Elm Wealth

What Elm Wealth does

Elm Wealth is a Philadelphia-based, SEC-registered investment adviser founded in 2011 by Victor Haghani, co-founder of Long-Term Capital Management. The firm manages nearly $2 billion in assets for over 400 high-net-worth families through its proprietary Dynamic Index Investing® methodology, a rules-based system that combines a personalized strategic asset allocation with value and momentum overlays to dynamically adjust equity exposure based on expected returns and market risk levels. The core product suite includes US Separately Managed Accounts with a $2 million minimum held at Fidelity, Schwab, and JPMorgan; the Elm Market Navigator ETF (NYSE: ELM) launched in February 2025 with $362 million in initial assets; a Cayman-domiciled private fund for non-US investors; and a $5,000 flat-fee ELISA (Elm Lifetime Investing & Spending Analysis) service applying utility-maximization frameworks to lifetime financial planning.

The business model is recurring AUM-based, with a 0.12% SMA management fee layered on top of approximately 0.05% weighted-average ETF expense ratios (all-in cost ~0.17%) and a 0.24% expense ratio on the ETF. Go-to-market is content-led and sales-supported, driven by an extensive research publication library, podcast appearances by the founder, interactive educational tools (Crystal Ball and Coin Flip challenges), and a 2023 Wiley-published book. Supporting the core offerings, Elm has built an ecosystem of interactive portfolio configuration tools and tax optimization calculators. The firm operates with 1-10 employees and has scaled without external venture funding, with founders and team members investing their personal wealth through the firm's own strategies to align client and principal interests.

Name

Elm Wealth

Legal name

Elm Partners Management, LLC

Website

https://elmwealth.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Elm Wealth is a Philadelphia-based registered investment adviser managing nearly $2 billion for 400+ HNW families via its proprietary Dynamic Index Investing® methodology, delivered through SMAs, the NYSE-listed ELM ETF, and a private fund for non-US investors.

Ownership category

akta.pro rank

Product category

Investment Advisory & Wealth Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE)

akta.pro secondary industries

Philanthropy & Foundations Advisory (Donor-Advised Funds, Endowments) (FSAAABAH), Investor Education, Research & Portfolio Analytics Services (Retail) (FSAAAAAO)

Keywords

• Wealth management
• Dynamic index investing
• Separately managed accounts
• Investment advisory
• Portfolio management

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Separately Managed Account (SMA) Management Fees: Elm Wealth charges 0.12% annual management fee on assets under management in separately managed accounts held at Fidelity, Schwab, and JPMorgan. This is a recurring revenue stream based on AUM. The fee structure is transparent and flat across all client asset levels, with no tiered pricing.
2. ETF Management Fees: The Elm Market Navigator ETF (NYSE: ELM) launched with $362 million in assets and carries a 0.24% expense ratio, generating recurring revenue based on ETF AUM.
3. ELISA Service Fee: Elm Lifetime Investing & Spending Analysis (ELISA) service charged at a flat $5,000, providing prescriptive financial planning analysis using their utility maximization framework.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Elm Wealth is a registered investment adviser that manages portfolios for high-net-worth investors using Dynamic Index Investing®, combining a strategic baseline allocation with dynamic value and momentum overlays that adjust equity exposure to expected returns and market risk. It offers Separately Managed Accounts at Fidelity, Schwab, and JPMorgan, the Elm Market Navigator ETF on the NYSE, a Cayman-domiciled private fund for non-US investors, and the ELISA prescriptive lifetime investing and spending analysis service.

Product overview

Elm Wealth operates as a registered investment adviser offering Dynamic Index Investing®, a rules-based portfolio management approach that combines the simplicity of passive index investing with responsive active management. The core offerings include Separately Managed Accounts (SMA) for US investors with a $2 million minimum, the Elm Market Navigator ETF (NYSE: ELM) launched in February 2025 with $362 million in assets, and a private fund for non-US investors. The investment methodology dynamically adjusts equity exposure based on expected returns and market risk levels using value and momentum overlays. Supporting the core products, Elm provides educational tools including the Coin Flip Challenge, Crystal Ball Challenge, Portfolio Allocation Viewer, and Portfolio Settings App. Tax optimization is addressed through a suite of calculators (Roth Conversion, Position Selldown, Realization Timing, IRA Location). The company also publishes research through whitepapers, the book 'The Missing Billionaires' (Wiley 2023), and regular podcast appearances.

Differentiator

Problem solved

Functional benefit

Brands

• Elm Market Navigator ETF: Exchange-traded fund (NYSE: ELM) implementing Dynamic Index Investing strategy with 75% global equities and 25% fixed income allocation, 0.24% expense ratio.

