The RIA market has grown roughly 5x over the past decade and is now one of the fastest-moving allocator segments in U.S. fundraising. The challenge for investment firms hasn't changed: which RIAs actually allocate to outside managers, and which ones run money in-house and won't take your meeting?
Dakota's database of RIAs is built and updated by fundraisers to answer exactly that. We track more than 17,000 RIAs across the U.S., including nearly 7,000 wealth manager firms, with new firms added every week. Every profile is curated by hand, so RIAs that don't allocate externally are filtered out.
That saves your sales team hours of cold research and keeps the rest of the channel out of outreach they don't want.
Below are the 10 largest RIAs in Milwaukee by AUM. Most fall into the mid-market band where fund managers tend to find the best traction.
For the full Milwaukee dataset with verified contacts, book a demo of Dakota Marketplace.
Top 10 RIAs in Milwaukee
AUM: $11.3B
Account Overview: Heck Capital Advisors is a RIA specializing in Multi Family Office services. The firm is headquartered at 833 East Michigan Street Suite 1460, Milwaukee, WI, and operates within the Milwaukee metro area. It provides comprehensive investment management, personalized advice, and strategic financial guidance to individuals, families, institutions, non-profits, and foundations/endowments.
Heck Capital Advisors manages an AUM of approximately $11.31 billion. The firm delivers a range of services including portfolio management, retirement planning, estate planning, and risk management. It emphasizes a long-term investment strategy tailored to clients' unique financial goals, aiming to simplify financial lives and help clients achieve their investment objectives and create lasting legacies.
AUM: $10.3B
Account Overview: Johnson Financial Group is a RIA specializing in Multi Family Office services located at 555 East Wells Street Suite 1900, Milwaukee, WI, operating within the Milwaukee metro area. The firm manages a comprehensive wealth management platform encompassing insurance, banking, and investment advisory services. Its research team, based in Milwaukee, employs a rigorous manager selection process that includes screening, introductory calls, and buy list placement, which supports portfolio construction for over 25 advisors and portfolio managers.
The firm reports an AUM of approximately $10.35 billion following the acquisition of The Appleton Group in September 2023. Johnson Financial Group operates with a model-driven approach across equity, fixed income, and alternatives teams, focusing on high-conviction manager selections. The alternatives platform is supported through partnerships with iCapital and GLASfunds, with ongoing development of liquid alternative models. The firm utilizes platforms such as Pershing, Envestnet, and Schwab for product availability, emphasizing mutual funds and separate accounts, while expanding allocations to alternatives through select manager inclusion.
AUM: $8.05B
Account Overview: Annex Wealth Management is a RIA specializing in Multi Family Office services, headquartered at 12700 West Bluemound Road Suite 200, Elm Grove, WI, and operating within the Milwaukee metro area. The firm maintains independence as a privately-held entity, free from affiliations with banks, insurance, or trust companies, which ensures unbiased advice and objective investment strategy formulation. It does not develop proprietary products, allowing the team to focus solely on client-aligned investment solutions.
With assets under management totaling approximately $8.05 billion, Annex Wealth Management provides a comprehensive suite of financial services including personalized financial planning, investment management, retirement planning, tax strategies, and estate planning. The firm acts as a fiduciary, ensuring conflict-free advice. Its portfolio construction spans diversified, disciplined approaches tailored to various risk categories and specific objectives such as income, capital preservation, or capital appreciation. The retirement and estate planning services emphasize sustainable income strategies and effective wealth transfer mechanisms.
AUM: $5.757B
Account Overview: Dana Investment Advisors is an RIA specializing in Multi Family Office services. The firm is headquartered at 20700 Swenson Drive Suite 400, Waukesha, WI, operating within the Milwaukee metro area. Dana actively manages a diverse range of U.S. Equity and Fixed Income investment strategies for various client types.
Dana Investment Advisors oversees an AUM of $5.76B, emphasizing a consistent investment philosophy across all strategies. The firm's approach focuses on relative valuations and risk-controlled portfolio construction to deliver value over time. With a tailored approach to meet client objectives, Dana's strategies aim to preserve capital, generate current income, and match asset liabilities effectively.
AUM: $3B
Account Overview: Vogel Consulting is a RIA with a focus on Multi Family Office services. The firm is located at 3415 Gateway Road Suite 200, Brookfield, WI, and operates within the Milwaukee metro area. Vogel Consulting manages a comprehensive suite of investment advisory services, including mutual funds, separate accounts, and limited partnerships, with a total AUM of $3B.
The firm emphasizes a multi-family office approach, offering tailored wealth management services through three main platforms: *Your Family CFO®*, *Your Family Office®*, and *Your Family Resource®*. This structure allows Vogel Consulting to provide integrated financial management, investment advice, estate planning, personal accounting, and tax compliance, thereby aligning with the complex financial objectives of high-net-worth families and individuals.
