Wellspring Financial Advisors provides financial planning, portfolio management for individuals and small businesses, and selecting other managers. Financial planning was provided to 101–250 clients last fiscal year.
Wellspring Financial Advisors reports 148 clients. They include 118 high-net-worth individuals, 21 individual clients and 9 charitable organizations. Of its assets, 32.5% ($1.64B across 951 accounts) are managed with discretion; $3.41B across 1,100 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 14% | 2% |
| High-net-worth individuals | 80% | 98% |
| Charitable organizations | 6% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 21 | $81.3M | 1.6% | $3.87M |
| High-net-worth individuals | 118 | $4.93B | 97.5% | $41.8M |
| Charitable organizations | 9 | $44.2M | 0.9% | $4.91M |
| Total | 148 | $5.06B | 100% | $34.2M |
- Clients
- 21
- Regulatory AUM
- $81.3M
- AUM share
- 1.6%
- Avg. per client
- $3.87M
- Clients
- 118
- Regulatory AUM
- $4.93B
- AUM share
- 97.5%
- Avg. per client
- $41.8M
- Clients
- 9
- Regulatory AUM
- $44.2M
- AUM share
- 0.9%
- Avg. per client
- $4.91M
Total
- Clients
- 148
- Regulatory AUM
- $5.06B
- AUM share
- 100%
- Avg. per client
- $34.2M
- 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
- 101–250
Wellspring Financial Advisors charges 0.15%–0.75% a year for its Standard asset-based fee schedule. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
| Asset band | Annual rate |
|---|---|
| $0–$3M | 0.75% |
| $3M–$5M | 0.50% |
| $5M–$10M | 0.35% |
| $10M–$20M | 0.25% |
| $20M and above | 0.15% |
Fee details and sources
Michael Novak owns 25% to 50% of Wellspring Financial Advisors. The leadership team of Wellspring Financial Advisors includes President Jeffrey Kadlic. It has 31 employees, 11 of them in advisory roles.
Leadership
- Jeffrey KadlicPresident & COO
- William AmbrogioSR. Wealth Advisor | Managing Director
- Laura CapuozzoHead of Operations | Managing Director | CCO
- Kathryn MadzsarSR. Wealth Advisor | Managing Director
- Jennifer StatonDirector
- Richard TurgeonCIO | Senior Managing Director
- Michael NovakFounder & CEO
Investment adviser representatives
9 representatives listed in the SEC register as of 9 October 2026.
- William Joseph Ambrogio
- Andrew Scott Doepker
- Eric M Hanna
- Kathryn E Madzsar
- Michael Thomas Novak
- Andrew John Siciliano
- Jennifer R Staton
- Richard Joseph Turgeon
- Anna Vitale
Staff
- 31 employees
- 11 in advisory functions
- 4 state-registered reps
- Owns 25% to 50% of Wellspring Financial Advisors, LLC
Michael Novak
Control person · since January 2007
- Owns 25% to 50% of Wellspring Financial Advisors, LLC
Tpo-Fountain, LLC
Control person · since January 2026
- Owns 75% or more of Tpo-Fountain, LLC
1902 Capital, LLC
Control person · since January 2026
- Owns 25% to 50% of 1902 Capital, LLC
Margot and Tom Pritzker Science Foundation
Control person · since January 2026
- Owns 10% to 25% of Wellspring Financial Advisors, LLC
Richard Turgeon
since April 2016
- Owns 5% to 10% of Wellspring Financial Advisors, LLC
Jennifer Staton
since January 2021
Wellspring Financial Advisors’ regulatory assets grew 2.6× from $1.92B (April 2021) to $5.06B (June 2026); clients rose from 98 to 148 and employees from 18 to 31.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $5.06B | 148 | 31 | 1 |
| March 2025 | $4.21B | 144 | 37 | 1 |
| March 2024 | $3.63B | 138 | 26 | 1 |
| April 2023 | $2.35B | 114 | 21 | 1 |
| March 2022 | $2.42B | 103 | 19 | 1 |
| April 2021 | $1.92B | 98 | 18 | 1 |
Besides its headquarters, Wellspring Financial Advisors has 0 offices, with 1 listed address in Ohio.
