Financial Management Network provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting. Financial planning was provided to 51–100 clients last fiscal year.
Financial Management Network reports 1,528 clients. They include 919 individual clients, 460 high-net-worth individuals, and 131 pension and profit-sharing plans. Of its assets, 72.8% ($1.56B across 4,296 accounts) are managed with discretion; $584M across 178 accounts are not. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 60% | 12% |
| High-net-worth individuals | 30% | 59% |
| Banking or thrift institutions | 0% | 0% |
| Pension and profit-sharing plans | 9% | 28% |
| Charitable organizations | 0% | 0% |
| Other client typesState or municipal government entities; Other investment advisers; Insurance companies; Sovereign wealth funds and foreign official institutions; 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) | 919 | $261M | 12.2% | $284K |
| High-net-worth individuals | 460 | $1.26B | 58.9% | $2.75M |
| Banking or thrift institutions | Fewer than 5 | $0 | 0.0% | — |
| Pension and profit-sharing plans | 131 | $598M | 27.9% | $4.57M |
| Charitable organizations | Fewer than 5 | $0 | 0.0% | — |
| State or municipal government entities | Fewer than 5 | $0 | 0.0% | — |
| Other investment advisers | Fewer than 5 | $0 | 0.0% | — |
| Insurance companies | 7 | $14.9M | 0.7% | $2.13M |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $0 | 0.0% | — |
| Corporations and other businesses | 11 | $6.2M | 0.3% | $563K |
| Total | 1,528 | $2.14B | 100% | — |
- Clients
- 919
- Regulatory AUM
- $261M
- AUM share
- 12.2%
- Avg. per client
- $284K
- Clients
- 460
- Regulatory AUM
- $1.26B
- AUM share
- 58.9%
- Avg. per client
- $2.75M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 131
- Regulatory AUM
- $598M
- AUM share
- 27.9%
- Avg. per client
- $4.57M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 7
- Regulatory AUM
- $14.9M
- AUM share
- 0.7%
- Avg. per client
- $2.13M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
- Clients
- 11
- Regulatory AUM
- $6.2M
- AUM share
- 0.3%
- Avg. per client
- $563K
Total
- Clients
- 1,528
- Regulatory AUM
- $2.14B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 51–100
Financial Management Network is paid through a percentage of assets under management, hourly charges, 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
- Financial plan reports carry a fee range of $500 to $25,000; the lesser of 50% of the fee or $1,200 is due upfront.
- FM6 Management
- FM6 management is charged 0.50% of total equity, billed semi-annually in arrears, for accounts with a minimum size of $100,000.
Jeffrey G Merwin Irrevocable Trust, Dated December 29, 2021 owns 25% to 50% of Financial Management Network. The leadership team of Financial Management Network includes Chief Compliance Officer Jeffrey Merwin. It has 50 employees, 21 of them in advisory roles.
Leadership
- Jeffrey MerwinManaging Partner/Ttee"/Chief Compliance Officer
- Matthew MerwinManaging Partner / Advisory Board Member
- John MerwinTrustee
- Matthew MerwinManaging Partner/Trustee
Investment adviser representatives
21 representatives listed in the SEC register as of 9 October 2026.
- Lisa Lynn Banning
- Joseph Anthony Cavallo
- Nicholas Joseph Cavallo
- Matthew Scott Conner
- Kevin Lee Darger
- Brandon Charles Decapite
- Mark Forrest Donahue
- Curtis Steven Farrell
- Steve James Friedman
- Jeffrey Macdonald Holt
- Matthew Aaron Jordan
- Jeffrey George Merwin
- John J Merwin
- Matthew Scott Merwin
- Matthew Michael Merwin
- Tracy Reinhold Olson
- John Michael Randall
- Richard James Rang
- Aran Garis Sahagun
- Jeffrey David Stanga
- Joshua David Valdivia
Staff
- 50 employees
- 21 in advisory functions
- 21 state-registered reps
- 21 broker-dealer reps
- 24 insurance agents
- Owns 25% to 50% of Financial Management Network Inc
Jeffrey G Merwin Irrevocable Trust, Dated December 29, 2021
Control person · since December 2021
- Owns 25% to 50% of Financial Management Network Inc
Jeffrey G Merwin Irrevocable Trust,
Control person · since December 2021
- Owns 25% to 50% of Financial Management Network Inc
Matthew M. Merwin Irrevocable Trust Dated December 28, 2021
Control person · since December 2021
- Owns 25% to 50% of Financial Management Network Inc
Matthew M. Merwin Irrevocable Trust
Control person · since December 2021
- Owns 10% to 25% of Financial Management Network Inc
Merwin Family Trust Dated April 5, 2001
Control person · since December 2021
- Owns 50% to 75% of Merwin Family Trust Dated April 5, 2001
Kathy Merwin
since April 2001
- Owns 10% to 25% of Financial Management Network Inc
FMN Esop Utd 09/22/2006
since March 2008
Financial Management Network’s regulatory assets grew 1.8× from $1.2B (January 2021) to $2.14B (December 2025); clients rose from 1,162 to 1,528 and employees from 45 to 50.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| December 2025 | $2.14B | 1,528 | 50 | 3 |
| April 2025 | $1.8B | 1,334 | 49 | 2 |
| March 2024 | $1.48B | 1,312 | 48 | 2 |
| December 2022 | $1.33B | 1,346 | 47 | 2 |
| January 2022 | $1.51B | 9,350 | 43 | 2 |
| January 2021 | $1.2B | 1,162 | 45 | 2 |
Besides its headquarters, Financial Management Network has 2 offices (1 private residence, listed without an address), with 2 listed addresses in California.
