DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Goelzer Investment Management

Wealth manager with institutional or fund businessCarmel, IndianaCRD 44402SEC 801-55588website IAPD

Legal name Goelzer Investment Management, Inc.

Latest filing Jul 1, 2026

First filing on the tape Mar 26, 2012 · 44 filings

SEC status approved since Jun 30, 1998

RAUM

$4.5B

reported, Item 5.F

Discretionary

96%

of RAUM

Private clients

48%

$2.2B individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

$196M

derived; firm RAUM over IAPD count

Employees

22 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

44 filings and snapshots on the tape

RAUM$4.5B as of Jul 1, 2026

Mar 26, 2012$710M then

HNW client RAUM$2.0B as of Jul 1, 2026

Mar 29, 2018$957M then

State-registered IARs (5.B.3)22 as of Jul 1, 2026

Mar 28, 201312 then

Employees (5.A)34 as of Jul 1, 2026

Mar 28, 201320 then

Private funds: no history

RAUM +17% over the last fiscal year+24% a year over threeIARs 14 to 22

Practice profile

derived from the filing of Jul 1, 2026; every figure names its basis

Archetypes, each a printed rule

Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent

RAUM per advisor: $196MderivedRAUM over IAPD advisors; not a book size
Clients per advisor: 25derivedindividual and HNW clients (5.D) over advisors
Average HNW client: $5.1MderivedHNW RAUM over HNW clients
Average account: $2.3MderivedRAUM over accounts (5.F.2.f)
Discretionary: 96%derivedof RAUM
Institutional: 43%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 1.5derivedItem 5.A over advisors
Advisors per office: 23.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: +17%derivedbetween the last two annual amendments
Advisor growth, one year: +57%derivedItem 5.B.3 between annual amendments
Client growth, one year: -3.7%derived
Compensation: percentage of assets, fixed feesreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for businesses and institutions, pension consulting, selection of other advisers, publications, educational seminars, otherreportedItem 5.G
Custody: $1.2B, 491 clientsreportedItem 9.A
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

buys or sells securities as principal to or from clients (8.A.2)
has discretionary authority over which securities are bought or sold (8.C.1)
receives research or other products from a broker-dealer, soft dollars (8.E)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

High-net-worth individuals$2.0B47%
Charitable organizations$1.4B32%
State and municipal entities$575M13%
Corporations and businesses$213M4.9%
Individuals$110M2.5%
Pension and profit-sharing plans$9.2M0.2%

Individual clients: 173reported
HNW clients: 404reported
Pension plan clients: 12reported
Charitable clients: 42reported
Accounts: 1,945reported
Financial planning clients: 101-250reported
Wrap fee programs: noreported
Custody of client assets: $1.2B for 491 clientsreported
Compensation: % of AUM, fixedreported
Class basis: private_client_share=0.48 fund_share=0.0 institutional_share=0.43 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

23 on IAPD today, longest tenure first

Name	Branch	Here since	In industry	Prior firms
Brett Dean MckameyChartered Financial Analyst	Carmel, In	Jan 19, 1999	39 y	0
James Andrew ConcannonCertified Financial Planner, Chartered Financial Analyst	Carmel, In	Apr 20, 2005	34 y	1
Sherri Lynn Wilson	Carmel, In	Oct 24, 2006	30 y	0
Brian Joseph PyneCertified Financial Planner, Chartered Financial Analyst	Carmel, In	Mar 19, 2012	24 y	3
Gavin Wayne StephensChartered Financial Analyst	Carmel, In	Sep 29, 2014	12 y	0
Susan Michelle JannCertified Financial Planner	Carmel, In	Jun 3, 2016	24 y	2
Elaine Annette Beaty	Carmel, In	Jan 18, 2019	15 y	1
Kory Joseph FayCertified Financial Planner	Carmel, In	Aug 14, 2019	11 y	4
Umesh Shivaji NathaniChartered Financial Analyst	Carmel, In	Feb 5, 2021	17 y	0
Adrian Oden MillerChartered Financial Analyst	Carmel, In	Nov 2, 2021	22 y	1
Scott Michael Breske	Carmel, In	May 18, 2022	14 y	0
David Scott AlexanderCertified Financial Planner, Chartered Financial Consultant	Carmel, In	Jun 6, 2022	28 y	2
Lisa Cantu	Carmel, In	Sep 13, 2023	13 y	0
Nicholas EsteyCertified Financial Planner	Carmel, In	Jan 9, 2024	13 y	3
Cheryl Ann Ackerman	Carmel, In	May 22, 2024	11 y	1
Sara Jane OmohundroChartered Financial Analyst	Carmel, In	Nov 15, 2024	10 y	0
Gregory William Goelzer	Carmel, In	Dec 9, 2024	42 y	0
Caleb Layth Hussain	Carmel, In	Mar 31, 2025	11 y	0
Rebecca W JacklinCertified Financial Planner	Carmel, In	Jun 4, 2025	23 y	4
Kip Barry RobbinsChartered Financial Analyst	Carmel, In	Jul 10, 2025	24 y	1
Gregory Richard Thompson	Carmel, In	Oct 30, 2025	32 y	3
Benjamin Randall Cloud	Carmel, In	Feb 18, 2026	14 y	1
Philip Andrew Kojich	Carmel, In	May 12, 2026	16 y	2

