{
  "crd_number": 105960,
  "slug": "trustage-investment-management-madison-wi-105960",
  "primary_business_name": "TRUSTAGE INVESTMENT MANAGEMENT",
  "legal_name": "MEMBERS CAPITAL ADVISORS, INC.",
  "dbas": [
    "TRUSTAGE INVESTMENT MANAGEMENT"
  ],
  "city": "Madison",
  "state": "WI",
  "country": "United States",
  "cbsa_code": "31540",
  "metro": {
    "cbsa_code": "31540",
    "common_name": "Madison",
    "msa_name": "Madison, WI",
    "path": "/advisors/wi/madison"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1983-01-04",
  "years_registered": 43,
  "period": "2026-10-01",
  "filing_date": "2026-09-09",
  "carried_forward": false,
  "raum_total": 39459580809.0,
  "raum_discretionary": 36554531626.0,
  "raum_non_discretionary": 2905049183.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 62,
  "advisory_employees": 41,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": 29894425874.0,
      "count": 8
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 6476322860.0,
      "count": 331
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 3088832075.0,
      "count": 10
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 2,
  "states_registered": [
    "AK",
    "AL",
    "AR",
    "AZ",
    "CA",
    "CO",
    "CT",
    "DC",
    "DE",
    "FL",
    "GA",
    "HI",
    "IA",
    "ID",
    "IL",
    "IN",
    "KS",
    "KY",
    "LA",
    "MA",
    "MD",
    "ME",
    "MI",
    "MN",
    "MO",
    "MS",
    "MT",
    "NC",
    "ND",
    "NE",
    "NH",
    "NJ",
    "NM",
    "NV",
    "NY",
    "OH",
    "OK",
    "OR",
    "PA",
    "RI",
    "SC",
    "SD",
    "TN",
    "TX",
    "UT",
    "VA",
    "VT",
    "WA",
    "WI",
    "WV"
  ],
  "websites": [
    "https://trustage.com/BUSINESS-SOLUTIONS/WORKPLACE-SOLUTIONS/RETIREMENT/FIDUCIARY-INVESTMENT-CONSULTING",
    "https://trustage.com/INVESTMENT-MANAGEMENT"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105960",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    }
  ],
  "city_as_filed": "MADISON",
  "url": "https://advisorcensus.com/firm/trustage-investment-management-madison-wi-105960",
  "display_name": "Trustage Investment Management",
  "summary": "Trustage Investment Management is an SEC-registered investment advisory firm in Madison, WI, registered since 1983, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 9, 2026.",
  "citation": "AdvisorCensus. Trustage Investment Management (CRD 105960): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Trustage Investment Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Trustage Investment Management reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other."
    },
    {
      "q": "How much does Trustage Investment Management charge?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 states: Asset-based fee: 0.1% to 1% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Trustage Investment Management located?",
      "a": "Trustage Investment Management's principal office is in Madison, WI, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Trustage Investment Management registered with the SEC or a state?",
      "a": "Trustage Investment Management is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 105960."
    },
    {
      "q": "How much does Trustage Investment Management manage?",
      "a": "Trustage Investment Management reports $39,459,580,809 in regulatory assets under management in its Form ADV filing dated September 9, 2026 (93% discretionary)."
    },
    {
      "q": "How have Trustage Investment Management's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Trustage Investment Management: Regulatory assets under management: $27,680,136,000 in the October 2021 data and $39,459,580,809 in the October 2026 data, up 43%. Total employees: 45 in October 2021 and 62 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Trustage Investment Management serve?",
      "a": "By number of clients on Form ADV Item 5.D: pension and profit sharing plans (but not the plan participants or government pension plans) (331); corporations or other businesses not listed above (10); insurance companies (8)."
    },
    {
      "q": "Which custodians does Trustage Investment Management use?",
      "a": "Trustage Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Financial Services as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Trustage Investment Management report any disciplinary disclosures?",
      "a": "Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation) and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105960"
    },
    {
      "q": "What changed in Trustage Investment Management's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 42 to 41."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 27680136000.0,
      "total_employees": 45,
      "filing_date": "2021-03-17"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 36699593000.0,
      "total_employees": 57,
      "filing_date": "2022-03-18"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 32032395000.0,
      "total_employees": 62,
      "filing_date": "2023-06-13"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 35460961000.0,
      "total_employees": 64,
      "filing_date": "2024-03-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 37252230000.0,
      "total_employees": 63,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 39459580809.0,
      "total_employees": 62,
      "filing_date": "2026-09-09"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 42 to 41."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 27, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.1% to 1% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.1% to 1% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "We receive negotiable fees for (a) most unaffiliated clients based on a flat amount or an amount that ranges  from .10% to 1.00% annually of the market value of assets managed"
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        0.1,
        1.0
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "We receive negotiable fees for (a) most unaffiliated clients based on a flat amount or an amount that ranges  from .10% to 1.00% annually of the market value of assets managed"
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Financial Services",
      "name_as_filed": "FINANCIAL SERVICES",
      "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/trustage-investment-management-madison-wi-105960.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 331,
      "fewer_than_5": false,
      "raum": 6476322860.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 8,
      "fewer_than_5": false,
      "raum": 29894425874.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 10,
      "fewer_than_5": false,
      "raum": 3088832075.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports 2 disclosure items on Form ADV Item 11.",
  "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/105960",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}