Operose Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, and selecting other managers. Financial planning was provided to 51–100 clients last fiscal year. The firm advises 2 private funds.
Operose Advisors reports 511 clients. They include 302 high-net-worth individuals, 128 individual clients and 33 other clients. Of its assets, 73.3% ($1.49B across 1,307 accounts) are managed with discretion; $545M across 348 accounts are not. It advised 13 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 25% | 2% |
| High-net-worth individuals | 59% | 74% |
| Pooled investment vehicles | <1% | <1% |
| Charitable organizations | 6% | 14% |
| Corporations and other businesses | 3% | 5% |
| Other client typesOther | 6% | 5% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 128 | $39.1M | 1.9% | $306K |
| High-net-worth individuals | 302 | $1.51B | 73.9% | $4.99M |
| Pooled investment vehicles | 2 | $205K | 0.0% | $102K |
| Charitable organizations | 29 | $276M | 13.5% | $9.52M |
| Corporations and other businesses | 17 | $110M | 5.4% | $6.45M |
| Other | 33 | $107M | 5.3% | $3.24M |
| Total | 511 | $2.04B | 100% | $3.99M |
- Clients
- 128
- Regulatory AUM
- $39.1M
- AUM share
- 1.9%
- Avg. per client
- $306K
- Clients
- 302
- Regulatory AUM
- $1.51B
- AUM share
- 73.9%
- Avg. per client
- $4.99M
- Clients
- 2
- Regulatory AUM
- $205K
- AUM share
- 0.0%
- Avg. per client
- $102K
- Clients
- 29
- Regulatory AUM
- $276M
- AUM share
- 13.5%
- Avg. per client
- $9.52M
- Clients
- 17
- Regulatory AUM
- $110M
- AUM share
- 5.4%
- Avg. per client
- $6.45M
- Clients
- 33
- Regulatory AUM
- $107M
- AUM share
- 5.3%
- Avg. per client
- $3.24M
Total
- Clients
- 511
- Regulatory AUM
- $2.04B
- AUM share
- 100%
- Avg. per client
- $3.99M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 13
- Private funds advised
- 2
- Financial planning clients last fiscal year
- 51–100
Operose Advisors charges 0.10%–0.95% a year for its Advisory Services. The fee is billed in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial planning services
- Financial planning fees are negotiated case by case, depend on scope and complexity, and are invoiced when the plan is delivered.
Beulah Holdings LLC owns 75% or more of Operose Advisors and is in turn owned by Nicholas Bauer (25–50%). The leadership team of Operose Advisors includes President Daniel Stier, Chief Operating Officer Amanda Nowaczynski and Chief Compliance Officer Caroline Jankowski. It has 20 employees, 11 of them in advisory roles.
Leadership
- Daniel StierPresident, Chief Investment Officer, Partner
- Amanda NowaczynskiChief Operating Officer, Partner
- Caroline JankowskiChief Compliance Officer, Partner
- Nicholas BauerFounding Partner
Investment adviser representatives
14 representatives listed in the SEC register as of 9 October 2026.
- Steven Jay Backus
- Nicholas Charles Bauer
- Lucas Daniel Cahalane
- Christopher Alan Evers
- Caroline Probst Jankowski
- Jason Robert Kausalik
- Matthew Adam Kulakow
- John Stratton McGregor JR
- Amanda Mary Nowaczynski
- Michael William Shone
- Kristin Lee Stanek
- Amanda Tricia Stark
- Daniel Kenneth Stier
- Patrick James Weyer
Staff
- 20 employees
- 11 in advisory functions
- 12 state-registered reps
- Owns 75% or more of Operose Advisors LLC
Beulah Holdings LLC
Control person · since March 2017
- Owns 25% to 50% of Beulah Holdings LLC
Nicholas Bauer
Control person · since March 2017
Operose Advisors’ regulatory assets grew 6.0× from $339M (June 2021) to $2.04B (September 2026); clients rose from 117 to 511 and employees from 10 to 20.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $2.04B | 511 | 20 | 1 |
| March 2025 | $1.6B | 457 | 15 | 1 |
| February 2024 | $1.25B | 278 | 11 | 1 |
| June 2023 | $806M | 214 | 11 | 1 |
| March 2022 | $530M | 169 | 11 | 1 |
| June 2021 | $339M | 117 | 10 | 1 |
Besides its headquarters, Operose Advisors has 0 offices, with 1 listed address in Wisconsin.
