Whitcomb & Hess provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, publishing newsletters, and educational seminars. Financial planning was provided to 101–250 clients last fiscal year.
Whitcomb & Hess reports 1,368 clients. They include 1,231 individual clients, 106 high-net-worth individuals, and 14 pension and profit-sharing plans. Of its assets, 88.3% ($433M across 2,530 accounts) are managed with discretion; $57.2M across 270 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 90% | 40% |
| High-net-worth individuals | 8% | 51% |
| Pension and profit-sharing plans | 1% | 7% |
| Charitable organizations | <1% | 2% |
| 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) | 1,231 | $196M | 40.0% | $159K |
| High-net-worth individuals | 106 | $249M | 50.8% | $2.35M |
| Pension and profit-sharing plans | 14 | $35.8M | 7.3% | $2.55M |
| Charitable organizations | 12 | $8.24M | 1.7% | $687K |
| Corporations and other businesses | 5 | $1.27M | 0.3% | $254K |
| Total | 1,368 | $491M | 100% | $359K |
- Clients
- 1,231
- Regulatory AUM
- $196M
- AUM share
- 40.0%
- Avg. per client
- $159K
- Clients
- 106
- Regulatory AUM
- $249M
- AUM share
- 50.8%
- Avg. per client
- $2.35M
- Clients
- 14
- Regulatory AUM
- $35.8M
- AUM share
- 7.3%
- Avg. per client
- $2.55M
- Clients
- 12
- Regulatory AUM
- $8.24M
- AUM share
- 1.7%
- Avg. per client
- $687K
- Clients
- 5
- Regulatory AUM
- $1.27M
- AUM share
- 0.3%
- Avg. per client
- $254K
Total
- Clients
- 1,368
- Regulatory AUM
- $491M
- AUM share
- 100%
- Avg. per client
- $359K
- 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
Whitcomb & Hess charges 0.20%–1.00% a year for its Portfolio Management Fees. The fee is billed in advance, is not negotiable and has a $100 annual minimum. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial planning
- Fixed fee, typically $250 to $2,500 depending on the arrangement; plan updates cost 30% of the initial plan price yearly or 45% twice a year.
- Pension consulting
- Fee is a percentage of plan assets: 0.75% up to $1 million, 0.50% to $2 million, 0.30% to $5 million and 0.20% above $5 million.
Aaron Bates owns 25% to 50% of Whitcomb & Hess. The leadership team of Whitcomb & Hess includes President Aaron Bates and Chief Investment Officer Ryan Gilmer. It has 31 employees, 8 of them in advisory roles.
Leadership
- Aaron BatesPresident
- Neil HinkleVice President
Ryan GilmerCCO and Chief Investment Officer- Eric KeyTreasurer
- Teri YoderCPA
- Beau CarpenterCPA
Investment adviser representatives
8 representatives listed in the SEC register as of 9 October 2026.
Staff
- 31 employees
- 8 in advisory functions
- 8 state-registered reps
- 7 insurance agents
- Owns 25% to 50% of Whitcomb & Hess, Inc.
Aaron Bates
Control person · since January 2025
- Owns 10% to 25% of Whitcomb & Hess, Inc.
Eric Key
Control person · since January 2010
- Owns 10% to 25% of Whitcomb & Hess, Inc.
Neil Hinkle
Control person · since January 2019
- Owns 10% to 25% of Whitcomb & Hess, Inc.
Ryan Gilmer
Control person · since November 2019
- Owns 10% to 25% of Whitcomb & Hess, Inc.
Teri Yoder
Control person · since January 2022
- Owns 5% to 10% of Whitcomb & Hess, Inc.
Beau Carpenter
Control person · since January 2025
Whitcomb & Hess’ regulatory assets grew 2.2× from $227M (July 2021) to $491M (February 2026); clients rose from 1,059 to 1,368 and employees from 25 to 31.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $491M | 1,368 | 31 | 1 |
| May 2025 | $381M | 1,318 | 27 | 1 |
| February 2024 | $344M | 1,299 | 28 | 1 |
| March 2023 | $297M | 1,264 | 29 | 1 |
| March 2022 | $283M | 1,216 | 27 | 1 |
| July 2021 | $227M | 1,059 | 25 | 1 |
Besides its headquarters, Whitcomb & Hess has 0 offices, with 1 listed address in Ohio.
