Zhang Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and educational seminars. Financial planning was provided to 2,500 clients last fiscal year.
Zhang Financial reports 2,331 clients. They include 1,355 high-net-worth individuals, 940 individual clients, and 13 corporations and other businesses. Of its assets, 67.0% ($5.61B across 7,455 accounts) are managed with discretion; $2.76B across 400 accounts are not. A wrap fee program the firm both sponsors and manages holds $5.55B. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 40% | 5% |
| High-net-worth individuals | 58% | 62% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | 8% |
| State or municipal government entities | <1% | 23% |
| Other client typesCorporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 940 | $452M | 5.4% | $481K |
| High-net-worth individuals | 1,355 | $5.19B | 62.0% | $3.83M |
| Pension and profit-sharing plans | 10 | $69.8M | 0.8% | $6.98M |
| Charitable organizations | 8 | $709M | 8.5% | $88.6M |
| State or municipal government entities | 5 | $1.92B | 22.9% | $383M |
| Corporations and other businesses | 13 | $35M | 0.4% | $2.7M |
| Total | 2,331 | $8.37B | 100% | $3.59M |
- Clients
- 940
- Regulatory AUM
- $452M
- AUM share
- 5.4%
- Avg. per client
- $481K
- Clients
- 1,355
- Regulatory AUM
- $5.19B
- AUM share
- 62.0%
- Avg. per client
- $3.83M
- Clients
- 10
- Regulatory AUM
- $69.8M
- AUM share
- 0.8%
- Avg. per client
- $6.98M
- Clients
- 8
- Regulatory AUM
- $709M
- AUM share
- 8.5%
- Avg. per client
- $88.6M
- Clients
- 5
- Regulatory AUM
- $1.92B
- AUM share
- 22.9%
- Avg. per client
- $383M
- Clients
- 13
- Regulatory AUM
- $35M
- AUM share
- 0.4%
- Avg. per client
- $2.7M
Total
- Clients
- 2,331
- Regulatory AUM
- $8.37B
- AUM share
- 100%
- Avg. per client
- $3.59M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 2500
Zhang Financial charges 0.80%–1.00% a year for its Asset Management. The fee is billed in advance, is negotiable and has a $5,000 annual minimum. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning and consulting is billed hourly at $100 to $500, or as a flat fee from $250 to $10,000, based on the scope of the engagement.
Charles Zhang owns 50% to 75% of Zhang Financial. The leadership team of Zhang Financial includes President Charles Zhang and Chief Compliance Officer Christopher Reiff. It has 50 employees, 19 of them in advisory roles.
Leadership
- Charles ZhangFounder and President
- Christopher ReiffChief Compliance Officer
Alex ZhangOwner
Mitchell ZhangOwner
Investment adviser representatives
20 representatives listed in the SEC register as of 9 October 2026.
- Skylar Judith Bus
- Amanda Marie Hartman
- Levi J Hendershott
- Cameron Tyler Kleinheksel
- Preston Blake Koslakiewicz
- Christine Marie Lindberg
- Kyle Joseph Mack
- David William Marshall
- Robert Scott McDougall
- Jack Thomas Ombry
- Giselle Kristine Schlubatis
- Kolby Loren Smith
- Tyler Anthony Soares
- Kyle James Triemstra
- Travis Gerrit Veenhuis
- Tianxing Zheng
- Yuanlei Zhu
Staff
- 50 employees
- 19 in advisory functions
- 19 state-registered reps
- Owns 50% to 75% of Zhang Financial LLC
Charles Zhang
Control person · since December 2011
- Owns 10% to 25% of Zhang Financial LLC
Alex Zhang
since May 2024
- Owns 5% to 10% of Zhang Financial LLC
Mitchell Zhang
since May 2024
Zhang Financial’s regulatory assets grew 2.1× from $4B (March 2021) to $8.37B (March 2026); clients rose from 1,517 to 2,331 and employees from 31 to 50.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $8.37B | 2,331 | 50 | 9 |
| March 2025 | $6.55B | 2,076 | 48 | 10 |
| March 2024 | $5.73B | 1,928 | 40 | 8 |
| April 2023 | $4.79B | 1,812 | 40 | 8 |
| March 2022 | $4.78B | 1,626 | 35 | 6 |
| March 2021 | $4B | 1,517 | 31 | 6 |
Besides its headquarters, Zhang Financial has 8 offices, with 9 listed addresses in Florida, Illinois and Michigan.
