Independent Wealth Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, education planning, estate planning, insurance, retirement plan services, tax planning, and tax preparation. Financial planning was provided to 101–250 clients last fiscal year.
Independent Wealth Management reports 176 clients. They include 115 individual clients and 61 high-net-worth individuals. Of its assets, 90.5% ($184M across 503 accounts) are managed with discretion; $19.3M across 7 accounts are not. It advised 10 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 65% | 23% |
| High-net-worth individuals | 35% | 77% |
| Charitable organizations | Fewer than 5 | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 115 | $47.3M | 23.3% | $411K |
| High-net-worth individuals | 61 | $155M | 76.5% | $2.55M |
| Charitable organizations | Fewer than 5 | $409K | 0.2% | — |
| Total | 176 | $203M | 100% | — |
- Clients
- 115
- Regulatory AUM
- $47.3M
- AUM share
- 23.3%
- Avg. per client
- $411K
- Clients
- 61
- Regulatory AUM
- $155M
- AUM share
- 76.5%
- Avg. per client
- $2.55M
- Clients
- Fewer than 5
- Regulatory AUM
- $409K
- AUM share
- 0.2%
- Avg. per client
- —
Total
- Clients
- 176
- Regulatory AUM
- $203M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 10
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
Independent Wealth Management 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 3 other services, listed under fee details.
Fee details and sources
Other fees
- Advice and Reporting Services
- Advice on holdings not managed is charged separately at no more than 1.00% a year, or aggregated into the tiered management fee.
- Financial Plans
- Financial plans are billed at a blended hourly rate of $175 to $350, plus a $40 per hour administrative fee.
- Limited Consultations
- Limited consultations are billed at $175 an hour, plus a $40 to $70 per hour administrative fee.
Stephen Fisher owns 25% to 50% of Independent Wealth Management. The leadership team of Independent Wealth Management includes Chief Compliance Officer Scott Hackney. It has 3 employees.
Leadership
Scott HackneyMember, Chief Compliance Officer
Jay BergerMember
Stephen FisherManaging Member
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 25% to 50% of Independent Wealth Management, LLC
Stephen Fisher
Control person · since March 1998
- Owns 25% to 50% of Independent Wealth Management, LLC
Jay Berger
Control person · since February 2010
- Owns 25% to 50% of Independent Wealth Management, LLC
Scott Hackney
Control person · since January 2009
Independent Wealth Management’s regulatory assets grew 1.6× from $124M (May 2021) to $203M (May 2026); clients rose from 163 to 176 and employees fell from 5 to 3.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $203M | 176 | 3 | 1 |
| January 2025 | $175M | 181 | 5 | 1 |
| January 2024 | $162M | 184 | 5 | 1 |
| January 2023 | $139M | 182 | 5 | 1 |
| January 2022 | $153M | 173 | 5 | 1 |
| May 2021 | $124M | 163 | 5 | 1 |
Besides its headquarters, Independent Wealth Management has 0 offices, with 1 listed address in Michigan.
Michigan · 1 listed address
- 236 1/2 E. Front St, Traverse CityHQ
Contact and registration details
- Legal name
- Independent Wealth Management, LLC
- Headquarters
- 236 1/2 E. Front St, Traverse City, MI 49684
- Website
- iwmusa.com
- Phone
- 231-929-1086
- SEC file
- 801-120528
- Structure
- Michigan LLC
- Fiscal year end
- December
Independent Wealth Management uses Fidelity ($198M) as custodian for its separately managed accounts. Independent Wealth Management does not have custody of client assets.
- FidelityNational Financial Services LLC · Boston, MA · $198M100%
At year end, Independent Wealth Management’s separately managed accounts were mostly in funds (70%) and stocks (14%).
What the accounts hold
- Stocks14%
- Funds70%
- Bonds4%
- U.S. government and agency bonds3%
- State and local bonds1%
- Cash11%
Filed values cover 99%. The neutral 1% gap has no reported category.
How many clients does Independent Wealth Management have?
Independent Wealth Management has 176 clients and manages $203 million for them, as of May 2026. They include 115 individual clients and 61 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 21 May 2026
What services does Independent Wealth Management offer?
Independent Wealth Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, education planning, estate planning, insurance, retirement plan services, tax planning, and tax preparation.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
Which custodians does Independent Wealth Management use?
Independent Wealth Management’s separately managed account assets are held at National Financial Services LLC (Boston, MA), with $198M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 21 May 2026
How many financial advisors does Independent Wealth Management have?
Independent Wealth Management has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 3 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 Independent Wealth Management invest in?
At the end of its last fiscal year, Independent Wealth Management’s separately managed accounts held 70% registered funds (mutual funds, ETFs, BDCs), 14% exchange-traded equities, 11% cash and equivalents, 3% U.S. government and agency bonds and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Independent Wealth Management?
Independent Wealth Management’s direct owners are Stephen Fisher, Jay Berger and Scott Hackney, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 21 May 2026
How does Independent Wealth Management get paid?
Independent Wealth Management 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
How do I contact Independent Wealth Management?
Independent Wealth Management’s main office is at 236 1/2 E. Front St, Traverse City, MI 49684. Its phone number is 231-929-1086. Its website is iwmusa.com.