Ohio · 1 listed address
- 1020 Cleveland Avenue, AshlandHQ
Contact and registration details
- Legal name
- Whitcomb & Hess, Inc.
- Headquarters
- 1020 Cleveland Avenue, Ashland, OH 44805
- Website
- whitcomb.com
- Phone
- 419-289-7007
- @whitcomb-hess
- SEC file
- 801-78798
- Structure
- Ohio corporation
- Fiscal year end
- December
Whitcomb & Hess uses Charles Schwab ($491M) as custodian for its separately managed accounts. Whitcomb & Hess has custody of $481M in client assets for 1,358 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $491M100%
At year end, Whitcomb & Hess’ separately managed accounts were mostly in funds (93%). Its reported 13F holdings for the quarter ended 30 June 2026 total $463M across 66 positions; the largest are SPDR Series Trust (13.0%), Vanguard Tax-managed Fds (12.2%) and SPDR Series Trust (9.3%).
What the accounts hold
- Stocks3%
- Funds93%
- Cash4%
Reported 13F holdings
- $463M
- Reported 13F value
- 66
- Positions
- 68.7%
- In the 10 largest
- +8.0%
- Value vs. prior quarter
- SPDR Series Trust · ST Str P500val13.0%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt12.2%
- SPDR Series Trust · ST Str P500grw9.3%
- EA Series Trust · Alpha Arch 1-36.9%
- iShares TR · Core S&P Scp ETF5.7%
- iShares TR · Core S&P Mcp ETF5.6%
- Vanguard Intl Equity Index F · FTSE Emr Mkt ETF4.8%
- Vanguard Scottsdale Fds · Mtg-bkd Secs ETF4.3%
- SPDR Series Trust · ST Str Rate ETF3.5%
- Vanguard Scottsdale Fds · Short Term Treas3.5%
Together, the ten largest are 68.7% of reported value.
How many clients does Whitcomb & Hess have?
Whitcomb & Hess has 1,368 clients and manages $491 million for them, as of February 2026. They include 1,231 individual clients, 106 high-net-worth individuals, and 14 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 February 2026
What services does Whitcomb & Hess offer?
Whitcomb & Hess provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, publishing newsletters, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Whitcomb & Hess charge?
Whitcomb & Hess charges 0.20%–1.00% a year for its Portfolio Management Fees. The fee is billed in advance, is not negotiable and has a $100 annual minimum.
Which custodians does Whitcomb & Hess use?
Whitcomb & Hess’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $491M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 February 2026
How many financial advisors does Whitcomb & Hess have?
Whitcomb & Hess has 8 investment adviser representatives registered with state securities authorities, out of 31 employees, and 8 perform investment advisory functions. 0 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 Whitcomb & Hess invest in?
At the end of its last fiscal year, Whitcomb & Hess’ separately managed accounts held 93% registered funds (mutual funds, ETFs, BDCs), 4% cash and equivalents and 3% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Whitcomb & Hess?
Whitcomb & Hess’ direct owners are Aaron Bates, Eric Key, Neil Hinkle, Ryan Gilmer, Teri Yoder and Beau Carpenter, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 25 February 2026
How does Whitcomb & Hess get paid?
Whitcomb & Hess 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 Whitcomb & Hess registered with the SEC?
Yes, Whitcomb & Hess has been registered with the SEC as an investment adviser since 8 November 2013. Its CRD number is 121064 and its SEC file number is 801-78798.
Source: Form ADV Part 1A, Item 1, filed 25 February 2026; IAPD firm record
How do I contact Whitcomb & Hess?
Whitcomb & Hess’ main office is at 1020 Cleveland Avenue, Ashland, OH 44805. Its phone number is 419-289-7007. Its website is whitcomb.com.