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Financial advisors · Wisconsin

Fee-only financial advisors in Milwaukee, WI

From SEC and state Form ADV filingsUpdated 2026-11-07

34 fee-only investment advisers have offices in Milwaukee, Wisconsin, according to their Form ADV filings with the SEC and state regulators. 16 offer hourly or flat-fee arrangements, 16 charge only a percentage of the assets they manage, and 16 provide financial planning. 28 are SEC-registered, which generally means at least $100 million under management; the rest are smaller state-registered practices. 1 firm reports disciplinary history and is listed last.

Data from Form ADV filings as of November 6, 2026. Listings are factual and unpaid. Default order puts firms offering financial planning first and high-volume platforms after advice practices; how ordering works.

Showing 34 of 34

Johnson Wealth Inc.

555 East Wells Street Suite 1900, Milwaukee, WI 53202 · (414) 291-4500

  • Percentage of assets
  • Fixed fee
  • Financial planning
Assets managed
$10.3B
Individual clients
2,238
Advisory staff
71
Registered with
SEC

Profile · Website · SEC record

Oarsman Capital, Inc

790 North Water Street Suite 1850, Milwaukee, WI 53202 · (414) 221-0081

  • Percentage of assets
  • Financial planning
Assets managed
$1.2B
Individual clients
670
Advisory staff
13
Registered with
SEC

Profile · Website · SEC record

Operose Advisors LLC

731 North Water Street Suite 790, Milwaukee, WI 53202 · (414) 209-3280

  • Percentage of assets
  • Fixed fee
  • Financial planning
Assets managed
$2.1B
Individual clients
430
Advisory staff
11
Registered with
SEC

Profile · Website · SEC record

Diversified Management Inc

330 E. Kilbourn Ave. Suite 1475, Milwaukee, WI 53202 · (414) 292-1900

  • Percentage of assets
  • Hourly
  • Fixed fee
  • Financial planning
Assets managed
$1.9B
Individual clients
339
Advisory staff
6
Registered with
SEC

Profile · Website · SEC record

The Milwealth Group, LLC

125 South 84th Street Suite 130, Milwaukee, WI 53214 · (414) 475-1369

  • Percentage of assets
  • Financial planning
Assets managed
$497M
Individual clients
236
Advisory staff
5
Registered with
SEC

Profile · Website · SEC record

Milborn Advisors, Ltd

301 N. Broadway, Suite 203, Milwaukee, WI 53202 · (414) 585-0070

  • Percentage of assets
  • Fixed fee
  • Financial planning
Assets managed
$108M
Individual clients
178
Advisory staff
2
Registered with
SEC

Profile · Website · SEC record

Riverwater Partners LLC

1433 N. Water Street Suite 303, Milwaukee, WI 53202 · (414) 858-8000

  • Percentage of assets
  • Hourly
  • Financial planning
Assets managed
$661M
Individual clients
161
Advisory staff
8
Registered with
SEC

Profile · Website · SEC record

1492 Capital Management, LLC

111 East Wisconsin Avenue Suite 1300, Milwaukee, WI 53202 · (414) 276-1492

  • Percentage of assets
  • Fixed fee
  • Financial planning
Assets managed
$275M
Individual clients
85
Advisory staff
5
Registered with
SEC

Profile · Website · SEC record

Simplicity Financial, LLC

342 N Water Street 6th Floor, Milwaukee, WI 53202 · (414) 207-6473

  • Percentage of assets
  • Fixed fee
  • Financial planning
Assets managed
$8.0M
Individual clients
79
Advisory staff
1
Registered with
WI

Profile · Website · SEC record

Hilltop Financial Advisors

9000 W Chester ST Suite 100, Milwaukee, WI 53214 · (414) 856-7100

  • Percentage of assets
  • Hourly
  • Fixed fee
  • Financial planning
Assets managed
$25M
Individual clients
66
Advisory staff
1
Registered with
WI

Profile · Website · SEC record

Aurea Investments LLC

1918 E. Lafayette Place Unit 309, Milwaukee, WI 53202 · (414) 236-6960

  • Percentage of assets
  • Financial planning
Assets managed
$596K
Individual clients
Under 5
Advisory staff
1
Registered with
IL, WI

Profile · Website · SEC record

Klcm Advisors, Inc.

