FSA Advisors provides financial planning, portfolio management for individuals and small businesses, and selecting other managers. Financial planning was provided to 251–500 clients last fiscal year.
FSA Advisors reports 4,406 clients. They include 4,368 individual clients and 38 high-net-worth individuals. Of its assets, 99.5% ($571M across 4,388 accounts) are managed with discretion; $2.85M across 18 accounts are not. It advised 55 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 99% | 89% |
| High-net-worth individuals | <1% | 11% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 4,368 | $513M | 89.5% | $117K |
| High-net-worth individuals | 38 | $60.3M | 10.5% | $1.59M |
| Total | 4,406 | $573M | 100% | $130K |
- Clients
- 4,368
- Regulatory AUM
- $513M
- AUM share
- 89.5%
- Avg. per client
- $117K
- Clients
- 38
- Regulatory AUM
- $60.3M
- AUM share
- 10.5%
- Avg. per client
- $1.59M
Total
- Clients
- 4,406
- Regulatory AUM
- $573M
- AUM share
- 100%
- Avg. per client
- $130K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 55
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
FSA Advisors charges 1.00%–1.50% a year for its Portfolio Management Fees. The fee is billed in advance or in arrears, is negotiable and requires an account of at least $5,000. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning Fees
- Financial planning is a negotiated fixed fee of up to $25,000, or an hourly fee of up to $350 for the advisor and up to $150 for administrative work.
Fsa Marketing Systems Inc owns 75% or more of FSA Advisors and is in turn owned by Richard James (75% or more). The leadership team of FSA Advisors includes President Nicholas Shaheen. It has 31 employees.
Staff
- 31 employees
- 31 in advisory functions
- 31 state-registered reps
- 28 insurance agents
- Owns 75% or more of Fsa Advisors, Inc.
Fsa Marketing Systems Inc
Control person · since January 2021
- Owns 75% or more of Fsa Marketing Systems Inc
Richard James
Control person · since January 2021
FSA Advisors’ regulatory assets grew 4.2× from $137M (July 2021) to $573M (March 2026); clients rose from 907 to 4,406 and employees from 21 to 31.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $573M | 4,406 | 31 | 5 |
| Jul 2025July 2025 | $396M | 1,561 | 24 | 3 |
| Jul 2024July 2024 | $292M | 1,441 | 22 | 1 |
| Jul 2023July 2023 | $214M | 1,455 | 25 | 1 |
| Jul 2022July 2022 | $198M | 933 | 19 | 1 |
| Jul 2021July 2021 | $137M | 907 | 21 | 1 |
Besides its headquarters, FSA Advisors has 4 offices, with 5 listed addresses in 1 state.
Michigan · 5 listed addresses
- 50 W Big Beaver RD Suite 500, TroyHQ
- 3695 Okemos Road, Okemos
- 37000 Grand River Ave, Suite 160, Farmington Hills
- 130 W Grand River Ave, Brighton
- 50475 Gratiot Ave, Chesterfield
Contact and registration details
- Legal name
- Fsa Advisors, Inc.
- Headquarters
- 50 W Big Beaver RD Suite 500, Troy, MI 48084
- Website
- fsa1.com
- Phone
- 800-977-9292
- SEC file
- 801-120474
- Structure
- Michigan corporation
- Fiscal year end
- December
FSA Advisors’ named custodians for separately managed accounts are Charles Schwab ($347M, 65%) and Fidelity ($186M, 35%). FSA Advisors has custody of $573M for 4,406 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $347M65%
- FidelityFidelity Brokerage Services LLC · Westlake, TX · $186M35%
At year end, FSA Advisors’ separately managed accounts were mostly in funds (57%) and stocks (35%). Its reported 13F holdings for the quarter ended 30 June 2026 total $218M across 261 positions; the largest are Vanguard S&P 500 ETF (3.7%), Neos Enhanced Income 1-3 Month T-bill ETF (2.5%) and Invesco Qqq TR (1.9%).
What the accounts hold
- Stocks35%
- Funds57%
- Cash3%
- Other5%
- Fee-based annuities. cds, structured notes5%
How many clients does FSA Advisors have?
FSA Advisors has 4,406 clients and manages $573 million for them, as of March 2026. They include 4,368 individual clients and 38 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 8 March 2026
What services does FSA Advisors offer?
FSA Advisors provides financial planning, portfolio management for individuals and small businesses, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does FSA Advisors charge?
FSA Advisors charges 1.00%–1.50% a year for its Portfolio Management Fees. The fee is billed in advance or in arrears, is negotiable and requires an account of at least $5,000.
Source: ADV PART 2A- FSA ADVISORS, INC., filed 23 February 2026
Which custodians does FSA Advisors use?
FSA Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $347M and Fidelity Brokerage Services LLC (Westlake, TX), with $186M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 8 March 2026
How many financial advisors does FSA Advisors have?
FSA Advisors has 31 investment adviser representatives registered with state securities authorities, out of 31 employees, and 31 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 28 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does FSA Advisors invest in?
At the end of its last fiscal year, FSA Advisors’ separately managed accounts held 57% registered funds (mutual funds, ETFs, BDCs), 35% exchange-traded equities, 5% other and 3% cash and equivalents. The 5% other category is described as: Fee-Based Annuities. CDS, Structured Notes.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does FSA Advisors have a minimum investment?
Yes, FSA Advisors’ minimum account size for its Portfolio Management Fees is $5K.
Source: ADV PART 2A- FSA ADVISORS, INC., filed 23 February 2026
Who owns FSA Advisors?
FSA Advisors is owned through a holding company by Richard James. Its direct owner is Fsa Marketing Systems Inc (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 8 March 2026
How does FSA Advisors get paid?
FSA Advisors is paid through a percentage of assets under management, hourly charges, fixed fees and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact FSA Advisors?
FSA Advisors’ main office is at 50 W Big Beaver RD Suite 500, Troy, MI 48084. Its phone number is 800-977-9292. Its website is fsa1.com.