Fee-only adviser · Milwaukee, WI
Heartland Advisors, Inc.
Heartland Advisors, Inc. is a fee-only investment adviser registered with the U.S. Securities and Exchange Commission, with its main office in Milwaukee, Wisconsin. On its latest Form ADV, filed February 26, 2026, it reports $1.9B in regulatory assets under management, 80 individual clients and 10 employees who give investment advice. It reports no commission compensation, is not registered as a broker-dealer and does not act as an insurance agent.
Key facts from Form ADV
| Registration | SEC-registered |
|---|---|
| Firm CRD number | 29433 · SEC file 801-19074 |
| Office | 790 N Water Street Suite 1200 Milwaukee, WI 53202 |
| Phone | (414) 347-7777 |
| Website | www.heartlandfunds.com |
| Regulatory assets under management | $1.9B |
| Individual clients | 32 non-high-net-worth, 48 high-net-worth |
| Financial planning clients | Not reported |
| How it charges | Percentage of assets |
| Services | Portfolio management |
| Employees | 26 |
| Disciplinary disclosures | Yes, see SEC record |
| Latest Form ADV filing | February 26, 2026 |
Source: the firm’s Form ADV Part 1A as published by the SEC’s Investment Adviser Public Disclosure database, data as of November 6, 2026. Figures are self-reported by the firm.
What this means for you
- It charges only as a percentage of the assets it manages. Ask about the fee schedule and any account minimum, which Form ADV Part 1 does not record.
- Most of its individual clients are high-net-worth, which on Form ADV means they meet the SEC’s qualified-client or qualified-purchaser test: broadly, more than $1 million managed by the adviser or a net worth above $2 million, with the thresholds indexed for inflation.
- It reports disciplinary history on Form ADV. Read the disclosure details on its SEC record before you engage it.
Before you hire any adviser
Read the firm’s Form ADV Part 2 brochure on its SEC record: it sets out fees, minimums, conflicts of interest and who will manage your money. Ask whether the firm acts as a fiduciary for all of your accounts, how it is paid in total, and who holds your assets. Our guide to choosing a financial adviser lists the questions to ask.
Other fee-only advisers in Milwaukee
- Johnson Wealth Inc. $10.3B
- Capital Investment Services of America Inc $1.3B
- Oarsman Capital, Inc $1.2B
- Operose Advisors LLC $2.1B
- 1834 Investment Advisors Co. $2.2B
- Diversified Management Inc $1.9B
See all 34 fee-only advisers in Milwaukee →
Nearby
- Wauwatosa 3 firms
- Greenfield 1 firm
- Elm Grove 4 firms
- Brookfield 8 firms
- Mequon 7 firms
- Oak Creek 1 firm
- Thiensville 1 firm
- Germantown 1 firm
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