# Elm Wealth

> Elm Wealth is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2013, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 3, 2026.

- CRD: 167225
- Filed as: ELM WEALTH
- Legal name: Elm Partners Management LLC
- Also doing business as: ELM WEALTH
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: September 3, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/167225
- AdvisorCensus page: https://advisorcensus.com/firm/elm-wealth-philadelphia-pa-167225

## Quick answers

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

**Where is Elm Wealth located?**
Elm Wealth's principal office is in Philadelphia, PA, according to its Form ADV.

**Is Elm Wealth registered with the SEC or a state?**
Elm Wealth is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 167225.

**How much does Elm Wealth manage?**
Elm Wealth reports $3,018,199,851 in regulatory assets under management in its Form ADV filing dated September 3, 2026 (100% discretionary).

**How have Elm Wealth's assets and staff changed since 2021?**
In the Form ADV data for Elm Wealth: Regulatory assets under management: $1,145,493,074 in the October 2021 data and $3,018,199,851 in the October 2026 data, up 163%. Total employees: 4 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Elm Wealth serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (537); individuals (other than high net worth individuals) (107); corporations or other businesses not listed above (4).

**Which custodians does Elm Wealth use?**
Elm Wealth's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and J.P. Morgan Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Elm Wealth report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167225

**What changed in Elm Wealth's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $2,019,455,442 to $3,018,199,851 (+49%). Registered or notice-filed in MD, OH, UT, VT.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services LLC
- J.P. Morgan Securities LLC

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: $3,018,199,851
- Discretionary: $3,018,199,851
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 107 | $71,773,174 |
| High net worth individuals | 537 | $2,029,739,810 |
| Investment companies | 1 | $502,030,447 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $382,611,344 |
| Charitable organizations | 3 | $27,775,613 |
| Corporations or other businesses not listed above | 4 | $4,269,463 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2013 (13 years)
- Employees: 9 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, DC, DE, FL, GA, IL, MA, MD, MI, NC, NE, NH, NJ, NV, NY, OH, PA, SC, TX, UT, VA, VT, WA, WI, WY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167225

### Websites listed on Form ADV (Item 1.I)
- elmfunds.com
- elmwealth.com
- Facebook @elmwealth
- Instagram @elmwealth
- LinkedIn @elm-partners
- TikTok @elmwealth
- X @elmpartners
- YouTube @UCYQilgPYazyOAIszr_vtyKw

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,145,493,074 | 4 | March 3, 2021 |
| October 2022 | $1,304,663,488 | 5 | July 25, 2022 |
| October 2023 | $1,277,276,781 | 5 | September 28, 2023 |
| October 2024 | $1,503,909,966 | 6 | August 16, 2024 |
| October 2025 | $2,019,455,442 | 7 | March 31, 2025 |
| October 2026 | $3,018,199,851 | 9 | September 3, 2026 |

Regulatory assets under management: $1,145,493,074 in the October 2021 data and $3,018,199,851 in the October 2026 data, up 163%.
Total employees: 4 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $2,019,455,442 to $3,018,199,851 (+49%).
- Registered or notice-filed in MD, OH, UT, VT.

### January 2026
- Employees performing advisory functions went from 5 to 7.
- Registered or notice-filed in AZ, GA, NV, WI.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Elm Wealth (CRD 167225): Form ADV filing data as of October 2026.