Baldwin Investment Management provides financial planning, portfolio management for individuals and small businesses, family office services, philanthropic planning, tax planning, and tax preparation. Financial planning was provided to 26–50 clients last fiscal year.
Baldwin Investment Management reports 284 clients. They include 157 high-net-worth individuals, 111 individual clients and 10 charitable organizations. Of its assets, 80.0% ($1.04B across 318 accounts) are managed with discretion; $259M across 389 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 39% | 5% |
| High-net-worth individuals | 55% | 86% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | 4% | 7% |
| Other | 2% | <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) | 111 | $68.3M | 5.3% | $616K |
| High-net-worth individuals | 157 | $1.12B | 86.1% | $7.1M |
| Pension and profit-sharing plans | Fewer than 5 | $9.12M | 0.7% | — |
| Charitable organizations | 10 | $95.5M | 7.4% | $9.55M |
| Other | 6 | $6.67M | 0.5% | $1.11M |
| Total | 284 | $1.3B | 100% | — |
- Clients
- 111
- Regulatory AUM
- $68.3M
- AUM share
- 5.3%
- Avg. per client
- $616K
- Clients
- 157
- Regulatory AUM
- $1.12B
- AUM share
- 86.1%
- Avg. per client
- $7.1M
- Clients
- Fewer than 5
- Regulatory AUM
- $9.12M
- AUM share
- 0.7%
- Avg. per client
- —
- Clients
- 10
- Regulatory AUM
- $95.5M
- AUM share
- 7.4%
- Avg. per client
- $9.55M
- Clients
- 6
- Regulatory AUM
- $6.67M
- AUM share
- 0.5%
- Avg. per client
- $1.11M
Total
- Clients
- 284
- Regulatory AUM
- $1.3B
- 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
- 26–50
Baldwin Investment Management charges up to 1.00% for its Equity and Balanced Portfolios. The brochure does not state whether the rate is annual. The fee is billed in advance or in arrears and is negotiable. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Financial planning is charged at an hourly rate or a negotiated fixed rate based on the client circumstances.
- Non-Discretionary Advisory Investment Management
- Non-discretionary advisory investment management is charged at $300 an hour or by a flat retainer fee determined during account negotiations.
Baldwin Management, LLC owns 75% or more of Baldwin Investment Management and is in turn owned by W. Paul Havens, JR. and Ida H. Havens Trust F/B/O Peter H. Havens (25–50%). Susan Gorelli is CEO; the leadership team includes Chief Compliance Officer Christina McCloy. It has 14 employees, 11 of them in advisory roles.
Leadership
- Susan GorelliChief Executive Officer
- Christina McCloyChief Compliance Officer
- Peter HavensChairman of
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
- Gary Stuart Hess
- David Christopher Peppard
- Jared Van Dyke Quereau
Staff
- 14 employees
- 11 in advisory functions
- 1 state-registered rep
- Owns 75% or more of Baldwin Investment Management, LLC
Baldwin Management, LLC
Control person · since July 1999
- Owns 25% to 50% of Baldwin Management, LLC
W. Paul Havens, JR. and Ida H. Havens Trust F/B/O Peter H. Havens
since July 1999
- Owns 10% to 25% of Baldwin Investment Management, LLC
Susan Gorelli
Control person · since January 2023
- Owns 10% to 25% of Baldwin Investment Management, LLC
Peter Havens
Control person · since May 1999
Baldwin Investment Management’s regulatory assets grew from $1.01B (March 2021) to $1.3B (March 2026); clients fell from 334 to 284 and employees rose from 11 to 14.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.3B | 284 | 14 | 2 |
| April 2025 | $1.23B | 282 | 12 | 2 |
| March 2024 | $1.09B | 284 | 16 | 3 |
| March 2023 | $1.03B | 1,328 | 12 | 3 |
| March 2022 | $1.14B | 334 | 12 | 3 |
| March 2021 | $1.01B | 334 | 11 | 3 |
Besides its headquarters, Baldwin Investment Management has 1 office, with 2 listed addresses in Pennsylvania.
Pennsylvania · 2 listed addresses
- 1001 Conshohocken State Road, Suite 1-202, West ConshohockenHQ
- 121 N. Walnut Street, West Chester
Other business names
Baldwin Investment Management has reported 2 other business names to the SEC.
