Elm Partners Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for pooled vehicles. Financial planning was provided to 1–10 clients last fiscal year. The firm advises 2 private funds.
Elm Partners Management reports 655 clients. They include 537 high-net-worth individuals, 107 individual clients, and 4 corporations and other businesses. Of its assets, 100.0% ($3.02B across 905 accounts) are managed with discretion. Of its clients, 6% are outside the U.S. It advised 3 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 16% | 2% |
| High-net-worth individuals | 82% | 67% |
| Investment companies | <1% | 17% |
| Pooled investment vehicles | <1% | 13% |
| Charitable organizations | <1% | <1% |
| Other client typesCorporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 107 | $71.8M | 2.4% | $671K |
| High-net-worth individuals | 537 | $2.03B | 67.3% | $3.78M |
| Investment companies | 1 | $502M | 16.6% | $502M |
| Pooled investment vehicles | 3 | $383M | 12.7% | $128M |
| Charitable organizations | Fewer than 5 | $27.8M | 0.9% | $9.26M |
| Corporations and other businesses | Fewer than 5 | $4.27M | 0.1% | $1.07M |
| Total | 655 | $3.02B | 100% | — |
- Clients
- 107
- Regulatory AUM
- $71.8M
- AUM share
- 2.4%
- Avg. per client
- $671K
- Clients
- 537
- Regulatory AUM
- $2.03B
- AUM share
- 67.3%
- Avg. per client
- $3.78M
- Clients
- 1
- Regulatory AUM
- $502M
- AUM share
- 16.6%
- Avg. per client
- $502M
- Clients
- 3
- Regulatory AUM
- $383M
- AUM share
- 12.7%
- Avg. per client
- $128M
- Clients
- Fewer than 5
- Regulatory AUM
- $27.8M
- AUM share
- 0.9%
- Avg. per client
- $9.26M
- Clients
- Fewer than 5
- Regulatory AUM
- $4.27M
- AUM share
- 0.1%
- Avg. per client
- $1.07M
Total
- Clients
- 655
- Regulatory AUM
- $3.02B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 6%
- Clients advised without assets under management last fiscal year
- 3
- Private funds advised
- 2
- Financial planning clients last fiscal year
- 1–10
Elm Partners Management charges 0.12% a year for its Managed Account Investment Program. The whole portfolio is charged at the rate of its band. The fee is billed in arrears and requires an account of at least $2,000,000. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Elm Lifetime Investing & Spending Analysis Service
- Typically a fixed engagement fee of $5,000 per engagement, which may be negotiable; extraordinary client requests are charged an individually set fee.
Cygnet Capital LLC owns 75% or more of Elm Partners Management and is in turn owned by Willow View Trust (50–75%). James White is CEO; the leadership team includes Chief Investment Officer Victor Haghani. It has 9 employees, 7 of them in advisory roles.
Leadership
- James WhiteChief Executive Officer and Chief Compliance Officer
- Jerry BellChief Revenue Officer
- Victor HaghaniChief Investment Officer
Investment adviser representatives
7 representatives listed in the SEC register as of 9 October 2026.
- Francisco Agrest
- Jerry Arch Bell II
- Michael Edward Fothergill
- Victor John Haghani
- Brandon Labbe
- Nolan Henry Lenaghan
- James Woodson White JR
Staff
- 9 employees
- 7 in advisory functions
- 7 state-registered reps
- Owns 75% or more of Elm Partners Management LLC
Cygnet Capital LLC
Control person · since March 2012
- Owns 50% to 75% of Cygnet Capital LLC
Willow View Trust
Control person · since December 2013
Celeste Haghani
Grantor · Control person · since March 2012
Andrea Paul
Trustee · Control person · since December 2013
Elm Partners Management’s regulatory assets grew 2.6× from $1.15B (March 2021) to $3.02B (September 2026); clients rose from 256 to 655 and employees from 4 to 9.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $3.02B | 655 | 9 | 2 |
| March 2025 | $2.02B | 505 | 7 | 2 |
| June 2024 | $1.5B | 371 | 6 | 2 |
| February 2023 | $1.28B | 323 | 5 | 2 |
| July 2022 | $1.3B | 299 | 5 | 2 |
| March 2021 | $1.15B | 256 | 4 | 2 |
Besides its headquarters, Elm Partners Management has 1 office (1 private residence, listed without an address), with 1 listed address in Pennsylvania.
