Zephyr Investment Management provides financial planning, portfolio management for individuals and small businesses, pension consulting, and selecting other managers. Financial planning was provided to 51–100 clients last fiscal year.
Zephyr Investment Management reports 242 clients. They include 174 individual clients, 46 high-net-worth individuals, and 22 pension and profit-sharing plans. Of its assets, 64.3% ($156M across 481 accounts) are managed with discretion; $86.7M across 206 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 72% | 30% |
| High-net-worth individuals | 19% | 45% |
| Pension and profit-sharing plans | 9% | 25% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 174 | $72M | 29.7% | $414K |
| High-net-worth individuals | 46 | $109M | 44.9% | $2.37M |
| Pension and profit-sharing plans | 22 | $61.9M | 25.5% | $2.81M |
| Total | 242 | $243M | 100% | $1M |
- Clients
- 174
- Regulatory AUM
- $72M
- AUM share
- 29.7%
- Avg. per client
- $414K
- Clients
- 46
- Regulatory AUM
- $109M
- AUM share
- 44.9%
- Avg. per client
- $2.37M
- Clients
- 22
- Regulatory AUM
- $61.9M
- AUM share
- 25.5%
- Avg. per client
- $2.81M
Total
- Clients
- 242
- Regulatory AUM
- $243M
- AUM share
- 100%
- Avg. per client
- $1M
- 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
- 51–100
Zephyr Investment Management charges 1.00%–1.50% a year for its Investment Management Services. The fee is billed in advance, is negotiable and requires an account of at least $250,000. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning time beyond the included hours and consulting on a specified plan are billed at $400 an hour, monthly on actual time spent.
- Retirement Plan Consulting
- Retirement plan consulting is 0.25% to 0.75% a year of plan assets for 401(k), 403(b), 457(b) and money purchase plans, or a fixed fee of $1,500 to $15,000 a year.
Cheryl Munoz owns 75% or more of Zephyr Investment Management. The leadership team of Zephyr Investment Management includes President Cheryl Munoz. It has 6 employees, 2 of them in advisory roles.
Leadership
Cheryl MunozPresident, CCO
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 6 employees
- 2 in advisory functions
- 2 state-registered reps
- 2 broker-dealer reps
- 2 insurance agents
- Owns 75% or more of Zephyr Investment Management, Inc.
Cheryl Munoz
Control person · since January 2013
Zephyr Investment Management’s regulatory assets went from $232M (March 2021) to $243M (March 2026); clients rose from 179 to 242 and employees from 4 to 6.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $243M | 242 | 6 | 2 |
| April 2025 | $421M | 238 | 8 | 2 |
| April 2024 | $341M | 274 | 7 | 2 |
| June 2023 | $294M | 639 | 7 | 2 |
| March 2022 | $310M | 260 | 3 | 1 |
| March 2021 | $232M | 179 | 4 | 1 |
Besides its headquarters, Zephyr Investment Management has 1 office, with 2 listed addresses in California and Georgia.
California · 1 listed address
- 3625 E. Thousand Oaks BLVD., Suite 145, Westlake VillageHQ
Georgia · 1 listed address
- 1188 Dead Oak Road, Senoia
Other business names
Zephyr Investment Management has reported 1 other business name to the SEC.
- Zephyr Wealth Management
Contact and registration details
- Legal name
- Zephyr Investment Management, Inc.
- Headquarters
- 3625 E. Thousand Oaks BLVD., Suite 145, Westlake Village, CA 91362
- Website
- zephyrwm.com
- Phone
- 805-496-6810
- SEC file
- 801-118365
- Structure
- California corporation
- Fiscal year end
- December
Zephyr Investment Management uses Charles Schwab ($149M) as custodian for its separately managed accounts. Zephyr Investment Management has custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · El Paso, TX · $149M100%
At year end, Zephyr Investment Management’s separately managed accounts were mostly in funds (67%) and stocks (28%).
What the accounts hold
- Stocks28%
- Funds67%
- Cash5%
How many clients does Zephyr Investment Management have?
Zephyr Investment Management has 242 clients and manages $243 million for them, as of March 2026. They include 174 individual clients, 46 high-net-worth individuals, and 22 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Zephyr Investment Management offer?
Zephyr Investment Management provides financial planning, portfolio management for individuals and small businesses, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Zephyr Investment Management charge?
Zephyr Investment Management charges 1.00%–1.50% a year for its Investment Management Services. The fee is billed in advance, is negotiable and requires an account of at least $250,000.
Source: ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A, filed 31 March 2026
Which custodians does Zephyr Investment Management use?
Zephyr Investment Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (El Paso, TX), with $149M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Zephyr Investment Management have?
Zephyr Investment Management has 2 investment adviser representatives registered with state securities authorities, out of 6 employees, and 2 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 2 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 Zephyr Investment Management invest in?
At the end of its last fiscal year, Zephyr Investment Management’s separately managed accounts held 67% registered funds (mutual funds, ETFs, BDCs), 28% exchange-traded equities and 5% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Zephyr Investment Management have a minimum investment?
Yes, Zephyr Investment Management’s minimum account size for its Investment Management Services is $250K.
Source: ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A, filed 31 March 2026
Who owns Zephyr Investment Management?
Zephyr Investment Management’s direct owner is Cheryl Munoz (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Zephyr Investment Management get paid?
Zephyr Investment Management is paid through a percentage of assets under management and hourly charges. 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
How do I contact Zephyr Investment Management?
Zephyr Investment Management’s main office is at 3625 E. Thousand Oaks BLVD., Suite 145, Westlake Village, CA 91362. Its phone number is 805-496-6810. Its website is zephyrwm.com.