# Canopy Wealth Management

> Canopy Wealth Management is an SEC-registered investment advisory firm in Middleton, WI, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 8, 2026.

- CRD: 297717
- Filed as: CANOPY WEALTH MANAGEMENT
- Legal name: ERN Financial, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Middleton, WI
- Filing period: October 2026
- Form ADV filing dated: April 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297717
- AdvisorCensus page: https://advisorcensus.com/firm/canopy-wealth-management-middleton-wi-297717

## Quick answers

**How is Canopy Wealth Management compensated?**
On its Form ADV (Item 5.E, October 2026), Canopy Wealth Management reports these compensation arrangements: a percentage of assets under its management; hourly charges.

**How much does Canopy Wealth Management charge?**
Its Form ADV Part 2A brochure dated February 12, 2026 states: Flat fee: $1,000 to $25,000 (financial planning services); Subscription: $200 a month (Ongoing Financial Planning services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Canopy Wealth Management located?**
Canopy Wealth Management's principal office is in Middleton, WI, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Canopy Wealth Management registered with the SEC or a state?**
Canopy Wealth Management is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 297717.

**How much does Canopy Wealth Management manage?**
Canopy Wealth Management reports $1,153,857,864 in regulatory assets under management in its Form ADV filing dated April 8, 2026 (93% discretionary).

**How have Canopy Wealth Management's assets and staff changed since 2021?**
In the Form ADV data for Canopy Wealth Management: Regulatory assets under management: $716,292,217 in the October 2021 data and $1,153,857,864 in the October 2026 data, up 61%. Total employees: 19 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Canopy Wealth Management serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (299); high net worth individuals (293); charitable organizations (5).

**Which custodians does Canopy Wealth Management use?**
Canopy Wealth 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 Canopy Wealth 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/297717

**What changed in Canopy Wealth Management's recent Form ADV filings?**
In the May 2026 filing data: Employees performing advisory functions went from 8 to 7.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges

### Fees and minimums (Form ADV Part 2A brochure dated February 12, 2026)

- Flat fee: $1,000 to $25,000 (financial planning services)

> Financial planning fees are generally calculated and charged on a flat fee basis ranging from a minimum of $1,000 to $25,000 per engagement.

- Subscription: $200 a month (Ongoing Financial Planning services)

> Ongoing Financial Planning services are billed as an ongoing fee that is paid monthly, in advance, at the starting minimum rate of $200 per month.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### 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: $1,153,857,864
- Discretionary: $1,076,155,204
- Non-discretionary: $77,702,660

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 299 | $123,256,281 |
| High net worth individuals | 293 | $1,017,058,588 |
| Banking or thrift institutions | 0 | 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) | 1 | $2,043,340 |
| Charitable organizations | 5 | $11,293,061 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 3 | $206,594 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Pension consulting services
- Publication of periodicals or newsletters
- Educational seminars/workshops

### Firm details
- Registered since: 2018 (8 years)
- Employees: 12 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AR, AZ, CA, CO, FL, IL, IN, MD, MI, MN, NE, NH, NM, NY, OH, PA, SC, TX, UT, VA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the May 2026 filing
- Birmingham, MI

### Websites listed on Form ADV (Item 1.I)
- canopy-wealth.com
- Facebook @canopywealth
- Instagram @canopywealthmanagement
- LinkedIn @canopy-wealth-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $716,292,217 | 19 | June 19, 2021 |
| October 2022 | $1,173,552,713 | 22 | July 29, 2022 |
| October 2023 | $1,075,968,949 | 22 | March 9, 2023 |
| October 2024 | $1,280,096,449 | 20 | August 9, 2024 |
| October 2025 | $1,474,786,629 | 14 | June 18, 2025 |
| October 2026 | $1,153,857,864 | 12 | April 8, 2026 |

Regulatory assets under management: $716,292,217 in the October 2021 data and $1,153,857,864 in the October 2026 data, up 61%.
Total employees: 19 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Employees performing advisory functions went from 8 to 7.

### March 2026
- Employees performing advisory functions went from 7 to 8.
- Regulatory assets under management went from $1,474,786,629 to $1,153,857,864 (-22%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Canopy Wealth Management (CRD 297717): Form ADV filing data as of October 2026.