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Empirical Wealth Management
Kenneth Smith's employee-owned RIA reports $9B+ in assets, integrating portfolio management with tax, estate, and planning for 2,200+ wealthy clients.
Empirical Wealth Management
Empirical Wealth Management launched in 2006, founded by CEO Kenneth R. Smith. The firm operates as an employee-owned, fee-only fiduciary registered investment adviser, serving 2,200-plus high-net-worth clients from a national footprint of 18 offices. The firm's approach wraps portfolio management inside a broader financial-planning and tax-strategy framework rather than selling standalone investment products. Empirical constructs portfolios across public equities, fixed income, and alternative investments, applying what it calls a goals-based return methodology. This framework sets asset-allocation and risk targets according to each client's after-tax objectives, liquidity needs, and estate-planning constraints. The firm supplements core investment management with in-house tax-strategy, estate-planning, insurance-evaluation, and real-estate advisory capabilities, delivered by a cross-disciplinary team assigned to each client. The firm reports more than $9 billion under management as of April 2026, spanning 2,200-plus client relationships and 18 offices nationally, with average adviser experience exceeding 20 years. The group maintains a client-retention rate of 97 percent year-to-date. Empirical was recognized as an RIA Edge award recipient in 2025, and pays a licensing fee for use of the designation. Empirical's employee-ownership structure is a genuine governance differentiator within the RIA landscape. The firm is not owned by a consolidator, private-equity backer, or founding family — the equity sits with the professionals delivering advice, aligning long-term succession incentives with client retention and multi-generational planning mandates.
General information
Firm type
Private Equity
Year founded
2006
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Seattle
Corporate office
Seattle, WA, United States
Principals
Kenneth R. Smith
Chief Executive Officer | Principal
Frequently asked questions
Who runs investment decisions at Empirical Wealth Management?
CEO Kenneth R. Smith oversees the firm's strategic direction and investment philosophy. Empirical employs a multi-disciplinary team structure for each client, where portfolio construction is coordinated alongside in-house tax, estate, and insurance specialists. The firm does not publicly name a standalone chief investment officer.
Is Empirical Wealth Management structured as a family office or a traditional RIA?
Empirical operates as a registered investment adviser (RIA), not a family office. It serves 2,200-plus high-net-worth individuals and families rather than a single fortune. The firm describes itself as an independent, employee-owned fiduciary.
What investment approach does Empirical use?
Empirical applies a goals-based return framework that considers client-specific factors including income requirements, tax brackets, projected fees, inflation scenarios, risk tolerance, liquidity needs, and estate-planning objectives. The approach uses multi-asset public and private market allocations calibrated to those individual targets rather than benchmark-relative performance.
How does Empirical source and construct client portfolios?
The firm assigns a cross-disciplinary team — combining investment, tax, estate, insurance, and real-estate specialists — to each client relationship. Portfolios draw from public equities, fixed income, alternatives, and related planning levers, with decisions shaped by the in-house team's collaborative review rather than third-party model portfolios.
Does Empirical participate in private equity or venture fund commitments?
The firm's public disclosures reference alternative investments within its portfolios but do not detail specific fund structures, direct deal activity, or co-investment programs. Its core identity is a wealth-management and planning platform rather than a dedicated private-markets investor.
What is the ownership structure of Empirical Wealth Management?
Empirical is employee-owned. The equity resides with the professionals inside the firm rather than external private-equity investors, consolidator platforms, or a founding family. This structure is designed to align adviser retention and long-term client outcomes.
Does Empirical maintain separate philanthropic or trust-administration entities?
The firm integrates estate-planning services and mentions multi-generational legacy planning, but it does not publicly disclose separate trust companies, foundations, or dedicated philanthropic vehicles operating alongside the core RIA.
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