- Chester County Asset Management, A Baldwin Company LLC
- RKM A Baldwin Investment Management Company
Contact and registration details
- Legal name
- Baldwin Investment Management, LLC
- Headquarters
- 1001 Conshohocken State Road, Suite 1-202, West Conshohocken, PA 19428
- Website
- baldwinmgt.com
- Phone
- 610-260-1555
- @baldwin-investment-management
- SEC file
- 801-56558
- Founded
- 1999
- Structure
- Pennsylvania LLC
- Fiscal year end
- December
Baldwin Investment Management uses Charles Schwab ($1.19B) as custodian for its separately managed accounts. Baldwin Investment Management has custody of $1.22B in client assets for 354 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.19B100%
At year end, Baldwin Investment Management’s separately managed accounts were mostly in stocks (80%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.03B across 231 positions; the largest are Berkshire Hathaway Inc. A (40.2%), Lam Research Corp. (3.6%) and Apple Inc. (2.8%).
What the accounts hold
- Stocks80%
- Exchange-traded equities78%
- Non-exchange-traded equities2%
- Funds9%
- Bonds7%
- Investment grade corporate bonds3%
- U.S. government and agency bonds2%
- State and local bonds2%
- Cash3%
- Other1%
- Annuities/life insurance1%
Reported 13F holdings
- $1.03B
- Reported 13F value
- 231
- Positions
- 59.9%
- In the 10 largest
- +20.8%
- Value vs. prior quarter
- Berkshire Hathaway Inc. A · CL A40.2%
- Lam Research Corp.3.6%
- Apple Inc.2.8%
- Broadcom Limited2.7%
- Nvidia Corp.2.6%
- J.p. Morgan Chase & Co1.9%
- Microsoft Corp.1.6%
- Alphabet Inc. Class A1.6%
- Eli Lilly & Company1.5%
- Costco Wholesale Corp.1.3%
Together, the ten largest are 59.9% of reported value.
How many clients does Baldwin Investment Management have?
Baldwin Investment Management has 284 clients and manages $1.3 billion for them, as of March 2026. They include 157 high-net-worth individuals, 111 individual clients and 10 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 March 2026
What services does Baldwin Investment Management offer?
Baldwin Investment Management provides financial planning, portfolio management for individuals and small businesses, family office services, philanthropic planning, tax planning, and tax preparation.
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 Baldwin Investment Management charge?
Baldwin Investment Management charges up to 1.00% for its Equity and Balanced Portfolios. The brochure does not state whether the rate is annual. The fee is billed in advance or in arrears and is negotiable.
Source: BALDWIN FORM ADV 2 ADVISORY BROCHURE 2018, filed 16 March 2026
Which custodians does Baldwin Investment Management use?
Baldwin Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.19B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 16 March 2026
How many financial advisors does Baldwin Investment Management have?
Baldwin Investment Management has 1 investment adviser representative registered with state securities authorities, out of 14 employees, and 11 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 Baldwin Investment Management invest in?
At the end of its last fiscal year, Baldwin Investment Management’s separately managed accounts held 78% exchange-traded equities, 9% registered funds (mutual funds, ETFs, BDCs), 3% investment grade corporate bonds, 3% cash and equivalents, 2% non-exchange-traded equities, 2% U.S. government and agency bonds, 2% state and local bonds and 1% other. The 1% other category is described as: Annuities/Life Insurance.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Baldwin Investment Management?
Baldwin Investment Management is owned through a holding company by W. Paul Havens, JR. and Ida H. Havens Trust F/B/O Peter H. Havens. Its direct owners are Baldwin Management, LLC (75% or more), Susan Gorelli (10% to 25%) and Peter Havens (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 16 March 2026
How does Baldwin Investment Management get paid?
Baldwin Investment Management is paid through a percentage of assets under management. 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
Is Baldwin Investment Management registered with the SEC?
Yes, Baldwin Investment Management has been registered with the SEC as an investment adviser since 26 May 1999. Its CRD number is 108922 and its SEC file number is 801-56558.
Source: Form ADV Part 1A, Item 1, filed 16 March 2026; IAPD firm record
How do I contact Baldwin Investment Management?
Baldwin Investment Management’s main office is at 1001 Conshohocken State Road, Suite 1-202, West Conshohocken, PA 19428. Its phone number is 610-260-1555. Its website is baldwinmgt.com.