Nicolet Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers. Financial planning was provided to 4,000 clients last fiscal year.
Nicolet Advisory Services reports 3,849 clients. They include 3,179 individual clients, 612 high-net-worth individuals, and 41 corporations and other businesses. Nearly all assets ($4.29B across 9,811 accounts) are managed with discretion; $1.62M across 1 account is not. A wrap fee program the firm both sponsors and manages holds $2.85B.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 83% | 17% |
| High-net-worth individuals | 16% | 48% |
| Banking or thrift institutions | Fewer than 5 | 32% |
| Charitable organizations | <1% | <1% |
| State or municipal government entities | Fewer than 5 | <1% |
| Other client typesCorporations and other businesses | 1% | 2% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 3,179 | $741M | 17.3% | $233K |
| High-net-worth individuals | 612 | $2.06B | 48.1% | $3.37M |
| Banking or thrift institutions | Fewer than 5 | $1.38B | 32.1% | — |
| Charitable organizations | 17 | $16.8M | 0.4% | $986K |
| State or municipal government entities | Fewer than 5 | $12.8M | 0.3% | — |
| Corporations and other businesses | 41 | $81.6M | 1.9% | $1.99M |
| Total | 3,849 | $4.29B | 100% | — |
- Clients
- 3,179
- Regulatory AUM
- $741M
- AUM share
- 17.3%
- Avg. per client
- $233K
- Clients
- 612
- Regulatory AUM
- $2.06B
- AUM share
- 48.1%
- Avg. per client
- $3.37M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.38B
- AUM share
- 32.1%
- Avg. per client
- —
- Clients
- 17
- Regulatory AUM
- $16.8M
- AUM share
- 0.4%
- Avg. per client
- $986K
- Clients
- Fewer than 5
- Regulatory AUM
- $12.8M
- AUM share
- 0.3%
- Avg. per client
- —
- Clients
- 41
- Regulatory AUM
- $81.6M
- AUM share
- 1.9%
- Avg. per client
- $1.99M
Total
- Clients
- 3,849
- Regulatory AUM
- $4.29B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 4000
Nicolet Advisory Services charges 0.40%–1.25% a year for its Wrap Fee Program. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.25% |
| $500K–$1M | 0.75% |
| $1M–$2M | 0.60% |
| $2M–$10M | 0.50% |
| $10M and above | 0.40% |
Fee details and sources
Other fees
- Fixed Income (No Planning)
- Fixed-income management without planning is billed at an annualized base fee from 0.50% under $500,000 down to 0.20% over $10,000,000.
- Select Service Team
- The Select Service Team platform is available for a flat annualized rate of 0.75% of assets under management.
Nicolet Bankshares, Inc. owns 75% or more of Nicolet Advisory Services. The leadership team of Nicolet Advisory Services includes President Patrick Madson, Chief Investment Officer Adam Longlais and Chief Financial Officer H. Moore. It has 75 employees, 45 of them in advisory roles.
Staff
- 75 employees
- 45 in advisory functions
- 40 state-registered reps
- 25 broker-dealer reps
- 19 insurance agents
- Owns 75% or more of Nicolet Advisory Services, LLC
Nicolet Bankshares, Inc.
Control person · since March 2016
Nicolet Advisory Services’ regulatory assets grew 3.5× from $1.22B (March 2021) to $4.29B (March 2026); clients rose from 3,462 to 3,849 and employees from 34 to 75.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $4.29B | 3,849 | 75 | 14 |
| Mar 2025March 2025 | $3.85B | 3,885 | 70 | 11 |
| Mar 2024March 2024 | $3.67B | 3,936 | 60 | 10 |
| Apr 2023April 2023 | $2.93B | 4,356 | 58 | 9 |
| Mar 2022March 2022 | $1.46B | 3,937 | 47 | 7 |
| Mar 2021March 2021 | $1.22B | 3,462 | 34 | 8 |
Besides its headquarters, Nicolet Advisory Services has 13 offices, with 14 listed addresses across 4 states.
Wisconsin · 9 listed addresses
- 111 N. Washington Street, Green BayHQ
- 511 S. 28th Ave., Wausau
- 209 Hall Avenue, Marinette
- 3740 N. Investors CT., Appleton
- 1041 N Westhaven DR, Oshkosh
- 1010 W. Clairemont Ave., Eau Claire
- 5517 Vern Holmes DR., Stevens Point
- 236 4th Ave., Sturgeon Bay
- 2477 S. Bayshore DR., Sister Bay
Iowa · 2 listed addresses
- 1245 Jordan Creek Parkway, West Des Moines
- 895 Main St, Dubuque
Michigan · 2 listed addresses
- 857 W. Washington St., Marquette
- 318 E. Mitchell St., Petoskey
Minnesota · 1 listed address
- 2270 Frontage Road West, Stillwater
Contact and registration details
- Legal name
- Nicolet Advisory Services, LLC
- Headquarters
- 111 N. Washington Street, Green Bay, WI 54301
- Website
- nicoletbank.com
- Phone
- 920-430-1400
- @nicolet-wealth-management
- SEC file
- 801-108012
- Structure
- Wisconsin LLC
- Fiscal year end
- December
Nicolet Advisory Services’ named custodians for separately managed accounts are Charles Schwab ($2.81B, 67%) and Fifth Third Bank ($1.38B, 33%). Nicolet Advisory Services does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $2.81B67%
- Fifth Third BankFifth Third Bank · Cincinnati, OH · $1.38B33%
At year end, Nicolet Advisory Services’ separately managed accounts were mostly in funds (65%) and stocks (19%).
What the accounts hold
- Stocks19%
- Funds65%
- Registered funds64%
- Pooled vehicles1%
- Bonds11%
- U.S. government and agency bonds5%
- State and local bonds5%
- Investment grade corporate bonds1%
- Cash5%
How many clients does Nicolet Advisory Services have?
Nicolet Advisory Services has 3,849 clients and manages $4.29 billion for them, as of March 2026. They include 3,179 individual clients, 612 high-net-worth individuals, and 41 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Nicolet Advisory Services offer?
Nicolet Advisory Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Nicolet Advisory Services charge?
Nicolet Advisory Services charges 0.40%–1.25% a year for its Wrap Fee Program. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable.
Source: WRAP FEE BROCHURE FOR NICOLET ADVISORY SERVICES, LLC, filed 31 March 2026
Which custodians does Nicolet Advisory Services use?
Nicolet Advisory Services’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $2.81B and Fifth Third Bank (Cincinnati, OH), with $1.38B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Nicolet Advisory Services have?
Nicolet Advisory Services has 40 investment adviser representatives registered with state securities authorities, out of 75 employees, and 45 perform investment advisory functions. 25 employees are registered representatives of a broker-dealer and 19 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 Nicolet Advisory Services invest in?
At the end of its last fiscal year, Nicolet Advisory Services’ separately managed accounts held 64% registered funds (mutual funds, ETFs, BDCs), 19% exchange-traded equities, 5% U.S. government and agency bonds, 5% state and local bonds, 5% cash and equivalents, 1% investment grade corporate bonds and 1% pooled vehicles (private funds and similar).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Nicolet Advisory Services?
Nicolet Advisory Services’ direct owner is Nicolet Bankshares, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Nicolet Advisory Services get paid?
Nicolet Advisory Services is paid through a percentage of assets under management. 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 Nicolet Advisory Services?
Nicolet Advisory Services’ main office is at 111 N. Washington Street, Green Bay, WI 54301. Its phone number is 920-430-1400. Its website is nicoletbank.com.