WBH Advisory provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, education planning, estate planning, insurance, retirement plan services, and tax planning. Financial planning was provided to 101–250 clients last fiscal year.
WBH Advisory reports 746 clients. They include 418 high-net-worth individuals, 307 individual clients and 10 charitable organizations. Of its assets, 100.0% ($1.74B across 2,335 accounts) are managed with discretion. Of its clients, 1% are outside the U.S. It advised 4 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 41% | 8% |
| High-net-worth individuals | 56% | 91% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | 1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 307 | $136M | 7.8% | $442K |
| High-net-worth individuals | 418 | $1.58B | 91.1% | $3.79M |
| Pension and profit-sharing plans | 6 | $13.5M | 0.8% | $2.25M |
| Charitable organizations | 10 | $2.83M | 0.2% | $283K |
| Corporations and other businesses | 5 | $2.3M | 0.1% | $459K |
| Total | 746 | $1.74B | 100% | $2.33M |
- Clients
- 307
- Regulatory AUM
- $136M
- AUM share
- 7.8%
- Avg. per client
- $442K
- Clients
- 418
- Regulatory AUM
- $1.58B
- AUM share
- 91.1%
- Avg. per client
- $3.79M
- Clients
- 6
- Regulatory AUM
- $13.5M
- AUM share
- 0.8%
- Avg. per client
- $2.25M
- Clients
- 10
- Regulatory AUM
- $2.83M
- AUM share
- 0.2%
- Avg. per client
- $283K
- Clients
- 5
- Regulatory AUM
- $2.3M
- AUM share
- 0.1%
- Avg. per client
- $459K
Total
- Clients
- 746
- Regulatory AUM
- $1.74B
- AUM share
- 100%
- Avg. per client
- $2.33M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 4
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 101–250
WBH Advisory charges 0.45%–1.20% a year for its Investment Advisory Services. The fee is billed in advance, is negotiable and has a $6,000 annual minimum. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Financial planning is a fixed fee: $6,000 for an initial financial plan and $3,000 for a follow-up engagement.
Marc Hertzberg owns 75% or more of WBH Advisory. The leadership team of WBH Advisory includes President Marc Hertzberg. It has 16 employees, 11 of them in advisory roles.
Leadership
- Marc HertzbergPresident
- Marc HertzbergChief Compliance Officer
- Robert WillenShareholder
- Benjamin WallerShareholder
Investment adviser representatives
11 representatives listed in the SEC register as of 9 October 2026.
- Carrie Eloise Durbin Beren
- Gregory Aaron Bitz
- John Raymond Ciccarone
- Marc Jeffrey Hertzberg
- Joel Douglas Hosner
- Charles William Kenny
- Joshua Akeroyd Mason
- Jack Arthur Ramey
- Conor Jonathan Renn
- Benjamin M Waller
- Robert Joel Willen
Staff
- 16 employees
- 11 in advisory functions
- 11 state-registered reps
- Owns 75% or more of WBH Advisory, Inc.
Marc Hertzberg
Control person · since January 2004
- Owns 10% to 25% of WBH Advisory, Inc.
Robert Willen
since January 2021
- Owns 10% to 25% of WBH Advisory, Inc.
Benjamin Waller
since January 2021
WBH Advisory’s regulatory assets grew 2.0× from $857M (March 2021) to $1.74B (April 2026); clients rose from 567 to 746 and employees from 9 to 16.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| April 2026 | $1.74B | 746 | 16 | 5 |
| March 2025 | $1.49B | 725 | 16 | 5 |
| May 2024 | $1.29B | 730 | 14 | 5 |
| March 2023 | $1.11B | 753 | 13 | 7 |
| March 2022 | $1.3B | 734 | 13 | 4 |
| March 2021 | $857M | 567 | 9 | 2 |
Besides its headquarters, WBH Advisory has 4 offices (4 private residences, listed without an address), with 1 listed address in Maryland.
Maryland · 1 listed address
- 1829 Reisterstown Road, Suite 225, BaltimoreHQ
Contact and registration details
- Legal name
- WBH Advisory, Inc.
