{
  "crd_number": 44402,
  "slug": "goelzer-investment-management-carmel-in-44402",
  "primary_business_name": "GOELZER INVESTMENT MANAGEMENT",
  "legal_name": "GOELZER INVESTMENT MANAGEMENT, INC.",
  "dbas": [
    "GPRO SPORTS"
  ],
  "city": "Carmel",
  "state": "IN",
  "country": "United States",
  "cbsa_code": "26900",
  "metro": {
    "cbsa_code": "26900",
    "common_name": "Indianapolis",
    "msa_name": "Indianapolis-Carmel-Greenwood, IN",
    "path": "/advisors/in/indianapolis"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1998-06-30",
  "years_registered": 28,
  "period": "2026-10-01",
  "filing_date": "2026-07-01",
  "carried_forward": false,
  "raum_total": 4510923289.0,
  "raum_discretionary": 4311882599.0,
  "raum_non_discretionary": 199040690.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 34,
  "advisory_employees": 22,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 199040690.0,
      "count": 10,
      "description": "NON-DISCRETIONARY CLIENTS"
    },
    "charitable": {
      "raum": 1363690684.0,
      "count": 42
    },
    "individuals": {
      "raum": 109728407.0,
      "count": 173
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": null
    },
    "state_municipal": {
      "raum": 575180324.0,
      "count": 35
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": null
    },
    "investment_companies": {
      "raum": 0.0,
      "count": null
    },
    "pension_profit_sharing": {
      "raum": 9169647.0,
      "count": 12
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": null
    },
    "high_net_worth_individuals": {
      "raum": 2041371719.0,
      "count": 404
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": null
    },
    "corporations_other_businesses": {
      "raum": 212741818.0,
      "count": 19
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": null
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": null
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "educational_seminars",
    "financial_planning",
    "other",
    "pension_consulting",
    "periodicals_newsletters",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 1,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "DE",
    "FL",
    "GA",
    "IL",
    "IN",
    "KY",
    "MA",
    "MD",
    "MI",
    "NC",
    "NE",
    "NH",
    "OH",
    "SC",
    "TN",
    "TX",
    "WA"
  ],
  "websites": [
    "https://facebook.com/Goelzer-Investment-Management-522030094611618",
    "https://goelzerinc.com",
    "https://linkedin.com/company/goelzer-investment-management",
    "https://x.com/GoelzerInc"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/44402",
  "disclosure_items": [
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    }
  ],
  "city_as_filed": "CARMEL",
  "url": "https://advisorcensus.com/firm/goelzer-investment-management-carmel-in-44402",
  "display_name": "Goelzer Investment Management",
  "summary": "Goelzer Investment Management is an SEC-registered investment advisory firm in Carmel, IN, registered since 1998, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 1, 2026.",
  "citation": "AdvisorCensus. Goelzer Investment Management (CRD 44402): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)",
    "Publication of periodicals or newsletters",
    "Educational seminars/workshops",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is Goelzer Investment Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Goelzer Investment Management reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees)."
    },
    {
      "q": "What does Goelzer Investment Management's brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated July 1, 2026 states: Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Goelzer Investment Management located?",
      "a": "Goelzer Investment Management's principal office is in Carmel, IN, according to its Form ADV."
    },
    {
      "q": "Is Goelzer Investment Management registered with the SEC or a state?",
      "a": "Goelzer Investment Management is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 44402."
    },
    {
      "q": "How much does Goelzer Investment Management manage?",
      "a": "Goelzer Investment Management reports $4,510,923,289 in regulatory assets under management in its Form ADV filing dated July 1, 2026 (96% discretionary)."
    },
    {
      "q": "How have Goelzer Investment Management's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Goelzer Investment Management: Regulatory assets under management: $2,111,463,357 in the October 2021 data and $4,510,923,289 in the October 2026 data, up 114%. Total employees: 29 in October 2021 and 34 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Goelzer Investment Management serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (404); individuals (other than high net worth individuals) (173); charitable organizations (42)."
    },
    {
      "q": "Which custodians does Goelzer Investment Management use?",
      "a": "Goelzer Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Goelzer Investment Management report any disciplinary disclosures?",
      "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.C(4) (SEC or CFTC order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/44402"
    },
    {
      "q": "Does Goelzer Investment Management state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated July 1, 2026 says: \"Goelzer typically requires a minimum investment account size of $1,000,000. This minimum may be reduced at Goelzer’s discretion.\""
    },
    {
      "q": "What changed in Goelzer Investment Management's recent Form ADV filings?",
      "a": "In the April 2026 filing data: No longer lists the business name Gpro. Added the business name Gpro Sports. Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.C(4)). Employees performing advisory functions went from 28 to 22. Regulatory assets under management went from $3,846,550,007 to $4,510,923,289 (+17%). Registered or notice-filed in NH. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 2111463357.0,
      "total_employees": 29,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2415546706.0,
      "total_employees": 33,
      "filing_date": "2022-03-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 2360180745.0,
      "total_employees": 37,
      "filing_date": "2023-09-12"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 3159426779.0,
      "total_employees": 36,
      "filing_date": "2024-09-30"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 3846550007.0,
      "total_employees": 35,
      "filing_date": "2025-04-11"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 4510923289.0,
      "total_employees": 34,
      "filing_date": "2026-07-01"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "No longer lists the business name Gpro.",
        "Added the business name Gpro Sports.",
        "Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.C(4)).",
        "Employees performing advisory functions went from 28 to 22.",
        "Regulatory assets under management went from $3,846,550,007 to $4,510,923,289 (+17%).",
        "Registered or notice-filed in NH.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in NJ, NY."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Registered or notice-filed in KY, NC."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated July 1, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.5% to 1.5% a year",
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "For Goelzer’s private clients, advisory fees are generally charged according to a standard fee schedule, with fees ranging from approximately .5% to 1.5% of assets under management and a standard annual minimum fee of $10,000."
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Goelzer typically requires a minimum investment account size of $1,000,000. This minimum may be reduced at Goelzer’s discretion."
        ]
      }
    ],
    "quotes": [
      "For Goelzer’s private clients, advisory fees are generally charged according to a standard fee schedule, with fees ranging from approximately .5% to 1.5% of assets under management and a standard annual minimum fee of $10,000.",
      "Goelzer typically requires a minimum investment account size of $1,000,000. This minimum may be reduced at Goelzer’s discretion."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "National Financial Services LLC",
      "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/goelzer-investment-management-carmel-in-44402.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 173,
      "fewer_than_5": false,
      "raum": 109728407.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 404,
      "fewer_than_5": false,
      "raum": 2041371719.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 12,
      "fewer_than_5": false,
      "raum": 9169647.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 42,
      "fewer_than_5": false,
      "raum": 1363690684.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 35,
      "fewer_than_5": false,
      "raum": 575180324.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 19,
      "fewer_than_5": false,
      "raum": 212741818.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 10,
      "fewer_than_5": false,
      "raum": 199040690.0
    }
  ],
  "disclosure_line": "Reports 1 disclosure item on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/44402",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}