FreeGulliver provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, and publishing newsletters. Financial planning was provided to 101–250 clients last fiscal year. The firm advises 29 private funds.
FreeGulliver reports 221 clients. They include 87 high-net-worth individuals, 83 individual clients and 35 pooled investment vehicles. Of its assets, 65.6% ($549M across 459 accounts) are managed with discretion; $287M across 125 accounts are not. It advised 1 client without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 38% | 2% |
| High-net-worth individuals | 39% | 61% |
| Pooled investment vehicles | 16% | 32% |
| Pension and profit-sharing plans | 5% | 2% |
| Charitable organizations | <1% | 1% |
| Other client typesCorporations and other businesses | 2% | 2% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 83 | $20.4M | 2.4% | $246K |
| High-net-worth individuals | 87 | $507M | 60.6% | $5.83M |
| Pooled investment vehicles | 35 | $268M | 32.0% | $7.65M |
| Pension and profit-sharing plans | 11 | $19.5M | 2.3% | $1.77M |
| Charitable organizations | Fewer than 5 | $8.96M | 1.1% | $8.96M |
| Corporations and other businesses | Fewer than 5 | $13.1M | 1.6% | $3.28M |
| Total | 221 | $837M | 100% | — |
- Clients
- 83
- Regulatory AUM
- $20.4M
- AUM share
- 2.4%
- Avg. per client
- $246K
- Clients
- 87
- Regulatory AUM
- $507M
- AUM share
- 60.6%
- Avg. per client
- $5.83M
- Clients
- 35
- Regulatory AUM
- $268M
- AUM share
- 32.0%
- Avg. per client
- $7.65M
- Clients
- 11
- Regulatory AUM
- $19.5M
- AUM share
- 2.3%
- Avg. per client
- $1.77M
- Clients
- Fewer than 5
- Regulatory AUM
- $8.96M
- AUM share
- 1.1%
- Avg. per client
- $8.96M
- Clients
- Fewer than 5
- Regulatory AUM
- $13.1M
- AUM share
- 1.6%
- Avg. per client
- $3.28M
Total
- Clients
- 221
- Regulatory AUM
- $837M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 1
- Private funds advised
- 29
- Financial planning clients last fiscal year
- 101–250
FreeGulliver charges 0.30%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable. The brochure also prices 3 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.00% |
| $1M–$5M | 0.75% |
| $5M–$25M | 0.50% |
| $25M and above | 0.30% |
Fee details and sources
Other fees
- Family Office and Wealth Planning
- Fixed fee generally starting at $100,000.
- Financial Planning and Consulting
- Fixed fee generally between $1,000 and $25,000, negotiable, with half payable in advance.
- Pension Consulting
- Annual fee of 0.10% to 1.00% of assets under management, plus typically $1,500 a year where assets are under $300,000.
Frank Friedler owns 25% to 50% of FreeGulliver. Frank Friedler is CEO. It has 17 employees, 9 of them in advisory roles.
Leadership
Frank FriedlerManaging Member/Chief Executive Officer
Michael KirschmanMember, Co-Owner, Investment Adviser Representative
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
Staff
- 17 employees
- 9 in advisory functions
- 7 state-registered reps
- 3 insurance agents
- Owns 25% to 50% of Freegulliver, L.L.C.
Frank Friedler
Control person · since March 2001
- Owns 25% to 50% of Freegulliver, L.L.C.
Michael Kirschman
Control person · since January 2017
FreeGulliver’s regulatory assets grew 2.1× from $393M (March 2021) to $837M (September 2026); clients fell from 241 to 221 and employees rose from 16 to 17.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $837M | 221 | 17 | 1 |
| May 2025 | $798M | 333 | 16 | 5 |
| March 2024 | $548M | 307 | 17 | 3 |
| August 2023 | $465M | 281 | 17 | 3 |
| April 2022 | $422M | 247 | 16 | 2 |
| March 2021 | $393M | 241 | 16 | 2 |
Besides its headquarters, FreeGulliver has 0 offices, with 1 listed address in Louisiana.
