# Drake & Associates, LLC

> Drake & Associates, LLC is an SEC-registered investment advisory firm in Waukesha, WI, registered since 2019, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated September 30, 2026.

- CRD: 154854
- Filed as: DRAKE & ASSOCIATES, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Waukesha, WI
- Filing period: October 2026
- Form ADV filing dated: September 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/154854
- AdvisorCensus page: https://advisorcensus.com/firm/drake-and-associates-llc-waukesha-wi-154854

## Quick answers

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

**Where is Drake & Associates, LLC located?**
Drake & Associates, LLC's principal office is in Waukesha, WI, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Drake & Associates, LLC registered with the SEC or a state?**
Drake & Associates, LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 154854.

**How much does Drake & Associates, LLC manage?**
Drake & Associates, LLC reports $607,255,901 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (100% discretionary).

**How have Drake & Associates, LLC's assets and staff changed since 2021?**
In the Form ADV data for Drake & Associates, LLC: Regulatory assets under management: $163,362,802 in the October 2021 data and $607,255,901 in the October 2026 data, up 272%. Total employees: 11 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Drake & Associates, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (2,756); high net worth individuals (645).

**Which custodians does Drake & Associates, LLC use?**
Drake & Associates, LLC'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 Drake & Associates, LLC 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/154854

**Does Drake & Associates, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 26, 2026 says: "There is an account minimum, $250,000, which may be waived by the investment advisor, based on the needs of the client and the complexity of the situation."

**What changed in Drake & Associates, LLC's recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## 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 March 26, 2026)

- Account minimum: $250,000 (the brochure says it may be waived or negotiated)

> There is an account minimum, $250,000, which may be waived by the investment advisor, based on the needs of the client and the complexity of the situation.

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: $607,255,901
- Discretionary: $607,255,901
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2,756 | $360,721,235 |
| High net worth individuals | 645 | $246,534,666 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops

### Firm details
- Registered since: 2019 (7 years)
- Employees: 36 total, 15 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, IL, MI, NC, OH, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Mequon, WI

### Websites listed on Form ADV (Item 1.I)
- drakeandassociates.net
- wealthwisconsin.com
- Facebook @DRAKEANDASSOCIATES
- Instagram @drakeandassociates
- LinkedIn @1400397
- X @TONYDRAKECFP
- YouTube @DrakeAndAssociates

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $163,362,802 | 11 | July 14, 2021 |
| October 2022 | $227,801,155 | 11 | April 27, 2022 |
| October 2023 | $227,171,996 | 9 | September 16, 2023 |
| October 2024 | $313,071,682 | 25 | September 5, 2024 |
| October 2025 | $418,750,691 | 37 | July 9, 2025 |
| October 2026 | $607,255,901 | 36 | September 30, 2026 |

Regulatory assets under management: $163,362,802 in the October 2021 data and $607,255,901 in the October 2026 data, up 272%.
Total employees: 11 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### August 2026
- Employees performing advisory functions went from 14 to 15.

### July 2026
- Employees performing advisory functions went from 13 to 14.

### May 2026
- Employees performing advisory functions went from 11 to 13.

### April 2026
- Employees performing advisory functions went from 12 to 11.
- Regulatory assets under management went from $418,750,691 to $607,255,901 (+45%).
- No longer lists an office in Grand Rapids, MI.

### December 2025
- Employees performing advisory functions went from 14 to 12.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Drake & Associates, LLC (CRD 154854): Form ADV filing data as of October 2026.