# Somerset Group LLC

> 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.

- CRD: 160282
- Filed as: SOMERSET GROUP LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Wayzata, MN
- Filing period: October 2026
- Form ADV filing dated: March 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160282
- AdvisorCensus page: https://advisorcensus.com/firm/somerset-group-llc-wayzata-mn-160282

## Quick answers

**How is Somerset Group LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Somerset Group LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is Somerset Group LLC located?**
Somerset Group LLC's principal office is in Wayzata, MN, according to its Form ADV.

**Is Somerset Group LLC registered with the SEC or a state?**
Somerset Group LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160282.

**How much does Somerset Group LLC manage?**
Somerset Group LLC reports $145,625,818 in regulatory assets under management in its Form ADV filing dated March 19, 2026 (100% discretionary).

**How have Somerset Group LLC's assets and staff changed since 2021?**
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.

**What types of clients does Somerset Group LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (34); high net worth individuals (24).

**Which custodians does Somerset Group LLC use?**
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.

**Does Somerset Group 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/160282

**Does Somerset Group LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 19, 2026 says: "SG has no account minimums or requirements for maintaining accounts with us."

**What changed in Somerset Group LLC's recent Form ADV filings?**
In the April 2026 filing data: 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

### Fees and minimums (Form ADV Part 2A brochure dated March 19, 2026)

- Account minimum: None

> SG has no account minimums or requirements for maintaining accounts with us.

- Minimum annual fee: $150

> Minimum annual fee: $150

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.
- U.S. Bank, NA

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: $145,625,818
- Discretionary: $145,625,818
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 34 | $7,508,079 |
| High net worth individuals | 24 | $138,117,739 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

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

### Websites listed on Form ADV (Item 1.I)
- somerset-group.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $144,709,576 | 4 | March 8, 2021 |
| October 2022 | $174,601,560 | 4 | March 17, 2022 |
| October 2023 | $141,230,431 | 4 | April 20, 2023 |
| October 2024 | $145,620,804 | 3 | March 19, 2024 |
| October 2025 | $135,118,912 | 3 | March 14, 2025 |
| October 2026 | $145,625,818 | 3 | March 19, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Somerset Group LLC (CRD 160282): Form ADV filing data as of October 2026.