Pennsylvania · 1 listed address
- 50 S 16th St., FL 18 Ste C, PhiladelphiaHQ
Other business names
Elm Partners Management has reported 1 other business name to the SEC.
- Elm Wealth
Contact and registration details
- Legal name
- Elm Partners Management LLC
- Headquarters
- 50 S 16th St., FL 18 Ste C, Philadelphia, PA 19102
- Website
- elmwealth.com
- Phone
- 888-676-3148
- @elm-partners
- SEC file
- 801-78018
- Structure
- Wyoming LLC
- Fiscal year end
- December
Elm Partners Management uses Fidelity ($1.15B, 54%), Charles Schwab ($757M, 35%) and J.P. Morgan ($223M, 10%) as custodians for its separately managed accounts. Elm Partners Management has custody of $356M in client assets for 2 clients.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $1.15B54%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $757M35%
- J.P. MorganJ.P. Morgan Securities LLC · New York, NY · $223M10%
At year end, Elm Partners Management’s separately managed accounts were mostly in funds (94%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.79B across 161 positions; the largest are Vanguard Index Fds (15.5%), Vanguard Instl Index FD (10.4%) and Vanguard Intl Equity Index F (9.7%).
What the accounts hold
- Stocks5%
- Funds94%
- Cash1%
Reported 13F holdings
- $2.79B
- Reported 13F value
- 161
- Positions
- 71.0%
- In the 10 largest
- +20.8%
- Value vs. prior quarter
- Vanguard Index Fds · Total Stk Mkt15.5%
- Vanguard Instl Index FD · 0 3 MO TR BI ETF10.4%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF9.7%
- Vanguard Intl Equity Index F · FTSE Europe ETF7.4%
- Series Portfolios TR · Elm Mar Nav ETF6.5%
- Vanguard Intl Equity Index F · FTSE Pacific ETF5.2%
- iShares Inc. · Core MSCI Emkt5.0%
- Schwab Strategic TR · US Tips ETF4.6%
- Vanguard Index Fds · S&P 500 ETF Shs3.5%
- Vanguard Scottsdale Fds · Short Term Treas3.3%
Together, the ten largest are 71.0% of reported value.
How many clients does Elm Partners Management have?
Elm Partners Management has 655 clients and manages $3.02 billion for them, as of September 2026. They include 537 high-net-worth individuals, 107 individual clients, and 4 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 3 September 2026
What services does Elm Partners Management offer?
Elm Partners Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Elm Partners Management charge?
Elm Partners Management charges 0.12% a year for its Managed Account Investment Program. The whole portfolio is charged at the rate of its band. The fee is billed in arrears and requires an account of at least $2,000,000.
Source: ELM PARTNERS DISCLOSURE BROCHURE SEPTEMBER 2026, filed 3 September 2026
Which custodians does Elm Partners Management use?
Elm Partners Management’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $1.15B, Charles Schwab & Co., Inc. (Westlake, TX), with $757M and J.P. Morgan Securities LLC (New York, NY), with $223M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 3 September 2026
How many financial advisors does Elm Partners Management have?
Elm Partners Management has 7 investment adviser representatives registered with state securities authorities, out of 9 employees, and 7 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 Elm Partners Management invest in?
At the end of its last fiscal year, Elm Partners Management’s separately managed accounts held 94% registered funds (mutual funds, ETFs, BDCs), 5% exchange-traded equities and 1% cash and equivalents. It advises 2 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Elm Partners Management have a minimum investment?
Yes, Elm Partners Management’s minimum account size for its Managed Account Investment Program is $2M.
Source: ELM PARTNERS DISCLOSURE BROCHURE SEPTEMBER 2026, filed 3 September 2026
Who owns Elm Partners Management?
Elm Partners Management’s direct owner is Cygnet Capital LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 3 September 2026
How does Elm Partners Management get paid?
Elm Partners 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
Is Elm Partners Management registered with the SEC?
Yes, Elm Partners Management has been registered with the SEC as an investment adviser since 14 May 2013. Its CRD number is 167225 and its SEC file number is 801-78018.
Source: Form ADV Part 1A, Item 1, filed 3 September 2026; IAPD firm record
How do I contact Elm Partners Management?
Elm Partners Management’s main office is at 50 S 16th St., FL 18 Ste C, Philadelphia, PA 19102. Its phone number is 888-676-3148. Its website is elmwealth.com.