{"url":"https://nivawealth.com/firms/zephyr-investment-management-166303","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/166303","regulatoryAum":242839591,"crd":"166303","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"5539946","suffix":null,"lastName":"MOORE","firstName":"VANESSA","middleName":"MARIE"},{"crd":"3136964","suffix":null,"lastName":"MUNOZ","firstName":"CHERYL","middleName":"ANN"},{"crd":"1266597","suffix":null,"lastName":"ROUBIDOUX","firstName":"MARSHA","middleName":"LYNN"}],"total":3,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-03-24","regulatoryAum":231930908,"clients":179,"employees":4,"offices":1},{"filedOn":"2022-03-10","regulatoryAum":310080248,"clients":260,"employees":3,"offices":1},{"filedOn":"2023-06-12","regulatoryAum":294408116,"clients":639,"employees":7,"offices":2},{"filedOn":"2024-04-18","regulatoryAum":341481024,"clients":274,"employees":7,"offices":2},{"filedOn":"2025-04-09","regulatoryAum":421386448,"clients":238,"employees":8,"offices":2},{"filedOn":"2026-03-31","regulatoryAum":242839591,"clients":242,"employees":6,"offices":2}],"secFileNumber":"801-118365","legalName":"Zephyr Investment Management, Inc.","displayName":"Zephyr Investment Management","slug":"zephyr-investment-management-166303","website":"https://zephyrwm.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"xUrl":"https://twitter.com/zephyr_im","founded":null,"organization":"California corporation","fiscalYearEnd":"December","headquarters":{"street":"3625 E. Thousand Oaks BLVD., Suite 145","city":"Westlake Village","state":"CA","stateName":"California","country":"United States","postalCode":"91362"},"tradeNames":["Zephyr Wealth Management"],"registration":{"secApproved":"2 April 2020","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":822669.3227272728,"staff":{"employees":6,"advisory":2,"brokerDealerReps":2,"insuranceAgents":2,"promoters":0},"aum":{"regulatory":242839591,"discretionary":156155261,"discretionaryAccounts":481,"nonDiscretionary":86684330,"nonDiscretionaryAccounts":206,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":174,"regulatoryAum":72020330},{"label":"High-net-worth individuals","clients":46,"regulatoryAum":108966921},{"label":"Pension and profit-sharing plans","clients":22,"regulatoryAum":61852340}],"feePrograms":[{"role":"main","program":"Investment Management Services","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1035403","versionId":1035403,"ratePeriod":"annual","fee_billing":"advance","submittedOn":"2026-03-31","documentName":"ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A","fee_rate_low":1,"fee_rate_high":1.5,"fee_negotiable":true,"minimum_account":250000,"feeMinimumPeriod":null,"fee_minimum_annual":null},{"role":"other","program":"Financial Planning and Consulting","summary":"Financial planning time beyond the included hours and consulting on a specified plan are billed at $400 an hour, monthly on actual time spent.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1035403","versionId":1035403,"submittedOn":"2026-03-31","documentName":"ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A"},{"role":"other","program":"Retirement Plan Consulting","summary":"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.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1035403","versionId":1035403,"submittedOn":"2026-03-31","documentName":"ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A"}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T09:47:56.143174+00:00","documents":[{"name":"ZEPHYR INVESTMENT MANAGEMENT - FORM ADV PART 2A","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1035403","versionId":1035403,"submittedOn":"2026-03-31"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"El Paso, TX","smaAssets":149447782}],"custodyNote":"Zephyr Investment Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Cheryl Munoz","title":"President, CCO","crd":"3136964"}],"ownership":[{"label":"Cheryl Munoz","detail":"President, cco in the 75% or more ownership band and a control person, since January 2013."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":0},"listedOfficeAddresses":2,"foreignOffices":[],"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"3625 E. Thousand Oaks BLVD., Suite 145","city":"Westlake Village","headquarters":true}]},{"state":"Georgia","offices":1,"addresses":[{"street":"1188 Dead Oak Road","city":"Senoia"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"805-496-6810","stateRegisteredReps":2,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Pension consulting services","Selection of other advisers (including private fund managers)"],"financialPlanningClients":"51-100","assetMix":[{"label":"Exchange-traded equity securities","percent":28},{"label":"Securities issued by registered investment companies or business development companies","percent":67},{"label":"Cash and cash equivalents","percent":5}],"privateFunds":0},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/166303/PDF/166303.pdf","brochureDate":"31 March 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1035403","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Zephyr Investment Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Zephyr Investment Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Zephyr Investment Management charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Zephyr Investment Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Zephyr Investment Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Zephyr Investment Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Does Zephyr Investment Management have a minimum investment?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Who owns Zephyr Investment Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Zephyr Investment Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Zephyr Investment Management?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}