Kelman Lazarov provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, educational seminars, education planning, estate planning, insurance, and retirement plan services. Financial planning was provided to 251–500 clients last fiscal year.
Kelman Lazarov reports 579 clients. They include 323 high-net-worth individuals, 251 individual clients, and 3 pension and profit-sharing plans. Of its assets, 100.0% ($895M across 1,512 accounts) are managed with discretion. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 43% | 8% |
| High-net-worth individuals | 56% | 91% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 251 | $71.5M | 8.0% | $285K |
| High-net-worth individuals | 323 | $818M | 91.4% | $2.53M |
| Pension and profit-sharing plans | Fewer than 5 | $4.34M | 0.5% | $1.45M |
| Charitable organizations | Fewer than 5 | $1.27M | 0.1% | $635K |
| Total | 579 | $895M | 100% | — |
- Clients
- 251
- Regulatory AUM
- $71.5M
- AUM share
- 8.0%
- Avg. per client
- $285K
- Clients
- 323
- Regulatory AUM
- $818M
- AUM share
- 91.4%
- Avg. per client
- $2.53M
- Clients
- Fewer than 5
- Regulatory AUM
- $4.34M
- AUM share
- 0.5%
- Avg. per client
- $1.45M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.27M
- AUM share
- 0.1%
- Avg. per client
- $635K
Total
- Clients
- 579
- Regulatory AUM
- $895M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Kelman Lazarov is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). 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
- Consulting Services
- Consulting services are typically billed at $300 per hour, or as a flat fee, and paid in arrears.
- DST Monitoring
- Separate annual monitoring fee of 0.50% on the full original exchange amount during the DST holding period, billed quarterly.
- Financial Planning
- Financial planning is generally billed hourly at $300 per hour, with estimated fees stated in the planning agreement; a flat rate may be quoted.
Keith Schmitt owns 25% to 50% of Kelman Lazarov. The leadership team of Kelman Lazarov includes President Keith Schmitt, Chief Investment Officer Andrew Buzan and Chief Compliance Officer Michael Munekata. It has 17 employees, 13 of them in advisory roles.
Leadership
Keith SchmittPresident/Director of Financial Planning- Michael MunekataChief Compliance Officer
Andrew BuzanTreasurer/Chief Investment Officer
April LowerySenior Financial Advisor
Patrick O'HearnSecretary/Senior Financial Advisor
Christopher PurcellSenior Financial
Martin KelmanChairman- Ronald LazarovFounding Partner
Jacob SamuelsSenior Portfolio Manager
Investment adviser representatives
13 representatives listed in the SEC register as of 9 October 2026.
Staff
- 17 employees
- 13 in advisory functions
- 13 state-registered reps
- 2 broker-dealer reps
- 2 insurance agents
- Owns 25% to 50% of Kelman Lazarov Inc
Keith Schmitt
Control person · since January 2026
- Owns 10% to 25% of Kelman Lazarov Inc
Martin Kelman
Control person · since April 1981
- Owns 10% to 25% of Kelman Lazarov Inc
Ronald Lazarov
Control person · since August 1979
- Owns 10% to 25% of Kelman Lazarov Inc
Andrew Buzan
Control person · since January 2026
- Owns 10% to 25% of Kelman Lazarov Inc
Patrick O'Hearn
Control person · since January 2026
- Owns 5% to 10% of Kelman Lazarov Inc
Michael Munekata
Control person · since May 2019
- Owns 5% to 10% of Kelman Lazarov Inc
Jacob Samuels
Control person · since May 2019
Kelman Lazarov’s regulatory assets grew 1.7× from $533M (March 2021) to $895M (March 2026); clients rose from 484 to 579 and employees from 14 to 17.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $895M | 579 | 17 | 1 |
| March 2025 | $705M | 552 | 15 | 1 |
| March 2024 | $647M | 545 | 15 | 1 |
| April 2023 | $541M | 530 | 15 | 1 |
| April 2022 | $621M | 504 | 16 | 1 |
| March 2021 | $533M | 484 | 14 | 1 |
Besides its headquarters, Kelman Lazarov has 0 offices, with 1 listed address in Tennessee.
Tennessee · 1 listed address
- 5100 Poplar Ave, Ste 2805, MemphisHQ
Contact and registration details
- Legal name
- Kelman Lazarov Inc
- Headquarters
- 5100 Poplar Ave, Ste 2805, Memphis, TN 38137-2805
- Website
- kelman-lazarov.com
- Phone
- 901-685-8284
- @kelman-lazarov-inc.
- SEC file
- 801-45185
- Structure
- Tennessee corporation
- Fiscal year end
- December
Kelman Lazarov uses Charles Schwab ($758M, 85%) and Fidelity ($137M, 15%) as custodians for its separately managed accounts. Kelman Lazarov has custody of $297M in client assets for 259 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $758M85%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $137M15%
At year end, Kelman Lazarov’s separately managed accounts were mostly in funds (90%). Its reported 13F holdings for the quarter ended 30 June 2026 total $763M across 154 positions; the largest are Schwab Strategic TR (9.6%), Schwab Strategic TR (8.3%) and Vaneck ETF Trust (7.7%).
What the accounts hold
- Stocks8%
- Funds90%
- Cash2%
Reported 13F holdings
- $763M
- Reported 13F value
- 154
- Positions
- 53.9%
- In the 10 largest
- +9.4%
- Value vs. prior quarter
- Schwab Strategic TR · Fundamental US L9.6%
- Schwab Strategic TR · US Lcap GR ETF8.3%
- Vaneck ETF Trust · Mrngstr Wde Moat7.7%
- SPDR Series Trust · ST Str P500etf5.0%
- iShares TR · 0-5 YR Tips ETF4.3%
- American Centy ETF TR · Intl EQT ETF4.1%
- iShares TR · Core S&P Scp ETF4.1%
- Schwab Strategic TR · US Lrg Cap ETF3.9%
- Goldman Sachs ETF TR · Activebeta US LG3.7%
- Pimco ETF TR · Active BD ETF3.2%
Together, the ten largest are 53.9% of reported value.
How many clients does Kelman Lazarov have?
Kelman Lazarov has 579 clients and manages $895 million for them, as of March 2026. They include 323 high-net-worth individuals, 251 individual clients, and 3 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Kelman Lazarov offer?
Kelman Lazarov provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, educational seminars, education planning, estate planning, insurance, and retirement plan services.
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 Kelman Lazarov use?
Kelman Lazarov’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $758M and Fidelity Brokerage Services LLC (Smithfield, RI), with $137M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Kelman Lazarov have?
Kelman Lazarov has 13 investment adviser representatives registered with state securities authorities, out of 17 employees, and 13 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 2 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 Kelman Lazarov invest in?
At the end of its last fiscal year, Kelman Lazarov’s separately managed accounts held 90% registered funds (mutual funds, ETFs, BDCs), 8% exchange-traded equities and 2% 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 Kelman Lazarov?
Kelman Lazarov’s direct owners are Martin Kelman, Ronald Lazarov, Michael Munekata, Keith Schmitt, Andrew Buzan, Patrick O'Hearn and Jacob Samuels, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Kelman Lazarov get paid?
Kelman Lazarov 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 Kelman Lazarov?
Kelman Lazarov’s main office is at 5100 Poplar Ave, Ste 2805, Memphis, TN 38137-2805. Its phone number is 901-685-8284. Its website is kelman-lazarov.com.