# Excel Financial, LLC

> Excel Financial, LLC is an SEC-registered investment advisory firm in Red Wing, MN, registered since 2016, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated October 1, 2026.

- CRD: 145301
- Filed as: EXCEL FINANCIAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Red Wing, MN
- Filing period: October 2026
- Form ADV filing dated: October 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/145301
- AdvisorCensus page: https://advisorcensus.com/firm/excel-financial-llc-red-wing-mn-145301

## Quick answers

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

**How much does Excel Financial, LLC charge?**
Its Form ADV Part 2A brochure dated February 5, 2026 states: Hourly rate: $250 an hour (Financial Planning Services); Flat fee: $500 to $10,000 (Financial Planning Services); Flat fee: $2,000 to $10,000 a year (plan committee advisory services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Excel Financial, LLC located?**
Excel Financial, LLC's principal office is in Red Wing, MN, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Excel Financial, LLC registered with the SEC or a state?**
Excel Financial, LLC is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 145301.

**How much does Excel Financial, LLC manage?**
Excel Financial, LLC reports $404,464,714 in regulatory assets under management in its Form ADV filing dated October 1, 2026 (86% discretionary).

**How have Excel Financial, LLC's assets and staff changed since 2021?**
In the Form ADV data for Excel Financial, LLC: Regulatory assets under management: $214,677,026 in the October 2021 data and $404,464,714 in the October 2026 data, up 88%. Total employees: 7 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Excel Financial, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (309); high net worth individuals (83); pension and profit sharing plans (but not the plan participants or government pension plans) (20).

**Which custodians does Excel Financial, LLC use?**
Excel Financial, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Fidelity Distributors Company LLC as custodians holding 10% or more of its separately managed account assets.

**Does Excel Financial, LLC 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/145301

**Does Excel Financial, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated February 5, 2026 says: "Excel does not require a minimum to open an account."

**What changed in Excel Financial, LLC's recent Form ADV filings?**
In the October 2026 filing data: Employees performing advisory functions went from 7 to 5.

## 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 February 5, 2026)

- Account minimum: None

> Excel does not require a minimum to open an account.

- Hourly rate: $250 an hour (Financial Planning Services)

> Financial Planning Services are offered based on an hourly fee of $250 per hour.

- Flat fee: $500 to $10,000 (Financial Planning Services)

> Financial Planning Services are offered based on a flat fee between $500 and $10,000.

- Flat fee: $2,000 to $10,000 a year (plan committee advisory services)

> BASE FEE – This is a fixed fee covering plan committee advisory services and will normally range from $2,000 to $10,000 per year, depending upon plan requirements.

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Distributors Company LLC

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: $404,464,714
- Discretionary: $348,390,973
- Non-discretionary: $56,073,741

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 309 | $82,717,843 |
| High net worth individuals | 83 | $200,923,271 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 20 | $117,230,603 |
| Charitable organizations | 2 | $3,380,879 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 2 | $212,118 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2016 (10 years)
- Employees: 9 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, FL, 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 September 2026 filing
- Hastings, MN

### Websites listed on Form ADV (Item 1.I)
- excelfinancialonline.com
- excelfinllc.com
- LinkedIn @EXCEL-FINANCIAL-LLC
- LinkedIn @brent-l-urbach-3280ba1
- LinkedIn @jim-loquai-9303109
- LinkedIn @johnloquaiexcelfinancial
- LinkedIn @mikespangleradvisor

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $214,677,026 | 7 | July 15, 2021 |
| October 2022 | $257,356,151 | 7 | July 14, 2022 |
| October 2023 | $258,306,296 | 6 | August 4, 2023 |
| October 2024 | $319,505,969 | 6 | July 11, 2024 |
| October 2025 | $333,483,495 | 6 | March 10, 2025 |
| October 2026 | $404,464,714 | 9 | October 1, 2026 |

Regulatory assets under management: $214,677,026 in the October 2021 data and $404,464,714 in the October 2026 data, up 88%.
Total employees: 7 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Employees performing advisory functions went from 7 to 5.

### June 2026
- Employees performing advisory functions went from 6 to 7.

### February 2026
- Regulatory assets under management went from $333,483,495 to $404,464,713 (+21%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Excel Financial, LLC (CRD 145301): Form ADV filing data as of October 2026.