# Note Advisors, LLC

> Note Advisors, LLC is an SEC-registered investment advisory firm in Buffalo, NY, registered since 2014, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 171466
- Filed as: NOTE ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Buffalo, NY
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/171466
- AdvisorCensus page: https://advisorcensus.com/firm/note-advisors-llc-buffalo-ny-171466

## Quick answers

**How is Note Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Note Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**What does Note Advisors, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 0.5% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Note Advisors, LLC located?**
Note Advisors, LLC's principal office is in Buffalo, NY, according to its Form ADV.

**Is Note Advisors, LLC registered with the SEC or a state?**
Note Advisors, LLC is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 171466.

**How much does Note Advisors, LLC manage?**
Note Advisors, LLC reports $436,965,505 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Note Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Note Advisors, LLC: Regulatory assets under management: $142,916,871 in the October 2021 data and $436,965,505 in the October 2026 data, up 206%. Total employees: 6 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Note Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (465); high net worth individuals (53); pension and profit sharing plans (but not the plan participants or government pension plans) (24).

**Which custodians does Note Advisors, LLC use?**
Note Advisors, LLC's 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 Note Advisors, LLC 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/171466

**What changed in Note Advisors, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $382,234,812 to $436,965,505 (+14%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

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

- Asset-based fee: 0.5% to 2% a year (a range, as the brochure states it)

> Generally, fees vary from 0. 50% to 2.00% per annum of the market value of a client’s assets managed by Note Advisors. The fee range stated is a guide.

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: $436,965,505
- Discretionary: $436,607,479
- Non-discretionary: $358,026

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 465 | $173,426,395 |
| High net worth individuals | 53 | $191,050,509 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 24 | $72,488,601 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2014 (12 years)
- Employees: 11 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- noteadvisor.com
- Facebook @NOTEADVISORSLLC
- LinkedIn @noteadvisorsllc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $142,916,871 | 6 | March 23, 2021 |
| October 2022 | $196,834,060 | 8 | March 25, 2022 |
| October 2023 | $198,948,452 | 8 | March 29, 2023 |
| October 2024 | $292,461,620 | 8 | September 25, 2024 |
| October 2025 | $382,234,812 | 9 | March 25, 2025 |
| October 2026 | $436,965,505 | 11 | March 30, 2026 |

Regulatory assets under management: $142,916,871 in the October 2021 data and $436,965,505 in the October 2026 data, up 206%.
Total employees: 6 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $382,234,812 to $436,965,505 (+14%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Note Advisors, LLC (CRD 171466): Form ADV filing data as of October 2026.