Annex Wealth Management is a fee-only, fiduciary registered investment advisor based in the greater Milwaukee area, founded in 2001 by Dave Spano. It manages roughly $8 billion for about 6,700 households, offering bundled investment management plus financial, tax, and estate planning. It fits high-net-worth families who want comprehensive, commission-free advice.
Key takeaways
- Annex is a fee-only, fiduciary RIA registered with the SEC (CRD #127987). It earns money only from client fees, not commissions or product sales.
- The firm manages about $8.05 billion for roughly 9,800 clients across 6,700 households, served by around 74 advisors, according to its SEC filings.
- Fees are asset-based and capped at 1.25% per year, billed quarterly in advance on a bundled or "level-fee" basis that folds planning and investment management together.
- Annex reports no firm-level legal or disciplinary history on its Form ADV. A limited number of individual advisors carry Form U4 disclosures tied to prior employers, viewable on BrokerCheck.
- The firm markets service tiers by asset level but states it has no formal account minimum, so smaller investors can still engage it.
Who Annex Wealth Management is
Annex Wealth Management, LLC is a registered investment advisor headquartered in the greater Milwaukee area, with its principal office in Elm Grove, Wisconsin and additional Wisconsin offices plus locations in Illinois and Florida. Dave Spano founded the firm in 2001 and serves as its president and CEO.
The firm is fee-only and a fiduciary. Its Form CRS describes Annex as a "level-fee" fiduciary whose bundled fees are based on ongoing comprehensive wealth management, "without the bias and conflicts of commissions or variable compensation." In practice that means the firm is legally obligated to act in the client's best interest and does not collect commissions on the products it recommends.
Annex is one of the larger independent RIAs in Wisconsin. As of December 31, 2025 it reported approximately $8.05 billion in assets under management for more than 9,800 clients across over 6,700 households. High-net-worth individuals make up the bulk of assets, with individuals and a small number of institutional clients rounding out the base.
Services, fees, and minimums
Annex positions itself as a full-service planning firm rather than a pure money manager. Its services span investment management, retirement and financial planning, tax planning, estate planning, insurance and risk management, 401(k) and ERISA fiduciary services, and divorce financial consultation.
The table below draws on Annex's SEC Form ADV, its Form CRS, and the firm's own site.
| Item | Detail |
|---|---|
| Firm type | Fee-only, fiduciary RIA registered with the SEC (CRD #127987) |
| Founded | 2001, by Dave Spano (president and CEO) |
| Headquarters | Elm Grove, Wisconsin (greater Milwaukee); offices in WI, IL, and FL |
| Assets under management | ~$8.05 billion (as of December 31, 2025) |
| Clients | ~9,800 clients across ~6,700 households; ~74 advisors |
| Core services | Investment management, financial and retirement planning, tax planning, estate planning, insurance, 401(k)/ERISA, divorce consultation |
| Fee model | Asset-based, bundled "level-fee," billed quarterly in advance |
| Fee schedule | 1.25% on the first $500k; 1.00% on $500k to $2M; 0.75% on $2M to $5M; 0.50% on $5M to $10M; 0.40% on $10M to $25M; 0.30% on $25M to $100M; negotiable above $100M |
| Maximum fee | 1.25% per year |
| Account minimum | No formal minimum stated; service tiers are marketed by asset level |
Two nuances are worth flagging. First, the fee is bundled, so planning is included in the asset-based rate rather than billed separately. Second, while Annex states it has no formal account minimum, it markets distinct service tiers: an early-stage track, a comprehensive track roughly aimed at $500k to $5 million in investable assets, and a private-client track for households with $5 million or more in investable assets or $10 million or more in net worth.
Disclosures and conflicts of interest
On disclosures, Annex's record is clean at the firm level. Its Form CRS states that Annex has no legal or disciplinary history required to be disclosed on Form ADV. It also notes, to its credit, that a limited number of its advisors have Form U4 disclosures related to events at former employers, which anyone can look up on BrokerCheck. That is a transparency point in the firm's favor rather than a red flag, but individual advisor histories are worth checking before you sign.
