9AT: EFS ADVISORS

Adviser Profile

As of Date	03/03/2026
Registration	SEC, Approved, 03/11/2004
Other registrations (2)	North Dakota, Terminated, 07/26/2004 Iowa, Terminated, 06/29/2004
ADV Location	CAMBRIDGE, MN, United States
Contact Info	763 xxxxxxx
Websites

AUM^*	2,402,605,047 18%
of that, discretionary	2,204,756,772 23%
Number of Employees	59
of those in investment advisory functions	52 -2%
Private Fund GAV^*	0
Avg Account Size	81,616 16%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- Related adviser

Client Types

- Individuals (other than high net worth individuals)
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses
- Pension consulting services
- Publication of periodicals or newsletters
- Educational seminars/workshops

Compensation Arrangments

- A percentage of assets under your management
- Hourly charges

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser G. A. REPPLE & COMPANY	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM716.3m	#Funds-
Adviser CORE ALPHA, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM146.1m	#Funds-
Adviser WORLD EQUITY GROUP, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund900.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV900.0m	AUM1.0b	#Funds3
Adviser ASHTON THOMAS SECURITIES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.9b	#Funds-
Adviser SHAPIRO FINANCIAL SECURITY GROUP, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM152.6m	#Funds-
Adviser SPIRE WEALTH MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.5b	#Funds-
Adviser CONCURRENT INVESTMENT ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM15.7b	#Funds-
Adviser INTEGRITY PROSPERITY SECURITY (IPS) STRATEGIC CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM90.9m	#Funds-
Adviser EAGLE INVESTMENT ADVISORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM186.1m	#Funds-
Adviser WEALTH ASSET MANAGERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM272.0m	#Funds-

Brochure Summary

Overview

EFS, a Registered Investment Advisor, was founded in 1998, by Kent D. Schutte. EFS continues with Mr. Schutte as the primary owner. EFS offers investment advisory services for a fee based on the value of client assets under management. The firm furnishes investment advice through consultations. EFS may provide advice on matters not specifically involving securities transactions. EFS also provides financial consulting services excluding asset management for an hourly fee as discussed in Item 5. As part of its advisory services, EFS provides continuous and regular supervisory and management services to securities portfolios. When rendering advice, EFS uses a client- centric suitability determination that gathers information about several dimensions of the client’s financial situation. These dimensions are then scored aggregately to generate a score that corresponds to a recommended investment strategy. EFS also constructs model portfolios to fit a range of client objectives, timelines, risk tolerances, and other goals and preferences. The client is free to choose a recommended strategy/portfolio or another strategy they wish to pursue. The client is under no obligation to choose the EFS recommended strategy/portfolio. Third Party Service

Providers (“TPSPs”): EFS offers referrals to various TPSPs and also offers client assistance in working with those TPSPs. For example, EFS offers Estate Planning services that consists of education on estate planning topics and the collection of general information necessary to complete a new estate plan or review a current estate plan. EFS also assists the client, at the clients request, in gathering the required information needed to provide outside estate planning firms, accounting firms, law firms, and tax firms so that these TPSPs can provide the services requested by the client. EFS utilizes the services of various unaffiliated third party service providers, including but not limited to: Trust & Will for estate planning review, creation and updates; Wipp’s Professional Accounting Services, LLC for accounting and tax services. Any and all fees paid by the client for outside referred services will be paid to those service providers directly. Clients are not required to utilize any third-party products, services or referrals that EFS may recommend and can select the service provider of their choice. EFS manages $1,785,746,501 on a discretionary basis and $253,336,103 on a non- discretionary basis. This calculation is as of December 31, 2023.

EFS ADVISORS

EFS ADVISORS

EDUCATOR'S FINANCIAL SERVICES, INC.

EFS ADVISORS, LLC

EFS ADVISORS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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EFS ADVISORS EFS ADVISORS EDUCATOR'S FINANCIAL SERVICES, INC. EFS ADVISORS, LLC EFS ADVISORS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

EFS ADVISORS

EFS ADVISORS

EDUCATOR'S FINANCIAL SERVICES, INC.

EFS ADVISORS, LLC

EFS ADVISORS LLC