# Annex Wealth Management

Annex Wealth Management is a Multi Family Office based in Brookfield, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Brookfield, United States
- **Region:** North America
- **Address:** Brookfield, WI, United States
- **Assets under management:** $5B - $10B (Altss estimate)
- **Website:** annexwealth.wistia.com
- **LinkedIn:** https://www.linkedin.com/company/annex-wealth-management

## Regulatory record

- **CRD number:** 127987
- **SEC file number:** 801-63505
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-04-17T00:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/127987

## About

Majority owner and CEO Dave Spano anchors Annex Wealth Management, with COO Steven Dryer holding a minority stake. The firm operates from Brookfield, Wisconsin, and runs nine offices across the Upper Midwest and Florida. Its client base is built on families and individuals seeking fiduciary oversight, with an emphasis on financial planning and multi-generational estate strategies. Annex deploys capital across private credit, private equity, real estate, and fund-of-fund structures, blending direct allocations with philanthropic and mission-related investing. The firm integrates a centralized research team led by Director of Research Matthew Morzy to inform portfolio construction. Its geographic concentration remains North America, with investments often sourced and structured through its own advisor network. The firm also maintains the Annex Charitable Foundation for donor-advised and philanthropic activities. The firm's nine-office footprint includes locations in Brookfield, Milwaukee, Appleton, Delafield, Mequon, Madison, Whitefish Bay, Libertyville, and Naples. Brian Jacobsen serves as Chief Economist, co-hosting the firm's market commentary podcast, and CFO Kristin Reilly joined the leadership team in 2023. Brandon Lehman directs Annex Private Client, a unit focused on high-net-worth service delivery, while Estate Planning Attorney Alec Durand adds in-house legal capabilities. Annex's structural distinction lies in its combination of majority ownership concentration with a multi-office RIA-style distribution model — a format that centralizes investment strategy under Spano while replicating local advisory hubs. The firm uses educational content, university partnerships with the University of Wisconsin, and in-house legal and planning specialists to nurture client relationships rather than relying on external referral pipelines.

## Sectors

- Private Credit
- Private Equity
- Real Estate
- Philanthropic / Mission-Related Investing
- Fund of Funds

## Offices

- Milwaukee, WI
- Appleton, WI
- Delafield, WI
- Mequon, WI
- Madison, WI
- Naples, FL
- Libertyville, IL
- Whitefish Bay, WI

## People

- Dave J. Spano — CEO & Majority Owner
- Steven James Dryer — COO & Minority Owner
- Kristin Reilly — Chief Financial Officer
- Brian Jacobsen — Chief Economist
- Brandon Lehman — Director of Annex Private Client
- Matthew Morzy — Director of Research

## Questions

### Who runs investment decisions at Annex Wealth Management?

CEO and majority owner Dave J. Spano holds ultimate strategic authority, while Matthew Morzy serves as Director of Research, overseeing portfolio construction and due diligence. Brian Jacobsen, as Chief Economist, provides macroeconomic context that shapes the firm's asset allocation views. The structure centralizes investment decision-making under this small leadership group.

### Does Annex participate in fund commitments or only direct deals?

Annex uses fund-of-funds structures and also deploys capital directly into private credit, private equity, and real estate. The firm's approach allows it to blend manager selection with co-investment and direct opportunities. Philanthropic and mission-related allocations add a further layer to its deployment strategy.

## Related profiles

- [Financière Dioclès](https://altss.com/profile/financiere-diocles-family-office)
- [Turim Family Office & Investment Management](https://altss.com/profile/turim-family-office-and-investment-management)

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Last updated: 2026-07-06T01:24:11.342Z

Canonical page: https://altss.com/profile/annexwealthmanagement

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