Empirical Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers. Financial planning was provided to 2,500 clients last fiscal year. The firm advises 1 private fund.
Empirical Financial Services reports 2,400 clients. They include 1,839 high-net-worth individuals, 555 individual clients and 5 charitable organizations. Nearly all assets ($8.43B across 8,689 accounts) are managed with discretion; $3.2M across 1 account is not. A wrap fee program the firm both sponsors and manages holds $7.28B.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 23% | 3% |
| High-net-worth individuals | 77% | 95% |
| Pooled investment vehicles | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | Fewer than 5 | 2% |
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) | 555 | $268M | 3.2% | $482K |
| High-net-worth individuals | 1,839 | $7.98B | 94.7% | $4.34M |
| Pooled investment vehicles | 1 | $16.4M | 0.2% | $16.4M |
| Charitable organizations | 5 | $19.5M | 0.2% | $3.9M |
| Corporations and other businesses | Fewer than 5 | $141M | 1.7% | — |
| Total | 2,400 | $8.43B | 100% | — |
- Clients
- 555
- Regulatory AUM
- $268M
- AUM share
- 3.2%
- Avg. per client
- $482K
- Clients
- 1,839
- Regulatory AUM
- $7.98B
- AUM share
- 94.7%
- Avg. per client
- $4.34M
- Clients
- 1
- Regulatory AUM
- $16.4M
- AUM share
- 0.2%
- Avg. per client
- $16.4M
- Clients
- 5
- Regulatory AUM
- $19.5M
- AUM share
- 0.2%
- Avg. per client
- $3.9M
- Clients
- Fewer than 5
- Regulatory AUM
- $141M
- AUM share
- 1.7%
- Avg. per client
- —
Total
- Clients
- 2,400
- Regulatory AUM
- $8.43B
- 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
- 1
- Financial planning clients last fiscal year
- 2500
Empirical Financial Services charges up to 1.00% a year for its Fee-Based Investment Advisory Clients. 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
- Stand-Alone Financial Planning
- Stand-alone financial planning for non-advisory clients is billed hourly or as a fixed fee, set by the work requested.
- Tax Preparation Services
- Tax preparation is billed as a separate fixed or hourly charge, depending on the scope and complexity of the services.
Kenneth Smith owns 50% to 75% of Empirical Financial Services. Kenneth Smith is CEO; the leadership team includes President Michael Kelly, Chief Investment Officer Erik Lehr and Chief Operating Officer Hwa Park. It has 94 employees, 57 of them in advisory roles.
Leadership
Kenneth SmithChief Executive Officer & Member
Michael KellyPresident & Chief Wealth Strategist & Member
Lorne EnquistChief Financial Officer & Member
Hwa ParkChief Operating Officer & Member
Justin BullerChief Compliance Officer & Member
Ethan BrogaDirector of Financial Planning & Member
James JonesDirector of Tax and Wealth Transfer & Member
Erik LehrChief Investment
Simon LiuChief Marketing Technology Officer & Member
Joseph Homer MercadoChief Business Development Officer & Member
Jaime WhiteChief Strategy Officer & Member
Shan ZubairFinancial Advisor & Member
Investment adviser representatives
69 representatives listed in the SEC register as of 9 October 2026.
- Eric Arndt
- Jordan Alexander Arreola
- Alexander Joseph Bartos
- Shannon James Bene
- Joyce Virginia Bloomquist
- Christine Young Bowe
- Mia Bratcher
- Samuel Reynolds Brigham
- Kevin Byrd
- Cristina Marie Campbell
- Luke Cho
- Cameron D Cole
- Helena Zhu Dempsey
- Wenwen Dong
- Jason Dunbar
- Christopher Jordan Edwards
- Curtis Frank Elijah
- Lindsay Marie Farnsworth
- Alexander Gangl
- Erich Robert Gebbie
- Michael Jay Hamrick
- Sean Patrick Hanson
- Robert Michael Higueria
- Sogol Javan Oskouei
- Marsha Jong
- Kilian Patrick Larose
- Ngoc Phung Pauline Le
- Chance Joseph Leiseth
- Bohan Liu
- Erica Renee Long
- Brady Franklin McSwain
- Alex Julian Medin
- Tassie Sonya Medlin
- Peter John Michel IV
- John Thomas Miller
- Jacob Ronald Montemayor
- David O'Day
- Joseph June Park
- Isaiah Moshe Paul
- Samuel Platcow
- Charles E Pyle
- David Scott Raney
- Brian David Reed
- Jake Ryan Riddell
- Jack Edward Rimbach
- Sean Kelly Rodricks
- Kelly Jane Romano
- Jorge Luis Rosas
- Dustin Michael Rue
- Michael Kusumoto Sanger
- Quinn Snell
- Jason Phillip Sulkosky
- Jack Zheng Sun
- Will Theodore
- Robert Dale Thomas
- Robert Thomas
- Mark Bret Umek
- Yisha Wang
- Dominic Anthony Wright
- Eva Aihua Xu
Staff
- 94 employees
- 57 in advisory functions
- 61 state-registered reps
- 8 insurance agents
- 1 soliciting firm
- Owns 50% to 75% of Empirical Financial Services, LLC
Kenneth Smith
Control person · since October 2010
- Owns 10% to 25% of Empirical Financial Services, LLC
Lorne Enquist
Control person · since October 2013
- Owns 5% to 10% of Empirical Financial Services, LLC
Ethan Broga
Control person · since October 2010
- Owns 5% to 10% of Empirical Financial Services, LLC
Michael Kelly
Control person · since June 2017
Empirical Financial Services’ regulatory assets grew 2.8× from $3.05B (July 2021) to $8.43B (July 2026); clients rose from 1,391 to 2,400 and employees from 42 to 94.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| July 2026 | $8.43B | 2,400 | 94 | 18 |
| July 2025 | $6.7B | 2,132 | 94 | 15 |
| March 2024 | $5.53B | 1,970 | 78 | 15 |
| June 2023 | $4.18B | 1,776 | 65 | 13 |
| July 2022 | $4.17B | 1,532 | 50 | 9 |
| July 2021 | $3.05B | 1,391 | 42 | 8 |
Besides its headquarters, Empirical Financial Services has 17 offices, with 18 listed addresses across 8 states.