Advisor movement

3 left, 3 joined in 12 months

net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 13% of current headcount3 left over 36 months

Left, latest

Dean Paul Weseli to Robert W. Baird & Co. Incorporated
May 12, 2026 · RIA to RIA
Donald Joseph Hutchinson to Robert W. Baird & Co. Incorporated
May 12, 2026 · RIA to RIA
Jeffrey Joseph Borgert to Robert W. Baird & Co. Incorporated
May 12, 2026 · RIA to RIA
Patrick J Martinak to Renaissance Investment Management
Jun 27, 2023 · Other
Tracy Ann Colson to Woodley Farra
Apr 12, 2022 · RIA to RIA
Austin Joseph Crites to Gettings Busch Wealth Management
Oct 6, 2020 · RIA to RIA
Donald Christopher Schultheis to Invst, LLC
Mar 9, 2017 · Other
Richard Dustin Doyle to Doyle Investment Management
Sep 30, 2005 · Other
Stephen Paul Carr to Ronald Blue & Co., LLC
Jun 17, 2005 · Other
Kathryn Jane Hower to Bedel Financial Consulting Inc
Jan 25, 2005 · Other
George Gerard Cassiere to Private Consulting Group, Inc.
Oct 18, 2002 · Other

Joined, latest

Philip Andrew Kojich from Capital Client Group, Inc.
May 12, 2026 · Other
Benjamin Randall Cloud from Axia Advisory
Feb 18, 2026 · Other
Gregory Richard Thompson from Spectrum Wealth Management
Oct 30, 2025 · RIA to RIA
Kip Barry Robbins from Retirement Plan Advisors, LLC
Jul 10, 2025 · RIA to RIA
Rebecca W Jacklin from Pnc Capital Advisors LLC
Jun 4, 2025 · Other
Cheryl Ann Ackerman from Proteus, LLC
May 22, 2024 · Other
Nicholas Estey from Cetera Investment Advisers LLC
Jan 9, 2024 · Affiliated broker-dealer or bank to independent RIA
David Scott Alexander from Wells Fargo Investments, LLC
Jun 6, 2022 · Other
Adrian Oden Miller from Wells Fargo Investments, LLC
Nov 2, 2021 · Other
Kory Joseph Fay from Creativeone Wealth, LLC
Aug 14, 2019 · RIA to RIA
Dean Paul Weseli from Windsor Wealth Management, Inc.
Jun 6, 2019 · RIA to RIA
Elaine Annette Beaty from Morgan Stanley
Jan 18, 2019 · Wirehouse to independent RIA
Jeffrey Joseph Borgert from Stifel, Nicolaus & Company, Incorporated
Jul 14, 2017 · Other
Susan Michelle Jann from Bmo Harris Financial Advisors, Inc
Jun 3, 2016 · Other
Donald Christopher Schultheis from Sanctuary Advisors, LLC
May 4, 2016 · Other

Every departure Every arrival

Teams: two or more advisors moving together within fourteen days, from one state

3 left for Robert W. Baird & Co. Incorporated
May 12, 2026 · Carmel, In

Teams out Teams in

Private funds

No private fund reported.

