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RIA Industry Spotlight: 3 Women-Owned Firms with 400M+ in AUM

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FINTRX - family office & RIA database provider has compiled the RIA Industry Spotlight to highlight different groups in the registered investment advisor (RIA) arena. Here, we outline one of the fastest growing types of firms in the wealth management landscape, women-owned RIAs, specifically those with over 400M+ in assets under management (AUM).

Although women-owned firms only make up about 5% of the registered investment advisor landscape, they are driving significant growth in the industry. By combining M&A and various growth strategies, women-owned firms are setting new standards throughout the space in terms of assets and clients. Below, we profile three women-owned RIAs with 400M+ in assets focusing primarily on financial planning for high-net-worth families and individuals. 


1. Baron Wealth Management, LLC

Founded in 2010, Baron Wealth Management, LLC is a Troy, MI-based Registered Investment Advisor offering advisory services to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, and corporations or other business entities. The firm conducts educational workshops and seminars with information relating to wealth management, financial planning, retirement plans, insurance strategies, college funding, as well as estate and retirement preparation.

Beth Zilka, a Principal at Baron Wealth Management, has served as an owner of the firm since 2010 and holds 75% or more of the entity. Zilka works at their Troy, MI branch and is a Registered Investment Advisor licensed in two states. She is an alumnus of Hillsdale and Walsh College and enjoys playing tennis in her free time. 

Baron Wealth Management invests clients’ assets in stocks, mutual funds, ETFs, and other assets. There is a required $500,000 minimum account size. The firm relies on information from internal research, screening software, and publicly available materials.

As of August, Baron Wealth Management manages approximately $557.3M on a discretionary basis and $12.6M in non-discretionary assets. Since 2021, the firm's assets under management have increased by roughly 31%. In addition to the group’s domestic client base, Baron Wealth Management also manages foreign assets.

Baron Wealth Management employs a team of five employees, three of which regularly perform advisory functions. Its assets are currently held with custodians including Charles Schwab & Co., Inc. and Fidelity Distributors Company Llc.

- Founded: 2010
- Headquarters: Troy, MI
- Additional Office Locations: 1
- Total Employees: 5
- Total Reps: 3
- Assets Under Management (AUM): $569.9M
- Discretionary AUM: $557.3M
- Non-Discretionary AUM: $12.6M
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses/Businesses/Institutions; Selection of other Advisors; Educational Seminars/Workshops


2. Chequers Financial Management, LLC (CFM)

Established in 2016, Chequers Financial Management, LLC (CFM) is a San Francisco, CA-based Registered Investment Advisor offering advisory services to high-net-worth individuals and multi-generational families, as well as to their trusts, estates, charitable foundations, and business entities. The firm relies both on research conducted internally and research conducted by several leading financial industry analysts and leading academic economists. In addition to its headquarters, Chequers Financial Management operates out of an additional office location in Meridian, ID. 

Megan Gorman, a Managing Partner at Chequers Financial Management LLC, has served as an owner of the firm since 2015, currently holding 75% or more of the entity. Gorman works at their San Francisco, CA branch and is a Registered Investment Advisor licensed in two states. Prior to joining CFM, Megan spent time in the RIA space at Goldman Sachs Ayco Personal Financial Management.

CFM’s portfolio managers formulate investment advice relying in part on strategic and tactical asset allocation models. The firm recommends portfolios primarily consisting of passively managed asset classes and index mutual funds focused on equity and fixed income securities. CFM invests in other types of securities, including ETFs and other publicly traded and private securities investments. 

As of August, Chequers Financial Management manages approximately $480.4M on a discretionary basis and $110.1M in non-discretionary assets. Since 2021, the firm's assets under management have increased by roughly 23%. In addition to the group’s domestic client base, Chequers Financial Management also manages roughly $578,955 in foreign assets.

Chequers Financial Management, LLC employs a team of 12 employees, five of which regularly perform advisory functions. The firm currently uses Charles Schwab & Co., Inc. as its sole custodian and houses all assets with the group.

- Founded: 2016
- Headquarters: San Francisco, CA
- Additional Office Locations: 2
- Total Employees: 12
- Total Reps: 5
- Assets Under Management (AUM): $590.5M
- Discretionary AUM: $480.4M
- Non-Discretionary AUM: $110.1M
- Client Base: Individual & Family
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses/Businesses/Institutions; Selection of other Advisors


3. Francis Financial

Founded in 2003, Francis Financial is a New York, NY-based Registered Investment Advisor offering advisory services to individuals and high-net-worth individuals. The firm’s investment recommendations include advice regarding exchange-listed securities, securities traded over-the-counter, foreign issuers, corporate debt securities, commercial paper, certificates of deposit, municipal securities, mutual fund shares, US governmental securities, options contracts on securities, and international debt securities.

Stacy Francis has served as the owner of the firm since 2003, currently holding 75% or more of the entity. She currently works out of the NY branch and is licensed in one state. Francis Financial uses asset allocation, mutual fund/ETF, and risk for all forms of analysis in formulating investment advice and managing client assets. The firm also uses long-term & short-term purchases in managing client accounts with their investment objectives, risk tolerance, and time horizons. Francis Financial has established certain initial minimum account requirements.

As of August, Francis Financial manages approximately $418.2M on a discretionary basis and $47.6M in non-discretionary assets. Since 2021, the firm's assets under management have increased by roughly 22%. In addition to the group’s domestic client base, Francis Financial also manages foreign assets.

Francis Financial employs a team of 11 employees, eight of which regularly perform advisory functions. Its assets are currently held with multiple custodians including Charles Schwab & Co., Inc., Pershing LLC and Shareholders Service Group, Inc.

- Founded: 2003
- Headquarters: San Francisco, CA

- Additional Office Locations: 1
- Total Employees: 11
- Total Reps: 8
- Assets Under Management (AUM): $465.8M
- Discretionary AUM: $418.2M
- Non-Discretionary AUM: $47.6M
- Client Base: Individual & Family
- Fee Structure: Percentage of AUM; Hourly Charges
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses; Selection of other Advisors; Publication of Periodicals or Newsletters


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