Ellenbecker Investment Group provides financial planning, portfolio management for individuals and small businesses, selecting other managers, publishing newsletters, educational seminars, education planning, estate planning, insurance, retirement plan services, tax planning, and tax preparation. Financial planning was provided to 101–250 clients last fiscal year.
Ellenbecker Investment Group reports 2,283 clients. They include 1,593 individual clients, 684 high-net-worth individuals and 6 charitable organizations. Of its assets, 99.9% ($2.06B across 2,282 accounts) are managed with discretion; $1.96M across 5 accounts are not. It advised 33 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 70% | 25% |
| High-net-worth individuals | 30% | 75% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | 0% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,593 | $514M | 24.9% | $322K |
| High-net-worth individuals | 684 | $1.54B | 74.9% | $2.26M |
| Charitable organizations | 6 | $2.72M | 0.1% | $454K |
| Corporations and other businesses | Fewer than 5 | $2.35M | 0.1% | — |
| Total | 2,283 | $2.06B | 100% | — |
- Clients
- 1,593
- Regulatory AUM
- $514M
- AUM share
- 24.9%
- Avg. per client
- $322K
- Clients
- 684
- Regulatory AUM
- $1.54B
- AUM share
- 74.9%
- Avg. per client
- $2.26M
- Clients
- 6
- Regulatory AUM
- $2.72M
- AUM share
- 0.1%
- Avg. per client
- $454K
- Clients
- Fewer than 5
- Regulatory AUM
- $2.35M
- AUM share
- 0.1%
- Avg. per client
- —
Total
- Clients
- 2,283
- Regulatory AUM
- $2.06B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 33
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
Ellenbecker Investment Group is paid through a percentage of assets under management, fixed fees (other than subscription fees) and other compensation. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning Services
- Negotiated fixed fee per project, payable on completion; the brochure states no rate.
- Pontera Held-Away Account Management
- A negotiated percentage fee, charged monthly in advance, for managing held-away plan participant accounts; the brochure states no rate.
Karen Ellenbecker owns 75% or more of Ellenbecker Investment Group. Julie Ellenbecker-Lipsky is CEO; the leadership team includes Chief Compliance Officer Michele Pawlak. It has 51 employees, 13 of them in advisory roles.
Leadership
- Julie Ellenbecker-LipskyPresident and Chief Executive Officer
- Michele PawlakChief Compliance Officer & Director of Business Services
- Karen EllenbeckerFounder, Secretary and Treasurer
Investment adviser representatives
20 representatives listed in the SEC register as of 9 October 2026.
- Justin Bertzyk
- Michele Brehm
- Amy Jean Bremmer
- Alexis Lin Brown
- Heather Kay Deaton
- Karen Jean Ellenbecker
- Julie Ann Ellenbecker-Lipsky
- Haley Fuhrmann
- Nikita A. Kibardin
- Benjamin L'Empereur
- Sandra Lynn Miller
- Katie Ann Murphy
- Tammy Lyn Niemann
- Colin E Oquist
- Jean Ellen Range
- Kristina Elizabeth Schnuckel
- Isaac James Schroeder
- Catherine Louise Watson
- Jamie C Williams
- Courtney Jo Witthuhn
Staff
- 51 employees
- 13 in advisory functions
- 18 state-registered reps
- Owns 75% or more of Ellenbecker Investment Group, Inc.
Karen Ellenbecker
Control person · since June 2014
- Owns 25% to 50% of Ellenbecker Investment Group, Inc.
Julie Ellenbecker-Lipsky
Control person · since June 2014
Ellenbecker Investment Group’s regulatory assets grew 1.8× from $1.12B (February 2021) to $2.06B (March 2026); clients rose from 1,677 to 2,283 and employees from 31 to 51.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $2.06B | 2,283 | 51 | 3 |
| March 2025 | $1.73B | 2,152 | 42 | 3 |
| March 2024 | $1.49B | 2,060 | 39 | 3 |
| May 2023 | $1.25B | 1,936 | 34 | 3 |
| March 2022 | $1.39B | 1,812 | 33 | 3 |
| February 2021 | $1.12B | 1,677 | 31 | 3 |
Besides its headquarters, Ellenbecker Investment Group has 2 offices, with 3 listed addresses in Florida and Wisconsin.
