First Wilshire Securities Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. Financial planning was provided to 1–10 clients last fiscal year. The firm advises 2 private funds.
First Wilshire Securities Management reports 286 clients. They include 202 high-net-worth individuals, 73 individual clients, and 5 corporations and other businesses. Of its assets, 100.0% ($415M across 286 accounts) are managed with discretion. Of its clients, 1% are outside the U.S. It advised 284 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 26% | 6% |
| High-net-worth individuals | 71% | 74% |
| Pooled investment vehicles | <1% | 13% |
| Pension and profit-sharing plans | 1% | 2% |
| Corporations and other businesses | 2% | 5% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 73 | $24.4M | 5.9% | $335K |
| High-net-worth individuals | 202 | $306M | 73.6% | $1.51M |
| Pooled investment vehicles | 2 | $55.7M | 13.4% | $27.9M |
| Pension and profit-sharing plans | 4 | $8.77M | 2.1% | $2.19M |
| Corporations and other businesses | 5 | $20.9M | 5.0% | $4.18M |
| Total | 286 | $415M | 100% | $1.45M |
- Clients
- 73
- Regulatory AUM
- $24.4M
- AUM share
- 5.9%
- Avg. per client
- $335K
- Clients
- 202
- Regulatory AUM
- $306M
- AUM share
- 73.6%
- Avg. per client
- $1.51M
- Clients
- 2
- Regulatory AUM
- $55.7M
- AUM share
- 13.4%
- Avg. per client
- $27.9M
- Clients
- 4
- Regulatory AUM
- $8.77M
- AUM share
- 2.1%
- Avg. per client
- $2.19M
- Clients
- 5
- Regulatory AUM
- $20.9M
- AUM share
- 5.0%
- Avg. per client
- $4.18M
Total
- Clients
- 286
- Regulatory AUM
- $415M
- AUM share
- 100%
- Avg. per client
- $1.45M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 284
- Private funds advised
- 2
- Financial planning clients last fiscal year
- 1–10
First Wilshire Securities Management charges 1.25%–1.75% a year for its Separately Managed Accounts. The fee is billed in advance, is negotiable and requires an account of at least $500,000. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Review Services
- Fixed fee of $1,000 unless the client agreement states otherwise.
Howard Lu owns 50% to 75% of First Wilshire Securities Management. The leadership team of First Wilshire Securities Management includes President Howard Lu and Chief Operating Officer Nicole Green. It has 9 employees, 6 of them in advisory roles.
Leadership
Howard LuPresident & CEO- Nicole GreenChief Operating Officer
- Nicole GreenChief Compliance Officer
Thomas HansonS.V.P.
Scott HoodChairman & CFO- William CatonPortfolio Manager
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
Staff
- 9 employees
- 6 in advisory functions
- 5 state-registered reps
- Owns 50% to 75% of First Wilshire Securities Management, Inc.
Howard Lu
Control person · since July 2019
- Owns 25% to 50% of First Wilshire Securities Management, Inc.
Scott Hood
Control person · since July 2019
- Owns 10% to 25% of First Wilshire Securities Management, Inc.
Nicole Green
since November 2018
- Owns 10% to 25% of First Wilshire Securities Management, Inc.
William Caton
Control person · since July 2019
First Wilshire Securities Management’s regulatory assets grew from $297M (March 2021) to $415M (May 2026); clients were 286 in both filings and employees fell from 11 to 9.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $415M | 286 | 9 | 1 |
| March 2025 | $375M | 281 | 9 | 1 |
| July 2024 | $329M | 279 | 9 | 1 |
| March 2023 | $307M | 274 | 11 | 1 |
| March 2022 | $359M | 271 | 11 | 1 |
| March 2021 | $297M | 273 | 11 | 1 |
Besides its headquarters, First Wilshire Securities Management has 0 offices, with 1 listed address in California.
California · 1 listed address
- 200 South Los Robles Ave., Suite 620, PasadenaHQ
Contact and registration details
- Legal name
- First Wilshire Securities Management, Inc.
- Headquarters
- 200 South Los Robles Ave., Suite 620, Pasadena, CA 91101
- Website
- firstwilshire.com
- Phone
- 626-796-6622
- SEC file
- 801-15260
- Structure
- California corporation
- Fiscal year end
- December
First Wilshire Securities Management uses Charles Schwab ($371M) as custodian for its separately managed accounts. First Wilshire Securities Management has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $371M100%
At year end, First Wilshire Securities Management’s separately managed accounts were mostly in stocks (98%). Its reported 13F holdings for the quarter ended 30 June 2026 total $486M across 82 positions; the largest are iShares TR (22.5%), Ecovyst Inc. (5.6%) and Liberty Global Ltd (5.3%).
What the accounts hold
- Stocks98%
- Cash2%
Reported 13F holdings
- $486M
- Reported 13F value
- 82
- Positions
- 58.3%
- In the 10 largest
- +9.4%
- Value vs. prior quarter
- iShares TR · 0-3 Mth Treasury22.5%
- Ecovyst Inc.5.6%
- Liberty Global Ltd · Com CL A5.3%
- Nwpx Infrastructure Inc.4.7%
- Ezcorp Inc. · CL A Non Vtg4.5%
- Sandridge Energy Inc.3.9%
- Check Point Software Tech LT3.3%
- Miller Inds Inc. Tenn3.1%
- Silicom Ltd2.8%
- Ceragon Networks Ltd2.6%
Together, the ten largest are 58.3% of reported value.
How many clients does First Wilshire Securities Management have?
First Wilshire Securities Management has 286 clients and manages $415 million for them, as of May 2026. They include 202 high-net-worth individuals, 73 individual clients, and 5 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 5 May 2026
What services does First Wilshire Securities Management offer?
First Wilshire Securities Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does First Wilshire Securities Management charge?
First Wilshire Securities Management charges 1.25%–1.75% a year for its Separately Managed Accounts. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
Source: FWSM ADV PART 2 UPDATE - MAY 4, 2026, filed 5 May 2026
Which custodians does First Wilshire Securities Management use?
First Wilshire Securities Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $371M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 5 May 2026
How many financial advisors does First Wilshire Securities Management have?
First Wilshire Securities Management has 5 investment adviser representatives registered with state securities authorities, out of 9 employees, and 6 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 First Wilshire Securities Management invest in?
At the end of its last fiscal year, First Wilshire Securities Management’s separately managed accounts held 98% exchange-traded equities and 2% 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 First Wilshire Securities Management have a minimum investment?
Yes, First Wilshire Securities Management’s minimum account size for its Separately Managed Accounts is $500K.
Source: FWSM ADV PART 2 UPDATE - MAY 4, 2026, filed 5 May 2026
Who owns First Wilshire Securities Management?
First Wilshire Securities Management’s direct owners are Scott Hood (25% to 50%), Nicole Green (10% to 25%), Howard Lu (50% to 75%) and William Caton (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 5 May 2026
How does First Wilshire Securities Management get paid?
First Wilshire Securities Management is paid through a percentage of assets under management 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 First Wilshire Securities Management registered with the SEC?
Yes, First Wilshire Securities Management has been registered with the SEC as an investment adviser since 27 May 1980. Its CRD number is 171971 and its SEC file number is 801-15260.
Source: Form ADV Part 1A, Item 1, filed 5 May 2026; IAPD firm record
How do I contact First Wilshire Securities Management?
First Wilshire Securities Management’s main office is at 200 South Los Robles Ave., Suite 620, Pasadena, CA 91101. Its phone number is 626-796-6622. Its website is firstwilshire.com.