See every Milwaukee RIA, not just the top 10. Dakota Marketplace gives you verified decision-maker contacts, allocation history, and ticket sizes for the full Milwaukee RIA list, plus filters for AUM, structure, and asset class preferences. Book a demo.
AUM: $2B
Account Overview: Operose Advisors is a Registered Investment Advisor (RIA) based in Milwaukee, operating within the Milwaukee metro area. Founded in 2017, the firm was established with the objective of providing small to mid-market clients access to institutional-quality investment consulting and advisory services. Its platform delivers a comprehensive institutional approach to individuals, families, trusts, and closely held businesses, encompassing investment policy development, asset class assessment, manager selection, portfolio construction, and reporting with accountability.
Operose Advisors manages assets totaling approximately $2.04 billion. The firm emphasizes the importance of alternative investments to enhance portfolio diversification and achieve superior risk-adjusted returns. Its alternative investment services include advising on private equity, real estate, private credit, and hedge funds, aligning client liquidity needs with the constraints of these asset classes to provide access to opportunities typically unavailable in public markets.
AUM: $2B
Account Overview: Waukesha State Bank Wealth Management is an RIA specializing in personalized financial services. Situated at 151 East St Paul Avenue, Waukesha, WI, the firm caters to the community's financial needs with a strong emphasis on customer service and community engagement. They are known for their one-on-one banking approach.
The firm manages an AUM of $2B and implements a goals-based financial planning methodology. Their investment strategies include individual equity management based on in-house research. Clients benefit from tax-efficient strategies and access to low-cost, institutional-class mutual funds with no transaction costs. Additionally, the firm offers alternative investments beyond traditional asset classes, providing diversification benefits and tailored investment analysis. Waukesha State Bank Wealth Management is based in the Milwaukee metro area.
AUM: $1.88B
Account Overview: Kitzinger Lautmann Capital Management is a RIA specializing in Multi Family Office services. The firm is located at 330 E. Kilbourn Ave, Suite 1180, Milwaukee, WI, and operates within the Milwaukee metro area. KLCM Advisors is independent and employee-owned, reinforcing its fiduciary commitment to act solely in the best interests of its clients without external pressures.
The firm manages assets totaling approximately $1.88 billion. Its platform focuses on customized portfolio management tailored to clients’ financial goals, risk tolerance, time horizon, and tax considerations. KLCM primarily serves high-net-worth individuals, families, foundations, and institutions. The investment approach is grounded in fundamental, bottom-up research with a long-term perspective, aiming to build diversified portfolios of high-quality companies while managing downside risk. Client service includes regular reviews and direct communication with portfolio managers, emphasizing clarity, accountability, and trust-based relationships.
AUM: $1.7B
Account Overview: Ellenbecker Investment Group operates as a RIA with a specialization in Multi Family Office services. The firm is located at N35 W23877 Highfield Court Suite 200, Pewaukee, WI, and serves the Milwaukee metro area. Ellenbecker Investment Group focuses on comprehensive financial planning and offers consultative and asset management services tailored to individuals, families, businesses, and charitable foundations.
The firm manages an AUM of approximately $1.73B. Ellenbecker Investment Group integrates alternative investments into its strategies to provide clients with diversification and unique growth opportunities. The firm's process includes complimentary consultations, personalized financial planning, ongoing support, and collaboration with a network of professionals to ensure a holistic approach to wealth management.
AUM: $1.7B
Account Overview: Landaas & Company operates as a Registered Investment Advisor (RIA) with a focus on providing independent, objective investment advice. The firm is located at 411 East Wisconsin Avenue Suite 2000, Milwaukee, WI, and serves clients within the Milwaukee metro area. Landaas & Company manages approximately $2 billion in brokerage assets and $1 billion in advisory assets, emphasizing a customized, balanced portfolio approach that includes a diverse range of investments.
The firm reports total AUM of $1.72B. It is dedicated to creating tailored investment strategies based on the specific needs and objectives of individual investors. Landaas & Company prioritizes the interests of its clients, ensuring that recommendations are made independently and objectively, without obligations to external entities.
Dakota Marketplace was built by fundraisers to solve the RIA channel's biggest problems: constant M&A, high decision-maker turnover, and figuring out which RIAs actually allocate to outside managers. We track more than 17,000 RIAs across the U.S., with deep coverage of Houston from Steward Global down to HUB Retirement and Wealth Management, every profile curated by hand with verified contacts, ticket sizes, and allocations.
For more, see our 5 key strategies to successfully raising money from RIAs or our piece on the most common objections fund managers raise.
Filter the Milwaukee list by:
- Geography (metro, state, region)
- AUM and typical ticket size
- Allocator type (Multi-Family Office, DC Consultant, Trust Company, Endowment Model)
- Asset class preferences and current allocations
Build your Milwaukee outreach list in minutes instead of weeks.
Book a demo of Dakota Marketplace to see our full Milwaukee RIA coverage.