Ohio · 1 listed address
- 5900 Landerbrook Drive, Suite 100, ClevelandHQ
Other business names
Wellspring Financial Advisors has reported 1 other business name to the SEC.
- Wellspring Family Office, LLC
Contact and registration details
- Legal name
- Wellspring Financial Advisors, LLC
- Headquarters
- 5900 Landerbrook Drive, Suite 100, Cleveland, OH 44125
- Website
- wellspringfo.com
- Phone
- 216-367-0680
- SEC file
- 801-67630
- Structure
- Ohio LLC
- Fiscal year end
- December
Wellspring Financial Advisors uses Fidelity ($1.87B) as custodian for its separately managed accounts. Wellspring Financial Advisors has custody of $215M in client assets for 81 clients.
- FidelityNational Financial Services LLC · Smithfield, RI · $1.87B100%
At year end, Wellspring Financial Advisors’ separately managed accounts were mostly in funds (64%) and stocks (23%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.52B across 288 positions; the largest are iShares TR (22.9%), iShares TR (6.6%) and Goldman Sachs Physical Gold (5.8%).
What the accounts hold
- Stocks23%
- Funds64%
- Bonds7%
- High-yield corporate bonds6%
- State and local bonds1%
- Cash6%
Reported 13F holdings
- $1.52B
- Reported 13F value
- 288
- Positions
- 61.4%
- In the 10 largest
- +13.9%
- Value vs. prior quarter
- iShares TR · Core S&P500 ETF22.9%
- iShares TR · Core MSCI Eafe6.6%
- Goldman Sachs Physical Gold · Unit5.8%
- Vanguard Whitehall Fds · High Div Yld4.7%
- iShares TR · iShares Semicdtr4.6%
- Vanguard Index Fds · Total Stk Mkt4.1%
- Apple Inc.3.4%
- Vanguard Scottsdale Fds · Short Term Treas3.3%
- iShares Inc. · Core MSCI Emkt3.1%
- Select Sector SPDR TR · ST Str Techn ETF3.0%
Together, the ten largest are 61.4% of reported value.
How many clients does Wellspring Financial Advisors have?
Wellspring Financial Advisors has 148 clients and manages $5.06 billion for them, as of June 2026. They include 118 high-net-worth individuals, 21 individual clients and 9 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 23 June 2026
What services does Wellspring Financial Advisors offer?
Wellspring Financial Advisors provides financial planning, portfolio management for individuals and small businesses, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Wellspring Financial Advisors charge?
Wellspring Financial Advisors charges 0.15%–0.75% a year for its Standard asset-based fee schedule. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Which custodians does Wellspring Financial Advisors use?
Wellspring Financial Advisors’ separately managed account assets are held at National Financial Services LLC (Smithfield, RI), with $1.87B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 23 June 2026
How many financial advisors does Wellspring Financial Advisors have?
Wellspring Financial Advisors has 4 investment adviser representatives registered with state securities authorities, out of 31 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 Wellspring Financial Advisors invest in?
At the end of its last fiscal year, Wellspring Financial Advisors’ separately managed accounts held 64% registered funds (mutual funds, ETFs, BDCs), 23% exchange-traded equities, 6% high-yield corporate bonds, 6% cash and equivalents and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Wellspring Financial Advisors?
Wellspring Financial Advisors is owned through a chain of holding companies by Margot and Tom Pritzker Science Foundation. Its direct owners are Michael Novak, Richard Turgeon, Jennifer Staton and Tpo-Fountain, LLC, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 23 June 2026
How does Wellspring Financial Advisors get paid?
Wellspring Financial 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 Wellspring Financial Advisors registered with the SEC?
Yes, Wellspring Financial Advisors has been registered with the SEC as an investment adviser since 15 March 2007. Its CRD number is 143112 and its SEC file number is 801-67630.
Source: Form ADV Part 1A, Item 1, filed 23 June 2026; IAPD firm record
How do I contact Wellspring Financial Advisors?
Wellspring Financial Advisors’ main office is at 5900 Landerbrook Drive, Suite 100, Cleveland, OH 44125. Its phone number is 216-367-0680. Its website is wellspringfo.com.