Ern Financial provides financial planning, portfolio management for individuals and small businesses, pension consulting, publishing newsletters, educational seminars, education planning, estate planning, insurance, tax planning, and tax preparation. Financial planning was provided to 1–10 clients last fiscal year.
Ern Financial reports 601 clients. They include 299 individual clients, 293 high-net-worth individuals and 5 charitable organizations. Of its assets, 93.3% ($1.08B across 2,192 accounts) are managed with discretion; $77.7M across 416 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 50% | 11% |
| High-net-worth individuals | 49% | 88% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 299 | $123M | 10.7% | $412K |
| High-net-worth individuals | 293 | $1.02B | 88.1% | $3.47M |
| Pension and profit-sharing plans | Fewer than 5 | $2.04M | 0.2% | $2.04M |
| Charitable organizations | 5 | $11.3M | 1.0% | $2.26M |
| Corporations and other businesses | Fewer than 5 | $207K | 0.0% | $68.9K |
| Total | 601 | $1.15B | 100% | — |
- Clients
- 299
- Regulatory AUM
- $123M
- AUM share
- 10.7%
- Avg. per client
- $412K
- Clients
- 293
- Regulatory AUM
- $1.02B
- AUM share
- 88.1%
- Avg. per client
- $3.47M
- Clients
- Fewer than 5
- Regulatory AUM
- $2.04M
- AUM share
- 0.2%
- Avg. per client
- $2.04M
- Clients
- 5
- Regulatory AUM
- $11.3M
- AUM share
- 1.0%
- Avg. per client
- $2.26M
- Clients
- Fewer than 5
- Regulatory AUM
- $207K
- AUM share
- 0.0%
- Avg. per client
- $68.9K
Total
- Clients
- 601
- Regulatory AUM
- $1.15B
- 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
- 1–10
Ern Financial charges 0.40%–1.20% a year for its Investment Advisory Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.20% |
| $500K–$1.5M | 0.80% |
| $1.5M–$3M | 0.60% |
| $3M–$5M | 0.50% |
| $5M and above | 0.40% |
Fee details and sources
Other fees
- Financial Planning (Non-Subscription)
- Flat-fee financial planning is generally $1,000 to $25,000 per engagement and negotiable; ending after work begins costs half the agreed planning fee.
- Ongoing Financial Planning
- Ongoing financial planning is billed monthly in advance from a starting minimum of $200 per month.
Ern Michigan, Inc. owns 25% to 50% of Ern Financial and is in turn owned by Ernest Moosherr (75% or more). Ernest Moosherr is CEO; the leadership team includes President Eric Raether and Chief Compliance Officer Mark Buchanan. It has 12 employees, 7 of them in advisory roles.
Staff
- 12 employees
- 7 in advisory functions
- 9 state-registered reps
- Owns 25% to 50% of Ern Financial, LLC
Ern Michigan, Inc.
Control person · since May 2018
- Owns 75% or more of Ern Michigan, Inc.
Ernest Moosherr
Control person · since May 2018
- Owns 25% to 50% of Ern Financial, LLC
Ern Wisconsin, Inc.
Control person · since May 2018
- Owns 75% or more of Ern Wisconsin, Inc.
Eric Raether
Control person · since May 2018
David Muehl
Member · since May 2018
Ern Financial’s regulatory assets grew 1.6× from $716M (June 2021) to $1.15B (April 2026); clients rose from 477 to 601 and employees fell from 19 to 12. In 2021, Chad Wing and Dustin Brutton team (from Northwestern Mutual) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Apr 2026April 2026 | $1.15B | 601 | 12 | 4 |
| Jun 2025June 2025 | $1.47B | 992 | 14 | 4 |
| Apr 2024April 2024 | $1.28B | 929 | 21 | 3 |
| Mar 2023March 2023 | $1.08B | 883 | 22 | 3 |
| Jul 2022July 2022 | $1.17B | 804 | 22 | 3 |
| Jun 2021June 2021 | $716M | 477 | 19 | 3 |
Firms that joined
20211 joined
- Chad Wing and Dustin Brutton team (from Northwestern Mutual)TeamNo filed AUM
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, Ern Financial has 3 offices (2 private residences, listed without an address), with 2 listed addresses across 2 states.
Michigan · 1 listed address
- 380 North Old Woodward Avenue, Birmingham
Wisconsin · 1 listed address
- 8215 Greenway Boulevard, Suite 540, MiddletonHQ
Contact and registration details
- Legal name
- Ern Financial, LLC
- Headquarters
- 8215 Greenway Boulevard, Suite 540, Middleton, WI 53562
- Website
- canopy-wealth.com
- Phone
- 608-662-9018
- @canopy-wealth-management
- SEC file
- 801-113774
- Founded
- 2018
- Structure
- Michigan LLC
- Fiscal year end
- December
Ern Financial’s named custodian for separately managed accounts is Charles Schwab ($1.06B). Ern Financial has custody of $27.1M for 58 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.06B100%
At year end, Ern Financial’s separately managed accounts were mostly in funds (88%). Its reported 13F holdings for the quarter ended 30 June 2026 total $604M across 161 positions; the largest are SPDR Series Trust (7.4%), SPDR Series Trust (7.2%) and SPDR Index Shs Fds (5.4%).
What the accounts hold
- Stocks6%
- Exchange-traded equities5%
- Non-exchange-traded equities1%
- Funds88%
- Registered funds84%
- Pooled vehicles4%
- Bonds3%
- U.S. government and agency bonds1%
- State and local bonds1%
- Investment grade corporate bonds1%
- Cash5%
How many clients does Ern Financial have?
Ern Financial has 601 clients and manages $1.15 billion for them, as of April 2026. They include 299 individual clients, 293 high-net-worth individuals and 5 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 8 April 2026
What services does Ern Financial offer?
Ern Financial provides financial planning, portfolio management for individuals and small businesses, pension consulting, publishing newsletters, educational seminars, education planning, estate planning, insurance, 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 Ern Financial charge?
Ern Financial charges 0.40%–1.20% a year for its Investment Advisory Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Source: ERN FINANCIAL LLC D/B/A CANOPY WEALTH MANAGEMENT FORM ADV PART 2A BROCHURE, filed 12 February 2026
Which custodians does Ern Financial use?
Ern Financial’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1.06B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 8 April 2026
How many financial advisors does Ern Financial have?
Ern Financial has 9 investment adviser representatives registered with state securities authorities, out of 12 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 Ern Financial invest in?
At the end of its last fiscal year, Ern Financial’s separately managed accounts held 84% registered funds (mutual funds, ETFs, BDCs), 5% exchange-traded equities, 5% cash and equivalents, 4% pooled vehicles (private funds and similar), 1% non-exchange-traded equities, 1% U.S. government and agency bonds, 1% state and local bonds and 1% 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 Ern Financial?
Ern Financial is owned through holding companies by Ernest Moosherr and Eric Raether. Its direct owners are Ern Michigan, Inc. and Ern Wisconsin, Inc., each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 8 April 2026
How does Ern Financial get paid?
Ern Financial is paid through a percentage of assets under management and hourly charges. 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 Ern Financial?
Ern Financial’s main office is at 8215 Greenway Boulevard, Suite 540, Middleton, WI 53562. Its phone number is 608-662-9018. Its website is canopy-wealth.com.