Owners and control persons

Schedule A and B, latest filing

Ann Cheryl Ackerman · Chief Financial Officercontrol
since 03/2026 · owns less than 5%
William Gregory Goelzer · Chairman And Ceocontrol
since 06/2003 · owns 10% to 25%
Dean Brett Mckamey · Senior Partnercontrol
since 06/2003 · owns 10% to 25%
Wayne Gavin Stephens · Chief Investment Officercontrol
since 01/2024 · owns less than 5%
William Gregory Goelzer · Trusteecontrol
since 12/2012 · owns 75% or more of Goelzer Employee Stock Ownership Plan
Dean Brett Mckamey · Trusteecontrol
since 12/2012 · owns 25% to 50% of Goelzer Employee Stock Ownership Plan
Andrew James Concannon · Senior Partner
since 11/2009 · owns 5% to 10%
Chris Cotterill · Chief Operating Officer & Chief Compliance Officer
since 04/2020 · owns less than 5%
Lisa Goelzer Freihofer · Owner
since 09/2007 · owns 10% to 25%
Sandra Kay Goelzer · Owner
since 09/2007 · owns 10% to 25%
Joseph Donald Hutchinson · Chief Growth Officer
since 06/2021 · owns 5% to 10%
Joseph Brian Pyne · Managing Director, Private Client Officer
since 03/2012 · owns 5% to 10%
Chris Cotterill · Trustee
since 12/2021 · owns 25% to 50% of Goelzer Employee Stock Ownership Plan
Joseph Brian Pyne · Trustee
since 12/2021 · owns 25% to 50% of Goelzer Employee Stock Ownership Plan

Entity owners

Goelzer Employee Stock · Owner
direct · owns 10% to 25%
Goelzer Employee Stock Ownership Plan · Owner
direct · owns 5% to 10%

Related persons

Schedule D 7.A

No related person reported.

