# Ehlers

> Ehlers is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2009, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 28, 2026.

- CRD: 146385
- Filed as: EHLERS
- Legal name: Ehlers Investment Partners, LLC
- Also doing business as: EHLERS INVESTMENT PARTNERS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: September 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/146385
- AdvisorCensus page: https://advisorcensus.com/firm/ehlers-minneapolis-mn-146385

## Quick answers

**How is Ehlers compensated?**
On its Form ADV (Item 5.E, October 2026), Ehlers reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**How much does Ehlers charge?**
Its Form ADV Part 2A brochure dated September 29, 2025 states: Hourly rate: $300 an hour (consulting services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Ehlers located?**
Ehlers' principal office is in Minneapolis, MN, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Ehlers registered with the SEC or a state?**
Ehlers is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 146385.

**How much does Ehlers manage?**
Ehlers reports $3,589,670,157 in regulatory assets under management in its Form ADV filing dated September 28, 2026 (19% discretionary).

**How have Ehlers' assets and staff changed since 2021?**
In the Form ADV data for Ehlers: Regulatory assets under management: $1,814,022,656 in the October 2021 data and $3,589,670,157 in the October 2026 data, up 98%. Total employees: 11 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ehlers serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (300).

**Which custodians does Ehlers use?**
Ehlers' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing LLC and U.S. Bancorp Investments, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Ehlers report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/146385

**Does Ehlers state an account minimum?**
Its Form ADV Part 2A brochure dated September 29, 2025 says: "EIP does not impose a minimum dollar value of assets for starting or maintaining an account."

**What changed in Ehlers' recent Form ADV filings?**
In the September 2026 filing data: Employees performing advisory functions went from 5 to 6. Regulatory assets under management went from $3,173,440,473 to $3,589,670,157 (+13%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated September 29, 2025)

- Account minimum: None

> EIP does not impose a minimum dollar value of assets for starting or maintaining an account.

- Hourly rate: $300 an hour (consulting services)

> EIP charges a flat fee or hourly fee, typically $300 per hour for consulting services. Fees are payable when invoiced.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Pershing LLC
- U.S. Bancorp Investments, Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $3,589,670,157
- Discretionary: $688,397,821
- Non-discretionary: $2,901,272,336

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| State or municipal government entities (including government pension plans) | 300 | $3,573,930,457 |
| Corporations or other businesses not listed above | Fewer than 5 | $15,739,700 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Educational seminars/workshops
- Other

### Firm details
- Registered since: 2009 (17 years)
- Employees: 13 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, IL, KS, MN, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Waukesha, WI

### Websites listed on Form ADV (Item 1.I)
- ehlers-inc.com
- LinkedIn @ehlers
- YouTube @EhlersInc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,814,022,656 | 11 | September 27, 2021 |
| October 2022 | $1,991,654,352 | 7 | September 21, 2022 |
| October 2023 | $2,344,886,943 | 9 | August 17, 2023 |
| October 2024 | $2,735,110,703 | 10 | September 4, 2024 |
| October 2025 | $2,735,110,703 | 13 | July 15, 2025 |
| October 2026 | $3,589,670,157 | 13 | September 28, 2026 |

Regulatory assets under management: $1,814,022,656 in the October 2021 data and $3,589,670,157 in the October 2026 data, up 98%.
Total employees: 11 in October 2021 and 13 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Employees performing advisory functions went from 5 to 6.
- Regulatory assets under management went from $3,173,440,473 to $3,589,670,157 (+13%).
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Regulatory assets under management went from $2,735,110,703 to $3,173,440,473 (+16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ehlers (CRD 146385): Form ADV filing data as of October 2026.