# Heartland Advisors, Inc. > Heartland Advisors, Inc. is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1983, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated February 26, 2026. - CRD: 29433 - Filed as: HEARTLAND ADVISORS, INC. - Registration: SEC-registered investment adviser (status as filed: Approved) - Location: Milwaukee, WI - Filing period: October 2026 - Form ADV filing dated: February 26, 2026 - SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/29433 - AdvisorCensus page: https://advisorcensus.com/firm/heartland-advisors-inc-milwaukee-wi-29433 ## Quick answers **How is Heartland Advisors, Inc. compensated?** On its Form ADV (Item 5.E, October 2026), Heartland Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure. **Where is Heartland Advisors, Inc. located?** Heartland Advisors, Inc.'s principal office is in Milwaukee, WI, according to its Form ADV. **Is Heartland Advisors, Inc. registered with the SEC or a state?** Heartland Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 29433. **How much does Heartland Advisors, Inc. manage?** Heartland Advisors, Inc. reports $1,920,597,980 in regulatory assets under management in its Form ADV filing dated February 26, 2026 (100% discretionary). **How have Heartland Advisors, Inc.'s assets and staff changed since 2021?** In the Form ADV data for Heartland Advisors, Inc.: Regulatory assets under management: $1,532,060,226 in the October 2021 data and $1,920,597,980 in the October 2026 data, up 25%. Total employees: 25 in October 2021 and 26 in October 2026. Assets under management move with markets as well as with clients coming and going. **What types of clients does Heartland Advisors, Inc. serve?** By number of clients on Form ADV Item 5.D: high net worth individuals (48); individuals (other than high net worth individuals) (32); corporations or other businesses not listed above (7). **Which custodians does Heartland Advisors, Inc. use?** Heartland Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Northern Trust Securities, Inc. and Wells Fargo Securities, LLC as custodians holding 10% or more of its separately managed account assets. **Does Heartland Advisors, Inc. report any disciplinary disclosures?** Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist 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/29433 ## From the Form ADV filing ### Compensation (Item 5.E) - A percentage of assets under your management ### Custodians (Schedule D, Section 5.K(3)) - Charles Schwab & Co., Inc. - Northern Trust Securities, Inc. - Wells Fargo Securities, 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: $1,920,597,980 - Discretionary: $1,920,597,980 - Non-discretionary: $0 ### Clients (Item 5.D) | Client type | Clients | Assets | | --- | --- | --- | | Individuals (other than high net worth individuals) | 32 | $21,231,161 | | High net worth individuals | 48 | $167,707,032 | | Investment companies | 3 | $1,642,671,023 | | Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $11,373,560 | | Charitable organizations | Fewer than 5 | $21,513,104 | | Other investment advisers | Fewer than 5 | $0 | | Corporations or other businesses not listed above | 7 | $56,102,100 | ### Advisory services (Item 5.G) - Portfolio management for individuals and/or small businesses - Portfolio management for investment companies (and business development companies) - Portfolio management for businesses (other than small businesses) or institutional clients ### Firm details - Registered since: 1983 (43 years) - Employees: 26 total, 10 performing advisory functions - Wrap fee program participation: No - States registered or notice-filed: CA, FL, IL, LA, MA, MD, MI, MN, MO, NE, NJ, NV, NY, OH, TN, TX, WI - Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11. ### Item 11 questions answered yes - 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes? - 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity? - 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity? Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/29433 ### Websites listed on Form ADV (Item 1.I) - heartlandadvisors.com - heartlandadvisors.podbean.com - heartlandfunds.com - slideshare.net/HEARTLANDADVISORS - Facebook @HEARTLANDADVISORS - Facebook @HEARTLANDFUNDS - Instagram @HEARTLANDADVISORS - Instagram @HEARTLANDFUNDS - LinkedIn @HEARTLAND-ADVISORS-INC - Pinterest @HEARTLANDFUNDS - Threads @HEARTLANDADVISORS - X @HEARTLANDFUNDS - X @HEARTLANDVALUE - YouTube @HEARTLANDVALUE ## Assets and staff over time | Data period | Regulatory assets under management | Employees | Filing dated | | --- | --- | --- | --- | | October 2021 | $1,532,060,226 | 25 | March 1, 2021 | | October 2022 | $1,857,184,358 | 27 | April 18, 2022 | | October 2023 | $1,691,154,945 | 27 | March 2, 2023 | | October 2024 | $1,980,254,821 | 25 | February 28, 2024 | | October 2025 | $1,885,901,565 | 26 | February 28, 2025 | | October 2026 | $1,920,597,980 | 26 | February 26, 2026 | Regulatory assets under management: $1,532,060,226 in the October 2021 data and $1,920,597,980 in the October 2026 data, up 25%. Total employees: 25 in October 2021 and 26 in October 2026. ## Source Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Heartland Advisors, Inc. (CRD 29433): Form ADV filing data as of October 2026.