{
  "crd_number": 165094,
  "slug": "mercantile-investment-advisors-wichita-falls-tx-165094",
  "primary_business_name": "MERCANTILE INVESTMENT ADVISORS",
  "legal_name": "MERCANTILE ADVISORS I, LLC",
  "dbas": [
    "HERBERT R SMITH & COMPANY"
  ],
  "city": "Wichita Falls",
  "state": "TX",
  "country": "United States",
  "cbsa_code": "48660",
  "metro": {
    "cbsa_code": "48660",
    "common_name": "Wichita Falls",
    "msa_name": "Wichita Falls, TX",
    "path": "/advisors/tx/wichita-falls"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-08-15",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-04-30",
  "carried_forward": false,
  "raum_total": 146003313.0,
  "raum_discretionary": 146003313.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 3,
  "advisory_employees": 2,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 3867320.0,
      "count": 1
    },
    "individuals": {
      "raum": 32879616.0,
      "count": 42
    },
    "high_net_worth_individuals": {
      "raum": 109256377.0,
      "count": 28
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "periodicals_newsletters",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "TX"
  ],
  "websites": [],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/165094",
  "city_as_filed": "WICHITA FALLS",
  "url": "https://advisorcensus.com/firm/mercantile-investment-advisors-wichita-falls-tx-165094",
  "display_name": "Mercantile Investment Advisors",
  "summary": "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.",
  "citation": "AdvisorCensus. Mercantile Investment Advisors (CRD 165094): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Publication of periodicals or newsletters"
  ],
  "quick_answers": [
    {
      "q": "How is Mercantile Investment Advisors compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Mercantile Investment Advisors reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "What does Mercantile Investment Advisors' brochure say about its fees?",
      "a": "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."
    },
    {
      "q": "Where is Mercantile Investment Advisors located?",
      "a": "Mercantile Investment Advisors' principal office is in Wichita Falls, TX, according to its Form ADV."
    },
    {
      "q": "Is Mercantile Investment Advisors registered with the SEC or a state?",
      "a": "Mercantile Investment Advisors is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165094."
    },
    {
      "q": "How much does Mercantile Investment Advisors manage?",
      "a": "Mercantile Investment Advisors reports $146,003,313 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Mercantile Investment Advisors' assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Mercantile Investment Advisors serve?",
      "a": "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)."
    },
    {
      "q": "Which custodians does Mercantile Investment Advisors use?",
      "a": "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."
    },
    {
      "q": "Does Mercantile Investment Advisors report any disciplinary disclosures?",
      "a": "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"
    },
    {
      "q": "Does Mercantile Investment Advisors state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated April 30, 2026 says: \"Account minimum $500,000 – waived under certain circumstances.\""
    },
    {
      "q": "What changed in Mercantile Investment Advisors' recent Form ADV filings?",
      "a": "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%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 110114797.0,
      "total_employees": 3,
      "filing_date": "2021-03-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 121845167.0,
      "total_employees": 3,
      "filing_date": "2022-03-23"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 105652885.0,
      "total_employees": 3,
      "filing_date": "2023-02-15"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 113654494.0,
      "total_employees": 3,
      "filing_date": "2024-03-19"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 130177520.0,
      "total_employees": 3,
      "filing_date": "2025-04-03"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 146003313.0,
      "total_employees": 3,
      "filing_date": "2026-04-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-05-01",
      "period_label": "May 2026",
      "notes": [
        "No longer lists the business name Mercantile Investment Advisors.",
        "Regulatory assets under management went from $130,177,520 to $146,003,313 (+12%)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated April 30, 2026",
    "tiers": [
      {
        "band": "Up to $500,000",
        "rate": "1%"
      },
      {
        "band": "$500,000 to $1,000,000",
        "rate": "0.85%"
      },
      {
        "band": "$1,000,000 to $2,000,000",
        "rate": "0.75%"
      },
      {
        "band": "$2,000,000 to $5,000,000",
        "rate": "0.6%"
      },
      {
        "band": "$5,000,000 to $10,000,000",
        "rate": "0.5%"
      },
      {
        "band": "Above $10,000,000",
        "rate": null,
        "note": "Not stated in this schedule; see the brochure."
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$500,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "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"
        ],
        "quotes": [
          "Annual Expense ratio:                   1.00% on the first  $  500,000 \n.85% on the next  $  500,000 \n.75%on the next     $ 1,000,000  \n.60% on the next  $ 3,000,000   \n.50% on the next  $ 5,000,000"
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $500,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Account minimum $500,000 – waived under certain circumstances."
        ]
      }
    ],
    "quotes": [
      "Annual Expense ratio:                   1.00% on the first  $  500,000 \n.85% on the next  $  500,000 \n.75%on the next     $ 1,000,000  \n.60% on the next  $ 3,000,000   \n.50% on the next  $ 5,000,000",
      "Account minimum $500,000 – waived under certain circumstances."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Charles Schwab & Co Inc",
      "name_as_filed": "CHARLES SCHWAB & CO INC",
      "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/mercantile-investment-advisors-wichita-falls-tx-165094.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 42,
      "fewer_than_5": false,
      "raum": 32879616.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 28,
      "fewer_than_5": false,
      "raum": 109256377.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 1,
      "fewer_than_5": false,
      "raum": 3867320.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "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/165094",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}