# Athena Investment Management

> Athena Investment Management is an SEC-registered investment advisory firm in Orinda, CA, registered since 1977, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 106542
- Filed as: ATHENA INVESTMENT MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Orinda, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106542
- AdvisorCensus page: https://advisorcensus.com/firm/athena-investment-management-orinda-ca-106542

## Quick answers

**How is Athena Investment Management compensated?**
On its Form ADV (Item 5.E, October 2026), Athena Investment Management reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Athena Investment Management located?**
Athena Investment Management's principal office is in Orinda, CA, according to its Form ADV.

**Is Athena Investment Management registered with the SEC or a state?**
Athena Investment Management is an SEC-registered investment advisory firm, registered since 1977. Status as filed: Approved. CRD 106542.

**How much does Athena Investment Management manage?**
Athena Investment Management reports $342,122,662 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Athena Investment Management's assets and staff changed since 2021?**
In the Form ADV data for Athena Investment Management: Regulatory assets under management: $186,275,133 in the October 2021 data and $342,122,662 in the October 2026 data, up 84%. Total employees: 3 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Athena Investment Management serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (51); individuals (other than high net worth individuals) (46); corporations or other businesses not listed above (3).

**Which custodians does Athena Investment Management use?**
Athena Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Athena Investment Management report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106542

**What changed in Athena Investment Management's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $297,965,179 to $342,122,662 (+15%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $342,122,662
- Discretionary: $341,411,210
- Non-discretionary: $711,452

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 46 | $19,555,379 |
| High net worth individuals | 51 | $262,868,993 |
| Banking or thrift institutions | Fewer than 5 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | Not reported |
| Charitable organizations | 2 | $4,383,900 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | Not reported |
| Other investment advisers | Fewer than 5 | Not reported |
| Insurance companies | Fewer than 5 | Not reported |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | Not reported |
| Corporations or other businesses not listed above | 3 | $55,314,390 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1977 (49 years)
- Employees: 5 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NH
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $186,275,133 | 3 | March 30, 2021 |
| October 2022 | $213,573,956 | 4 | March 31, 2022 |
| October 2023 | $237,791,444 | 5 | March 31, 2023 |
| October 2024 | $267,173,707 | 6 | March 30, 2024 |
| October 2025 | $297,965,179 | 5 | March 31, 2025 |
| October 2026 | $342,122,662 | 5 | March 31, 2026 |

Regulatory assets under management: $186,275,133 in the October 2021 data and $342,122,662 in the October 2026 data, up 84%.
Total employees: 3 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $297,965,179 to $342,122,662 (+15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Athena Investment Management (CRD 106542): Form ADV filing data as of October 2026.