Annex Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters, and educational seminars. Financial planning was provided to 5,500 clients last fiscal year.
Annex Advisory Services reports 6,802 clients. They include 3,819 individual clients, 2,891 high-net-worth individuals, and 85 pension and profit-sharing plans. Of its assets, 97.0% ($7.81B across 21,926 accounts) are managed with discretion; $239M across 77 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 56% | 28% |
| High-net-worth individuals | 43% | 65% |
| Pension and profit-sharing plans | 1% | 7% |
| Charitable organizations | <1% | <1% |
| State or municipal government entities | Fewer than 5 | <1% |
| Other client typesCorporations and other businesses | Not reported | <1% |
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) | 3,819 | $2.25B | 27.9% | $588K |
| High-net-worth individuals | 2,891 | $5.25B | 65.2% | $1.82M |
| Pension and profit-sharing plans | 85 | $541M | 6.7% | $6.36M |
| Charitable organizations | 7 | $10.9M | 0.1% | $1.55M |
| State or municipal government entities | Fewer than 5 | $127K | 0.0% | — |
| Corporations and other businesses | Fewer than 5 | $2.11M | 0.0% | — |
| Total | 6,802 | $8.05B | 100% | — |
- Clients
- 3,819
- Regulatory AUM
- $2.25B
- AUM share
- 27.9%
- Avg. per client
- $588K
- Clients
- 2,891
- Regulatory AUM
- $5.25B
- AUM share
- 65.2%
- Avg. per client
- $1.82M
- Clients
- 85
- Regulatory AUM
- $541M
- AUM share
- 6.7%
- Avg. per client
- $6.36M
- Clients
- 7
- Regulatory AUM
- $10.9M
- AUM share
- 0.1%
- Avg. per client
- $1.55M
- Clients
- Fewer than 5
- Regulatory AUM
- $127K
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $2.11M
- AUM share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 6,802
- Regulatory AUM
- $8.05B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 5500
Annex Advisory Services charges 0.30%–1.25% a year for its Standard fee schedule. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Consulting Services
- Contracted on an asset-based, project or flat-fee basis; flat fees for basic projects start at $1,000, with an advance deposit of up to 100% of the estimate.
Annex Holdco II, LLC owns 75% or more of Annex Advisory Services and is in turn owned by Annex Holdco I, LLC (75% or more). The leadership team of Annex Advisory Services includes Chief Compliance Officer Naomi Ackley. It has 151 employees, 74 of them in advisory roles.
Staff
- 151 employees
- 74 in advisory functions
- 14 insurance agents
- 4 soliciting firms
- Owns 75% or more of Annex Advisory Services, LLC
Annex Holdco II, LLC
Control person · since December 2025
- Owns 75% or more of Annex Holdco II, LLC
Annex Holdco I, LLC
Control person · since December 2025
- Owns 50% to 75% of Annex Holdco I, LLC
David J Spano Revocable Trust, Dated January 2, 2018
Control person · since December 2025
Annex Advisory Services’ regulatory assets grew 2.1× from $3.79B (March 2021) to $8.05B (April 2026); clients were 6,802 in both filings and employees rose from 88 to 151. In 2025, Wfa Asset Management ($439M in its last filing) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Apr 2026April 2026 | $8.05B | 6,802 | 151 | 9 |
| Jul 2025July 2025 | $6.95B | 9,564 | 144 | 8 |
| Jul 2024July 2024 | $5.58B | 9,086 | 139 | 8 |
| Mar 2023March 2023 | $4.2B | 8,298 | 114 | 8 |
| Jul 2022July 2022 | $4.6B | 7,835 | 97 | 9 |
| Mar 2021March 2021 | $3.79B | 6,784 | 88 | 9 |
Firms that joined
20251 joined
- Wfa Asset ManagementLast filed AUM $439M
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Annex Advisory Services has 8 offices, with 9 listed addresses across 3 states.
Wisconsin · 7 listed addresses
- 17950 W. Corporate Drive, Suite 300, BrookfieldHQ
- 424 E Wisconsin Ave, Milwaukee
- 12200 Corporate Parkway, Mequon
- 2801 Enterprise Avenue, Appleton
- 2301 W Sun Valley Drive, Delafield
- 1200 John Q Hammons DR, Madison
- 633 E. Henry Clay, Whitefish Bay
Florida · 1 listed address
- 4901 Tamiami Trail N, Naples
Illinois · 1 listed address
- 1580 South Milwaukee Avenue, Libertyville
Other business names
Annex Advisory Services has reported 2 other business names to the SEC.
- Annex Ignite
- Annex Wealth Management, LLC
Contact and registration details
- Legal name
- Annex Advisory Services, LLC
- Headquarters
- 17950 W. Corporate Drive, Suite 300, Brookfield, WI 53045
- Website
- annexwealth.com
- Phone
- 262-786-6363
- SEC file
- 801-63505
- Structure
- Wisconsin LLC
- Fiscal year end
- December
Annex Advisory Services’ named custodians for separately managed accounts are Charles Schwab ($5.02B, 72%) and Fidelity ($1.96B, 28%). Annex Advisory Services has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $5.02B72%
- FidelityNational Financial Services LLC · Boston, MA · $1.96B28%
At year end, Annex Advisory Services’ separately managed accounts were mostly in funds (53%) and stocks (36%). Its reported 13F holdings for the quarter ended 30 June 2026 total $5.86B across 356 positions; the largest are Victory Portfolios II (7.0%), Goldman Sachs ETF TR (4.8%) and American Centy ETF TR (4.4%).
What the accounts hold
- Stocks36%
- Funds53%
- Bonds6%
- U.S. government and agency bonds2%
- State and local bonds2%
- Investment grade corporate bonds2%
- Cash5%
How many clients does Annex Advisory Services have?
Annex Advisory Services has 6,802 clients and manages $8.05 billion for them, as of April 2026. They include 3,819 individual clients, 2,891 high-net-worth individuals, and 85 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 April 2026
What services does Annex Advisory Services offer?
Annex Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, publishing newsletters, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Annex Advisory Services charge?
Annex Advisory Services charges 0.30%–1.25% a year for its Standard fee schedule. The fee is billed in advance and is negotiable.
Which custodians does Annex Advisory Services use?
Annex Advisory Services’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $5.02B and National Financial Services LLC (Boston, MA), with $1.96B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 April 2026
How many financial advisors does Annex Advisory Services have?
Annex Advisory Services has 0 investment adviser representatives registered with state securities authorities, out of 151 employees, and 74 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 14 employees are 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 Annex Advisory Services invest in?
At the end of its last fiscal year, Annex Advisory Services’ separately managed accounts held 53% registered funds (mutual funds, ETFs, BDCs), 36% exchange-traded equities, 5% cash and equivalents, 2% U.S. government and agency bonds, 2% state and local bonds and 2% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Annex Advisory Services?
Annex Advisory Services is owned through a chain of holding companies by David J Spano Revocable Trust, Dated January 2, 2018. Its direct owner is Annex Holdco II, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 17 April 2026
How does Annex Advisory Services get paid?
Annex Advisory Services is paid through a percentage of assets under management, hourly charges 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 Annex Advisory Services?
Annex Advisory Services’ main office is at 17950 W. Corporate Drive, Suite 300, Brookfield, WI 53045. Its phone number is 262-786-6363. Its website is annexwealth.com.