Like any advisor, Annex discloses conflicts of interest in its filings. Its bundled fee is tied to assets under management, so the firm acknowledges an inherent incentive to retain or grow the assets it manages, even when advice such as paying down a mortgage or gifting would reduce them. It also receives client referrals through the Schwab Advisor Network and compensates outside solicitors for referrals, both of which it discloses. None of these is unusual for an RIA, but they are the kind of thing to ask about directly.
How to evaluate any wealth manager
Annex checks the boxes most careful investors look for, but the same checklist applies to any firm you consider. Use it before you hand anyone your money.
- Confirm fiduciary status. A fiduciary must act in your best interest at all times. Ask for it in writing and confirm it in the firm's Form CRS.
- Understand fee-only versus fee-based. Fee-only firms earn only from client fees. Fee-based firms can also earn commissions, which introduces product-sales conflicts. Annex is fee-only; many firms that sound similar are not.
- Read the Form ADV and Form CRS. Every SEC-registered advisor files these. Part 2A of the ADV lays out the fee schedule, services, and conflicts in plain language. Both are free at adviserinfo.sec.gov.
- Run a BrokerCheck search. Check the firm and your specific advisor at brokercheck.finra.org for any disclosures, complaints, or regulatory actions.
- Get the all-in cost. Ask what you pay in advisory fees plus underlying fund expenses and custodian transaction costs, then translate it to real dollars on your portfolio size.
- Match the model to your needs. A bundled planning-plus-investment firm suits people who want one relationship handling everything. If you only need portfolio management, you may pay less elsewhere.
For a wider view of the category, see our wealth management hub and our roundup of the top fee-only wealth management firms. If retirement income is your main concern, our Peak Retirement Planning review covers a planning-first alternative, and for ultra-high-net-worth needs our look at Northern Trust Wealth Management offers a large-institution comparison.
Bottom line
Annex Wealth Management is a legitimate, sizable, fee-only fiduciary RIA with a clean firm-level regulatory record and a broad service set that pairs planning with investment management. Its bundled fee runs up to 1.25% and steps down as assets grow, which is competitive for a full-service firm. It fits households that want comprehensive, commission-free advice from a single relationship, especially in the Midwest. As with any advisor, verify the details in its Form ADV, check your individual advisor on BrokerCheck, and confirm the all-in cost before you commit.
Frequently asked questions
What is Annex Wealth Management's fee schedule?
Annex charges asset-based fees that step down as assets grow: 1.25 percent on the first $500k, 1.00 percent on $500k to $2M, 0.75 percent on $2M to $5M, 0.50 percent on $5M to $10M, and lower tiers above that, negotiable over $100M. The maximum fee is 1.25 percent per year, billed quarterly in advance on a bundled level-fee basis.
Does Annex Wealth Management have an account minimum?
Annex states it has no formal account minimum, so smaller investors can still engage it. That said, it markets distinct service tiers by asset level: an early-stage track, a comprehensive track roughly aimed at $500k to $5 million in investable assets, and a private-client track for households with $5 million or more in investable assets or $10 million-plus in net worth.
Does Annex Wealth Management have any disciplinary history?
Annex's Form CRS states it has no legal or disciplinary history required to be disclosed on Form ADV, so its record is clean at the firm level. A limited number of individual advisors carry Form U4 disclosures tied to prior employers, viewable on BrokerCheck. Checking your specific advisor's history before signing is worthwhile.
What is the difference between fee-only and fee-based advisors?
Fee-only firms earn only from client fees, while fee-based firms can also earn commissions, which introduces product-sales conflicts. Annex is fee-only, meaning it takes no commissions on the products it recommends and is legally obligated to act in the client's best interest. Many firms that sound similar are fee-based rather than fee-only.
How much money does Annex Wealth Management manage?
Annex reported approximately $8.05 billion in assets under management as of December 31, 2025, serving more than 9,800 clients across over 6,700 households with around 74 advisors. High-net-worth individuals make up the bulk of assets, with individuals and a small number of institutional clients rounding out the base.