# First Associated Investment Advisors, Inc.

> First Associated Investment Advisors, Inc. is an SEC-registered investment advisory firm in Duluth, MN, registered since 2002, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated June 16, 2026.

- CRD: 113086
- Filed as: FIRST ASSOCIATED INVESTMENT ADVISORS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Duluth, MN
- Filing period: October 2026
- Form ADV filing dated: June 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/113086
- AdvisorCensus page: https://advisorcensus.com/firm/first-associated-investment-advisors-inc-duluth-mn-113086

## Quick answers

**How is First Associated Investment Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), First Associated Investment Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management.

**Where is First Associated Investment Advisors, Inc. located?**
First Associated Investment Advisors, Inc.'s principal office is in Duluth, MN, according to its Form ADV.

**Is First Associated Investment Advisors, Inc. registered with the SEC or a state?**
First Associated Investment Advisors, Inc. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 113086.

**How much does First Associated Investment Advisors, Inc. manage?**
First Associated Investment Advisors, Inc. reports $93,144,375 in regulatory assets under management in its Form ADV filing dated June 16, 2026 (100% discretionary).

**How have First Associated Investment Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for First Associated Investment Advisors, Inc.: Regulatory assets under management: $36,101,290 in the October 2021 data and $93,144,375 in the October 2026 data, up 158%. Total employees: 3 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First Associated Investment Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does First Associated Investment Advisors, Inc. 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/113086

**What changed in First Associated Investment Advisors, Inc.'s recent Form ADV filings?**
In the July 2026 filing data: Regulatory assets under management went from $52,183,383 to $93,144,375 (+78%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $93,144,375
- Discretionary: $93,144,375
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $93,144,375 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2002 (24 years)
- Employees: 4 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $36,101,290 | 3 | July 13, 2021 |
| October 2022 | $37,359,535 | 3 | June 24, 2022 |
| October 2023 | $32,501,090 | 3 | June 21, 2023 |
| October 2024 | $41,083,434 | 3 | June 12, 2024 |
| October 2025 | $52,183,383 | 4 | June 26, 2025 |
| October 2026 | $93,144,375 | 4 | June 16, 2026 |

Regulatory assets under management: $36,101,290 in the October 2021 data and $93,144,375 in the October 2026 data, up 158%.
Total employees: 3 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Regulatory assets under management went from $52,183,383 to $93,144,375 (+78%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Associated Investment Advisors, Inc. (CRD 113086): Form ADV filing data as of October 2026.