# Segment Wealth Management

Segment Wealth Management is a Multi Family Office based in Houston, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Houston, United States
- **Region:** North America
- **Address:** 3040 Post Oak Boulevard, Suite 1725, Houston, TX 77056
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** segmentwm.com
- **LinkedIn:** https://www.linkedin.com/company/segment-wealth-management

## Regulatory record

- **CRD number:** 164877
- **SEC file number:** 801-77071
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-05-22T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/164877

## About

Segment Wealth Management is an SEC-registered investment adviser in Houston, TX, registered since 2012. The firm manages approximately $2.1 billion in regulatory assets. It has 12 employees and 5 investment advisers.

## People

- Gil Baumgarten — Founder
- Bill Enszer — President
- Ryan Farias — Senior Portfolio Manager
- Bridget Moore — Director of Family Office Services

## Questions

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

Founder Gil Baumgarten, President Bill Enszer, and Senior Portfolio Manager Ryan Farias collectively shape investment strategy. Baumgarten brings over 40 years of portfolio design experience, Farias holds the CFA charter and directly manages portfolio construction, and the firm operates as a fee-only fiduciary, meaning investment decisions are client-directed by mandate rather than broker-incentivized.

### How is Segment Wealth Management compensated?

Segment is a fee-only Registered Investment Advisor. It does not accept commissions, trailing fees, or product-placement revenue. The firm's revenue derives solely from client advisory fees, a structure it highlights to distinguish itself from brokerage-affiliated wealth managers where product sales can create conflicts.

### Does Segment Wealth Management invest in private markets or alternatives?

Segment's core portfolios are built primarily from ETFs, individual equities, and bonds. The firm's public commentary openly critiques private credit liquidity structures, and it does not market private-equity, venture-capital, or hedge-fund allocation capabilities. It focuses on liquid public-markets execution designed for tax efficiency.

### Does Segment Wealth Management accept institutional capital like pensions or endowments?

Segment explicitly lists non-profits as a client segment, often providing fee concessions or pro-bono services for those relationships. Its primary client base remains HNW and UHNW individuals, including corporate executives, entrepreneurs, and divorcees, rather than large pensions or sovereign funds.

### What is Gil Baumgarten's professional background before founding Segment?

Baumgarten spent multiple decades as a top producer at large Wall Street brokerage firms before breaking away in 2010. He has stated that he founded Segment to escape a system where product-incentive structures conflicted with client outcomes. His book FOOLISH: How Investors Get Worked Up and Worked Over by the System expands on this critique.

## Related profiles

- [Segittur](https://altss.com/profile/segittur)
- [Segnel Ventures](https://altss.com/profile/segnel-ventures)

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Last updated: 2026-07-06T01:24:25.220Z

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