Oarsman Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, retirement plan services, and tax planning. Financial planning was provided to 251–500 clients last fiscal year.
Oarsman Capital reports 676 clients. They include 356 high-net-worth individuals, 314 individual clients and 6 charitable organizations. Of its assets, 95.5% ($1.11B across 1,925 accounts) are managed with discretion; $53M across 331 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 46% | 10% |
| High-net-worth individuals | 53% | 89% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | 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) | 314 | $121M | 10.3% | $384K |
| High-net-worth individuals | 356 | $1.04B | 89.1% | $2.92M |
| Pension and profit-sharing plans | Fewer than 5 | $716K | 0.1% | — |
| Charitable organizations | 6 | $5.08M | 0.4% | $847K |
| Corporations and other businesses | Fewer than 5 | $451K | 0.0% | — |
| Total | 676 | $1.17B | 100% | — |
- Clients
- 314
- Regulatory AUM
- $121M
- AUM share
- 10.3%
- Avg. per client
- $384K
- Clients
- 356
- Regulatory AUM
- $1.04B
- AUM share
- 89.1%
- Avg. per client
- $2.92M
- Clients
- Fewer than 5
- Regulatory AUM
- $716K
- AUM share
- 0.1%
- Avg. per client
- —
- Clients
- 6
- Regulatory AUM
- $5.08M
- AUM share
- 0.4%
- Avg. per client
- $847K
- Clients
- Fewer than 5
- Regulatory AUM
- $451K
- AUM share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 676
- Regulatory AUM
- $1.17B
- 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
- 251–500
Oarsman Capital charges 0.50%–1.00% a year for its Investment Advisory Fees. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.00% |
| $500K–$1M | 0.80% |
| $1M–$3M | 0.70% |
| $3M–$5M | 0.60% |
| $5M and above | 0.50% |
Fee details and sources
The leadership team of Oarsman Capital includes President Benjamin Kebbekus and Chief Compliance Officer Randy Heinig. It has 21 employees, 13 of them in advisory roles.
Leadership
- Benjamin KebbekusVice President
- Derek PawlakVice President
- Robert PhelpsPresident
- Randy HeinigChief Compliance Officer
- Peter SchumacherShareholder
- Jaclyn GruberShareholder
- Eric SuttmillerShareholder
Investment adviser representatives
14 representatives listed in the SEC register as of 9 October 2026.
- Carter Abbott
- Charles Allard Allison III
- Joshua R Bruckert
- Jaclyn Ariella Gruber
- Benjamin Jerome Kebbekus
- Peter Scott Lautmann
- Kurt Mihelich
- Derek Joseph Pawlak MR
- Robert Wylie Phelps
- Brent Victor Schneider
- Peter Francis Schumacher
- Jacob Robert Sheaf
- Tyler Steven Skutnik
- Eric James Suttmiller
Staff
- 21 employees
- 13 in advisory functions
- 13 state-registered reps
- Owns 10% to 25% of Oarsman Capital, Inc
Robert Phelps
Control person · since September 2000
- Owns 10% to 25% of Oarsman Capital, Inc
Benjamin Kebbekus
Control person · since January 2021
- Owns 10% to 25% of Oarsman Capital, Inc
Derek Pawlak
Control person · since September 2023
- Owns 10% to 25% of Oarsman Capital, Inc
Jaclyn Gruber
since April 2024
- Owns 10% to 25% of Oarsman Capital, Inc
Allison Family Trust
since April 2024
Charles Allison
Chuck a. allison, trustee · Control person · since April 2024
- Owns 5% to 10% of Oarsman Capital, Inc
Michael J. Cleary Living Trust
since August 2023
Michael Cleary
Michael j. cleary, trustee · Control person · since August 2023
- Owns 5% to 10% of Oarsman Capital, Inc
Peter Schumacher
since August 2023
- Owns 5% to 10% of Oarsman Capital, Inc
Paul Grunau
since August 2023
- Owns 5% to 10% of Oarsman Capital, Inc
Warner Living Trust
since July 2024
Robert Warner
Robert l. warner, trustee · Control person · since July 2024
- Owns 5% to 10% of Oarsman Capital, Inc
Dana Schumacher
since September 2023
- Owns 5% to 10% of Oarsman Capital, Inc
Jeanie Hartgrunau
since August 2023
- Owns 5% to 10% of Oarsman Capital, Inc
Eric Suttmiller
since October 2025
Oarsman Capital’s regulatory assets grew 2.7× from $436M (March 2021) to $1.17B (September 2026); clients rose from 477 to 676 and employees from 9 to 21.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $1.17B | 676 | 21 | 2 |
| March 2025 | $927M | 655 | 21 | 2 |
| March 2024 | $703M | 558 | 14 | 2 |
| March 2023 | $440M | 491 | 9 | 3 |
| March 2022 | $469M | 473 | 9 | 3 |
| March 2021 | $436M | 477 | 9 | 3 |
Besides its headquarters, Oarsman Capital has 1 office, with 2 listed addresses in Wisconsin.