Michigan · 7 listed addresses
- 5931 Oakland DR., PortageHQ
- 70 West Michigan Ave, Suite 100, Battle Creek
- 2723 South State Street, Suite 150, Ann Arbor
- 460 Ada Drive Se, Suite 200, Ada
- 2198 Commons Parkway, Okemos
- 236 1/2 E. Front Street, Traverse City
- 1145 W. Long Lake Road, Suite 301, Bloomfield Hills
Florida · 1 listed address
- 999 Vanderbilt Beach Road, Suite 200, Naples
Illinois · 1 listed address
- 875 North Michigan Avenue, Suite 3100, Chicago
Contact and registration details
- Legal name
- Zhang Financial LLC
- Headquarters
- 5931 Oakland DR., Portage, MI 49024
- Website
- zhangfinancial.com
- Phone
- 269-385-5888
- @zhang-financial
- SEC file
- 801-72987
- Structure
- Michigan LLC
- Fiscal year end
- December
Zhang Financial uses LPL Financial ($4.48B, 60%), State Street Bank and Trust ($1.91B, 25%) and Charles Schwab ($1.12B, 15%) as custodians for its separately managed accounts. Zhang Financial has custody of $1.72B in client assets for 948 clients.
- LPL FinancialLPL Financial LLC · Boston, MA · $4.48B60%
- State Street Bank and TrustState Street Bank and Trust Company · Boston, MA · $1.91B25%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.12B15%
At year end, Zhang Financial’s separately managed accounts were mostly in funds (54%) and stocks (34%). Its reported 13F holdings for the quarter ended 30 June 2026 total $3.42B across 392 positions; the largest are Vanguard S&P (6.9%), Dimensional US (6.4%) and iShares Core (6.0%).
What the accounts hold
- Stocks34%
- Funds54%
- Registered funds43%
- Pooled vehicles11%
- Bonds11%
- Investment grade corporate bonds8%
- U.S. government and agency bonds3%
- Cash1%
- Other1%
- Private reits1%
Reported 13F holdings
- $3.42B
- Reported 13F value
- 392
- Positions
- 48.4%
- In the 10 largest
- +18.4%
- Value vs. prior quarter
- Vanguard S&P · S&P 500 ETF Shs6.9%
- Dimensional US · US Equity ETF6.4%
- iShares Core · Core S&P Ttl Stk6.0%
- Vanguard Index Fds · Total Stk Mkt5.9%
- Vanguard Star Fds · VG TL Intl Stk F5.6%
- Vanguard Intermediate · Intermed Term4.3%
- Dimensional US · US Core Equity 24.2%
- Vanguard Intl Equity Index F · TT Wrld ST ETF3.4%
- iShares Core · Core US Aggbd ET3.2%
- Dimensional ETF Trust · Intl Core EQT MK2.5%
Together, the ten largest are 48.4% of reported value.
How many clients does Zhang Financial have?
Zhang Financial has 2,331 clients and manages $8.37 billion for them, as of March 2026. They include 1,355 high-net-worth individuals, 940 individual clients, and 13 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Zhang Financial offer?
Zhang Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Zhang Financial charge?
Zhang Financial charges 0.80%–1.00% a year for its Asset Management. The fee is billed in advance, is negotiable and has a $5,000 annual minimum.
Which custodians does Zhang Financial use?
Zhang Financial’s separately managed account assets are held at LPL Financial LLC (Boston, MA), with $4.48B, State Street Bank and Trust Company (Boston, MA), with $1.91B and Charles Schwab & Co., Inc. (Westlake, TX), with $1.12B. 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 Zhang Financial have?
Zhang Financial has 19 investment adviser representatives registered with state securities authorities, out of 50 employees, and 19 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 Zhang Financial invest in?
At the end of its last fiscal year, Zhang Financial’s separately managed accounts held 43% registered funds (mutual funds, ETFs, BDCs), 34% exchange-traded equities, 11% pooled vehicles (private funds and similar), 8% investment grade corporate bonds, 3% U.S. government and agency bonds, 1% cash and equivalents and 1% other. The 1% other category is described as: Private Reits.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Zhang Financial?
Zhang Financial’s direct owners are Charles Zhang (50% to 75%), Alex Zhang (10% to 25%) and Mitchell Zhang (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Zhang Financial get paid?
Zhang Financial 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 Zhang Financial registered with the SEC?
Yes, Zhang Financial has been registered with the SEC as an investment adviser since 12 January 2012. Its CRD number is 159257 and its SEC file number is 801-72987.
Source: Form ADV Part 1A, Item 1, filed 31 March 2026; IAPD firm record
How do I contact Zhang Financial?
Zhang Financial’s main office is at 5931 Oakland DR., Portage, MI 49024. Its phone number is 269-385-5888. Its website is zhangfinancial.com.