Wisconsin · 1 listed address
- 731 North Water Street, Suite 790, MilwaukeeHQ
Contact and registration details
- Legal name
- Operose Advisors LLC
- Headquarters
- 731 North Water Street, Suite 790, Milwaukee, WI 53202
- Website
- Not reported
- Phone
- 414-209-3280
- @operose-partners
- SEC file
- 801-118313
- Structure
- Wisconsin LLC
- Fiscal year end
- December
Operose Advisors uses Charles Schwab ($1.61B) as custodian for its separately managed accounts. Operose Advisors has custody of $140M in client assets for 348 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.61B100%
At year end, Operose Advisors’ separately managed accounts were mostly in funds (76%) and stocks (13%). Its reported 13F holdings for the quarter ended 30 June 2026 total $517M across 522 positions; the largest are Vanguard Total Stock Market ETF (17.6%), Vanguard High Dividend Yield ETF (9.9%) and Vanguard FTSE Developed Markets ETF (9.1%).
What the accounts hold
- Stocks13%
- Funds76%
- Registered funds61%
- Pooled vehicles15%
- Bonds5%
- U.S. government and agency bonds3%
- State and local bonds2%
- Cash6%
Reported 13F holdings
- $517M
- Reported 13F value
- 522
- Positions
- 61.8%
- In the 10 largest
- +20.0%
- Value vs. prior quarter
- Vanguard Total Stock Market ETFETF17.6%
- Vanguard High Dividend Yield ETFETF9.9%
- Vanguard FTSE Developed Markets ETFETF9.1%
- Schwab International Equity ETFETF8.5%
- Vanguard S&P 500 ETFETF6.3%
- iShares Core S&P Small-cap ETFETF2.5%
- Invesco S&P 500 Equal Weight ETFETF2.3%
- SPDR S&P 500 ETFETF2.3%
- Vanguard Mid-cap ETFETF1.9%
- Vanguard Mid-cap Growth ETFETF1.4%
Together, the ten largest are 61.8% of reported value.
How many clients does Operose Advisors have?
Operose Advisors has 511 clients and manages $2.04 billion for them, as of September 2026. They include 302 high-net-worth individuals, 128 individual clients and 33 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 1 September 2026
What services does Operose Advisors offer?
Operose Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Operose Advisors charge?
Operose Advisors charges 0.10%–0.95% a year for its Advisory Services. The fee is billed in arrears and is negotiable.
Source: OPEROSE ADVISORS FORM ADV PART 2A 2023-06-23, filed 26 March 2026
Which custodians does Operose Advisors use?
Operose Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.61B. 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 September 2026
How many financial advisors does Operose Advisors have?
Operose Advisors has 12 investment adviser representatives registered with state securities authorities, out of 20 employees, and 11 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 Operose Advisors invest in?
At the end of its last fiscal year, Operose Advisors’ separately managed accounts held 61% registered funds (mutual funds, ETFs, BDCs), 15% pooled vehicles (private funds and similar), 13% exchange-traded equities, 6% cash and equivalents, 3% U.S. government and agency bonds and 2% state and local bonds. It advises 2 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 Operose Advisors?
Operose Advisors is owned through a holding company by Nicholas Bauer. Its direct owner is Beulah Holdings LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 1 September 2026
How does Operose Advisors get paid?
Operose Advisors is paid through a percentage of assets under management 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
Is Operose Advisors registered with the SEC?
Yes, Operose Advisors has been registered with the SEC as an investment adviser since 30 March 2020. Its CRD number is 287465 and its SEC file number is 801-118313.
Source: Form ADV Part 1A, Item 1, filed 1 September 2026; IAPD firm record
How do I contact Operose Advisors?
Operose Advisors’ main office is at 731 North Water Street, Suite 790, Milwaukee, WI 53202. Its phone number is 414-209-3280.