Wisconsin · 2 listed addresses
- N21 W23350 Ridgeview Parkway, WaukeshaHQ
- 705 E. Silver Spring Drive, Whitefish Bay
Florida · 1 listed address
- 27499 Riverview Center BLVD., Bonita Springs
Other business names
Ellenbecker Investment Group has reported 1 other business name to the SEC.
- Eig
Contact and registration details
- Legal name
- Ellenbecker Investment Group, Inc.
- Headquarters
- N21 W23350 Ridgeview Parkway, Waukesha, WI 53188
- Website
- Not reported
- Phone
- 262-691-3200
- @ellenbecker-investment-group
- SEC file
- 801-80600
- Founded
- 1996
- Structure
- Wisconsin corporation
- Fiscal year end
- December
Ellenbecker Investment Group uses Charles Schwab ($682M) as custodian for its separately managed accounts. Ellenbecker Investment Group does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Seattle, WA · $682M100%
At year end, Ellenbecker Investment Group’s separately managed accounts were mostly in funds (60%) and stocks (27%). Its reported 13F holdings for the quarter ended 30 June 2026 total $860M across 149 positions; the largest are iShares TR (24.5%), iShares TR (9.9%) and Vanguard Intl Equity Index F (9.2%).
What the accounts hold
- Stocks27%
- Funds60%
- Bonds11%
- Cash2%
Reported 13F holdings
- $860M
- Reported 13F value
- 149
- Positions
- 79.7%
- In the 10 largest
- +15.8%
- Value vs. prior quarter
- iShares TR · Core S&P 500 ETF24.5%
- iShares TR · Core US Aggbd ETF9.9%
- Vanguard Intl Equity Index F · FTSE Dev Mkt ETF9.2%
- iShares TR · Rus 1000 Grw ETF9.0%
- Vanguard Index Fds · Small CP ETF7.0%
- Pimco · Multisector BD Active ETF5.8%
- iShares TR · Rus 1000 Val ETF4.4%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF4.0%
- SPDR Series Trust · S&P 400 Mid Cap ETF3.3%
- iShares TR · Aggres Alloc ETF2.5%
Together, the ten largest are 79.7% of reported value.
How many clients does Ellenbecker Investment Group have?
Ellenbecker Investment Group has 2,283 clients and manages $2.06 billion for them, as of March 2026. They include 1,593 individual clients, 684 high-net-worth individuals and 6 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Ellenbecker Investment Group offer?
Ellenbecker Investment Group provides financial planning, portfolio management for individuals and small businesses, selecting other managers, publishing newsletters, educational seminars, education planning, estate planning, insurance, retirement plan services, 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
Which custodians does Ellenbecker Investment Group use?
Ellenbecker Investment Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (Seattle, WA), with $682M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 March 2026
How many financial advisors does Ellenbecker Investment Group have?
Ellenbecker Investment Group has 18 investment adviser representatives registered with state securities authorities, out of 51 employees, and 13 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 Ellenbecker Investment Group invest in?
At the end of its last fiscal year, Ellenbecker Investment Group’s separately managed accounts held 60% registered funds (mutual funds, ETFs, BDCs), 27% exchange-traded equities, 11% investment grade corporate bonds and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Ellenbecker Investment Group?
Ellenbecker Investment Group’s direct owners are Karen Ellenbecker (75% or more) and Julie Ellenbecker-Lipsky (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Ellenbecker Investment Group get paid?
Ellenbecker Investment Group is paid through a percentage of assets under management, fixed fees and other compensation. 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 Ellenbecker Investment Group?
Ellenbecker Investment Group’s main office is at N21 W23350 Ridgeview Parkway, Waukesha, WI 53188. Its phone number is 262-691-3200.