Somerset Group provides financial planning and portfolio management for individuals and small businesses. Financial planning was provided to 1–10 clients last fiscal year.
Somerset Group reports 58 clients. They include 34 individual clients and 24 high-net-worth individuals. Of its assets, 100.0% ($146M across 161 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 59% | 5% |
| High-net-worth individuals | 41% | 95% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 34 | $7.51M | 5.2% | $221K |
| High-net-worth individuals | 24 | $138M | 94.8% | $5.75M |
| Total | 58 | $146M | 100% | $2.51M |
- Clients
- 34
- Regulatory AUM
- $7.51M
- AUM share
- 5.2%
- Avg. per client
- $221K
- Clients
- 24
- Regulatory AUM
- $138M
- AUM share
- 94.8%
- Avg. per client
- $5.75M
Total
- Clients
- 58
- Regulatory AUM
- $146M
- AUM share
- 100%
- Avg. per client
- $2.51M
- 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
- 1–10
Somerset Group charges 0.75%–1.50% a year for its Fee on assets under management. The fee is billed in arrears, is negotiable and has a $150 annual minimum.
Fee details and sources
Arlene Kielley owns 75% or more of Somerset Group. The leadership team of Somerset Group includes President Cynthia Hansen and Chief Compliance Officer Arlene Kielley. It has 3 employees, 2 of them in advisory roles.
Leadership
- Cynthia HansenExecutive Vice President
- Arlene KielleyMember, President and Chief Compliance Officer, Portfolio Manager
- Julie ToelleMember, Treasurer, Operations Manager
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 2 in advisory functions
- 3 state-registered reps
- Owns 75% or more of Somerset Group LLC
Arlene Kielley
Control person · since December 2011
- Owns 10% to 25% of Somerset Group LLC
Julie Toelle
since December 2011
- Owns 10% to 25% of Somerset Group LLC
Cynthia Hansen
Control person · since January 2026
Somerset Group’s regulatory assets went from $145M (March 2021) to $146M (March 2026); clients were 58 in both filings and employees fell from 4 to 3.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $146M | 58 | 3 | 2 |
| March 2025 | $135M | 54 | 3 | 2 |
| March 2024 | $146M | 57 | 3 | 2 |
| April 2023 | $141M | 59 | 4 | 2 |
| March 2022 | $175M | 54 | 4 | 2 |
| March 2021 | $145M | 56 | 4 | 2 |
Besides its headquarters, Somerset Group has 1 office (1 private residence, listed without an address), with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 15600 Wayzata BLVD, Suite 304, WayzataHQ
Contact and registration details
- Legal name
- Somerset Group LLC
- Headquarters
- 15600 Wayzata BLVD, Suite 304, Wayzata, MN 55391
- Website
- somerset-group.com
- Phone
- 952-681-7254
- SEC file
- 801-73020
- Structure
- Minnesota LLC
- Fiscal year end
- December
Somerset Group uses U.S. Bank, NA ($92.3M, 64%) and Charles Schwab ($52.6M, 36%) as custodians for its separately managed accounts. Somerset Group has custody of $130M in client assets for 45 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $52.6M36%
- U.S. Bank, NAU.S. Bank, NA · Cincinnati, OH · $92.3M64%
At year end, Somerset Group’s separately managed accounts were mostly in stocks (65%) and funds (33%). Its reported 13F holdings for the quarter ended 30 June 2026 total $142M across 58 positions; the largest are C H Robinson Worldwide IN (9.6%), Invesco Qqq TR (8.5%) and 3m CO (6.3%).
What the accounts hold
- Stocks65%
- Funds33%
- Bonds1%
- Cash1%
Reported 13F holdings
- $142M
- Reported 13F value
- 58
- Positions
- 51.8%
- In the 10 largest
- +5.8%
- Value vs. prior quarter
- C H Robinson Worldwide IN9.6%
- Invesco Qqq TRETF8.5%
- 3m CO6.3%
- Schwab Strategic TRETF5.3%
- Apple Inc.4.7%
- Amazon Com Inc.4.3%
- Microsoft Corp.3.8%
- Palo Alto Networks Inc.3.3%
- Nextera Energy Inc.3.1%
- Wells Fargo & CO2.9%
Together, the ten largest are 51.8% of reported value.
How many clients does Somerset Group have?
Somerset Group has 58 clients and manages $146 million for them, as of March 2026. They include 34 individual clients and 24 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 March 2026
What services does Somerset Group offer?
Somerset Group provides financial planning and portfolio management for individuals and small businesses.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Somerset Group charge?
Somerset Group charges 0.75%–1.50% a year for its Fee on assets under management. The fee is billed in arrears, is negotiable and has a $150 annual minimum.
Source: SOMERSET GROUP, LLC ADV PART 2A BROCHURE, filed 19 March 2026
Which custodians does Somerset Group use?
Somerset Group’s separately managed account assets are held at U.S. Bank, NA (Cincinnati, OH), with $92.3M and Charles Schwab & Co., Inc. (San Francisco, CA), with $52.6M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 March 2026
How many financial advisors does Somerset Group have?
Somerset Group has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 2 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 Somerset Group invest in?
At the end of its last fiscal year, Somerset Group’s separately managed accounts held 65% exchange-traded equities, 33% registered funds (mutual funds, ETFs, BDCs), 1% U.S. government and agency bonds and 1% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Somerset Group?
Somerset Group’s direct owners are Arlene Kielley (75% or more), Julie Toelle (10% to 25%) and Cynthia Hansen (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 19 March 2026
How does Somerset Group get paid?
Somerset Group 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 Somerset Group?
Somerset Group’s main office is at 15600 Wayzata BLVD, Suite 304, Wayzata, MN 55391. Its phone number is 952-681-7254. Its website is somerset-group.com.