{
  "crd_number": 160282,
  "slug": "somerset-group-llc-wayzata-mn-160282",
  "primary_business_name": "SOMERSET GROUP LLC",
  "legal_name": "SOMERSET GROUP LLC",
  "dbas": [],
  "city": "Wayzata",
  "state": "MN",
  "country": "United States",
  "cbsa_code": "33460",
  "metro": {
    "cbsa_code": "33460",
    "common_name": "Minneapolis",
    "msa_name": "Minneapolis-St. Paul-Bloomington, MN-WI",
    "path": "/advisors/mn/minneapolis"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-01-17",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-19",
  "carried_forward": false,
  "raum_total": 145625818.0,
  "raum_discretionary": 145625818.0,
  "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": {
    "individuals": {
      "raum": 7508079.0,
      "count": 34
    },
    "high_net_worth_individuals": {
      "raum": 138117739.0,
      "count": 24
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "FL",
    "MN"
  ],
  "websites": [
    "https://somerset-group.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/160282",
  "city_as_filed": "WAYZATA",
  "url": "https://advisorcensus.com/firm/somerset-group-llc-wayzata-mn-160282",
  "display_name": "Somerset Group LLC",
  "summary": "Somerset Group LLC is an SEC-registered investment advisory firm in Wayzata, MN, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 19, 2026.",
  "citation": "AdvisorCensus. Somerset Group LLC (CRD 160282): 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": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses"
  ],
  "quick_answers": [
    {
      "q": "How is Somerset Group LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Somerset Group LLC reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Somerset Group LLC located?",
      "a": "Somerset Group LLC's principal office is in Wayzata, MN, according to its Form ADV."
    },
    {
      "q": "Is Somerset Group LLC registered with the SEC or a state?",
      "a": "Somerset Group LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160282."
    },
    {
      "q": "How much does Somerset Group LLC manage?",
      "a": "Somerset Group LLC reports $145,625,818 in regulatory assets under management in its Form ADV filing dated March 19, 2026 (100% discretionary)."
    },
    {
      "q": "How have Somerset Group LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Somerset Group LLC: Regulatory assets under management: $144,709,576 in the October 2021 data and $145,625,818 in the October 2026 data, up 1%. Total employees: 4 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 Somerset Group LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (34); high net worth individuals (24)."
    },
    {
      "q": "Which custodians does Somerset Group LLC use?",
      "a": "Somerset Group LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and U.S. Bank, NA as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Somerset Group LLC 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/160282"
    },
    {
      "q": "Does Somerset Group LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 19, 2026 says: \"SG has no account minimums or requirements for maintaining accounts with us.\""
    },
    {
      "q": "What changed in Somerset Group LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 144709576.0,
      "total_employees": 4,
      "filing_date": "2021-03-08"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 174601560.0,
      "total_employees": 4,
      "filing_date": "2022-03-17"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 141230431.0,
      "total_employees": 4,
      "filing_date": "2023-04-20"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 145620804.0,
      "total_employees": 3,
      "filing_date": "2024-03-19"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 135118912.0,
      "total_employees": 3,
      "filing_date": "2025-03-14"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 145625818.0,
      "total_employees": 3,
      "filing_date": "2026-03-19"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 19, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "None",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": "$150",
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: None"
        ],
        "quotes": [
          "SG has no account minimums or requirements for maintaining accounts with us."
        ]
      },
      {
        "label": "Minimum annual fee",
        "statements": [
          "Minimum annual fee: $150"
        ],
        "quotes": [
          "Minimum annual fee: $150"
        ]
      }
    ],
    "quotes": [
      "SG has no account minimums or requirements for maintaining accounts with us.",
      "Minimum annual fee: $150"
    ],
    "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
    },
    {
      "name": "U.S. Bank, NA",
      "name_as_filed": "U.S. BANK, NA",
      "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/somerset-group-llc-wayzata-mn-160282.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 34,
      "fewer_than_5": false,
      "raum": 7508079.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 24,
      "fewer_than_5": false,
      "raum": 138117739.0
    }
  ],
  "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/160282",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}