Louisiana · 1 listed address
- 1000 S. Norman C. Francis Pkwy, Suite 301, New OrleansHQ
Other business names
FreeGulliver has reported 1 other business name to the SEC.
- Freegulliver
Contact and registration details
- Legal name
- Freegulliver, L.L.C.
- Headquarters
- 1000 S. Norman C. Francis Pkwy, Suite 301, New Orleans, LA 70125
- Website
- freegulliver.com
- Phone
- 504-899-0300
- @freegulliver
- SEC file
- 801-65870
- Structure
- Louisiana LLC
- Fiscal year end
- December
FreeGulliver uses Charles Schwab ($527M) as custodian for its separately managed accounts. FreeGulliver has custody of $268M in client assets for 192 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $527M100%
At year end, FreeGulliver’s separately managed accounts were mostly in stocks (52%) and funds (30%). Its reported 13F holdings for the quarter ended 30 June 2026 total $284M across 123 positions; the largest are JPMORGAN Chase & CO (18.4%), iShares Russell Top 200 ETF (13.7%) and Goldman Sachs Ultra Short Bond ETF (7.7%).
What the accounts hold
- Stocks52%
- Exchange-traded equities38%
- Non-exchange-traded equities14%
- Funds30%
- Registered funds25%
- Pooled vehicles5%
- Bonds9%
- State and local bonds5%
- U.S. government and agency bonds4%
- Cash9%
Reported 13F holdings
- $284M
- Reported 13F value
- 123
- Positions
- 67.1%
- In the 10 largest
- +19.6%
- Value vs. prior quarter
- JPMORGAN Chase & CO18.4%
- iShares Russell Top 200 ETFETF13.7%
- Goldman Sachs Ultra Short Bond ETFETF7.7%
- Schwab 1000 Index ETFETF6.1%
- Invesco S&P Midcap Momentum ETFETF5.2%
- Capital Group Dividend Value ETFETF4.1%
- State Street SPDR S&P 500 ETFETF3.4%
- State Street SPDR Portfolio S&P 1500 Composite Stock Market ETFETF3.2%
- FT Vest Laddered Buffer ETFETF2.9%
- FT Vest Buffered Allocation Growth ETFETF2.5%
Together, the ten largest are 67.1% of reported value.
How many clients does FreeGulliver have?
FreeGulliver has 221 clients and manages $837 million for them, as of September 2026. They include 87 high-net-worth individuals, 83 individual clients and 35 pooled investment vehicles.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 9 September 2026
What services does FreeGulliver offer?
FreeGulliver provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers, and publishing newsletters.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does FreeGulliver charge?
FreeGulliver charges 0.30%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Which custodians does FreeGulliver use?
FreeGulliver’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $527M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 9 September 2026
How many financial advisors does FreeGulliver have?
FreeGulliver has 7 investment adviser representatives registered with state securities authorities, out of 17 employees, and 9 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 3 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 FreeGulliver invest in?
At the end of its last fiscal year, FreeGulliver’s separately managed accounts held 38% exchange-traded equities, 25% registered funds (mutual funds, ETFs, BDCs), 14% non-exchange-traded equities, 9% cash and equivalents, 5% state and local bonds, 5% pooled vehicles (private funds and similar) and 4% U.S. government and agency bonds. It advises 29 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns FreeGulliver?
FreeGulliver’s direct owners are Frank Friedler and Michael Kirschman, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 9 September 2026
How does FreeGulliver get paid?
FreeGulliver is paid through a percentage of assets under management, fixed fees, commissions and performance-based fees.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact FreeGulliver?
FreeGulliver’s main office is at 1000 S. Norman C. Francis Pkwy, Suite 301, New Orleans, LA 70125. Its phone number is 504-899-0300. Its website is freegulliver.com.