California · 2 listed addresses
- 26041 Acero, Mission ViejoHQ
- 26035 Acero, Mission Viejo
Other business names
Financial Management Network has reported 1 other business name to the SEC.
- Financial Management Network Inc.
Contact and registration details
- Legal name
- Financial Management Network Inc
- Headquarters
- 26041 Acero, Mission Viejo, CA 92691
- Website
- fmncc.com
- Phone
- 949-455-0300
- SEC file
- 801-40473
- Structure
- California corporation
- Fiscal year end
- September
Financial Management Network uses Fidelity ($1.39B) as custodian for its separately managed accounts. Financial Management Network does not have custody of client assets.
- FidelityNational Financial Services LLC · Boston, MA · $1.39B100%
At year end, Financial Management Network’s separately managed accounts were largely in funds (44%) and stocks (41%). Its reported 13F holdings for the quarter ended 30 June 2026 total $697M across 211 positions; the largest are iShares TR (9.9%), American Centy ETF TR (5.1%) and American Centy ETF TR (4.3%).
What the accounts hold
- Stocks41%
- Funds44%
- Registered funds43%
- Pooled vehicles1%
- Bonds10%
- State and local bonds5%
- Investment grade corporate bonds4%
- U.S. government and agency bonds1%
- Cash6%
Reported 13F holdings
- $697M
- Reported 13F value
- 211
- Positions
- 41.6%
- In the 10 largest
- +6.7%
- Value vs. prior quarter
- iShares TR · Core S&P500 ETF9.9%
- American Centy ETF TR · US Sml CP Valu5.1%
- American Centy ETF TR · US Large Cap Vlu4.3%
- iShares TR · Core S&P Mcp ETF4.2%
- iShares TR · Core S&P Scp ETF3.9%
- American Centy ETF TR · Intl Smcp Vlu3.6%
- Apple Inc.3.1%
- Vanguard Scottsdale Fds · Int-term Corp.2.7%
- Blackrock ETF Trust II · Isha Flex IN ETF2.6%
- Capital Group Intl Focus EQT · Shs Creat Unit2.3%
Together, the ten largest are 41.6% of reported value.
How many clients does Financial Management Network have?
Financial Management Network has 1,528 clients and manages $2.14 billion for them, as of December 2025. They include 919 individual clients, 460 high-net-worth individuals, and 131 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 December 2025
What services does Financial Management Network offer?
Financial Management Network provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Financial Management Network use?
Financial Management Network’s separately managed account assets are held at National Financial Services LLC (Boston, MA), with $1.39B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 December 2025
How many financial advisors does Financial Management Network have?
Financial Management Network has 21 investment adviser representatives registered with state securities authorities, out of 50 employees, and 21 perform investment advisory functions. 21 employees are registered representatives of a broker-dealer and 24 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 Financial Management Network invest in?
At the end of its last fiscal year, Financial Management Network’s separately managed accounts held 43% registered funds (mutual funds, ETFs, BDCs), 41% exchange-traded equities, 6% cash and equivalents, 5% state and local bonds, 4% investment grade corporate bonds, 1% U.S. government and agency bonds and 1% pooled vehicles (private funds and similar).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Financial Management Network?
Financial Management Network is owned through a trust by Kathy Merwin. Its direct owners are Merwin Family Trust Dated April 5, 2001, FMN Esop Utd 09/22/2006, Jeffrey G Merwin Irrevocable Trust, Dated December 29, 2021, Jeffrey G Merwin Irrevocable Trust, Matthew M. Merwin Irrevocable Trust Dated December 28, 2021 and Matthew M. Merwin Irrevocable Trust, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 19 December 2025
How does Financial Management Network get paid?
Financial Management Network is paid through a percentage of assets under management, hourly charges, 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
Is Financial Management Network registered with the SEC?
Yes, Financial Management Network has been registered with the SEC as an investment adviser since 31 December 1991. Its CRD number is 110454 and its SEC file number is 801-40473.
Source: Form ADV Part 1A, Item 1, filed 19 December 2025; IAPD firm record
How do I contact Financial Management Network?
Financial Management Network’s main office is at 26041 Acero, Mission Viejo, CA 92691. Its phone number is 949-455-0300. Its website is fmncc.com.