Iron Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers, education planning, estate planning, insurance, and tax planning. Financial planning was provided to 1–10 clients last fiscal year. The firm advises 3 private funds.
Iron Financial reports 246 clients. They include 124 individual clients, 108 high-net-worth individuals, and 13 corporations and other businesses. Of its assets, 100.0% ($489M across 649 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 50% | 8% |
| High-net-worth individuals | 44% | 86% |
| Pension and profit-sharing plans | <1% | 2% |
| Corporations and other businesses | 5% | 4% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 124 | $40.9M | 8.4% | $330K |
| High-net-worth individuals | 108 | $421M | 86.0% | $3.9M |
| Pension and profit-sharing plans | Fewer than 5 | $8.51M | 1.7% | $8.51M |
| Corporations and other businesses | 13 | $18.9M | 3.9% | $1.46M |
| Total | 246 | $489M | 100% | — |
- Clients
- 124
- Regulatory AUM
- $40.9M
- AUM share
- 8.4%
- Avg. per client
- $330K
- Clients
- 108
- Regulatory AUM
- $421M
- AUM share
- 86.0%
- Avg. per client
- $3.9M
- Clients
- Fewer than 5
- Regulatory AUM
- $8.51M
- AUM share
- 1.7%
- Avg. per client
- $8.51M
- Clients
- 13
- Regulatory AUM
- $18.9M
- AUM share
- 3.9%
- Avg. per client
- $1.46M
Total
- Clients
- 246
- Regulatory AUM
- $489M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 3
- Financial planning clients last fiscal year
- 1–10
Iron Financial is paid through a percentage of assets under management and performance-based fees. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial planning
- Ongoing financial planning is billed as a percentage of assets under management, with a maximum annual fee of 1.00%.
- Private investment advisory
- A fee of $3,000 to $5,000 per non-public security purchased, plus an ongoing fee generally 1.00% to 2.00% of invested capital a year.
Iron Wealth Holdings LLC owns 75% or more of Iron Financial and is in turn owned by Iron Holdings LLC (50–75%) and Stairway Collaborative LLC (50–75%). The leadership team of Iron Financial includes President Aaron Izenstark and Chief Compliance Officer Timothy Ziemba. It has 10 employees, 9 of them in advisory roles.
Staff
- 10 employees
- 9 in advisory functions
- 4 state-registered reps
- Owns 75% or more of Iron Financial LLC
Iron Wealth Holdings LLC
Control person · since February 2024
- Owns 50% to 75% of Iron Wealth Holdings LLC
Iron Holdings LLC
Control person · since February 2024
- Owns 75% or more of Iron Holdings LLC
Iron Financial Management Inc
Control person · since June 2008
- Owns 50% to 75% of Iron Financial Management Inc
Howard Nixon
Control person · since June 2008
- Owns 50% to 75% of Iron Financial Management Inc
Aaron Izenstark
Control person · since June 2008
- Owns 50% to 75% of Iron Wealth Holdings LLC
Stairway Collaborative LLC
Control person · since February 2024
- Owns 25% to 50% of Stairway Collaborative LLC
Daniel Asher Descendants Trust
since February 2024
Fred Goldman
Trustee · Control person · since February 2024
- Owns 25% to 50% of Stairway Collaborative LLC
Calangia LLC
since February 2024
- Owns 75% or more of Calangia LLC
John Rijo
since February 2024
- Owns 25% to 50% of Stairway Collaborative LLC
Stairway Capital Advisors LLC
since February 2024
- Owns 75% or more of Stairway Capital Advisors LLC
Andrew Russell
since February 2024
Iron Financial’s regulatory assets fell from $564M (July 2021) to $489M (July 2026); clients fell from 406 to 246 and employees from 15 to 10.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jul 2026July 2026 | $489M | 246 | 10 | 1 |
| Jun 2025June 2025 | $472M | 249 | 11 | 1 |
| Jul 2024July 2024 | $421M | 256 | 10 | 1 |
| Mar 2023March 2023 | $413M | 284 | 10 | 1 |
| Mar 2022March 2022 | $449M | 304 | 12 | 1 |
| Jul 2021July 2021 | $564M | 406 | 15 | 1 |
Besides its headquarters, Iron Financial has 0 offices, with 1 listed address in 1 state.
Illinois · 1 listed address
- 630 Dundee Road, Suite 300, NorthbrookHQ
Other business names
Iron Financial has reported 7 other business names to the SEC.
- Iron Asset Management
- Iron Financial
- Iron Financial Management Inc
- Iron Holdings LLC
- Iron Investments
- Iron Wealth Holdings LLC
- The Iron Financial Companies
Contact and registration details
- Legal name
- Iron Financial LLC
- Headquarters
- 630 Dundee Road, Suite 300, Northbrook, IL 60062
- Website
- ironfinancial.com
- Phone
- 847-715-3200
- @iron-financial-llc
- SEC file
- 801-46417
- Founded
- 1994
- Structure
- Illinois LLC
- Fiscal year end
- December
Iron Financial’s named custodian for separately managed accounts is Charles Schwab ($419M). Iron Financial has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $419M100%
At year end, Iron Financial’s separately managed accounts were largely in funds (39%) and bonds (37%). Its reported 13F holdings for the quarter ended 30 June 2026 total $242M across 151 positions; the largest are Apple Inc. (8.1%), iShares TR (6.6%) and CME Group Inc. (5.3%).
What the accounts hold
- Stocks20%
- Funds39%
- Registered funds37%
- Pooled vehicles2%
- Bonds37%
- U.S. government and agency bonds26%
- Investment grade corporate bonds10%
- State and local bonds1%
- Cash1%
- Other2%
- Certificates of deposit, mortgage backed securities, convertible bonds, floating rate bonds, unit trusts2%
Filed values cover 99%. The neutral 1% gap has no reported category.
How many clients does Iron Financial have?
Iron Financial has 246 clients and manages $489 million for them, as of July 2026. They include 124 individual clients, 108 high-net-worth individuals, and 13 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 1 July 2026
What services does Iron Financial offer?
Iron Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers, education planning, estate planning, insurance, and tax planning.
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 Iron Financial use?
Iron Financial’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $419M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 1 July 2026
How many financial advisors does Iron Financial have?
Iron Financial has 4 investment adviser representatives registered with state securities authorities, out of 10 employees, and 9 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 Iron Financial invest in?
At the end of its last fiscal year, Iron Financial’s separately managed accounts held 37% registered funds (mutual funds, ETFs, BDCs), 26% U.S. government and agency bonds, 20% exchange-traded equities, 10% investment grade corporate bonds, 2% pooled vehicles (private funds and similar), 2% other, 1% state and local bonds and 1% cash and equivalents. The 2% other category is described as: Certificates of Deposit, Mortgage Backed Securities, Convertible Bonds, Floating Rate Bonds, Unit Trusts. It advises 3 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 Iron Financial?
Iron Financial is owned through a chain of holding companies by Howard Nixon, Aaron Izenstark, John Rijo and Andrew Russell. Its direct owner is Iron Wealth Holdings LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 1 July 2026
How does Iron Financial get paid?
Iron Financial 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
How do I contact Iron Financial?
Iron Financial’s main office is at 630 Dundee Road, Suite 300, Northbrook, IL 60062. Its phone number is 847-715-3200. Its website is ironfinancial.com.