# Zhang Financial

> 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.

- CRD: 159257
- Filed as: ZHANG FINANCIAL
- Legal name: Zhang Financial LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Portage, MI
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159257
- AdvisorCensus page: https://advisorcensus.com/firm/zhang-financial-portage-mi-159257

## Quick answers

**How is Zhang Financial compensated?**
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.

**Where is Zhang Financial located?**
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).

**Is Zhang Financial registered with the SEC or a state?**
Zhang Financial is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159257.

**How much does Zhang Financial manage?**
Zhang Financial reports $8,370,163,197 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (67% discretionary).

**How have Zhang Financial's assets and staff changed since 2021?**
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.

**What types of clients does Zhang Financial serve?**
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).

**Which custodians does Zhang Financial use?**
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.

**Does Zhang Financial 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/159257

**What changed in Zhang Financial's recent Form ADV filings?**
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.

## 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.
- LPL Financial LLC
- State Street Bank and Trust Company

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: $8,370,163,197
- Discretionary: $5,605,567,821
- Non-discretionary: $2,764,595,376

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 940 | $452,440,793 |
| High net worth individuals | 1,355 | $5,187,868,784 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 10 | $69,816,498 |
| Charitable organizations | 8 | $708,560,193 |
| State or municipal government entities (including government pension plans) | 5 | $1,916,430,042 |
| Corporations or other businesses not listed above | 13 | $35,046,887 |

### 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
- Pension consulting services
- Educational seminars/workshops

### Firm details
- Registered since: 2012 (14 years)
- Employees: 50 total, 19 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: 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
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Ada, MI
- Ann Arbor, MI
- Battle Creek, MI
- Bloomfield Hills, MI
- Chicago, IL
- Naples, FL
- Okemos, MI
- Traverse City, MI

### Websites listed on Form ADV (Item 1.I)
- [zhangfinancial.com](https://zhangfinancial.com)
- [zhangfinancialpodcast.buzzsprout.com](https://zhangfinancialpodcast.buzzsprout.com)
- Facebook @ZHANGFINANCIAL
- Instagram @zhangfinancial
- LinkedIn @zhang-financial
- X @ZhangFinancial
- YouTube @zhangfinancial

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,003,179,936 | 31 | March 24, 2021 |
| October 2022 | $4,784,376,786 | 35 | October 1, 2022 |
| October 2023 | $5,043,963,628 | 40 | September 20, 2023 |
| October 2024 | $5,728,071,112 | 40 | March 27, 2024 |
| October 2025 | $6,547,690,960 | 48 | March 7, 2025 |
| October 2026 | $8,370,163,197 | 50 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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.

### February 2026
- No longer lists an office in New York, NY.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Employees performing advisory functions went from 17 to 20.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Zhang Financial (CRD 159257): Form ADV filing data as of October 2026.