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Norwood Economics
Norwood Economics was established in 2013 by Christopher Norwood, who previously served as CIO of Thunderbird Management, where he earned recognition in...
Norwood Economics
Norwood Economics was established in 2013 by Christopher Norwood, who previously served as CIO of Thunderbird Management, where he earned recognition in Barron's as a top alternative fund manager for his work on the Keystone Fund. The firm operates from a single office in Fishers, Indiana, serving high-income business owners — including healthcare professionals, attorneys, and closely held family businesses — through retirement plan design and personal wealth management. The firm's strategy rests on two distinct but interrelated practices: employer-sponsored retirement plan advisory and active wealth management. On the retirement side, Norwood designs 401(k) plans, cash balance plans, and defined benefit structures, typically customizing them to pass ERISA nondiscrimination testing while directing profits toward key employees. On the wealth management side, the team favors low-cost index funds, ETFs, and individual stocks purchased when they go on sale — a value-oriented equity posture informed by Norwood's small-cap fund management background. The geographic footprint is concentrated domestically, with client relationships centered in the Midwest. Norwood Economics' advisory team includes Jan Kelly, Vice President of Retirement Plans, who spent 17 years co-running a healthcare company before joining the firm, and Tony Flack, Director of Retirement Plans, a former retirement plan wholesaler and investment consultant. The firm promotes a fee-only, no-commission structure and cites partnerships with top custodians to hold client assets, though it does not disclose aggregate AUM or total plan assets under advisement. Structurally, the firm operates as a Registered Investment Advisor without a broker-dealer affiliation, which eliminates commission-based conflicts. The advisory model is anchored by a former fund manager leading the investment strategy, a departure from the check-size-driven wealth industry where portfolio design is often outsourced or automated. Norwood keeps portfolio management in-house and positions complimentary 401(k) reviews as the primary client acquisition channel.
General information
Firm type
Bank / Wealth / Trust
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Fishers
Corporate office
14074 Trade Center Dr, Suite 212, Fishers, IN 46038, United States
Principals
Chris Norwood
Chief Financial Strategist
Jan Kelly
Vice President, Retirement Plans
Tony Flack
Director, Retirement Plans
Sector focus
Frequently asked questions
What investment philosophy drives Norwood's equity strategy?
The portfolio approach is value-conscious and active. The firm states it buys good companies when they go on sale, a philosophy carried over from Chris Norwood's tenure as a small-cap value fund manager at Thunderbird Management, where his performance was recognized by Barron's. Portfolios typically blend low-cost index funds, ETFs, and individual stocks selected through in-house research.
How does Norwood Economics source new retirement plan clients?
The primary funnel is a free independent review of an employer's existing 401(k) plan. Norwood analyzes current fee structures — which it notes are often difficult for plan sponsors to identify — and proposes alternatives aligned with the sponsor's goals. This consultative diagnostic replaces traditional commissioned sales as the entry point.
What is a cash balance plan, and why is it central to Norwood's offering?
A cash balance plan is a type of defined benefit plan that allows contribution limits three to four times higher than those of traditional 401(k) plans. Norwood specializes in designing these plans for high-income business owners — physicians, attorneys, and small family businesses — targeting specific employee groups rather than the entire workforce, which generates substantial annual tax savings and accelerated retirement accumulation.
How does Norwood handle conflicts of interest?
The firm operates as a fee-only Registered Investment Advisor. It discloses a no-commission, no-hidden-fees structure and states that it does not receive sales-based compensation. Client assets are held with third-party custodians, maintaining separation between advice and custody.
What is Chris Norwood's professional background before founding the firm?
Chris Norwood is a former U.S. Air Force pilot and officer who served for 16 years, including combat in Southwest Asia. After transitioning to finance, he became CIO of Thunderbird Management — the general partner of the Keystone Fund — where he specialized in small-cap value stocks and was named a top alternative fund manager by Barron's. He later served as Chief Market Strategist at Wallington Asset Management and taught economics as an adjunct professor at Butler University.
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