FINTRX’s Women in Wealth Management 2026 report, released in March, found that women make up 28% of the more than 500,000 professionals at U.S. wealth management firms, and 26.5% of producing advisors with less than five years in the industry. A smaller group has gone a step further into firm ownership: fewer than 40 women hold a majority stake in an independent RIA managing $1 billion or more. The 10 largest of these firms manage nearly $38 billion combined, from Capital Wealth Planning, a $17 billion equity manager in Naples, to Linden Global Strategies, an eight-person New York firm overseeing $1.6 billion. Each is ranked by regulatory AUM and verified against its Form ADV and Schedule A ownership filings.
1. Capital Wealth Planning — $17.25B
Joanna Irons has co-owned Capital Wealth Planning with founder, president, and CIO Kevin Simpson since 2005. The firm is the largest on this list and the leanest: 30 employees oversee $17.25 billion, about $575 million per person, and every dollar is discretionary.
Its 13F book carries about $19 billion in individual stocks against roughly $1 billion in ETFs, with Caterpillar as the top position. Alternatives are limited to commodities, oil and gas through outside managers. Equities are the firm’s dominant asset class, which means fund and SMA strategies compete with an in-house stock book.
- Headquarters: Naples, FL
- SEC Registered: 2009
- Ownership: Joanna Irons, 50–75%
- Clients: ~12,580 across 14,502 accounts
- Custodians: Raymond James, U.S. Bank
2. LCP Institutional — $3.18B
Carolyn LaRocco holds 75% or more of LCP Institutional, the newest firm on this list. It registered with the SEC in 2023 and already reports $3.18 billion with just eight employees. Its scope covers private clients, charitable organizations, and pension consulting.
LCP has the largest relationships in the top 10: 133 clients averaging $23.9 million. Most of its AUM is non-discretionary ($1.82 billion), and cash and cash equivalents make up its largest asset bucket at $1.21 billion. That liquidity profile is notable for managers offering short-duration and fixed-income strategies.
- Headquarters: Atlanta, GA
- SEC Registered: 2023
- Ownership: Carolyn LaRocco, 75%+
- Custodians: U.S. Bank, BNY Mellon, Schwab
3. Bedel Financial Consulting — $2.92B
Elaine Bedel has held a majority of Bedel Financial since at least 1993, and her firm’s filing now lists a second significant owner. Evan Bedel, the firm’s president, became a 25–50% owner in 2022. The firm has appeared on CNBC’s Top 100 Financial Advisory Firms list three times, most recently in 2025.
Bedel serves 1,162 clients, averaging $2.5 million, almost entirely on a discretionary basis. It uses outside managers in six alternative categories: venture capital, hedge funds, private placements, real estate, commodities, and oil and gas. That is the broadest alternatives menu on this list. Its $1.06 billion 13F book is split between stocks and ETFs and led by Eli Lilly.
- Headquarters: Indianapolis, IN
- SEC Registered: 1989
- Ownership: Elaine Bedel, 75%+
- Custodians: Schwab, Fidelity
4. Key Financial — $2.84B
Patricia Brennan, president and CEO, holds 75% or more of Key Financial. She is also registered with Osaic Wealth, and the firm bills through AUM fees, fixed fees, and commissions.
Its 13F lists 1,311 positions, with Apple as the largest. Mutual funds anchor client portfolios at $2.47 billion. It is the only firm in the top 10 that reports digital currency among its alternatives, alongside real estate and annuities.
- Headquarters: West Chester, PA
- SEC Registered: 2016
- Ownership: Patricia Brennan, 75%+
- Custodian: Pershing
5. Abacus Planning Group — $2.16B
Cheryl Holland founded Abacus in Columbia, South Carolina. It is the only firm on this list that advises its own private funds alongside its planning practice. Its 328 clients average $6.6 million, and its client types include pension and profit-sharing plans.
Abacus allocates externally to venture capital, hedge funds, real estate, and funds of funds, and identifies as an active ESG investor. Its 13F book leans on ETFs, at $577 million versus $232 million in individual stocks. The top holding is the Distillate US Fundamental Stability & Value ETF.
