{
  "crd_number": 159257,
  "slug": "zhang-financial-portage-mi-159257",
  "primary_business_name": "ZHANG FINANCIAL",
  "legal_name": "ZHANG FINANCIAL LLC",
  "dbas": [],
  "city": "Portage",
  "state": "MI",
  "country": "United States",
  "cbsa_code": "28020",
  "metro": {
    "cbsa_code": "28020",
    "common_name": "Kalamazoo",
    "msa_name": "Kalamazoo-Portage, MI",
    "path": "/advisors/mi/kalamazoo"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-01-12",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 8370163197.0,
  "raum_discretionary": 5605567821.0,
  "raum_non_discretionary": 2764595376.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 50,
  "advisory_employees": 19,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 708560193.0,
      "count": 8
    },
    "individuals": {
      "raum": 452440793.0,
      "count": 940
    },
    "state_municipal": {
      "raum": 1916430042.0,
      "count": 5
    },
    "pension_profit_sharing": {
      "raum": 69816498.0,
      "count": 10
    },
    "high_net_worth_individuals": {
      "raum": 5187868784.0,
      "count": 1355
    },
    "corporations_other_businesses": {
      "raum": 35046887.0,
      "count": 13
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "financial_planning",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "CT",
    "FL",
    "GA",
    "IL",
    "IN",
    "MA",
    "MD",
    "MI",
    "MN",
    "NC",
    "NJ",
    "NM",
    "NY",
    "OH",
    "OR",
    "PA",
    "SC",
    "TN",
    "TX",
    "UT",
    "VA",
    "WA",
    "WI"
  ],
  "websites": [
    "https://facebook.com/ZHANGFINANCIAL",
    "https://instagram.com/zhangfinancial",
    "https://linkedin.com/company/zhang-financial",
    "https://x.com/ZhangFinancial",
    "https://youtube.com/@zhangfinancial/featured",
    "https://zhangfinancial.com",
    "https://zhangfinancialpodcast.buzzsprout.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/159257",
  "city_as_filed": "PORTAGE",
  "url": "https://advisorcensus.com/firm/zhang-financial-portage-mi-159257",
  "display_name": "Zhang Financial",
  "summary": "Zhang Financial is an SEC-registered investment advisory firm in Portage, MI, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.",
  "citation": "AdvisorCensus. Zhang Financial (CRD 159257): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Educational seminars/workshops"
  ],
  "quick_answers": [
    {
      "q": "How is Zhang Financial compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Zhang Financial 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."
    },
    {
      "q": "Where is Zhang Financial located?",
      "a": "Zhang Financial's principal office is in Portage, MI, according to its Form ADV; the April 2026 filing also lists 8 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Zhang Financial registered with the SEC or a state?",
      "a": "Zhang Financial is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159257."
    },
    {
      "q": "How much does Zhang Financial manage?",
      "a": "Zhang Financial reports $8,370,163,197 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (67% discretionary)."
    },
    {
      "q": "How have Zhang Financial's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Zhang Financial: Regulatory assets under management: $4,003,179,936 in the October 2021 data and $8,370,163,197 in the October 2026 data, up 109%. Total employees: 31 in October 2021 and 50 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Zhang Financial serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (1,355); individuals (other than high net worth individuals) (940); corporations or other businesses not listed above (13)."
    },
    {
      "q": "Which custodians does Zhang Financial use?",
      "a": "Zhang Financial's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., LPL Financial LLC and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Zhang Financial report any disciplinary disclosures?",
      "a": "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/159257"
    },
    {
      "q": "What changed in Zhang Financial's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 20 to 19. Regulatory assets under management went from $7,176,436,236 to $8,370,163,197 (+17%). Registered or notice-filed in NM, OR."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 4003179936.0,
      "total_employees": 31,
      "filing_date": "2021-03-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 4784376786.0,
      "total_employees": 35,
      "filing_date": "2022-10-01"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 5043963628.0,
      "total_employees": 40,
      "filing_date": "2023-09-20"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 5728071112.0,
      "total_employees": 40,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 6547690960.0,
      "total_employees": 48,
      "filing_date": "2025-03-07"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 8370163197.0,
      "total_employees": 50,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 20 to 19.",
        "Regulatory assets under management went from $7,176,436,236 to $8,370,163,197 (+17%).",
        "Registered or notice-filed in NM, OR."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "No longer lists an office in New York, NY.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Employees performing advisory functions went from 17 to 20."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    },
    {
      "name": "LPL Financial LLC",
      "name_as_filed": "LPL FINANCIAL LLC",
      "affiliated": false
    },
    {
      "name": "State Street Bank and Trust Company",
      "name_as_filed": "STATE STREET BANK AND TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/zhang-financial-portage-mi-159257.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 940,
      "fewer_than_5": false,
      "raum": 452440793.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 1355,
      "fewer_than_5": false,
      "raum": 5187868784.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 10,
      "fewer_than_5": false,
      "raum": 69816498.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 8,
      "fewer_than_5": false,
      "raum": 708560193.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 5,
      "fewer_than_5": false,
      "raum": 1916430042.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 13,
      "fewer_than_5": false,
      "raum": 35046887.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/159257",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}