- Headquarters
- 1829 Reisterstown Road, Suite 225, Baltimore, MD 21208
- Website
- wbhadvisory.com
- Phone
- 410-653-7979
- @wbh-advisory
- SEC file
- 801-27973
- Structure
- Maryland corporation
- Fiscal year end
- December
WBH Advisory uses Charles Schwab ($1.2B, 71%) and Fidelity ($494M, 29%) as custodians for its separately managed accounts. WBH Advisory has custody of $442M in client assets for 411 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.2B71%
- FidelityNational Financial Services LLC · Boston, MA · $494M29%
At year end, WBH Advisory’s separately managed accounts were mostly in funds (75%) and stocks (13%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.49B across 363 positions; the largest are Vanguard Index Fds (5.2%), Vanguard World FD (5.1%) and SPDR Series Trust (4.4%).
What the accounts hold
- Stocks13%
- Funds75%
- Bonds6%
- Investment grade corporate bonds3%
- U.S. government and agency bonds2%
- State and local bonds1%
- Cash5%
- Other1%
- Fixed annuities, variable annuities, warrants/rights1%
Reported 13F holdings
- $1.49B
- Reported 13F value
- 363
- Positions
- 32.9%
- In the 10 largest
- +11.5%
- Value vs. prior quarter
- Vanguard Index Fds · Total Stk Mkt5.2%
- Vanguard World FD · Inf Tech ETF5.1%
- SPDR Series Trust · ST Str P500etf4.4%
- Schwab Strategic TR · US Brd Mkt ETF4.0%
- Select Sector SPDR TR · ST Str Techn ETF3.6%
- Vanguard Star Fds · VG TL Intl Stk F2.8%
- Fidelity Merrimack Str TR · Total BD ETF2.2%
- Blackrock ETF Trust · Dynamic Eqty Act2.0%
- Vanguard Index Fds · Small CP ETF1.8%
- Schwab Strategic TR · US Lrg Cap ETF1.7%
Together, the ten largest are 32.9% of reported value.
How many clients does WBH Advisory have?
WBH Advisory has 746 clients and manages $1.74 billion for them, as of April 2026. They include 418 high-net-worth individuals, 307 individual clients and 10 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 April 2026
What services does WBH Advisory offer?
WBH Advisory provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, education planning, estate planning, insurance, 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 WBH Advisory charge?
WBH Advisory charges 0.45%–1.20% a year for its Investment Advisory Services. The fee is billed in advance, is negotiable and has a $6,000 annual minimum.
Which custodians does WBH Advisory use?
WBH Advisory’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.2B and National Financial Services LLC (Boston, MA), with $494M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 April 2026
How many financial advisors does WBH Advisory have?
WBH Advisory has 11 investment adviser representatives registered with state securities authorities, out of 16 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 WBH Advisory invest in?
At the end of its last fiscal year, WBH Advisory’s separately managed accounts held 75% registered funds (mutual funds, ETFs, BDCs), 13% exchange-traded equities, 5% cash and equivalents, 3% investment grade corporate bonds, 2% U.S. government and agency bonds, 1% state and local bonds and 1% other. The 1% other category is described as: Fixed Annuities, Variable Annuities, Warrants/Rights.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns WBH Advisory?
WBH Advisory’s direct owners are Marc Hertzberg (75% or more), Robert Willen (10% to 25%) and Benjamin Waller (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 30 April 2026
How does WBH Advisory get paid?
WBH Advisory 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
Is WBH Advisory registered with the SEC?
Yes, WBH Advisory has been registered with the SEC as an investment adviser since 3 October 1986. Its CRD number is 105289 and its SEC file number is 801-27973.
Source: Form ADV Part 1A, Item 1, filed 30 April 2026; IAPD firm record
How do I contact WBH Advisory?
WBH Advisory’s main office is at 1829 Reisterstown Road, Suite 225, Baltimore, MD 21208. Its phone number is 410-653-7979. Its website is wbhadvisory.com.