# Excelsior Investors

> Excelsior Investors is an SEC-registered investment advisory firm in Excelsior, MN, registered since 2000, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated January 23, 2026.

- CRD: 108048
- Filed as: EXCELSIOR INVESTORS
- Legal name: Intelligent Financial Strategies, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Excelsior, MN
- Filing period: October 2026
- Form ADV filing dated: January 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108048
- AdvisorCensus page: https://advisorcensus.com/firm/excelsior-investors-excelsior-mn-108048

## Quick answers

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

**How much does Excelsior Investors charge?**
Its Form ADV Part 2A brochure dated January 22, 2026 states: Up to $2,000,000: 1% a year; Above $2,000,000: 0.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Excelsior Investors located?**
Excelsior Investors' principal office is in Excelsior, MN, according to its Form ADV.

**Is Excelsior Investors registered with the SEC or a state?**
Excelsior Investors is an SEC-registered investment advisory firm, registered since 2000. Status as filed: Approved. CRD 108048.

**How much does Excelsior Investors manage?**
Excelsior Investors reports $241,994,381 in regulatory assets under management in its Form ADV filing dated January 23, 2026 (100% discretionary).

**How have Excelsior Investors' assets and staff changed since 2021?**
In the Form ADV data for Excelsior Investors: Regulatory assets under management: $149,829,538 in the October 2021 data and $241,994,381 in the October 2026 data, up 62%. Total employees: 2 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Excelsior Investors serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (72); individuals (other than high net worth individuals) (33).

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

**Does Excelsior Investors 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/108048

**Does Excelsior Investors state an account minimum?**
Its Form ADV Part 2A brochure dated January 22, 2026 says: "Registrant generally imposes an account minimum of $750,000 for investment advisory services. However, Registrant, in its sole discretion, may charge a lesser investment management fee based upon certain criteria"

**What changed in Excelsior Investors' recent Form ADV filings?**
In the February 2026 filing data: Regulatory assets under management went from $219,176,341 to $241,994,381 (+10%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated January 22, 2026)

- Up to $2,000,000: 1% a year
- Above $2,000,000: 0.5% a year

> Assets Under Management Annual Fee (%) On the first $2,000,000 1.00% Amounts over $2,000,000 0.50%

- Account minimum: $750,000

> Registrant generally imposes an account minimum of $750,000 for investment advisory services. However, Registrant, in its sole discretion, may charge a lesser investment management fee based upon certain criteria

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.
- National Financial Services 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: $241,994,381
- Discretionary: $241,994,381
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 33 | $18,148,143 |
| High net worth individuals | 72 | $221,010,400 |
| Charitable organizations | Fewer than 5 | $2,835,838 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2000 (26 years)
- Employees: 2 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- excelsiorinvestors.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $149,829,538 | 2 | January 20, 2021 |
| October 2022 | $175,639,369 | 2 | January 24, 2022 |
| October 2023 | $160,486,307 | 2 | February 15, 2023 |
| October 2024 | $181,923,257 | 2 | September 26, 2024 |
| October 2025 | $219,176,341 | 2 | February 5, 2025 |
| October 2026 | $241,994,381 | 2 | January 23, 2026 |

Regulatory assets under management: $149,829,538 in the October 2021 data and $241,994,381 in the October 2026 data, up 62%.
Total employees: 2 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Regulatory assets under management went from $219,176,341 to $241,994,381 (+10%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Excelsior Investors (CRD 108048): Form ADV filing data as of October 2026.