330 E Kilbourn Avenue Suite 1050, Milwaukee, WI 53202 · (414) 765-1234

  • Percentage of assets
  • Fixed fee
Assets managed
$1.9B
Individual clients
625
Advisory staff
5
Registered with
SEC

Profile · Website · SEC record

Friedlander & Co Inc

322 E. Michigan Street Ste. 250, Milwaukee, WI 53202 · (414) 273-0308

  • Percentage of assets
  • Fixed fee
Assets managed
$565M
Individual clients
26
Advisory staff
1
Registered with
SEC

Profile · SEC record

Tidal Investments LLC

234 West Florida Street Suite 700, Milwaukee, WI 53204 · (855) 843-2534

  • Percentage of assets
  • Fixed fee
Assets managed
$45.8B
Individual clients
12
Advisory staff
50
Registered with
SEC

Profile · Website · SEC record

Nicholas Co Inc

411 E. Wisconsin Ave. Ste 2100, Milwaukee, WI 53202 · (414) 272-4650

  • Percentage of assets
Assets managed
$6.1B
Individual clients
3
Advisory staff
7
Registered with
SEC

Profile · Website · SEC record

Heartland Advisors, Inc.

790 N Water Street Suite 1200, Milwaukee, WI 53202 · (414) 347-7777

  • Percentage of assets
Assets managed
$1.9B
Individual clients
80
Advisory staff
10
Registered with
SEC

Profile · Website · SEC record

Reports disciplinary history. Read the details on the SEC record before engaging.

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Fee-only advisers near Milwaukee

Another 32 fee-only firms have offices within 30 miles.

How to choose between them

  1. Decide how you want to pay. Hourly and flat-fee planners suit people who want a plan and will implement it themselves. A percentage-of-assets fee buys ongoing investment management; on $1 million at 1% that is $10,000 a year, every year.
  2. Check the SEC record. Each listing links to the firm’s page on the SEC’s Investment Adviser Public Disclosure site, where you can read the Form ADV Part 2 brochure (fees, minimums, conflicts) and any disciplinary history.
  3. Ask who you will actually work with and what credentials they hold. The advisor versus consultant guide explains which titles are regulated and which are marketing.
  4. Ask about minimums. Form ADV Part 1 does not record account minimums, so they are not shown here. Many asset-based firms require $500,000 or more; hourly planners usually have none.
  5. Get the fee in writing before you sign, including fund expenses and any platform or custody charges on top.

Frequently asked questions

What does fee-only mean?

A fee-only adviser is paid only by its clients, through hourly charges, flat fees, subscriptions or a percentage of the assets it manages. It does not earn commissions on products it recommends. In this directory the label is applied from each firm’s own Form ADV: the firm reports no commission compensation, is not a broker-dealer or registered representative of one, does not act as an insurance agent, and reports no related broker-dealer or insurance agency.

How much does a fee-only financial adviser cost in Milwaukee?

Form ADV records how firms charge, not what they charge. Of the 34 firms listed here, 16 offer hourly or flat fees and 33 charge a percentage of assets. Each firm’s Form ADV Part 2 brochure, linked from its profile, gives its actual fee schedule. Nationally, asset-based fees commonly run around 1% a year on the first $1 million and fall above that.

How were these Milwaukee advisers selected?

Every registered investment adviser with an office in Milwaukee that serves individuals, offers financial planning or portfolio management, and reports no commission or insurance compensation on its Form ADV is listed. Inclusion is free and automatic; no firm pays to appear. The methodology page has the full rules.

Are these advisers fiduciaries?

Registered investment advisers owe their clients a fiduciary duty under the Investment Advisers Act of 1940 for the advice they give. Ask any firm to confirm in writing that it acts as a fiduciary at all times and for all of your accounts.