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Annex Wealth Management is a full-service financial planning and wealth management firm. The firm has over 40 investment advisors on staff and nearly $3.8 billion in assets under management (AUM). Headquartered in Elm Grove, Wisconsin, Annex Wealth Management primarily serves individual investors, including those who are high net worth, as well pension and profit-sharing plans.
The bottom line: Annex Wealth Management is a financial planning and wealth management firm with no minimum investment, making it open to clients who aren’t wealthy, but it does have a higher than average maximum management fee.
| Assets under management: $3,785,319,552 | |
| Minimum investment: None required | |
| Individual investor to advisor ratio: 165:1 | |
| Fee structure: A percentage of AUM, hourly charges, fixed fees | |
| Headquarters: 12700 West Bluemound Road, Suite 200 Elm Grove, WI 53122 Website: www.annexwealth.com Phone: 262-786-6363 |
All information included in this profile is accurate as of December 20, 2021. For more information, please consult Annex Wealth Management’s website.
Annex Wealth Management was founded in 2001 and is registered as an LLC in Wisconsin. The firm offers its clients wealth and investment management services, as well as financial and retirement planning, tax preparation and insurance assessment.
Annex Wealth Management is owned by Dave J. Spano, the firm’s president and CEO. The firm in turn is the sole owner of four other related companies: Annex Insurance Services, Annex Advisory Services, Annex Investment Services and Annex Tax Services.
Spano, the firm’s president, CEO and owner, became a certified financial planner (CFP) in 1991. He hosts the radio show “Money Talk” on News Talk 620 WTMJ.
The firm’s primary focus is on individual investors, with non-high net worth individuals far outnumbering high net worth individuals. This is likely the result of the fact that the firm does not have a minimum investment requirement, which makes it accessible to anyone interested in getting help from a full-service financial planning and wealth management firm. For reference, the U.S. Securities and Exchange Commission (SEC) defines a high net worth individual as someone with at least $750,000 under management or a net worth of at least $1.5 million.
In addition to individuals, Annex Wealth Management also serves a number of pension and profit-sharing plans as well as a handful of other types of institutional investors, including charitable organizations.
Annex Wealth Management offers a range of investment management and wealth planning services. In general, the firm begins by offering financial planning, which often leads to investment management and advisory services that are designed to help clients reach their goals.
Annex also offers ongoing consulting services designed to provide insight and analysis to clients on their investments and financial situations. The firm then uses these insights to develop a plan to help clients achieve their objectives.
Here is a full list of services offered by Annex Wealth:
Online investment management platform Ignite
In general, Annex employs what it calls a “Core & Tactical Investment Strategy,” which is designed to include short- and long-term strategies that focus on risk management while at the same time promoting growth. Portfolios are customized to meet individual investors’ needs, and include both actively and passively managed funds. Annex focuses on selecting assets that are low-cost, even when using actively managed funds.
The firm’s investment policy committee is responsible for guiding its investing decisions. Annex primarily invests client money in assets including:
However, it may also use the following assets to round out portfolios:
Annex charges a maximum fee of 1.50% of assets under management for its wealth management services, which include financial planning, though the average fee that clients pay is typically around 1%. Clients are billed quarterly, and fees are generally deducted directly from clients’ investment accounts. The firm’s online Ignite service carries a 1% fee.
Clients might also incur other fees outside of the asset-based fee that the firm charges. For example, a custodial fee might be charged if you hold money with a third party, and there are mutual fund and ETF expense ratios to consider. There might also be markups and transaction fees when trading takes place outside Annex Wealth Management.
For its consulting services, the firm charges either an asset-based fee, an hourly rate or a flat fee. The flat fee for these services starts at $1,000 but can be higher, depending on the types of services provided. Clients who want the firm’s continued monitoring or management beyond the scope of the initial consulting services will need to pay an additional fee.
Annex Wealth Management has no disciplinary disclosures to report. The firm has a clean record with no prior legal or regulatory issues on its record. When a firm registers with the SEC, it needs to report any criminal charges, regulatory actions or legal actions like liens or civil judgments that have been taken against them.
For more information, visit Annex Wealth Management’s Investment Adviser Public Disclosure (IAPD) page.
Annex Wealth Management has offices in the following locations:
For those looking for a more personalized approach to long-term financial planning and wealth management, Annex Wealth Management may be a solid choice. The firm prides itself on offering individualized solutions, rather than menu-based options, and there is no minimum investment required, which makes the firm accessible to all levels of investors. Even if you don’t decide to pay for investment management, it’s still possible to get fee-based consultation services from the firm.
However, it’s worth noting that the firm’s fees may be higher than average. Annex does not provide a fee schedule like many firms do, and while you know your fee will be capped at 1.50% for wealth management services, you won’t actually know your rate until you sit down with an advisor. Make sure you look around before you get started, as it’s a good idea to compare your options before making a decision about whether Annex Wealth Management is right for you. Be sure to research multiple firms to ensure you find the right advisor for you.
Miranda MarquitMiranda Marquit has been a financial journalist for more than 12 years and has contributed to numerous national and local media outlets, including Forbes, NPR, CNBC, FOX Business, and The Wall Street Journal.
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