Wealth manager, independent · Cambridge, MN
EFS Advisors
EFS Advisors LLC · SEC-registered investment adviser · CRD 115211 · SEC 801-62857
At a glance
EFS Advisors is an SEC-registered investment adviser based in Cambridge, Minnesota, with $2.4B in regulatory assets under management as of its Form ADV filed March 3, 2026. It reports 21,660 individual clients, 0 of them high-net-worth, holding an average of about $0.1 million each, and 59 employees. That ranks it 469th among the nation’s 5,657 independent wealth management RIAs and 13th of 140 in Minnesota. It reports Charles Schwab as the custodian for its clients’ separately managed accounts.
Main office 763-689-9023efsadvisors.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $2.4B
- Rank among independent wealth managers
- #469 of 5,657
- Rank among all SEC RIAs
- #3,261 of 17,210
- Rank in Minnesota
- #13 of 140
- Individual clients
- 21,660
- High-net-worth clients
- 0
- Accounts
- 29,438
- Discretionary
- 92% of AUM
- Employees
- 59
- Advisory staff
- 52
- Offices
- 26
Owners and executives on its Form ADV
- Kent D. SchuttePresident
- Dorothy S. FullerCOO
- Lynn M SchutteVice President
- Ellie J. KillianCCO
Custody and brokerage
Broker-dealer
Hybrid RIA
EFS Advisors is a hybrid RIA: 59 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Advanced Advisor Group, LLC.
- Advanced Advisor Group, LLC ↗CRD 140393
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 21,660 | $2.3B | 97% |
| Pension and profit sharing plans | 24 | $60M | 2% |
| Insurance companies | 1 | $5M | <1% |
| Corporations or other businesses | 6 | $3M | <1% |
| Charitable organizations | 9 | $1M | <1% |
| State or municipal government entities | 1 | $0M | <1% |
Disciplinary disclosures
EFS Advisors answers yes to 3 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Pension consulting
- Periodicals or newsletters
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Hourly charges
Form ADV and brochures on the SEC’s adviser search ↗efsadvisors.com ↗
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The full record on EFS Advisors
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 1,672 peers of its type and size
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- Owners and executives, with titles and stakes
- 4 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Minnesota
All of Minnesota →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Tradition Wealth Management LLCEdina | $2.6B | 2,155 |
| Compass Capital Management IncMinneapolis | $2.6B | 379 |
| Stonebridge Capital Advisors LLCSt. Paul | $2.5B | 1,609 |
| Punch & Associates Investment Management, Inc.Edina | $2.0B | 541 |
| Jnba Financial Advisors, LLCBloomington | $2.0B | 1,105 |
| Silveroak Wealth Management LLCEdina | $2.0B | 444 |
Background
Questions
How much does EFS Advisors manage?
EFS Advisors reports $2.4B in regulatory assets under management across 29,438 accounts, 92% of it on a discretionary basis, on its Form ADV filed March 3, 2026.
How many clients does EFS Advisors have?
It reports 21,660 individual clients: 0 high-net-worth individuals and 21,660 other individuals. Individuals account for about 97% of its regulatory assets.
Where is EFS Advisors headquartered?
Its main office is in Cambridge, Minnesota. It reports 26 offices in total and 59 employees, 52 of whom perform investment advisory functions.
How does EFS Advisors charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does EFS Advisors use?
It reports Charles Schwab as the custodian for its clients’ separately managed accounts. On Schedule D of its Form ADV filed March 3, 2026, it reports these amounts held: Charles Schwab ($2.4B). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is EFS Advisors a hybrid RIA with a broker-dealer?
EFS Advisors is a hybrid RIA: 59 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Advanced Advisor Group, LLC. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is EFS Advisors a fiduciary?
As an SEC-registered investment adviser, EFS Advisors owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 59 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is EFS Advisors’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-03), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →