5M in client assets for 211 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.39B100%
At year end, Acropolis Investment Management’s separately managed accounts were mostly in funds (84%) and stocks (10%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.54B across 384 positions; the largest are Vanguard Index Fds (15.4%), Vanguard Tax-managed Fds (7.8%) and Dimensional ETF Trust (6.8%).
What the accounts hold
- Stocks10%
- Funds84%
- Bonds3%
- Cash3%
Reported 13F holdings
- $2.54B
- Reported 13F value
- 384
- Positions
- 62.1%
- In the 10 largest
- +12.0%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs15.4%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt7.8%
- Dimensional ETF Trust · Core Fixe IN ETF6.8%
- Vanguard Scottsdale Fds · Inter Term Treas6.4%
- iShares TR · Core S&P Scp ETF5.8%
- iShares TR · Core S&P Mcp ETF5.3%
- iShares TR · Ishs 5-10yr Invt4.7%
- J P Morgan Exchange Traded F · Mortgage Backed4.2%
- iShares TR · US Sml Cap EQT3.5%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF2.4%
Together, the ten largest are 62.1% of reported value.
How many clients does Acropolis Investment Management have?
Acropolis Investment Management has 1,045 clients and manages $2.61 billion for them, as of March 2026. They include 636 high-net-worth individuals, 401 individual clients and 8 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 March 2026
What services does Acropolis Investment Management offer?
Acropolis Investment Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, publishing newsletters, educational seminars, and retirement plan services.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Acropolis Investment Management charge?
Acropolis Investment Management charges 0.40%–1.25% for its Private Client Fee Schedule. The brochure does not state whether the rate is annual. Each asset band is charged at its own rate. The fee is billed in arrears, is negotiable and requires an account of at least $1,000,000.
Source: ACROPOLIS INVESTMENT MANAGEMENT FORM ADV PART 2, filed 26 March 2026
Which custodians does Acropolis Investment Management use?
Acropolis Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.39B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 26 March 2026
How many financial advisors does Acropolis Investment Management have?
Acropolis Investment Management has 36 investment adviser representatives registered with state securities authorities, out of 44 employees, and 38 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Acropolis Investment Management invest in?
At the end of its last fiscal year, Acropolis Investment Management’s separately managed accounts held 84% registered funds (mutual funds, ETFs, BDCs), 10% exchange-traded equities, 3% U.S. government and agency bonds and 3% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Acropolis Investment Management have a minimum investment?
Yes, Acropolis Investment Management’s minimum account size for its Private Client Fee Schedule is $1M.
Source: ACROPOLIS INVESTMENT MANAGEMENT FORM ADV PART 2, filed 26 March 2026
Who owns Acropolis Investment Management?
Acropolis Investment Management’s direct owners are Christopher Lissner, David Ott, Dannelle Ward, Michael Lissner, Marie Tustin and Cliff Reynolds, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 26 March 2026
How does Acropolis Investment Management get paid?
Acropolis Investment Management is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Acropolis Investment Management?
Acropolis Investment Management’s main office is at 14567 North Outer Forty Road, Suite 200, Chesterfield, MO 63017. Its phone number is 888-882-0072. Its website is acrinv.com.