# Mercantile Investment Advisors

> 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.

- CRD: 165094
- Filed as: MERCANTILE INVESTMENT ADVISORS
- Legal name: Mercantile Advisors I, LLC
- Also doing business as: HERBERT R SMITH & COMPANY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Wichita Falls, TX
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/165094
- AdvisorCensus page: https://advisorcensus.com/firm/mercantile-investment-advisors-wichita-falls-tx-165094

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated April 30, 2026)

- 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

> 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)

> Account minimum $500,000 – waived under certain circumstances.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co Inc

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: $146,003,313
- Discretionary: $146,003,313
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 42 | $32,879,616 |
| High net worth individuals | 28 | $109,256,377 |
| Charitable organizations | 1 | $3,867,320 |

### 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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $110,114,797 | 3 | March 24, 2021 |
| October 2022 | $121,845,167 | 3 | March 23, 2022 |
| October 2023 | $105,652,885 | 3 | February 15, 2023 |
| October 2024 | $113,654,494 | 3 | March 19, 2024 |
| October 2025 | $130,177,520 | 3 | April 3, 2025 |
| October 2026 | $146,003,313 | 3 | April 30, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Mercantile Investment Advisors (CRD 165094): Form ADV filing data as of October 2026.