LSB Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions. Financial planning was provided to 11–25 clients last fiscal year.
LSB Capital Management reports 383 clients. They include 226 individual clients and 157 high-net-worth individuals. Of its assets, 100.0% ($229M across 573 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $105M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 59% | 17% |
| High-net-worth individuals | 41% | 34% |
| Banking or thrift institutions | Fewer than 5 | 49% |
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) | 226 | $37.8M | 16.5% | $167K |
| High-net-worth individuals | 157 | $78.7M | 34.4% | $501K |
| Banking or thrift institutions | Fewer than 5 | $112M | 49.1% | — |
| Total | 383 | $229M | 100% | — |
- Clients
- 226
- Regulatory AUM
- $37.8M
- AUM share
- 16.5%
- Avg. per client
- $167K
- Clients
- 157
- Regulatory AUM
- $78.7M
- AUM share
- 34.4%
- Avg. per client
- $501K
- Clients
- Fewer than 5
- Regulatory AUM
- $112M
- AUM share
- 49.1%
- Avg. per client
- —
Total
- Clients
- 383
- Regulatory AUM
- $229M
- 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
- 0
- Financial planning clients last fiscal year
- 11–25
LSB Capital 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 one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning Services
- Financial planning is billed as a flat fee agreed in advance or hourly, with hourly rates up to $250 per hour.
Lincoln Savings Bank owns 75% or more of LSB Capital Management and is in turn owned by Lincoln Bancorp (75% or more). The leadership team of LSB Capital Management includes President Zachary Morrissey and Chief Compliance Officer Annette Utterback. It has 11 employees.
Leadership
Zachary MorrisseyPresident- Annette UtterbackChief Compliance Officer
Investment adviser representatives
7 representatives listed in the SEC register as of 9 October 2026.
Staff
- 11 employees
- 11 in advisory functions
- 6 state-registered reps
- 7 broker-dealer reps
- 7 insurance agents
- Owns 75% or more of LSB Capital Management, Inc.
Lincoln Savings Bank
Control person · since July 2020
- Owns 75% or more of Lincoln Savings Bank
Lincoln Bancorp
Control person · since September 1983
LSB Capital Management’s regulatory assets grew from $182M (May 2022) to $229M (August 2026); clients rose from 350 to 383 and employees fell from 15 to 11.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $229M | 383 | 11 | 7 |
| July 2025 | $173M | 406 | 10 | 6 |
| March 2024 | $232M | 677 | 12 | 6 |
| March 2023 | $225M | 669 | 15 | 6 |
| May 2022 | $182M | 350 | 15 | 1 |
Besides its headquarters, LSB Capital Management has 6 offices, with 7 listed addresses in Iowa.
Iowa · 7 listed addresses
- 1375 SW State Street, AnkenyHQ
- 13523 University Avenue, Clive
- 1922 Ingersoll Avenue, Des Moines
- 302 Main Street, Cedar Falls
- 508 Main Street, Reinbeck
- 242 Tower Park Drive, Waterloo
- 7001 Westown Pkwy, West Des Moines
Other business names
LSB Capital Management has reported 1 other business name to the SEC.
- LSB Wealth Management
Contact and registration details
- Legal name
- LSB Capital Management, Inc.
- Headquarters
- 1375 SW State Street, Ankeny, IA 50023
- Website
- mylsbcapital.com
- Phone
- 515-327-9922
- SEC file
- 801-124725
- Structure
- Iowa corporation
- Fiscal year end
- December
LSB Capital Management uses LPL Financial ($116M, 51%) and Fifth Third Securities ($112M, 49%) as custodians for its separately managed accounts. LSB Capital Management has custody of $3.91M in client assets for 14 clients.
- LPL FinancialLPL Financial LLC · Fort Mill, SC · $116M51%
- Fifth Third SecuritiesFifth Third Securities, Inc. · Cincinnati, OH · $112M49%
At year end, LSB Capital Management’s separately managed accounts were mostly in funds (63%) and stocks (23%).
What the accounts hold
- Stocks23%
- Funds63%
- Bonds5%
- U.S. government and agency bonds2%
- Investment grade corporate bonds2%
- State and local bonds1%
- Cash1%
- Other9%
- Mortgages & notes, real estate, and insurance policies9%
How many clients does LSB Capital Management have?
LSB Capital Management has 383 clients and manages $229 million for them, as of August 2026. They include 226 individual clients and 157 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 11 August 2026
What services does LSB Capital Management offer?
LSB Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does LSB Capital Management use?
LSB Capital Management’s separately managed account assets are held at LPL Financial LLC (Fort Mill, SC), with $116M and Fifth Third Securities, Inc. (Cincinnati, OH), with $112M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 11 August 2026
How many financial advisors does LSB Capital Management have?
LSB Capital Management has 6 investment adviser representatives registered with state securities authorities, out of 11 employees, and 11 perform investment advisory functions. 7 employees are registered representatives of a broker-dealer and 7 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 LSB Capital Management invest in?
At the end of its last fiscal year, LSB Capital Management’s separately managed accounts held 63% registered funds (mutual funds, ETFs, BDCs), 23% exchange-traded equities, 9% other, 2% U.S. government and agency bonds, 2% investment grade corporate bonds, 1% state and local bonds and 1% cash and equivalents. The 9% other category is described as: Mortgages & Notes, Real Estate, and Insurance Policies.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns LSB Capital Management?
LSB Capital Management is owned through a holding company by Lincoln Bancorp. Its direct owner is Lincoln Savings Bank (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 11 August 2026
How does LSB Capital Management get paid?
LSB Capital 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 LSB Capital Management?
LSB Capital Management’s main office is at 1375 SW State Street, Ankeny, IA 50023. Its phone number is 515-327-9922. Its website is mylsbcapital.com.