Office movement

IAPD branch city; joins and departures in 12 months

Office	Advisors	Joined	Left	Teams out	Forming
Carmel, In · principal	23	3	3	1

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

4 against comparable advisers; where to look, not conclusions

control person changedChange between filings · filing Jul 1, 2026
Ackerman, Cheryl, Ann (CHIEF FINANCIAL OFFICER) appeared on Schedule A between the filings of 2024-05-22 and 2026-07-01
peers: independent wealth managers, $1B to $5B (1,360)
control person changedChange between filings · filing Jul 1, 2026
GOELZER, GREGORY, WILLIAM (CHAIRMAN AND CEO) left Schedule A between the filings of 2024-05-22 and 2026-07-01
peers: independent wealth managers, $1B to $5B (1,360)
account count surgeChange between filings · filing Mar 23, 2026
accounts (Item 5.F.2.f) moved from 877.0 to 1,945.0 (+122.0%) between the annual amendments of 2025-04-11 and 2026-03-23; the peer median change was +6.0% (1206 comparable advisers, 96.0th percentile of changes)
peers: independent wealth managers, $1B to $5B (1,206) · 96% percentile
advisor count surgeChange between filings · filing Mar 23, 2026
advisory representatives (Item 5.B.3) moved from 14.0 to 22.0 (+57.0%) between the annual amendments of 2025-04-11 and 2026-03-23; the peer median change was 0.0% (999 comparable advisers, 97.0th percentile of changes)
peers: independent wealth managers, $1B to $5B (999) · 97% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 877 to 1,945
Aug 15, 2025 to Mar 23, 2026
Advisory employees · 28 to 22
Aug 15, 2025 to Mar 23, 2026
Advisory activities · 7 to 8
Aug 15, 2025 to Mar 23, 2026
Charity clients · 35 to 42
Aug 15, 2025 to Mar 23, 2026
HNW clients · 412 to 404
Aug 15, 2025 to Mar 23, 2026
Individual clients · 187 to 173
Aug 15, 2025 to Mar 23, 2026
Pension plan clients · 7 to 12
Aug 15, 2025 to Mar 23, 2026
Assets in custody · $1.9B to $1.2B
Aug 15, 2025 to Mar 23, 2026
Employees · 35 to 34
Aug 15, 2025 to Mar 23, 2026
State-registered IARs · 14 to 22
Aug 15, 2025 to Mar 23, 2026
Discretionary RAUM · $3.6B to $4.3B
Aug 15, 2025 to Mar 23, 2026
HNW RAUM · $1.7B to $2.0B
Aug 15, 2025 to Mar 23, 2026
Individual RAUM · $137M to $110M
Aug 15, 2025 to Mar 23, 2026
Non-discretionary RAUM · $238M to $199M
Aug 15, 2025 to Mar 23, 2026
Pension RAUM · $9.2M to $9.2M
Aug 15, 2025 to Mar 23, 2026
RAUM · $3.8B to $4.5B
Aug 15, 2025 to Mar 23, 2026
Accounts · 1,690 to 877
Nov 8, 2024 to Apr 11, 2025
Advisory employees · 36 to 28
Nov 8, 2024 to Apr 11, 2025
Advisory activities · 5 to 7
Nov 8, 2024 to Apr 11, 2025
Charity clients · 41 to 35
Nov 8, 2024 to Apr 11, 2025
Corporate clients · 10 to 19
Nov 8, 2024 to Apr 11, 2025
HNW clients · 358 to 412
Nov 8, 2024 to Apr 11, 2025
Individual clients · 194 to 187
Nov 8, 2024 to Apr 11, 2025
Pension plan clients · 5 to 7
Nov 8, 2024 to Apr 11, 2025
Assets in custody · $852M to $1.9B
Nov 8, 2024 to Apr 11, 2025
Employees · 36 to 35
Nov 8, 2024 to Apr 11, 2025
Financial planning clients · 51-100 to 101-250
Nov 8, 2024 to Apr 11, 2025
State-registered IARs · 24 to 14
Nov 8, 2024 to Apr 11, 2025
Discretionary RAUM · $3.1B to $3.6B
Nov 8, 2024 to Apr 11, 2025
HNW RAUM · $1.4B to $1.7B
Nov 8, 2024 to Apr 11, 2025
Individual RAUM · $250M to $137M
Nov 8, 2024 to Apr 11, 2025
Non-discretionary RAUM · $20.2M to $238M
Nov 8, 2024 to Apr 11, 2025
Pension RAUM · $6.8M to $9.2M
Nov 8, 2024 to Apr 11, 2025
RAUM · $3.2B to $3.8B
Nov 8, 2024 to Apr 11, 2025
HQ city · INDIANAPOLIS to CARMEL
Sep 30, 2024 to Nov 8, 2024
Accounts · 1,579 to 1,690
Dec 20, 2023 to Mar 28, 2024
Advisory employees · 37 to 36
Dec 20, 2023 to Mar 28, 2024
Charity clients · 46 to 41
Dec 20, 2023 to Mar 28, 2024
Corporate clients · 21 to 10
Dec 20, 2023 to Mar 28, 2024
HNW clients · 330 to 358
Dec 20, 2023 to Mar 28, 2024

Signals

8 dated events

3 advisors left Goelzer Investment Management (Carmel, IN) for Robert W. Baird & CO. Incorporated on the same day
May 12, 2026 · Team lift-out · derived
Donald Joseph Hutchinson left Goelzer Investment Management for Robert W. Baird & Co. Incorporated (registered 2026-04-16)
May 12, 2026 · Advisor changed firm · fact
Dean Paul Weseli left Goelzer Investment Management for Robert W. Baird & Co. Incorporated (registered 2026-04-16)
May 12, 2026 · Advisor changed firm · fact
Jeffrey Joseph Borgert left Goelzer Investment Management for Robert W. Baird & Co. Incorporated (registered 2026-04-16)
May 12, 2026 · Advisor changed firm · fact
Goelzer Investment Management reported 14 state-registered advisory representatives, down from 24 (2024-11-08 to 2025-04-11)
Apr 11, 2025 · Advisor headcount change · derived
Goelzer Investment Management reported RAUM $3.2B, up 34% from $2.4B (2023-12-20 to 2024-03-28)
Mar 28, 2024 · RAUM change · derived
Patrick J Martinak left Goelzer Investment Management for Renaissance Investment Management (registered 2026-01-01)
Jun 27, 2023 · Advisor changed firm · fact
Tracy Ann Colson left Goelzer Investment Management for Woodley Farra (registered 2025-02-10)
Apr 12, 2022 · Advisor changed firm · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Business email: info@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: htrotter@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: acrichardson@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: adeveau@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: broberts@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: bwatson@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: ccotterill@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: gmckinney@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: hradde@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: htilton@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: mcrowdus@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026
Business email: sgoelzer@goelzerinc.comreportedpublished by the firm, firm site, Sep 15, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
RAUM per advisor: $196Mderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026