California · 8 listed addresses
- 11150 West Olympic BLVD., Los Angeles
- 1300 S El Camino Real, San Mateo
- 1660 Olympic BLVD, Walnut Creek
- 250 North Santa Cruz Ave., Los Gatos
- 450 Newport Center Drive, Newport Beach
- 333 Bush Street, San Francisco
- 4 Park Plaza, Irvine
- 27201 Puerta Real, Mission Viejo
Washington · 3 listed addresses
- 1420 5th Ave, Suite 3150, SeattleHQ
- 1220 Main Street, Vancouver
- 11100 Ne 8th St, Bellevue
Texas · 2 listed addresses
- 9600 Great Hills Trail, Austin
- 300 Throckmorton St., Fort Worth
Alaska · 1 listed address
- 911 W. 8th Avenue, Anchorage
Hawaii · 1 listed address
- 66 Queen St, Honolulu
Nevada · 1 listed address
- 5470 Kietzke Lane, Reno
Oregon · 1 listed address
- 805 SW Broadway, Portland
Utah · 1 listed address
- 2825 E Cottonwood Pkwy, Cottonwood Heights
Contact and registration details
- Legal name
- Empirical Financial Services, LLC
- Headquarters
- 1420 5th Ave, Suite 3150, Seattle, WA 98101
- Website
- empirical.net
- Phone
- 206-923-3474
- @empirical-wealth-management
- SEC file
- 801-72168
- Structure
- Washington LLC
- Fiscal year end
- December
Empirical Financial Services uses Charles Schwab ($8.41B) as custodian for its separately managed accounts. Empirical Financial Services has custody of $2.11B in client assets for 1,110 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $8.41B100%
At year end, Empirical Financial Services’ separately managed accounts were mostly in stocks (59%) and funds (24%).
What the accounts hold
- Stocks59%
- Funds24%
- Bonds16%
- State and local bonds11%
- Investment grade corporate bonds4%
- U.S. government and agency bonds1%
- Cash1%
How many clients does Empirical Financial Services have?
Empirical Financial Services has 2,400 clients and manages $8.43 billion for them, as of July 2026. They include 1,839 high-net-worth individuals, 555 individual clients and 5 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 July 2026
What services does Empirical Financial Services offer?
Empirical Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Empirical Financial Services charge?
Empirical Financial Services charges up to 1.00% a year for its Fee-Based Investment Advisory Clients. The fee is billed in advance or in arrears and is negotiable.
Which custodians does Empirical Financial Services use?
Empirical Financial Services’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $8.41B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 July 2026
How many financial advisors does Empirical Financial Services have?
Empirical Financial Services has 61 investment adviser representatives registered with state securities authorities, out of 94 employees, and 57 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 8 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 Empirical Financial Services invest in?
At the end of its last fiscal year, Empirical Financial Services’ separately managed accounts held 59% exchange-traded equities, 24% registered funds (mutual funds, ETFs, BDCs), 11% state and local bonds, 4% investment grade corporate bonds, 1% U.S. government and agency bonds and 1% cash and equivalents. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Empirical Financial Services?
Empirical Financial Services’ direct owners are Kenneth Smith (50% to 75%), Ethan Broga (5% to 10%), Lorne Enquist (10% to 25%) and Michael Kelly (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 29 July 2026
How does Empirical Financial Services get paid?
Empirical Financial Services is paid through a percentage of assets under management, hourly charges, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Empirical Financial Services registered with the SEC?
Yes, Empirical Financial Services has been registered with the SEC as an investment adviser since 23 February 2011. Its CRD number is 152622 and its SEC file number is 801-72168.
Source: Form ADV Part 1A, Item 1, filed 29 July 2026; IAPD firm record
How do I contact Empirical Financial Services?
Empirical Financial Services’ main office is at 1420 5th Ave, Suite 3150, Seattle, WA 98101. Its phone number is 206-923-3474. Its website is empirical.net.