Products and services

• Elm Separately Managed Accounts (SMA) Personalized Separately Managed Accounts using Dynamic Index Investing® for US high-net-worth investors, held at Fidelity, Schwab, or JPMorgan with a $2MM minimum investment. Portfolios are systematically rebalanced and feature automated tax-loss harvesting, with a flat 0.12% annual management fee.
• Elm Market Navigator ETF (NYSE: ELM) Exchange-traded fund on the NYSE implementing the Dynamic Index Investing® strategy, typically allocating 75% to global equities and 25% to fixed income with dynamic adjustments. Carries a 0.24% expense ratio and provides tax-efficient, lower-minimum access to Elm's methodology.
• Elm Partners Portfolio LTD (Private Fund) Cayman-domiciled private fund for eligible non-US investors seeking access to Elm's Dynamic Index Investing strategy, with a $2MM minimum investment (waivable case by case) and assets held at JPMorgan, Interactive Brokers, and Fidelity.
• Elm Lifetime Investing & Spending Analysis (ELISA) Prescriptive financial planning analysis applying Elm's utility maximization framework to determine optimal investment risk levels and proportional lifetime spending rates. Delivered for a flat $5,000 fee via questionnaire, preliminary write-up, consultation call, and follow-up iterations.

Quantifiable outcome

• Professional macro traders achieved average ending wealth of $2.3 million vs $1MM starting balance in Crystal Ball trading challenge
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• Fidelity InvestmentscoreOthersFidelity serves as one of three primary custodians for Elm Wealth's Separately Managed Accounts. Provides clearing, custody, and brokerage services. Commission-free trading available to Elm clients through Fidelity platform. Also serves as custodian for the private fund for non-US investors.
• SchwabcoreOthersSchwab serves as one of three primary custodians for Elm Wealth's Separately Managed Accounts. Provides custody and brokerage services with commission-free trading available to Elm clients.
• JPMorgan ChasecoreOthersJPMorgan serves as both a custodian for Separately Managed Accounts and holds assets for Elm's private fund for non-US investors. Provides institutional-grade custody services.
• Interactive BrokerscoreOthersInteractive Brokers serves as a custodian for Elm's private fund for non-US investors, providing international brokerage and custody services.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dimensional Fund Advisors: Dimensional runs systematic, factor-driven (value, size, profitability) global equity and fixed-income strategies delivered through advised channels — closely comparable to Elm's rule-based, evidence-driven approach targeting financial-advisor-served HNW investors.
• AQR Capital Management: AQR is a quantitative manager whose value, momentum, and multi-asset offerings (e.g., Style Premia, All-Weather) mirror Elm's value and momentum overlay layer and global multi-asset allocation, with overlap in systematic methodology and HNW/retail access products.
• GMO (Grantham, Mayo, Van Otterloo & Co.): GMO runs fundamentally driven, valuation-tilted multi-asset strategies for institutional and wealthy clients; comparable to Elm's emphasis on expected-return-driven equity scaling and global multi-asset exposures.
• Research Affiliates: Research Affiliates' RAFI fundamental-weight strategies and smart-beta research closely parallel Elm's rules-based, academically grounded methodology aimed at outperforming cap-weighted indices.
• Wealthfront: Wealthfront is a digital wealth manager offering automated, low-fee multi-asset portfolios with tax-loss harvesting — comparable in low-cost, systematic, global multi-asset DNA, though at a much lower minimum and broader audience than Elm.
• Betterment: Betterment is a robo-advisor providing diversified ETF portfolios with tax-efficient rebalancing; comparable to Elm in multi-asset ETF-based management but targets mass affluent rather than HNW families.
• Empower Personal Dashboard (formerly Personal Capital): Empower's wealth-management arm (built on Personal Capital) serves HNW clients with tech-enabled portfolio management, holistic financial planning, and fee-based advisory — comparable in targeting sophisticated HNW families with a planning-rich value proposition.

Broad incumbents

• Fisher Investments: Fisher is a large active-investment-focused wealth manager targeting HNW clients, comparable to Elm in customer segment and personalization but uses discretionary active management rather than Elm's systematic indexing approach.
• Vanguard Personal Advisor: Vanguard's hybrid robo-advisor service layers advisor guidance onto low-cost passive multi-asset portfolios — the most direct large-scale incumbent competitor to Elm's low-fee, index-based, advisor-augmented offering.
• Bridgewater Associates (All Weather): Bridgewater's All Weather strategy is the canonical risk-parity, dynamically rebalanced global multi-asset portfolio — conceptually adjacent to Elm's dynamic value/momentum scaling of equity exposure in a multi-asset baseline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/elm-wealth

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elm Wealth