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Mercantile Investment Advisors
Filed as MERCANTILE INVESTMENT ADVISORS · Legal name Mercantile Advisors I, LLC
Mercantile Investment Advisors is an SEC-registered investment advisory firm in Wichita Falls, TX, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated April 30, 2026.
Quick answers
From the filingHow is Mercantile Investment Advisors compensated?
On its Form ADV (Item 5.E, October 2026), Mercantile Investment Advisors reports these compensation arrangements: a percentage of assets under its management.
What does Mercantile Investment Advisors' brochure say about its fees?
Its Form ADV Part 2A brochure dated April 30, 2026 states: Up to $500,000: 1% a year; $500,000 to $1,000,000: 0.85% a year; $1,000,000 to $2,000,000: 0.75% a year; $2,000,000 to $5,000,000: 0.6% a year; $5,000,000 to $10,000,000: 0.5% a year; Above $10,000,000: see the brochure. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Mercantile Investment Advisors located?
Mercantile Investment Advisors' principal office is in Wichita Falls, TX, according to its Form ADV.
Is Mercantile Investment Advisors registered with the SEC or a state?
Mercantile Investment Advisors is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165094.
How much does Mercantile Investment Advisors manage?
Mercantile Investment Advisors reports $146,003,313 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary).
How have Mercantile Investment Advisors' assets and staff changed since 2021?
In the Form ADV data for Mercantile Investment Advisors: Regulatory assets under management: $110,114,797 in the October 2021 data and $146,003,313 in the October 2026 data, up 33%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Mercantile Investment Advisors serve?
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (42); high net worth individuals (28); charitable organizations (1).
Which custodians does Mercantile Investment Advisors use?
Mercantile Investment Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co Inc as a custodian holding 10% or more of its separately managed account assets.
Does Mercantile Investment Advisors 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/165094
Does Mercantile Investment Advisors state an account minimum?
Its Form ADV Part 2A brochure dated April 30, 2026 says: "Account minimum $500,000 – waived under certain circumstances."
What changed in Mercantile Investment Advisors' recent Form ADV filings?
In the May 2026 filing data: No longer lists the business name Mercantile Investment Advisors. Regulatory assets under management went from $130,177,520 to $146,003,313 (+12%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2A| Assets | Annual rate |
|---|---|
| Up to $500,000 | 1% |
| $500,000 to $1,000,000 | 0.85% |
| $1,000,000 to $2,000,000 | 0.75% |
| $2,000,000 to $5,000,000 | 0.6% |
| $5,000,000 to $10,000,000 | 0.5% |
| Above $10,000,000 | See the brochure |
The brochure's wording
Annual Expense ratio: 1.00% on the first $ 500,000 .85% on the next $ 500,000 .75%on the next $ 1,000,000 .60% on the next $ 3,000,000 .50% on the next $ 5,000,000
Account minimum: $500,000 (the brochure says it may be waived or negotiated)
The brochure's wording
Account minimum $500,000 – waived under certain circumstances.
As stated in the firm's Form ADV Part 2A brochure dated April 30, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$146,003,313 as of October 2026, filing dated April 30, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Publication of periodicals or newsletters
Registration and firm details
Items 1, 2, 5- Legal name
- Mercantile Advisors I, LLC
- Also doing business as
- HERBERT R SMITH & COMPANY
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 3. Performing investment advisory functions: 2.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $146,003,313 | 3 | April 30, 2026 |
| October 2025 | $130,177,520 | 3 | April 3, 2025 |
| October 2024 | $113,654,494 | 3 | March 19, 2024 |
| October 2023 | $105,652,885 | 3 | February 15, 2023 |
| October 2022 | $121,845,167 | 3 | March 23, 2022 |
| October 2021 | $110,114,797 | 3 | March 24, 2021 |
Regulatory assets under management: $110,114,797 in the October 2021 data and $146,003,313 in the October 2026 data, up 33%.
Total employees: 3 in October 2021 and 3 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- May 2026
- No longer lists the business name Mercantile Investment Advisors.
- Regulatory assets under management went from $130,177,520 to $146,003,313 (+12%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.INot reported.
Source: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Mercantile Investment Advisors (CRD 165094): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/mercantile-investment-advisors-wichita-falls-tx-165094