- Headquarters: Columbia, SC
- SEC Registered: 1998
- Ownership: Cheryl Holland, 50–75%
- Custodian: Schwab
6. Elser Financial Planning — $2.11B
Susan Elser holds 50–75% of the second Indianapolis firm on this list. She has spread equity more widely than any other owner here, with nine other shareholders on Schedule A. They range from managing partners to associate advisors added as recently as 2025.
Elser Financial Planning runs a concentrated public book. Its 13F shows 132 positions averaging $17.3 million, led by Merchants Bancorp. It serves 584 clients, averaging $3.6 million, with nearly half of AUM non-discretionary. Citywire named it to its 50 Growers Across America list in 2023.
- Headquarters: Indianapolis, IN
- SEC Registered: 2015
- Ownership: Susan Elser, 50–75%
- Custodian: Schwab
7. Ellenbecker Investment Group — $2.06B
Karen Ellenbecker’s firm has the largest staff on this list, with 51 employees. Its two largest owners are both women: Karen holds 75%+, and President and CEO Julie Ellenbecker-Lipsky holds 25–50%. It also runs the most retail-oriented model, with 2,283 clients averaging about $903,000.
Ellenbecker Investment Group acts as a capital allocator that selects outside managers and runs seminars and a newsletter for clients. ETFs make up $773 million of its $860 million 13F book. Annuities, real estate, commodities, and oil and gas round out the toolkit.
- Headquarters: Waukesha, WI
- SEC Registered: 2014
- Ownership: Karen Ellenbecker, 75%+
- Custodian: Schwab
8. TFC Financial Management — $1.78B
Renee Kwok, president and CEO, holds a majority of TFC and has been an owner since 2007. Its 1982 SEC registration is the oldest on this list. The firm is a regular in national rankings, including CNBC’s Top 100 Financial Advisory Firms in 2021, 2022, and 2025 and Forbes in 2023 and 2024.
All $1.78 billion is discretionary, across 415 clients averaging $4.3 million. TFC selects outside managers and holds 1,047 13F positions, about 87% of that value in ETFs. Real estate is its main alternative allocation.
- Headquarters: Boston, MA
- SEC Registered: 1982
- Ownership: Renee Kwok, 50–75%
- Custodian: Schwab
9. Weatherly Asset Management — $1.68B
Carolyn Taylor is president and founding partner of Weatherly. The firm is organized as a limited partnership, has a trust company affiliation, and offers pension consulting alongside wealth management. Its 381 clients average $4.4 million.
Weatherly Asset Management is equity-first, with $1.11 billion of its 13F book in individual stocks, led by Eli Lilly. It also has the most credit-oriented alternatives mix on the list, adding collateralized debt and private placements to real estate, commodities, and oil and gas.
- Headquarters: Del Mar, CA
- SEC Registered: 1995
- Ownership: Carolyn Taylor, 50–75%
- Custodian: Fidelity / National Financial Services
10. Linden Global Strategies — $1.60B
Josephine Linden, founder and CEO, runs Linden Global Strategies with eight employees, about $200 million in AUM per person. Its 175 clients average $9.2 million, the second-highest average on this list after LCP.
Assets are split almost evenly between discretionary ($855 million) and non-discretionary ($748 million) mandates. The firm builds portfolios through mutual funds, corporate debt, and outside hedge fund managers, with mutual funds as its largest asset bucket at $641 million.
- Headquarters: New York, NY
- SEC Registered: 2012
- Ownership: Josephine Linden, 75%+
- Custodians: BNY Mellon, J.P. Morgan, Goldman Sachs
At eight of these 10 firms, the woman who holds the majority stake is also the firm’s CEO or president. For asset managers and alternative fund managers, that usually means fewer layers between a new strategy and the person who approves it.
Several of these ownership structures are also starting to shift. Bedel Financial’s president became a 25–50% owner in 2022. Elser Financial Planning now lists nine shareholders beyond Susan Elser on its Schedule A, including advisors who became owners in 2025. Changes like these are often early signs of succession planning, and they make these firms worth watching for RIA aggregators and recruiters.
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Methodology: Independent RIAs with $1B+ in Form ADV regulatory AUM where a woman holds 50% or more under Schedule A. Ranked by AUM from each firm’s latest ADV filing, pulled from FINTRX in November 2026.