HBW Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, and educational seminars. Financial planning was provided to 251–500 clients last fiscal year.
HBW Advisory Services reports 13,864 clients. They include 13,698 individual clients, 85 corporations and other businesses, and 81 high-net-worth individuals. Of its assets, 97.6% ($1.71B across 14,678 accounts) are managed with discretion; $42.3M across 1 account is not. It advised 12 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 99% | 87% |
| High-net-worth individuals | <1% | 8% |
| Banking or thrift institutions | 0% | 0% |
| Charitable organizations | 0% | 0% |
| State or municipal government entities | 0% | 0% |
| Other client typesOther investment advisers; Insurance companies; Sovereign wealth funds and foreign official institutions; Corporations and other businesses; Other | <1% | 5% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 13,698 | $1.52B | 86.8% | $111K |
| High-net-worth individuals | 81 | $135M | 7.7% | $1.66M |
| Banking or thrift institutions | Fewer than 5 | $0 | 0.0% | — |
| 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 | Fewer than 5 | $0 | 0.0% | — |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $0 | 0.0% | — |
| Corporations and other businesses | 85 | $95.8M | 5.5% | $1.13M |
| Other | Fewer than 5 | $0 | 0.0% | — |
| Total | 13,864 | $1.75B | 100% | — |
- Clients
- 13,698
- Regulatory AUM
- $1.52B
- AUM share
- 86.8%
- Avg. per client
- $111K
- Clients
- 81
- Regulatory AUM
- $135M
- AUM share
- 7.7%
- Avg. per client
- $1.66M
- 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
- 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
- 85
- Regulatory AUM
- $95.8M
- AUM share
- 5.5%
- Avg. per client
- $1.13M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 13,864
- Regulatory AUM
- $1.75B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 12
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
HBW Advisory Services charges up to 2.00% a year for its Asset Management Fees. The fee is billed in arrears. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning is a fixed fee of up to $2,500 or an hourly rate of up to $300 per hour, negotiable and payable quarterly in arrears.
- Online Portfolio Management
- The annual fee for online portfolio management through a platform partner will not exceed 1.50%, billed quarterly in arrears.
HBW Financial & Insurance Services LLC owns 50% to 75% of HBW Advisory Services. The leadership team of HBW Advisory Services includes President Joseph Bonanno and Chief Compliance Officer Todd Penrod. It has 72 employees, 68 of them in advisory roles.
Leadership
- Joseph BonannoDirector, President
- Todd PenrodChief Compliance Officer
- Barnett HellenbrandDirector
Investment adviser representatives
68 representatives listed in the SEC register as of 9 October 2026.
- Trenton Gene Banwart
- Jaxson Barlow
- Joseph Anthony Bonanno
- Matthew Aubrey Bowers
- Bryan Charles Bradford
- Joel Darrin Broersma
- Micah Dennis Broersma
- Manuel Miguel Campins
- Aaron J Castaneda
- Sean Marshall Cisney
- Jeff Scott Crawford
- Dale Raymond Curtis
- Neal Gardner Davis Sr.
- Taylor Randall Davis
- Jeffrey Edward Dennison
- Dillon Determan
- Michael Difiore
- Roland Hampton Dortch
- Roy Edwards Van Muyen
- Joel Michael Fishman
- Jennie Marie Fleming
- Stephen Francis Foley
- Chad Michael Francis
- Matthew Peter Francis
- Bryan Kenneth Geurink
- Lisa Marie Gilmore
- Rick Isaac Harbus
- Barnett David Hellenbrand
- Kerri Candor Herlick
- Heidi Anne Hershman
- Jonathan Scott Hoag
- Jamison David Imhoff
- Kevin James Imhoff
- Steven Howard Jacobs
- Venkata Reddy Janga
- Richard Eric Jones
- Thomas Marvin Kaufman
- Kyra Lynn King
- Tyson Edward Kunst
- Max Kuperus
- Michael Earl Linder
- Sarah Beth Linder
- James Alan Lopes
- Brian Malkinson
- Todd Michael mccandless
- Jorge Alberto Meza JR
- Nicholas Paul Mitchell
- Paul Raymond Morehouse II
- Daniel Joseph Murphy
- Linda Moody Muse
- William Orchard-Hays III
- Eugene Joseph Oswald
- Alexander Allen Peets
- Todd Arthur Penrod
- Cathryn Maure Porter
- Telma Cristina Provencio
- Steven Roll
- Ron Rotenberg
- William Bradley Rudkin
- Benjamin Scott Ruiter
- Kenji Saito
- Kaushik Sirkar
- Robert Philip Sullivan III
- Caleb Michael Svoboda
- Collin Louis Vaz
- David Henry Veltkamp
- Andrea Smith Young
- Richard Young JR.
Staff
- 72 employees
- 68 in advisory functions
- 68 state-registered reps
- 5 broker-dealer reps
- 50 insurance agents
- Owns 50% to 75% of HBW Advisory Services LLC
HBW Financial & Insurance Services LLC
Control person · since March 2007
- Owns 50% to 75% of HBW Advisory Services LLC
HBW Financial & Insurance Services
Control person · since March 2007
HBW Advisory Services’ regulatory assets grew 2.3× from $761M (June 2021) to $1.75B (March 2026); clients rose from 5,762 to 13,864 and employees from 57 to 72.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.75B | 13,864 | 72 | 51 |
| June 2025 | $1.48B | 12,626 | 67 | 51 |
| May 2024 | $1.13B | 10,099 | 66 | 48 |
| June 2023 | $1.02B | 8,618 | 65 | 50 |
| November 2021 | $1.11B | 6,959 | 60 | 50 |
| June 2021 | $761M | 5,762 | 57 | 47 |
Besides its headquarters, HBW Advisory Services has 50 offices (22 private residences, listed without an address), with 23 listed addresses across 8 states.