Wisconsin · 2 listed addresses
- 790 North Water Street, Suite 1850, MilwaukeeHQ
- 590 4th St, Prairie Du Sac
Other business names
Oarsman Capital has reported 1 other business name to the SEC.
- LRC Aviation Advisors
Contact and registration details
- Legal name
- Oarsman Capital, Inc
- Headquarters
- 790 North Water Street, Suite 1850, Milwaukee, WI 53202
- Website
- oarsman.net
- Phone
- 414-221-0081
- @oarsman-capital-inc
- SEC file
- 801-60988
- Founded
- 2000
- Structure
- Wisconsin corporation
- Fiscal year end
- December
Oarsman Capital uses Charles Schwab ($923M) as custodian for its separately managed accounts. Oarsman Capital has custody of $41.1M in client assets for 24 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $923M100%
At year end, Oarsman Capital’s separately managed accounts were mostly in funds (61%) and stocks (27%). Its reported 13F holdings for the quarter ended 30 June 2026 total $945M across 244 positions; the largest are iShares Core U.S. Aggregate Bond ETF (9.1%), Schwab International Equity ETF (8.9%) and Vanguard Morningstar Value ETF (8.0%).
What the accounts hold
- Stocks27%
- Funds61%
- Bonds10%
- State and local bonds4%
- U.S. government and agency bonds3%
- Investment grade corporate bonds2%
- High-yield corporate bonds1%
- Cash6%
Reported 13F holdings
- $945M
- Reported 13F value
- 244
- Positions
- 54.6%
- In the 10 largest
- +17.3%
- Value vs. prior quarter
- iShares Core U.S. Aggregate Bond ETFETF9.1%
- Schwab International Equity ETFETF8.9%
- Vanguard Morningstar Value ETFETF8.0%
- State Street SPDR Portfolio S&P 500 Growth ETFETF7.9%
- State Street SPDR Portfolio S&P 400 Mid Cap ETFETF4.6%
- Invesco S&P 500 Equal Weight ETFETF4.0%
- State Street SPDR Portfolio S&P 600 Small Cap ETFETF3.6%
- iShares Intermediate Government/credit Bond ETFETF3.0%
- Alphabet Inc. Cap Stk CL C2.7%
- State Street SPDR Portfolio S&P 500 ETFETF2.7%
Together, the ten largest are 54.6% of reported value.
How many clients does Oarsman Capital have?
Oarsman Capital has 676 clients and manages $1.17 billion for them, as of September 2026. They include 356 high-net-worth individuals, 314 individual clients and 6 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 8 September 2026
What services does Oarsman Capital offer?
Oarsman Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, retirement plan services, 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
How much does Oarsman Capital charge?
Oarsman Capital charges 0.50%–1.00% a year for its Investment Advisory Fees. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Source: ADV PART 2A - SEPTEMBER 2026 UPDATE, filed 8 September 2026
Which custodians does Oarsman Capital use?
Oarsman Capital’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $923M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 8 September 2026
How many financial advisors does Oarsman Capital have?
Oarsman Capital has 13 investment adviser representatives registered with state securities authorities, out of 21 employees, and 13 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 Oarsman Capital invest in?
At the end of its last fiscal year, Oarsman Capital’s separately managed accounts held 61% registered funds (mutual funds, ETFs, BDCs), 27% exchange-traded equities, 6% cash and equivalents, 4% state and local bonds, 3% U.S. government and agency bonds, 2% investment grade corporate bonds and 1% high-yield corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Oarsman Capital?
Oarsman Capital’s direct owners are Robert Phelps, Benjamin Kebbekus, Derek Pawlak, Michael J. Cleary Living Trust, Peter Schumacher, Paul Grunau, Jaclyn Gruber, Allison Family Trust, Warner Living Trust, Dana Schumacher, Jeanie Hartgrunau and Eric Suttmiller, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 8 September 2026
How does Oarsman Capital get paid?
Oarsman Capital is paid through a percentage of assets under management. 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
Is Oarsman Capital registered with the SEC?
Yes, Oarsman Capital has been registered with the SEC as an investment adviser since 15 March 2002. Its CRD number is 109993 and its SEC file number is 801-60988.
Source: Form ADV Part 1A, Item 1, filed 8 September 2026; IAPD firm record
How do I contact Oarsman Capital?
Oarsman Capital’s main office is at 790 North Water Street, Suite 1850, Milwaukee, WI 53202. Its phone number is 414-221-0081. Its website is oarsman.net.