Independence Square Holdings provides financial planning, portfolio management for individuals and small businesses, pension consulting, selecting other managers, and publishing newsletters. Financial planning was provided to 51–100 clients last fiscal year.
Independence Square Holdings reports 2,648 clients. They include 1,541 individual clients, 1,080 high-net-worth individuals, and 13 pension and profit-sharing plans. Nearly all assets ($1.83B across 2,647 accounts) are managed with discretion; $750K across 1 account is not. A wrap fee program the firm both sponsors and manages holds $1.72B. It advised 51 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 58% | 20% |
| High-net-worth individuals | 41% | 79% |
| 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) | 1,541 | $363M | 19.8% | $236K |
| High-net-worth individuals | 1,080 | $1.45B | 79.1% | $1.34M |
| Pension and profit-sharing plans | 13 | $11.7M | 0.6% | $903K |
| Charitable organizations | 7 | $5.13M | 0.3% | $733K |
| Corporations and other businesses | 7 | $3.3M | 0.2% | $471K |
| Total | 2,648 | $1.83B | 100% | $693K |
- Clients
- 1,541
- Regulatory AUM
- $363M
- AUM share
- 19.8%
- Avg. per client
- $236K
- Clients
- 1,080
- Regulatory AUM
- $1.45B
- AUM share
- 79.1%
- Avg. per client
- $1.34M
- Clients
- 13
- Regulatory AUM
- $11.7M
- AUM share
- 0.6%
- Avg. per client
- $903K
- Clients
- 7
- Regulatory AUM
- $5.13M
- AUM share
- 0.3%
- Avg. per client
- $733K
- Clients
- 7
- Regulatory AUM
- $3.3M
- AUM share
- 0.2%
- Avg. per client
- $471K
Total
- Clients
- 2,648
- Regulatory AUM
- $1.83B
- AUM share
- 100%
- Avg. per client
- $693K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 51
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 51–100
Independence Square Holdings charges up to 2.50% a year for its Portfolio Management Fees. The fee is negotiable. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial planning and consulting
- The fixed fee for initial financial planning is up to $20,000; the negotiated hourly fee is up to $2,000 per hour.
- Retirement plan participant advisory services (ERISA accounts)
- Participants who engage the adviser pay an advisory fee of up to 1.00% annually on the assets in their retirement account.
Joseph Elliott owns 75% or more of Independence Square Holdings. The leadership team of Independence Square Holdings includes Chief Investment Officer Zachary Mineur and Chief Compliance Officer Kaleb Burns. It has 37 employees.
Leadership
- Kaleb BurnsChief Compliance Officer
- Zachary MineurChief Investment Officer
- Joseph ElliottManaging Member
Investment adviser representatives
41 representatives listed in the SEC register as of 9 October 2026.
- Daniel Martin Agoglia
- Benjamin Morris Auslander
- Norman Stanley Batansky
- Michael Brian Burchell
- Kaleb Matthew Burns
- Kenneth Grant Cala
- Richard Joseph Catanese
- Mark G Comyns
- John Robert Delp
- Timothy Joseph Dorazio
- Joseph Black Elliott
- Steven Ted Epstein
- Dale Brian Foard
- Daniel B Geehan
- John J Grimley JR
- Christopher George Groeber
- Jesse Levy
- Erik Clifford Lindholm
- Eric Justin Long
- Christopher Bartley Lundmark
- Christine Diane McEwan
- Thomas Joseph McHugh
- Mark Ailer McMahon
- Blaise James Milanek
- Blaise Willing Milanek
- Zachary Scott Mineur
- Daniel J Morse
- Eugene Joseph Mulvaney JR
- Michael S Nickerson II
- Jordan Christian Norley
- Andrew W Omalley
- Monica Anne Pedano
- Brian D Platt
- Matthew Ryan Reese
- Meg Ryan
- Adam Jason Scherzer
- Stephen Matthew Schlichter
- Michael Andrew Slattery
- Shane Patrick Smith
- Brenton Friden Stransky
- Douglas John Sweeney
Staff
- 37 employees
- 37 in advisory functions
- 30 state-registered reps
- 30 broker-dealer reps
- 30 insurance agents
- 3 soliciting firms
- Owns 75% or more of Independence Square Holdings, LLC
Joseph Elliott
Control person · since November 2017
Independence Square Holdings’ regulatory assets grew 2.7× from $687M (May 2021) to $1.83B (March 2026); clients rose from 1,169 to 2,648 and employees fell from 40 to 37.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.83B | 2,648 | 37 | 14 |
| March 2025 | $1.49B | 2,520 | 37 | 11 |
| March 2024 | $1.15B | 2,193 | 40 | 8 |
| March 2023 | $926M | 2,025 | 41 | 7 |
| July 2022 | $991M | 1,829 | 41 | 6 |
| May 2021 | $687M | 1,169 | 40 | 5 |
Besides its headquarters, Independence Square Holdings has 13 offices (5 private residences, listed without an address), with 9 listed addresses across 6 states.