California · 8 listed addresses
- 2655 1st Street, Suite 250, Simi ValleyHQ
- 2655 Cochran St, Simi Valley
- 25500 Hawthorne BLVD, Torrance
- 30495 Canwood Street,, Agoura
- 25600 Rye Canyon Road, Valencia
- 3017 Douglas BLVD., Roseville
- 1395 Ridgewood DR, Chico
- 5150 E. Pacific Coast Highway, Long Beach
Michigan · 5 listed addresses
- 806 Hastings Street, Traverse City
- 201 W Washington Ave, Zeeland
- 4112 W. St. Joe Hwy, Lansing
- 3333 Deposit Drive, Grand Rapids
- 134 W Main St, Brighton
Idaho · 3 listed addresses
- 2420 N Saddle Mountain Way, Eagle
- 698 Altia Street, Middleton
- 5520 N. Eagle RD, Boise
New York · 2 listed addresses
- 7 Herbert Drive, Latham
- 92 Congress Street, Saratoga Springs
Virginia · 2 listed addresses
- 2706 Enterprise Pky, Richmond
- 2706 Enterprise Pky, Richmond
Alabama · 1 listed address
- 13831 Summerfield Drive, Athens
Arizona · 1 listed address
- 4899 W Erie St, Chandler
Texas · 1 listed address
- 953 Myrta Street, Kerrville
Contact and registration details
- Legal name
- HBW Advisory Services LLC
- Headquarters
- 2655 1st Street, Suite 250, Simi Valley, CA 93065
- Website
- hbwadvisory.com
- Phone
- 800-473-3856
- SEC file
- 801-77333
- Structure
- California LLC
- Fiscal year end
- August
HBW Advisory Services uses Charles Schwab ($864M, 68%) and Axos Clearing ($400M, 32%) as custodians for its separately managed accounts. HBW Advisory Services has custody of $1.75B in client assets for 13,698 clients.
- Charles SchwabCharles Schwab & Co., Inc. · El Paso, TX · $864M68%
- Axos ClearingAxos Clearing LLC · Omaha, NE · $400M32%
At year end, HBW Advisory Services’ separately managed accounts were mostly in stocks (65%) and funds (23%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.11B across 463 positions; the largest are Vanguard Index Fds (5.2%), Invesco Exch Traded FD TR II (3.8%) and Invesco Qqq TR (3.8%).
What the accounts hold
- Stocks65%
- Exchange-traded equities58%
- Non-exchange-traded equities7%
- Funds23%
- Bonds8%
- Cash4%
Reported 13F holdings
- $1.11B
- Reported 13F value
- 463
- Positions
- 25.9%
- In the 10 largest
- +16.5%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs5.2%
- Invesco Exch Traded FD TR II · S&P 500 Momntm3.8%
- Invesco Qqq TR · Unit Ser 13.8%
- First TR Exchng Traded FD VI · FT Ladd Buff ETF2.2%
- First TR Exchange-traded FD · Vest Laddered2.2%
- J P Morgan Exchange Traded F · Equity Premium2.1%
- J P Morgan Exchange Traded F · Income ETF1.7%
- SPDR Series Trust · ST Str PR Sp15001.7%
- Pacer Fds TR · US Cash Cows 1001.5%
- Global X Fds · US Infr Dev ETF1.5%
Together, the ten largest are 25.9% of reported value.
How many clients does HBW Advisory Services have?
HBW Advisory Services has 13,864 clients and manages $1.75 billion for them, as of March 2026. They include 13,698 individual clients, 85 corporations and other businesses, and 81 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 March 2026
What services does HBW Advisory Services offer?
HBW Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does HBW Advisory Services charge?
HBW Advisory Services charges up to 2.00% a year for its Asset Management Fees. The fee is billed in arrears.
Which custodians does HBW Advisory Services use?
HBW Advisory Services’ separately managed account assets are held at Charles Schwab & Co., Inc. (El Paso, TX), with $864M and Axos Clearing LLC (Omaha, NE), with $400M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 March 2026
How many financial advisors does HBW Advisory Services have?
HBW Advisory Services has 68 investment adviser representatives registered with state securities authorities, out of 72 employees, and 68 perform investment advisory functions. 5 employees are registered representatives of a broker-dealer and 50 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 HBW Advisory Services invest in?
At the end of its last fiscal year, HBW Advisory Services’ separately managed accounts held 58% exchange-traded equities, 23% registered funds (mutual funds, ETFs, BDCs), 8% U.S. government and agency bonds, 7% non-exchange-traded equities and 4% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns HBW Advisory Services?
HBW Advisory Services’ direct owners are HBW Financial & Insurance Services LLC (50% to 75%) and HBW Financial & Insurance Services (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 17 March 2026
How does HBW Advisory Services get paid?
HBW Advisory Services is paid through a percentage of assets under management, hourly charges and fixed fees. 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 HBW Advisory Services?
HBW Advisory Services’ main office is at 2655 1st Street, Suite 250, Simi Valley, CA 93065. Its phone number is 800-473-3856. Its website is hbwadvisory.com.