Maryland · 2 listed addresses
- 100 Talbot BLVD, Chestertown
- 2 Village Square, Baltimore
New Jersey · 2 listed addresses
- 1040 Kings Highway North, Cherry Hill
- 8 Taylor Place, Short Hills
Pennsylvania · 2 listed addresses
- 150 South Warner Road, Suite 300, King of PrussiaHQ
- 502 Fairfield RD., Plymouth Meeting
California · 1 listed address
- 2173 Salk Ave, Carlsbad
North Carolina · 1 listed address
- 119 Choctaw Court, Duck
Texas · 1 listed address
- 777 Main Street, Fort Worth
Other business names
Independence Square Holdings has reported 10 other business names to the SEC.
- Barnes Lane Advisors LLC
- Brenton Private Wealth Advisors
- Brenton Stransky Wealth Management
- Independence Square Advisors
- Independence Square Asset Management
- Milanek Family Wealth Management, LLC
- Mulvaney Wealth Management
- Scherzer Financial
- Stratavest
- The Plan Advocate
Contact and registration details
- Legal name
- Independence Square Holdings, LLC
- Headquarters
- 150 South Warner Road, Suite 300, King of Prussia, PA 19406
- Website
- indsquare.com
- Phone
- 610-520-1500
- @independence-square-ria
- SEC file
- 801-116750
- Structure
- Pennsylvania LLC
- Fiscal year end
- December
Independence Square Holdings uses LPL Financial ($884M) as custodian for its separately managed accounts. Independence Square Holdings does not have custody of client assets.
- LPL FinancialLPL Financial LLC · Boston, MA · $884M100%
At year end, Independence Square Holdings’ separately managed accounts were mostly in funds (70%) and stocks (18%).
What the accounts hold
- Stocks18%
- Funds70%
- Registered funds69%
- Pooled vehicles1%
- Bonds3%
- U.S. government and agency bonds1%
- State and local bonds1%
- Investment grade corporate bonds1%
- Cash7%
- Other2%
- Uits, structured products2%
How many clients does Independence Square Holdings have?
Independence Square Holdings has 2,648 clients and manages $1.83 billion for them, as of March 2026. They include 1,541 individual clients, 1,080 high-net-worth individuals, and 13 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 March 2026
What services does Independence Square Holdings offer?
Independence Square Holdings provides financial planning, portfolio management for individuals and small businesses, 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 Independence Square Holdings charge?
Independence Square Holdings charges up to 2.50% a year for its Portfolio Management Fees. The fee is negotiable.
Which custodians does Independence Square Holdings use?
Independence Square Holdings’ separately managed account assets are held at LPL Financial LLC (Boston, MA), with $884M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 March 2026
How many financial advisors does Independence Square Holdings have?
Independence Square Holdings has 30 investment adviser representatives registered with state securities authorities, out of 37 employees, and 37 perform investment advisory functions. 30 employees are registered representatives of a broker-dealer and 30 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 Independence Square Holdings invest in?
At the end of its last fiscal year, Independence Square Holdings’ separately managed accounts held 69% registered funds (mutual funds, ETFs, BDCs), 18% exchange-traded equities, 7% cash and equivalents, 2% other, 1% U.S. government and agency bonds, 1% state and local bonds, 1% investment grade corporate bonds and 1% pooled vehicles (private funds and similar). The 2% other category is described as: Uits, Structured Products.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Independence Square Holdings?
Independence Square Holdings’ direct owner is Joseph Elliott (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 6 March 2026
How does Independence Square Holdings get paid?
Independence Square Holdings is paid through a percentage of assets under management, hourly charges, subscription fees, fixed fees, commissions, performance-based fees and other compensation.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Independence Square Holdings?
Independence Square Holdings’ main office is at 150 South Warner Road, Suite 300, King of Prussia, PA 19406. Its phone number is 610-520-1500. Its website is indsquare.com.